Author Archive for Business

Reliance announces tie-up with Lanka-based biscuit brand

Tuesday, January 31st, 2023

Courtesy Financial Express RCPL launched its packaged consumer products brand, ‘Independence’ in December 2022 and is creating a distinct and dedicated retail distribution network for its fast-expanding FMCG portfolio. RCPL’s vision is to bring to Indian consumers a bouquet of domestic and globally recognised consumer brands and product choices, the company said. (File) Reliance Consumer […]

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World’s First Cardano-based Automotive Project to Launch in Sri Lanka

Thursday, January 19th, 2023

Courtesy the cryptobasic.com The project aims to address concerns surrounding the use of electric vehicles while concurrently promoting climate action. eTukTuk, the world’s first Cardano-based automotive project, has announced its plans to launch operations in the South Asian nation of Sri Lanka. This development, announced at this year’s World Economic Forum in Davos, has the […]

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Ashok Leyland bags contract to supply 500 buses to Sri Lanka Transport Board

Wednesday, January 18th, 2023

Courtesy The Indian Express The order is a part of a Line of Credit extended by Export-Import Bank of India, under the Economic Assistance Scheme of the Indian government. Over 5,000 Ashok Leyland buses are currently in operation with SLTB. (Representational Image) Commercial vehicle maker Ashok Leyland on Wednesday said it has bagged a contract […]

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Delegation of Investors Led by UAE Royalty Visits Port City Colombo

Tuesday, January 17th, 2023

Courtesy NewsIn.Asia Jan 17 (AdaDerana) – A delegation of investors from the United Arab Emirates, led by His Royal Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum, visited Port City Colombo on the 14th of January 2023, during a special visit to Sri Lanka for the purpose. Discussions were held between the members of […]

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Indian Bank to hold special Rupee Vostro accounts of 3 Sri Lanka banks

Monday, January 9th, 2023

Courtesy The Firstpost With the help of Vostro account in local currency, Sri Lanka will be able to seamlessly import from neighbouring India without worrying about its depleting dollar supply. New Delhi: Economic crisis-hit Sri Lanka has been keen to trade in the Indian rupee and to speed up the process, an Indian public sector bank […]

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India Provides 75 Buses To Sri Lanka To Bolster Public Transport System

Sunday, January 8th, 2023

Courtesy NDTV As part of its ‘Neighbourhood First’ policy, India has extended multi-pronged assistance to Sri Lanka. Colombo:  India has handed 75 passenger buses to Sri Lanka as part of its assistance towards strengthening public transport infrastructure in the cash-strapped country. As part of its ‘Neighbourhood First’ policy, India has extended multi-pronged assistance to Sri […]

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Gazette issued restricting import of gold above 22 carats as jewellery

Thursday, January 5th, 2023

Courtesy The Daily Mirror A Gazette Notification has been issued restricting the import of gold above 22 carats as jewellery, State Minister of Finance Ranjith Siyambalapitiya said. He said in a twitter post that the decision was taken to prevent gold smuggling.

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The Hambantota International Port HIP to promote floating repairs in 2023

Tuesday, December 27th, 2022

Courtesy The Morning The Hambantota International Port (HIP) is supporting Colombo Dockyard PLC (CDPLC) to handle running repairs to vessels while they remain afloat in the harbour. The majority of vessels directed to HIP for afloat repairs come with damages experienced below the water line. CDPLC carries out permanent repairs on these ships with service […]

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Cable car project between Pattipola and Boralanda to boost tourism

Thursday, December 22nd, 2022

Courtesy Adaderana President Ranil Wickremesinghe has instructed the relevant officers to formulate a report jointly engaging all government agencies on the resolution of land problems within the Nuwara Eliya district. Wickremesinghe noted that in the event the said report is not presented to him before 04 February 2023, he will take necessary action in this […]

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Challenging dollar hegemony, Sri Lanka to trade with Russia in INR

Wednesday, December 21st, 2022

By Oneindia Copy Writer Sri Lanka is also mulling to trade with countries like Tajikistan, Cuba, Luxembourg and Sudan in Indian rupee. Being a leading economy in the world, India is offering the much-needed respite to the countries that are short of US dollars. New Delhi, Dec 21: Although this is being done in the […]

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Govt ready to empower industrialists to earn foreign exchange – President

Wednesday, December 21st, 2022

Courtesy Adaderana President Ranil Wickremesinghe said that an environment will be created for small and medium-scale industrialists to become successful using modern technology and the government is ready to empower the industrialists as the main stakeholders in earning foreign exchange for Sri Lanka. President Wickremesinghe made these remarks at the 21st ‘Achiever Awards 2022’ which […]

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India and Sri Lanka to launch ferry service next month between Kankesanthurai port and Pondicherry

Sunday, December 18th, 2022

Courtesy Business Insider Representational imageUnsplashSri Lanka and India  will start a passenger ferry service next month between Kankesanthurai port in Jaffna district and Pondicherry, according to media reports. Ports, Shipping, and Civil Aviation Minister Nimal Siripala de Silva  said arrangements were made to start the ferry service in mid-January next year, Colombo Page reported. The minister said the […]

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Sri Lanka to sell plots in Colombo Port City for bunkering – Minister

Sunday, December 18th, 2022

Courtesy Adaderana Sri Lanka is to sell four plots of land in Colombo Port City for an investor to establish a facility for bunkering, a Minister told journalists. Minister of Ports, Shipping and Aviation, Nimal Siripala de Silva said that they have also called for expression of interest to start an aviation fuel storage facility. […]

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Repatriation of export earnings

Thursday, December 15th, 2022

by Neville Ladduwahetty Courtesy The Island The headlines in the front page of the Daily News of December 7, 2022 states: GOVT. WILL FORMULATE LAWS TO REPATRIATE USD 53 BILLION”. Quoting Minister Dr. Wijedasa Rajapakse, the report states: Exporters who earn Dollars do not bring that earnings back to Sri Lanka but they deposit it in foreign banks. […]

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Merchandise export earnings decline, trade deficit contracts in Oct. 2022

Wednesday, December 7th, 2022

Courtesy Adaderana Earnings from merchandise exports declined in October 2022 – on a year-on-year basis – for the first time since March 2022 due to lower earnings from garments exports, the Central Bank of Sri Lanka (CBSL) says. The decline in import expenditure continued in October 2022, (y-o-y), for the eighth consecutive month, despite recording […]

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BIG FOCUS | කොළඹ වරාය නගර ව්‍යාපෘතිය හා යළි නැගිටින ශ්‍රී ලංකාව

Sunday, November 27th, 2022

Ada Derana  

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Sri Lanka-based FitsAir eyes services to key south Indian cities next year

Friday, November 25th, 2022

Courtesy The Hindu FitsAir — a Sri Lankan based private airline — is looking at possibilities to operate services from Colombo to key destinations in south India by the end of 2023, the airlines vice-president (Passenger) Peter Murray Hill said here on Friday. The airline has narrowed down on five destinations – Thiruvananthapuram, Chennai, Coimbatore, […]

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UK contributes £880,000 to help marginal fishers in Sri Lanka

Friday, November 25th, 2022

Courtesy Adaderana The United Kingdom, through the Food and Agriculture Organization (FAO) of the United Nations is providing GBP 880,000 (USD 1,043,395) to strengthen the food and nutrition security of marginal fishers in Tangalle, Negombo, Colombo, Kalutara, Galle, Matara, Puttalam, Chilaw, and Mannar of Sri Lanka. In light of World Fisheries Day (November 21) being […]

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Sri Lanka Bonds Gain as Fiscal Reforms Boost IMF Deal Optimism

Wednesday, November 23rd, 2022

Courtesy Bloomberg (Bloomberg) — Sri Lankan dollar bonds advanced to a two-month high as the fiscal reforms announced in this month’s budget spurred hopes of securing an International Monetary Fund bailout. The 7.55% 2030 dollar bond was indicated up about 0.7 cents to 27.9 cents on the dollar on Wednesday, the highest since mid-September. The […]

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Sri Lanka in talks for USD 1 Bn “debt-for-nature” swap deal: report

Friday, November 18th, 2022

Courtesy Adaderana Sri Lanka is in talks for a debt-for-nature” swap deal of up to USD 1 billion in climate-focused finance, a kind of agreement discussed at the United Nations COP27 summit in Egypt, Reuters reported citing people familiar with the matter. According to the news report, such agreements are part of efforts to address an intractable quandary […]

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Investment agreement inked to develop water sports, entertainment zone at Lotus Tower

Friday, November 18th, 2022

Courtesy Adaderana Singapore-based renovation and interior design company, Kreate Design Pte. Ltd. today (Nov. 18) signed a USD 1 billion investment agreement with the Colombo Lotus Tower Management Company (Pvt) Ltd. This investment agreement will see the development of water sports and an entertainment zone at the Lotus Tower in Colombo within the next six […]

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China asks PM to introduce legal reforms to clear way for investment

Wednesday, November 16th, 2022

Courtesy The Island A top Chinese envoy has said that Sri Lanka should introduce legal reforms to attract foreign investments. Prime Minister Dinesh Gunawardena’s Office quoted President of the Chinese People’s Association for Friendship with Foreign Countries (CPAFFC) Ambassador Lin Songtian as having told the Premier as Sri Lanka’s infrastructure facilities, human resources and other […]

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Banking cooperation launched between SL & Russia for tourists

Wednesday, November 16th, 2022

Courtesy The Daily Mirror The Embassy of Sri Lanka in Moscow initiated a banking cooperation between People’s Bank in Sri Lanka and National Investment Industrial Bank in Russia (NIIB) to devising a platform for Russian tourists to make payments in Sri Lanka seamlessly in Sri Lankan Rupees (LKR) with effect from  November 22,  2022. According […]

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CBSL governor says construction sector will see growth after economy recovers

Wednesday, November 16th, 2022

Courtesy Adaderana The governor of Central Bank of Sri Lanka (CBSL) says the construction sector is unlikely to see growth until the economy recovers. Dr. Nandalal Weerasinghe made these remarks during an event held at the Sri Lanka Foundation Institute with the representatives of the construction sector. Speaking further, he said the relative cost of […]

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‘LOGISTICS AND SHIPPING INDUSTRIES MUST BE LIBERALISED’

Tuesday, November 15th, 2022

By Ishara Gamage Courtesy Ceylon Today The newly appointed Chairman of the Sri Lanka Ports Authority (SLPA), Dr. Sarath Obeysekera has called for immediate liberalisation of the shipping and logistics sectors in Sri Lanka. In a letter to President Ranil Wickremesinghe, he stated that there is a general consensus among the majority of stakeholders in […]

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Adani Group to become the first Indian port operator in Sri Lanka

Wednesday, November 9th, 2022

Courtesy Business Insider The Adani Group will become the first Indian port operator in Sri Lanka as construction of the Colombo Port’s Western Container Terminal (WCT) is set to start on Wednesday. The group will have the majority stake in the West Container International Terminal Joint Venture (JV) which is valued at $700 million. The build-operate-transfer (BOT) agreement which […]

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A case for Sri Lanka’s Samurdhi Banking system

Saturday, November 5th, 2022

Monetary Institute The Monetary Institute’s “Our Money, Our Banks, Our Country – Money Creation in the Modern Economy” conference was held in Zurich, Switzerland on February 5, 2018. Professor Richard Werner, Chair in International Banking, University of Southampton, England provided this overview of how money is created in nations throughout the world and the impacts […]

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Xi Jinping vows greater access to Chinese market

Saturday, November 5th, 2022

Courtesy Adaderana China will allow greater market access and share opportunities with all countries, President Xi Jinping said on Friday, following a sharp slowdown of external trade and ongoing tensions with major economies. In an address via video to open the China International Import Expo in Shanghai, Xi called on the world to commit to […]

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SriLankan Airlines sees future prospects amid privatisation talks

Sunday, October 30th, 2022

Courtesy The Daily Mirror While privatisation of SriLankan is high on the agenda of the new government in the island nation, the airline’s CEO says there is a strong future for the country’s national carrier supporting the growth of the Sri Lankan economy in general and tourism in particular. We are open to the proposal […]

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Working capital loans for small- and medium-scale entrepreneurs on 11% – 12% interest

Thursday, October 27th, 2022

Courtesy Adaderana The government has decided to facilitate working capital loans up to Rs. 10 million for small- and medium-scale entrepreneurs from 08 state-owned and private banks, the Ministry of Finance, Economic Stabilization & National Policies says. These entrepreneurs can obtain working capital loans on 11% – 12% interest with a grace period of 06 […]

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