Author Archive for Business

Litro releases new stocks of LP gas cylinders with new seal

Monday, December 6th, 2021

Courtesy Adaderana Litro Gas Lanka Limited has commenced the distribution of domestic LP gas cylinders, conforming to the requirements of the Consumer Affairs Authority (CAA).  The CAA said that the new stock of LP gas cylinders can be identified by the shrink bundling film of the gas cylinder valves (the polythene seal), which will carry […]

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Traders millers rule the roost in rice mafia

Monday, November 29th, 2021

Courtesy The Daily Mirror Prices of rice are seen displayed With the CAA announcement of the extraordinary gazette, the price of rice hiked to 130 rupees Former Director of the Department of Agriculture Department K. B. Goonarathne underscores the possibility of selling Nadu at 90 rupees a kilo If the Government can grant concessions to the […]

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Sri Lanka’s textile & garment exports on path to cross $5bn this year

Saturday, November 27th, 2021

Courtesy fibre2fashion.com After registering a steep fall of 21 per cent year-on-year to $4.423 billion last year, textile and garment exports from Sri Lanka are likely to cross $5-billion mark in 2021, as the island nation has already earned $3.893 billion until September, growing at 18.5 per cent year-on-year, according to the statistics released by […]

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Sri Lanka awards port project to China after dropping Japan, India

Wednesday, November 24th, 2021

Courtesy Nikkei Asia Beijing steps up Belt and Road spending with support of friendly president Shipping containers at the main port of Colombo. Sri Lanka’s location in the Indian Ocean and its deep harbors have made it strategically important under China’s Belt and Road infrastructure initiative.    © ReutersRYOSUKE HANADA, Nikkei staff writerNovember 25, 2021 06:30 JST NEW DELHI […]

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Russia to assist in generating low-cost electricity using nuclear power

Wednesday, November 17th, 2021

Courtesy The Daily Mirror The Russian Federation has agreed to explore the possibility of generating low-cost electricity in Sri Lanka through new sources such as nuclear power. The decision was revealed following a meeting held between Russian Ambassador Yuri B. Materiy and Power Minister Gamini Lokuge at the Ministry. The ambassador said Sri Lanka should […]

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Indian billionaire Ambani’s Reliance Industries acquires amanté from MAS Holdings

Friday, November 12th, 2021

Courtesy NewsIn.Asia The acquisition by Reliance ensured that amanté would benefit from Reliance’s scale and retail expertise, and that the brand we created and our employees in India and Sri Lanka will continue to benefit from being a part of a well-established retail company” Colombo, Nov 12 – MAS Holdings announced that one of its […]

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India’s Answer to Chinese Ports in Sri Lanka

Friday, November 12th, 2021

[By Dr. Chulanee Attanayake] Courtesy The Maritime Executive Adani’s multimillion-dollar investment in Colombo not only makes commercial sense, it’s a strategic game-changer, too. On September 30, Adani Group, India’s largest private port operator, signed what has been reported as a $700 million agreement to build a new container terminal in Sri Lanka. The deal to jointly develop […]

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Port City Colombo project to add 13.8 bln USD to Sri Lankan economy: PwC

Wednesday, November 10th, 2021

Courtesy NewsIn.Asia COLOMBO, Nov. 10 (Xinhua) — Sri Lanka’s Port City Colombo project will add 13.8 billion U.S. dollars to the country’s economy once fully operational, local media citing a study by PricewaterhouseCoopers (PwC) reported here Wednesday. The PwC study evaluated the impact of the Port City Colombo project on macroeconomic variables including employment, GDP, […]

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The Colombo Stock Exchange’s ASPI crosses 10,600 points for the first time

Friday, November 5th, 2021

Courtesy Adaderana The Colombo Stock Exchange (CSE) set another record today as the All Share Price Index (ASPI) surpassed 10,600 points for the first time in history. The ASPI closed at 10,632.21 points at the end of trading today (November 05), marking an increase of 2.11% (220.19 points) from the previous day.  The previous highest […]

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People’s Bank responds to blacklisting by Chinese Embassy

Friday, October 29th, 2021

Courtesy Adaderana The payment for the organic fertilizer consignment shipped by Qingdao Seawin Biotech Group Co. Ltd. was halted due to an interim injunction issued by the court, the People’s Bank in Sri Lanka said today, in response to the move by the Embassy of China in Colombo to blacklist the state-owned financial institution. Action […]

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People’s Bank blacklisted by Chinese Embassy

Friday, October 29th, 2021

Courtesy Adaderana In the latest development in the row over a consignment of organic fertilizer containing harmful bacteria shipped from China, the People’s Bank in Sri Lanka has been blacklisted by the Economic and Commercial Office of the Chinese Embassy in Colombo. The move is attributed to the failure of People’s Bank to make the […]

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From farmers’ agitation to commercial dispute with China

Thursday, October 28th, 2021

Courtesy The Daily Mirror Fertilizer issue The government decided, all of a sudden, to implement organic farming in place of chemical agriculture which Sri Lankan farmers are accustomed to for nearly 60 years. President Gotabaya Rajapaksa is pledge-bound to introduce eco-friendly agriculture in steps over a decade according to his manifesto ‘Vistas of Prosperity and […]

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Nationwide rollout campaign of ‘LANKAQR’ begins

Monday, October 25th, 2021

Courtesy Adaderana The nationwide rollout campaign of ‘LANKAQR’ – an integrated payment system developed by the Central Bank of Sri Lanka, was launched today by Minister Namal Rajapaksa.  LANKAQR is a project initiative from the Central Bank of Sri Lanka to ensure all QR codes and QR based transactions in Sri Lanka are standardized and […]

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Sri Lankan Food Exporters Get Opportunity to Showcase to the ‘One Trillion Yuan’ Chinese Market (Heading)

Saturday, October 23rd, 2021

China Council for the Promotion of International Trade (CCPIT) Sri Lankan Exporters of food items will soon have the opportunity of accessing the gigantic Chinese food market with the China Council for the Promotion of International Trade (CCPIT) hosting the second China On-Line Import Fair and matchmaking of Food and Agro products (CIFFA) from November […]

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China offers to invest USD 800 million in renewable energy projects in Sri Lanka

Thursday, October 21st, 2021

Courtesy Adaderana The China National Energy Engineering and Construction Company Limited (CNEE), a Chinese state-owned energy conglomerate, has offered to invest USD 800 million on 400 MW Renewable Energy Projects in Sri Lanka.  The equipment and knowhow will be supplied by KE Electric, according to the Sri Lankan Embassy in Beijing. Ambassador of Sri Lanka […]

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China’s example in biodiversity protection worth learning: leading Sri Lankan conservation advocate

Wednesday, October 20th, 2021

Courtesy NewsIn.Asia Colombo, October 20 (Xinhua): China’s guidelines on international investment and its internal emphasis on green development are among things that Sri Lanka can learn from, a Sri Lankan business leader and conservation advocate said. Dilhan Fernando, CEO of the Dilmah Tea and director of Dilmah Conservation, told Xinhua that COP negotiations have historically […]

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Investment Opportunities in Fisheries and Aquaculture in Sri Lanka

Monday, October 18th, 2021

Chiranthi Hettiarachchi

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Sri Lankan flotilla protests against Indian poaching

Sunday, October 17th, 2021

Courtesy Channel News Asia COLOMBO: Sri Lanka’s fishermen launched a flotilla of boats on Sunday (Oct 17) demanding that the government block Indian trawlers from poaching in the island’s prawn-rich northern waters. Boats flying black flags and carrying opposition legislators travelled 100km from the north-eastern fishing town of Mullaittivu to the island’s northernmost tip, Point […]

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Central Bank looking at proposal to permit dollar-paid vehicle imports

Sunday, October 17th, 2021

Courtesy The Island Duty too must be paid in hard currency The central bank is looking at a proposal to allow persons who can pay in foreign exchange to import vehicles and pay taxes in hard currency, Central Bank Governor Nivard Cabraal said last week. He said that this was a proposal made by certain […]

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Biden administration announces plans for massive expansion of wind farms off US coasts

Thursday, October 14th, 2021

By Ella Nilsen, CNN Wind turbines tower over the water off the shores of Block Island, Rhode Island. The Biden administration is planning a large expansion of wind power off US coasts. (CNN)The Biden administration is planning to aggressively expand offshore wind energy capacity in the United States, potentially holding as many as seven new offshore […]

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Maldives to enhance cooperation with Sri Lanka in boat building

Thursday, October 14th, 2021

Zunana Zalif Courtesy raajje.mv This first ever engagement would be mutually beneficial to both countries Ship and boatbuilding as a priority area for Sri Lanka NBAM and the the Representatives of the Sri Lanka Boat and Ship Building Industry held a virtual meeting on Monday . The meeting was hosted by the Foreign Ministry in collaboration with […]

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PayPal finally coming to Sri Lanka?

Monday, October 11th, 2021

Courtesy NewsIn.Asia Colombo, Oct 11 (NewsWire) – Sri Lanka has taken measures to acquire the services of PayPal to receive payments, the Central Bank of Sri Lanka said. Deputy Governor of the Central Bank TMJYP Fernando said that the Government has reached out to PayPal’s regional offices in india, Singapore, and the US in this […]

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US–Canadian Energy Enterprise Accuses China of Hijacking Major Project in Sri Lanka

Monday, October 11th, 2021

By Venus Upadhayaya Courtesy The Epoch Times An American–Canadian enterprise is claiming that corrupt actors within a former Sri Lankan government fraudulently helped Chinese state affiliates to hijack its legitimate development rights and work products for a clean energy project at the Hambantota port. Since last year, Sri Lankan national media has highlighted the controversy as the nation […]

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Condominium market loses steam in 2Q

Wednesday, October 6th, 2021

Courtesy The Daily Mirror Sri Lanka’s condominium market which got off to a robust start in the first three months of 2021 slowed in the second quarter, though activity was higher than from a year ago levels as the pandemic induced restrictions appeared to have had a bearing on the pace at which the uptakes […]

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Record high again for CSE’s ASPI index

Wednesday, October 6th, 2021

Courtesy Ceylon Today The Colombo Stock Exchange’s All Share Price Index continued its record-breaking trend, reaching 9,626.45 at close of trading today (06). The ASPI surpassed the 9,500 points mark for the first time in history two days earlier. The ASPI gained 92.81 basis points today. The S&P SL20 Index ended the day 62.72 basis […]

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Seven new airlines to operate direct flights to Sri Lanka soon

Thursday, September 30th, 2021

Courtesy The Daily News For the first time US-Bangla Airlines, the leading premium airline of Bangladesh will fly to Colombo from November 1. Minister of Tourism Prasanna Ranatunge said that with the successful COVID vaccination drive and the drastic reduction of deaths and infections, Sri Lanka Tourism is once again picking up and this is […]

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‘Pushback Against China’: Indian Firm Signs 35-Year Lease to Run Strategic Port in Sri Lanka

Thursday, September 30th, 2021

Dhairya Maheshwari Courtesy Sputnik CC BY-SA 4.0 / Rehman Abubakr / Ships and gantry cranes at the Colombo Harbour, Sri Lanka The awarding of the contract for Colombo’s West Container Terminal to Adani Group marks the first time that an Indian firm will manage such operations in Sri Lanka. At the same time, a state-backed Chinese company already operates […]

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India’s Adani Group signs Build-Operate-Transfer deal to develop West Container Terminal of Colombo Port

Thursday, September 30th, 2021

Courtesy Adaderana India’s Adani Group has signed a Build-Operate-Transfer (BOT) agreement with its local partner John Keells Holding s (JKH) and Sri Lanka Ports Authority (SLPA), to jointly develop the West Container Terminal (WCT) of the Colombo Port. The agreement will be an investment exceeding USD 700 million. In March, the WCT of the Colombo […]

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Midnight LNG deal with US firm raises hackles in Sri Lanka

Wednesday, September 29th, 2021

By ASOKA BANDARAGE Courtesy  Asia Times Electrical union and opposition politicians blast the deal on economic and environmental grounds On September 17, New Fortress Energy (NFE), a US-based energy infrastructure company, signed a momentous legal agreement with the government of Sri Lanka. The signing apparently took place in the dead of the night, at 12:06am, and the foreigner […]

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Large-scale mill owners announce revised retail prices for rice

Tuesday, September 28th, 2021

Courtesy Adaderana Following the removal of price controls, the Large-Scale Mill Owners’ Association have announced revised retail prices for rice. The following prices of three types of rice per kilogram were announced by the chairman of the association, Dudley Sirisena during a media briefing held today (Sep. 28). Nadu – Rs. 115.00Samba – Rs. 140.00Keeri […]

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