May 28, Colombo (LNW): LankaGPT Technologies is set to unveil Sri Lanka’s first Sinhala and Tamil AI Generative Pre-trained Transformer (GPT) by July 2024.

Named Sigiriya AI, this innovative text-based platform aims to produce human-like responses in the Sinhala and Tamil languages.

The company aims the creation of a Sri Lankan-centric AI platform that is accessible to Sri Lankans worldwide, with the promotion of Sri Lankan culture and preservation of Sinhala and Tamil languages, which are being seen reduced of usage, explained Co-Founder and Director of LankaGPT Lakshitha Karunaratne.

The AI tool has been developed using a comprehensive collection of 10 billion proprietary data sets for each language.

Karunaratne highlighted that this platform serves as a foundational GPT for Sri Lanka, distinct from OpenAI’s ChatGPT.

Developed in collaboration with Caladium Capitals USA, Sigiriya AI is designed to deliver responses with 95 percent accuracy based on factual and empirical data.

The development team spans Sri Lanka, India, the UK, USA, and Dubai, with a primary market focus on regions like the Middle East, Canada, and Australia, which have significant Sri Lankan populations.

LankaGPT Technologies also plans to offer the tool free of charge to several key sectors in Sri Lanka.

The subscription price for local users will be revealed following the full product launch in the second week of July.

Initially, a text-based platform, Sigiriya AI will eventually support voice, image, and audio inputs.

Photo courtesy: Pradeep Pathirana

May 28, Colombo (LNW): The Ceylon Electricity Board (CEB) has partially settled its outstanding dues to West Coast Power (Pvt.) Ltd by divesting a 28 per cent shareholding in LTL Holdings (Pvt.) Ltd., reports claimed.

According to a recent disclosure to the Colombo Stock Exchange, the CEB transferred the shares on 7 February 2024, for a total consideration of over Rs. 26 billion (Rs. 26,081,160,000).

This transaction was carried out under Section 8.2 of the Listing Rules of the Colombo Stock Exchange.

As a result of this share transfer, the CEB’s stake in LTL Holdings (Pvt.) Ltd has now been reduced to 35 per cent.

May 28, Colombo (LNW): The Monetary Policy Board of the Central Bank of Sri Lanka (CBSL) has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) at their current levels of 8.50 per cent and 9.50 per cent, respectively.

This decision, made during the Board’s meeting on 27 May 2024, follows a comprehensive assessment of current and projected macroeconomic developments and potential risks both domestically and globally.

The Board aims to maintain inflation at the targeted level of 5 per cent over the medium term while supporting the economy to achieve its potential, according to their statement.

Despite the stability in the medium-term inflation outlook and well-anchored inflation expectations, the Board recognised the necessity for a further reduction in market lending interest rates.

This alignment with policy interest rates and other benchmark rates is crucial for easing domestic monetary conditions and fostering economic recovery.

However, this decision comes against a backdrop of the government’s ongoing struggle to effectively address the economic crisis.

The failure to implement robust recovery measures has left the economy in a fragile state, further underscoring the need for a reduction in lending rates to stimulate domestic economic activity.

May 28, Colombo (LNW): Sri Lanka aims to enhance collaboration with Saudi Arabia in tourism, labour, and renewable energy to align with Saudi Arabia’s Vision 2030, Arab News reported, citing comments from the island nation’s newly appointed ambassador in Riyadh, Omar Lebbe Ameer Ajwad.

Ajwad, a seasoned diplomat with 26 years of experience, previously served as ambassador in Oman and Yemen, as well as acting high commissioner in Singapore and deputy high commissioner in Chennai, India.

One of his early roles was deputy chief of mission at the Sri Lankan Embassy in Riyadh.

Ajwad expressed his support for Saudi Arabia’s Vision 2030 and highlighted Sri Lanka’s intention to contribute to the Kingdom’s transformative and diversification efforts.

“Sri Lanka seeks to partner with Saudi Arabia in this transformative journey. My primary focus will be on promoting economic diplomacy,” he said.

Celebrating 50 years of diplomatic relations this year, both nations are positioned for greater connectivity and deeper economic cooperation.

Ajwad emphasised the potential for collaboration in key sectors identified in Saudi Arabia’s diversification plans, such as tourism, transportation, logistics, and renewable energy.

Sri Lanka aims to engage with Saudi megaprojects like the NEOM smart city. Ajwad noted that Sri Lankan workers could support various aspects of NEOM’s construction, engineering, and service industries, particularly in renewable energy, agriculture, and IT development.

Saudi Arabia remains a significant destination for Sri Lankan workers, contributing substantially to foreign remittances for Colombo. Ajwad highlighted Sri Lanka’s expertise in sustainable and eco-tourism, which could benefit NEOM’s hospitality sector.

To foster stronger ties, Ajwad plans to enhance engagements between Saudi and Sri Lankan public and private sectors through political consultations and the establishment of a bilateral business council.

He believes these platforms will facilitate information flow, networking, and follow-up, promoting greater cooperation between the two countries.

By: Staff Writer

May 27, Colombo (LNW): President Ranil Wickremesinghe states that the initiative of integrating the global ‘Starlink’ network with Sri Lanka aims to address the Wi-Fi connectivity issues, particularly in areas outside Colombo.

President Wickremesinghe expressed that during his recent discussion with tech billionaire Elon Musk regarding the matter, the potential of solar energy and other renewable energy sources available in the country were also explored.

Meanwhile, the President said he extended an invitation for Musk to collaborate on significant projects in Sri Lanka.

Furthermore, he revealed that the Telecommunication Regulatory Commission of Sri Lanka (TRCSL) has been tasked with assessing the ‘Starlink’ network, with most of the preliminary work already completed.

“We are awaiting feedback from the Ministry of Defence to proceed with approval”, he added.

President Wickremesinghe met with billionaire investor Elon Musk on the sidelines of the 10th World Water Forum High-Level Meeting being held in Indonesia on May 19, during which they have discussed the implementation of ‘Starlink’ in Sri Lanka.

Musk was in Indonesia’s resort island of Bali to launch Starlink satellite internet service in the world’s largest archipelago nation.

The billionaire head of Tesla and SpaceX and owner of social platform X had launched the service alongside Indonesian President Joko Widodo in a ceremony at a public health clinic in Denpasar, the provincial capital of Bali.

Preliminary engagement was initiated with SpaceX in exploring the introduction of Starlink Internet Services in Sri Lanka, the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) said today.

The first round of discussions focused on regulatory aspects and prerequisites of initiating the service in the near future for Sri Lanka, the national agency said.

The announcement came in the wake of SpaceX is expanding the beta test of its Starlink satellite internet service, sending emails on Monday to people who expressed interest in signing up for the service, CNBC reported.

Called the “Better Than Nothing Beta” test, according to multiple screenshots of the email seen by CNBC, initial Starlink service is priced at $99 a month — plus a $499 upfront cost to order the Starlink Kit.

That kit includes a user terminal to connect to the satellites, a mounting tripod and a Wi-Fi router. There is also now a Starlink app listed by SpaceX on the Google Play and Apple iOS app stores.