News & market updates

BYD topped the Automotive INNOVATIONS Report 2026 as the most innovative automotive group with an innovation index score of 157, the first Chinese automaker to claim the top spot. The ranking cites BYD's in-house tech portfolio (batteries, motors, controllers, semiconductors), 55 innovations including 18 world premieres, and global NEV sales of over 4.6 million in 2025.

Technoli Institute held an AI-Powered Business Executive programme on 3 June 2026 at Jetwing Colombo Seven with Trident/Microsoft, Flash Health and Jetwing partners, where senior managers built live AI agents and learned AI decision frameworks, security and ethics.

Mastercard appointed Sandun Hapugoda as Group Country Manager for Sri Lanka, Maldives, Bangladesh, Nepal and Bhutan and promoted Mahesha Amarasuriya to Country Manager for Sri Lanka; the changes aim to accelerate digital payments, cross-border trade and tourism-focused growth.

BYD topped CAM's Automotive INNOVATIONS Report 2026 as Most Innovative Automotive Group with an innovation index score of 157, the first Chinese automaker to claim the top spot. John Keells' JKCG Auto said it is proud to bring BYD's NEV technology to Sri Lanka as the group's official local partner.

KOKO has joined Mastercard's 'Tap for Change' campaign to channel contactless and KOKO-powered e-commerce transactions into fundraising for the Karapitiya Trail Cancer Hospital. The partnership aims to boost contactless payment adoption and let consumers contribute to cancer care via everyday purchases.

Fintrex Finance PLC signed an MOU with KayJay Electronics to launch a Fintrex CCTV Loan Facility that provides customer financing for KayJay's CCTV security solutions. The partnership offers flexible financing to make CCTV systems more accessible for homes, businesses and institutions across Sri Lanka.

Opposition Leader Sajith Premadasa called on the Government to table in Parliament the Treasury's report on a $2.5 million cyber fraud involving external debt payments. He also warned that conflicting statements from the Government and the Central Bank are creating policy uncertainty and urged a clear fiscal and monetary framework and disclosure of IMF/World Bank/ADB commitments.

Labour Minister Dr. Anil Jayantha Fernando met ILO Director-General Gilbert F. Houngbo on 8 June in Geneva to seek ILO technical support for Sri Lanka's labour reforms and said the government is considering ratifying ILO Convention No. 188 on Work in Fishing after ratifying Convention No. 190. The ILO welcomed the reforms, offered assistance, and the delegation highlighted ensuring technological progress, including AI, benefits workers.

Tourism Minister Vijitha Herath said tourism receipts have not fallen but are now reported more accurately after adopting international survey methods, and the apparent drop reflects corrected data. The government is introducing legal and technical steps, including taxing foreign digital platforms and integrating payment gateways, to retain more tourism foreign exchange.

Asian stocks slid as Middle East tensions escalated and oil rose (Brent +0.9% to $92.29/bbl), amplifying inflation concerns and the prospect of further interest-rate moves. Investors are focused on upcoming U.S. CPI data and central bank responses.

Asian equities were mixed with tech stocks leading gains as oil prices eased—Brent fell to $93.84/barrel—after a prior surge linked to fighting in the Middle East; higher oil-driven inflation and rising yields are weighing on markets.

Sumathi Information Technologies (SIT), a Sumathi Holdings subsidiary, was named Sri Lanka’s only HPE Gold Networking Partner for 2026, reinforcing its position as a leading enterprise IT system integrator. The tie-up enhances SIT’s ability to support banks, telecoms and government with secure, scalable network solutions.

Mastercard appointed Sandun Hapugoda as Group Country Manager for Sri Lanka, Maldives, Bangladesh, Nepal and Bhutan and promoted Mahesha Amarasuriya to Country Manager for Sri Lanka. The changes aim to integrate operations across the five markets to boost tourism, cross-border trade and digital payments.

Seylan Bank PLC opened its 292nd 'Pahasara' library at Nankadawara Kanishta Vidyalaya on 21 May 2026, donating two laptops, a multimedia projector and books. The initiative included student activities and financial literacy sessions and is part of the bank's goal to establish 300 libraries nationwide.

Sysco LABS hosted 'Product Nexus', a forum where product and business-analysis professionals discussed how AI is reshaping product discovery, design and delivery and emphasized the role of product thinking in driving enterprise innovation and decision-making.

BIZENIUS (UAE) and RiskTAE Ltd. (UK) appointed Dr. Gishan Illangakoon as Senior Strategic Advisor to deliver Basel-aligned capital and liquidity management solutions for smaller and mid-sized banks. Dr. Illangakoon brings over 32 years' senior banking and risk management experience.

Celeste appointed veteran corporate leader Roshanie J. Moraes and is shifting to a strengthened corporate governance model to scale its lifestyle and quick-commerce business and broaden digital offerings and partnerships.

The Sri Lanka–Thailand Business Council marks its 25th anniversary in 2026, holding a silver-jubilee event on 19 June at The Kingsbury Hotel with a 25-member Board of Trade Thailand delegation attending. The council highlights continued efforts to boost trade, investment and cooperation across tourism, logistics, healthcare, renewable energy and IT.

Bank of Ceylon has reached all 331 Divisional Secretariat Divisions by opening a BOC Connect agent banking centre at the Welipitiya Post Office, completing nationwide DSD coverage. The expansion aims to boost financial inclusion and digital access through agent banking and the BOC Flex app.

Team Akura, four final-year SLIIT students, won the 2026 OneEarth AI Tool Building Challenge with a mobile multimodal platform to teach Sinhala to children aged 3–6. The adaptive app combines handwriting guidance, pronunciation assessment, gesture-based numeracy and emotion-aware learning.

Ashraff Associates hosted a symposium titled “Three Moves Ahead” featuring Dr. David Rubens on strategic risk and crisis management, urging organisations to build adaptive resilience rather than relying solely on crisis response. The discussion stressed institutionalising lessons, strategic risk literacy and preparing for emerging risks such as AI.

Lassana.com opened a new flower and gifting boutique at Cinnamon Grand Colombo, offering in-hotel collection and multichannel ordering. The outlet will showcase floral and wedding services and provide free Colombo 1–4 delivery using electric vehicles.

Sri Lanka's BOI and Japanese partners held the 4th working-level Japan–Sri Lanka Committee on Business Environment on 2 June 2026 in Colombo to review and resolve investor concerns and strengthen FDI ties. The session stressed accountability and priorities such as technology transfer, green industry, manufacturing and tourism.

ADB President Masato Kanda said the Pan-Asia Power Grid Initiative will mobilize $50 billion by 2035, with ADB providing half, to connect regional power systems, add 20 GW of renewables and 22,000 circuit‑km of transmission, cutting emissions and creating jobs.

Fitch cut its forecast for global growth in 2026 by 0.2 percentage points to 2.4% as an oil shock from the US‑Iran conflict and a prolonged Strait of Hormuz closure lifts energy prices (Brent now seen at $87/bbl for 2026). The agency said a tech investment boom cushions activity and central banks are likely to hold rates this year amid higher inflation risks.

Asian markets plunged on Monday as a tech-led sell-off and a rise in oil prices sparked volatility — South Korea's Kospi briefly halted trading after an almost 9% intraday fall and closed 8.3% lower. US indexes partly recovered amid investor concern that higher US interest rates and energy-driven inflation could persist.

Sri Lanka participated in the US Forum on Indian Ocean Ports and Supply Chains in Washington, DC to explore port development, digital transformation, cybersecurity, trade financing and expanded US investment in regional maritime infrastructure.

L B Finance PLC reported pre-tax profit of Rs.25.01 billion for the year ended 31 Mar 2026 (up 22%) and remitted Rs.13.72 billion in taxes. Loans expanded 58% to Rs.312.66 billion, group assets rose to Rs.415.57 billion, and the acquisition of AMF added ~Rs.17.2 billion in loans.

The Committee on Public Finance approved a five-year tax exemption for new telecommunications towers that become operational from 1 January 2026. It also approved HS code changes, removed the textile import cess while imposing 18% VAT from 1 April 2026, exempted certain payment receipts from stamp duty, rejected telecom relief on unpaid customer bills and ordered a probe into online casinos allegedly misusing the State emblem.

The IRD has begun Phase II of Sri Lanka's Digital Invoicing System, expanding the platform to VAT-registered businesses after Phase I onboarded more than 340 companies; technical documentation has been shared with 27 export-oriented firms and 170 manufacturers, and Phase III POS integration is planned by year-end.