Sri Lanka economy reports 4.8% growth in first quarter
Sri Lanka's economy grew 4.8% year-on-year in the first three months of 2025, official data showed on Monday, indicating a deepening recovery from its worst financial crisis in decades.
(Reporting by Hritam Mukherjee, Editing by Louise Heavens)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
23 minutes ago
- Zawya
Mukuru Named FXC Intelligence Top 100 Cross-Border Payments Company for Sixth Year
Mukuru ( a leading next-generation financial services platform, has once again been recognised among the world's most influential cross-border payment companies, earning a spot on the 2025 FXC Intelligence Cross-Border Payments 100 list for the sixth consecutive year. Mukuru joins an elite group of global fintechs shaping the future of financial services, reinforcing its reputation as a trusted and resilient force in the industry. As a global authority in cross-border payments data and analysis, FXC Intelligence has highlighted Mukuru's impact on digital finance in emerging markets. In an industry undergoing rapid transformation, this recognition reaffirms Mukuru's vital role in enabling Africans to participate in the global financial economy through provision of secure, accessible, reliable and affordable payments solutions. Andy Jury, Group CEO of Mukuru, says; 'Mukuru's continued inclusion on the FXC Intelligence list is both an honour and a validation of our mission to drive financial inclusion at scale. Being recognised six years in a row highlights the value we bring to the growing cross border payments market as a proudly African business with expertise in bridging the gap in formal and informal economies across the continent and beyond'. Since Mukuru's inclusion in the FX Intelligence list in 2024, the company is expanding its digital financial solutions to over 17 million customers across Africa, Europe, and Asia. As part of this growth, Mukuru now has 5 wallets/cards in 5 markets including South Africa, Malawi, Zimbabwe, Botswana, and, most recently, Zambia. These solutions enable users to send and receive funds locally and globally, store, and spend money seamlessly via mobile or card, promoting financial inclusion for both urban and rural communities. In addition to individual solutions, Mukuru has strengthened its business offerings through MPAY (Mukuru Pay) and EPP (Enterprise Payment Platform). These platforms provide flexible payment solutions for e-commerce, payroll management, aid disbursements, and bulk transactions, ensuring efficient financial services for organisations across various sectors. With a regulatory footprint spanning more than 50 financial licenses across multiple countries, Mukuru has also taken a significant step toward expanding its financial services in Zimbabwe, with the recent issuing of its Deposit-Taking Microfinance Institution (DTMFI) license by the Reserve Bank of Zimbabwe (RBZ). This milestone enables the company to provide banking-like and regulated financial services to underserved segments, including women, youth, people with disabilities, and rural communities, in one of its most established markets. 'This recognition is not just a moment of pride – it's a signal to keep pushing boundaries, as Mukuru rapidly evolves beyond a remittance-led business to a trusted financial services partner for consumers, businesses and organisations. We remain dedicated to driving financial inclusion and shaping the future of cross-border financial services by delivering simple, innovative and trusted solutions globally', concludes Jury. Distributed by APO Group on behalf of Mukuru. For Media Enquiries, please contact: About Mukuru: Mukuru is a leading next generation financial services platform in Southern Africa that offers affordable and reliable financial services to a customer base of over 17 million+ across Africa, Asia and Europe. With over 100 million transactions to date, our core was built providing international money transfers and from this base, we've developed a set of services to address the broader financial needs of our customers. We now operate in over 70 countries and across over 570 remittance corridors. We are a business that puts the customer at the centre of everything we do, and for that reason, we serve clients across physical and digital channels, by various payment methods (cash, card, wallet) as well as a range of engagement platforms including WhatsApp, USSD, contact centre, App, website, agents and a branch and booth network. Mukuru has been listed among the top 100 Cross Border Payments businesses globally for the sixth consecutive year in the 2025 FXC Intelligence Top 100 Cross-Border Payment Companies. In 2024, Mukuru won the IAMTN Payments Network Customers Experience Excellence Award for exceptional customer satisfaction and was accredited as a Top Employer in South Africa for 2024 and 2025 by the Top Employers Institute. In 2023, Mukuru ranked sixth on the LinkedIn Top Companies List in South Africa. We aso received the Fintech Innovation of the Year Award at the 2023 Africa Tech Festival Awards for its role in driving economic growth and financial inclusion. Further information can be found at
Khaleej Times
3 hours ago
- Khaleej Times
UAE outlook brightens as GCC economies defy global trade strains
GCC economies are on course for a stronger-than-expected rebound in 2025, with the UAE poised to lead the regional growth charge. Despite global trade tensions, latest flaring regional conflicts, and rising tariffs, the regional economic landscape is gaining momentum on the back of diversification, investment inflows, and improving oil output, economist argue. According to the latest second-quarter Economic Insight report by the Institute of Chartered Accountants in England and Wales (ICAEW), prepared by Oxford Economics, the GCC's revised overall growth projection for 2025 is 4.4 per cent, up from the previous 4.0 per cent estimate, signalling a firming of economic fundamentals. The UAE is forecast to achieve real GDP growth of 5.1 per cent next year — well above the global average of 2.4 per cent — reflecting the country's continued success in transitioning to a diversified, innovation-led economy. Oil-sector growth in the GCC has been recalibrated to 4.5 per cent, reflecting a faster-than-anticipated rollback of Opec+ production cuts. Although average Brent crude prices are expected to hover around $67.3 per barrel in 2025 — placing fiscal pressure on oil-reliant states — Qatar and the UAE are projected to maintain budget surpluses. The UAE's fiscal prudence, enhanced by robust non-oil growth and a stable investment climate, stands out amid global uncertainties. The UAE's strong economic trajectory in 2024 has laid a solid foundation for next year. Data from the Federal Competitiveness and Statistics Centre (FCSC) showed the UAE's real GDP grew by 4.0 per cent last year, reaching Dh1.776 trillion. Impressively, non-oil activities contributed 75.5 per cent of the total, amounting to Dh1.342 trillion, while oil GDP was Dh434 billion. This performance underscores the UAE's rapid transformation into a diversified and globally competitive economy, driven by strategic reforms under the 'We the UAE 2031' vision. The government aims to raise GDP to Dh3 trillion by 2031, with sustainable development, emerging technologies, and enhanced competitiveness as key pillars. 'Each milestone brings us closer to our national goal. We are committed to positioning the UAE as a global hub for the new economy,' Minister of Economy Abdulla bin Touq Al Marri has said. He noted that the latest figures reflect the resilience of the UAE's economic model, especially as it expands into sectors like AI, fintech, green energy, and logistics. Tourism continues to be a vital growth driver. Dubai alone welcomed 5.3 million international visitors in the first quarter of 2025, a 3 per cent increase year-on-year. The tourism sector is projected to contribute nearly 13 per cent of GDP in 2025. Major investments in hospitality, infrastructure, and events — aligned with the D33 economic agenda — are expected to sustain this upward trend. Inflation in the UAE is expected to remain contained at around 2.5 per cent in 2025. Rising housing costs are likely to exert some upward pressure, although a weaker US dollar could make imports from non-dollar countries more expensive, partially offsetting the disinflationary effect of rising global tariffs. Hanadi Khalife, ICAEW's head of Middle East, said: 'The GCC economies are showing remarkable adaptability amid shifting global trade dynamics. Investments in tourism, technology, and infrastructure continue to pay dividends, strengthening resilience and laying the groundwork for long-term growth.' Saudi Arabia, the region's largest economy, has also seen a sharp upward revision in its 2025 growth forecast, now projected at 5.2 per cent. This follows a solid first-quarter performance and increased oil production averaging 9.7 million barrels per day. Non-oil sectors, particularly construction and retail trade, are performing robustly, with full-year non-oil growth projected at 5.3 per cent. However, the kingdom faces growing fiscal challenges. Oil revenues declined 18 per cent year-on-year in Q1 2025, while public spending continued to rise, leading to a projected fiscal deficit of 3.4 per cent and a debt-to-GDP ratio likely to exceed 30 per cent. Despite this, investor confidence remains buoyant, bolstered by Saudi Arabia's recent credit upgrade by S&P to A+. Scott Livermore, chief economist and managing director at Oxford Economics Middle East, said: 'We have upgraded our GCC forecast due to faster Opec+ output increases and sustained non-oil momentum in key economies like Saudi Arabia and the UAE. While uncertainty and trade shifts may place pressures on fiscal policy, the region's two key economies are expected to continue progressing toward economic diversification and attract global capital at an accelerated pace.' Analysts argue that with trade realignments, shifting supply chains, and an evolving geopolitical climate, the UAE's diversified model and innovation-led strategies appear increasingly well suited to navigate the complex global environment. The country's forward-looking economic policies, expanding international partnerships, and sectoral agility make it a standout performer in a region already defying broader global slowdown trends, they noted.
Zawya
5 hours ago
- Zawya
Bybit responds to Billion-Dollar Hack with full-spectrum security elevation, pushing CEX industry forward
Bybit, the world's second-largest cryptocurrency exchange by trading volume, has been writing a new page of central exchanges' (CEX) security playbook in its battle against cyber attacks. Apart from the on-going fund recovery mission, Bybit has revealed a three-dimensional revamp of its safety guardrails: security audits, wallet fortifications, and infosec upgrade. In February, Bybit was subjected to a sophisticated multi-stage attack which turned out to be the largest hack known to crypto. While the hack, caused by a compromised external multi-signature service, did not breach Bybit's infrastructure or core security parameters, the exchange has taken extra steps to enhance its security setup and platform integrity. Approaching the challenges from three key aspects, Bybit proactively elevated its safety standards in the weeks that followed. Closing Gaps: Security Audits While still recovering from the hack, Bybit immediately sought to conduct evaluations of its systems and processes simultaneously. Within a month of the hack, Bybit concluded nine security audits conducted by in-house specialists and independent external experts, and implemented over 50 new security measures and recommendations. Safer Cold Wallet Solutions At the time of the incident, Bybit followed industry best practices in wallet safety. However, the event demonstrated the severity of the cyber security arms race as more powerful hacking groups entered the scene. Bybit has since adopted more stringent cold wallet solutions to minimize the attack surface to enhance procedural, algorithmic, and hardware safety. The three-dimensional framework includes a revamped authorizations OSP (Operational Safety Procedure) mandating full-journey supervision by security experts, increased wallet protection using the MPC (Multi-Party Computation) model, and consolidating HSM (Hardware Security Modules) to achieve hardware-level safety. All Encrypted: Bank-Grade InfoSec As a leading player in the cryptocurrency space, Bybit has built in encryption by default. Bybit is ISO/IEC 27001 certified for its information security risk management, the highest standard in the sector adopted by major financial institutions. All communications are end-to-end encrypted including non-customer facing exchanges, with file systems optimized for encrypting data at rest. 'In security, we are only as strong as our weakest link. Bybit has doubled down on fortifying our platform and procedures in the past two months in response to an increasingly challenging security landscape,' said Ben Zhou, co-founder & CEO at Bybit. 'We will continue to deliver secure, trust-worthy, and user-friendly trading solutions that live up to our customers' expectations,' he said. The immediate aftermath of crypto's most drastic hacking incident was brief, as Bybit was able to stay fully operational while fulfilling a record number of withdrawals in the first 12 hours. The exchange absorbed the damages and customer assets were ring-fenced from the incident. A hunt for the stolen funds is on-going on Bybit-led open platform for illicit fund tracing, Lazarus Bounty, where over $2.3 million in bounty rewards has been distributed to date. Bybit has also come forth with full transparency including fresh proof-of-reserves exercises, and regained its leading positions across benchmarks, achieving No. 1 in capital inflows among CEX in March. A recent report by Kaiko corroborated the 30-day recovery, demonstrating Bybit's liquidity resilience. The long-term impact, however, will send ripples through the industry as CEX are compelled to think about their security and risk management and stay a step ahead of malicious actors.
