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Wednesday September 27th, 2023

Sri Lanka’s LOLC signs unlimited license agreement with Oracle

ECONOMYNEXT- Sri Lanka’s LOLC Holdings has signed an unlimited license agreement (ULA) with global IT giant Oracle to access its cloud platform to facilitate global expansion, an official said.

"The ULA has helped LOLC understand how we are really utilizing our IT infrastructure and identify consumption trends across the different business sectors we are currently active in," Managing Director Kapila Jayawardena said.
"This enables us to be more agile and take timely actions to support and enhance future deployments."
"We can also see where we are allocating licenses, so we can reduce risk related to unbudgeted license expenditures while we are on  a journey towards global expansion."
The Oracle Cloud Platform will also help in standardizing group operations which will reduce costs and increase efficiency, the firm said.
The system will help LOLC monitor, manage and analyse data across different industrial segments, the firm said.
LOLC is one of Sri Lanka’s largest non-bank financial service providers. It also has interests in leisure, construction, energy, agribusiness and IT.
LOLC has expanded to Myanmar, Cambodia, Pakistan, Zambia, the Philippines and Indonesia. (Colombo/Jun06/2019)

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Sri Lanka to introduce social security system: minister

ECONOMYNEXT – Sri Lanka’s Labour minister has said that they are set to introduce a comprehensive national social security system, covering all workers.

“The system will address the weaknesses of the current system and provide much-needed support to workers and their families,” Manusha Nanayakkara, Minister of Labour and Foreign Employment said on X (formerly known as Twitter).
He did not specify the details.

Nanayakkara also spoke of the need for robust social security when he met with exporters last week to discuss labor law reforms, boosting female workforce participation and attracting FDI.

Sri Lanka plans to reform labour laws for an export-oriented economy.

The pandemic and the economic crisis highlighted the need to improve the coverage of social security.

Studies have shown that Sri Lanka’s women are kept out of formal employment by childcare, elderly care and housework, as day care and elderly homes are either too expensive or too few.

The government imposed a Social Security Contribution Levy to increase its revenue last year. (Colombo/Sep27/2023)

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Sri Lanka’s stocks up in trading on Wednesday morning

ECONOMYNEXT – Sri Lanka shares were picking up in trading on Wednesday morning.

Turnover was at 50 million. Trading in the Capital Goods Industry Group was driving turnover.

The All Share Price Index was up 0.37 percent or 41.78 points to 11,289.94, while the S&P SL20 was also up 0.68 percent or 21.66 points to 3,187.65.

Hatton National Bank, Commercial Bank and LOLC saw gains in morning trade, while Tokyo cement and Lanka Hospitals were trading down during morning trading. (Colombo/Sep27/2023)

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Sri Lanka rupee opens at 323.50/324.10 to the US dollar, bond yields stable

ECONOMYNEXT – Sri Lanka’s rupee opened at 323.50/324.10 to the US dollar on Wednesday, after closing on Tuesday at 323.70/324.20 to the US dollar, dealers said.

A bond maturing on 01.08.2026 was quoted at 15.50/70 percent on Wednesday up from Tuesday’s close at 15.45/65 percent.

A bond maturing on 01.05.2028 was quoted at 14.50/55 percent from closing at Tuesday at 14.30/55 percent. (Colombo/Sep27/2023)

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