Economy

First Capital Holdings PLC, a member of the Janashakthi Group, was honoured with the "Technology Resilient Company of the Year 2024" award in the capital markets sector at the inaugural Digital Trust Awards 2024, organized by the Information Systems Audit and Control Association (ISACA) Sri Lanka. The company states that this recognition showcases their contribution and commitment to maintaining technological excellence, innovation, and resilience in an evolving digital landscape. First Capital’s achievement is attributed to their distinction in several key factors: First and foremost, a robust governance framework serves as the cornerstone of its digital operations. By effectively managing risks and accurately measuring performance, the company ensures that its decisions align with th...

The environmental impact of cryptocurrencies has been a widely-discussed topic in recent years, with many believing that the underlying technology is inherently bad for the environment – notably, the process of crypto mining. To address this misconception, it is essential to understand the reasons behind this belief, how blockchain networks compare to other systems on energy consumption. The Origins of the Misconception One of the main reasons people associate crypto with environmental harm can be attributed to the energy-intensive nature of the mining process. Bitcoin, as well as many other established and widely used projects, rely on the proof-of-work (PoW) consensus mechanism for maintaining the distributed ledger of transactions. This method of validation involves miners us...

First Capital Holdings PLC (the Group), a member of the Janashakthi Group, announces its impressive financial results, and a remarkable turnaround from the previous year, marking the year ended 31st March 2023 its most successful in its 40-year history. The Group's financial results exhibit an impressive feat, with a Total Comprehensive Income of Rs. 2.71Bn, showcasing a significant improvement from the previous year's Total Comprehensive Loss of Rs. 640Mn. This extraordinary performance demonstrates the Group's resilience, strategic initiatives, and effective risk management which have turned the tide in their favour. The Primary Dealer division reported a Profit after Tax of Rs. 2.88Bn for the year ended 31st March 2023. This is a substantial improvement from the Loss after Tax o...

Unique views on the Binance Academy website increased by 204% in 2022. Changpeng Zhao or CZ, CEO and Founder of Binance, said in a keynote speech at Blockchain Week in Busan (BWB): “Education is the best consumer protection measure.” Given the disruptive power of blockchain technology and crypto, Binance is a strong advocate for increasing global crypto and blockchain literacy as part of our user protection efforts. Binance Academy, a leading blockchain and cryptocurrency education platform, has been working closely with the local communities to increase crypto literacy and ramp up educational efforts globally. To reaffirm our ongoing commitment to boost Web 3.0 literacy in 2023, Binance Academy kick-started the year by teaming up with Edukasyon.ph, Philippines’ largest educatio...

The year 2023 is the year of the Rabbit according to the Chinese Zodiac Calendar. The rabbit is known to be the harbinger of good luck and fortune, so there’s plenty to look forward to this year! We hereby suggest that the RABBIT of 2023 are Regulatory Framework, Accessibility, Borderless, Binance, Innovation, and Transparency. Regulatory Framework Some people believe that those born in the Year of the Rabbit are known to display exceptional organizational and planning skills. This serves as a good reminder that as the crypto industry continues to grow and scale in 2023, it is essential for the industry as a whole to be proactive in planning and developing clear, transparent regulatory frameworks and standards. In 2022, more countries have committed to building clear regulator...

Alliance Finance Company PLC ( AFC), the First Company in South Asia to achieve the prestigious endorsement of “a holistic sustainability certified value driven financial institution” concluded the first quarter of the Financial year 22/23 with a  resilient performance amidst inimical domestic and external environs which impacted the country. The first quarter of the financial year severely impacted the business climate due to the increase in market interest rates, lower credit demand, increased fuel prices and shortages in supplies. The country also defaulted its foreign debt payments resulting in the country being downgraded by external rating agencies.  Sharp depreciation of the Sri Lankan rupee and a significant increase in headline inflation also negatively impacted the ...