Author Archive for Business

Sri Lanka limits foreign currency holdings amid crisis

Thursday, May 19th, 2022

By BHARATHA MALLAWARACHI Courtesy AP COLOMBO, Sri Lanka (AP) — Sri Lanka will lower the maximum amount of foreign currency that individuals can possess to $10,000 from $15,000 and penalize anyone who holds it for more than three months, the central bank announced Thursday, as police fired tear gas and water cannons at thousands of […]

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Sri Lanka is trying to sell its national airline, but who will buy it?

Thursday, May 19th, 2022

Courtesy Stuff Sri Lanka’s new Prime Minister Ranil Wickremesinghe wants to sell the national airline, saying the country’s poorest people who’ve never flown shouldn’t be saddled with its losses. Finding a buyer might not be easy. SriLankan Airlines, which prior to the pandemic flew to 126 destinations in more than 60 countries, lost 45 billion […]

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Colombo stock market recovers

Wednesday, April 27th, 2022

Courtesy Adaderana The Colombo Stock Exchange (CSE) recovered today (April 27) with the All Share Price Index moving up by 5.43% and the S&P SL20 Index moving up by 13.52% at the market closure. At the time of the market closure, the ASPI was recorded at 7,280.52, an increase by 375.12 points. Meanwhile, the S&P […]

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LankaPropertyWeb Celebrates its 15th Anniversary With a Focus on the Post Pandemic World

Tuesday, April 26th, 2022

Lanka Property Web (Pvt) Ltd LankaPropertyWeb Sri Lanka’s number one real estate platform celebrated its 15 year anniversary since inception on the 22nd of April 2022. The real estate company was founded in 2007 offering digital listings for the real estate market in Sri Lanka. Currently it is the largest real estate platform in the […]

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Cabinet nod to allow specific sectors of economy to import fuel individually

Tuesday, April 26th, 2022

Courtesy Adaderana The Cabinet of Ministers has given the approval to amend the Petroleum Products Act to allow specific sectors of the economy to individually import and use the fuel they require. The proposal was presented by Minister of Energy Kanchana Wijesekara. As fuel is essential for all economic activities in the country, it has […]

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SL’s negotiations with IMF will unavoidably impact securing USD 2.5 bn from China

Monday, April 25th, 2022

Courtesy The Daily Mirror Sri Lanka’s ongoing negotiations with the IMF will unavoidably impact its discussions with China for securing US $ 2.5 billion, China’s Ambassador Qi Zhenhong said.  In an interactive dialogue with a team of journalists, he said China was closely monitoring the negotiations to know the terms and conditions . He said debt […]

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Sri Lanka exchange halts again after 13 per cent plunge

Monday, April 25th, 2022

Courtesy https://borneobulletin.com April 26, 2022 COLOMBO (AFP) – Crisis-hit Sri Lanka’s stock exchange halted again yesterday after a nearly 13 per cent plunge, derailing the bourse’s tentative re-opening after a two-week break aimed at forestalling a market collapse. The island nation is grappling with its worst economic downturn since independence in 1948, with months of […]

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Advisers seek role with creditors for $12 billion Sri Lanka debt revamp

Friday, April 22nd, 2022

CNA Ayres Investment Management LLP, DecisionBoundaries LLC and Perella Weinberg LP are among firms seeking to provide financial advice to Sri Lanka’s creditors, sources said, as the country heads towards a revamp of its $12 billion of external debt. Some bondholders are weighing their options after the South Asian island nation unilaterally suspended external debt […]

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India to provide additional $500-mn assistance to Sri Lanka for fuel

Wednesday, April 20th, 2022

Courtesy Business Standard Meanwhile China, whose large loans and investments to the island nation led to allegations of debt diplomacy, has said it will provide “emergency humanitarian assistance” to Colombo

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Ceypetco increases fuel prices

Monday, April 18th, 2022

Courtesy Adaderana The Ceylon Petroleum Corporation (CPC) has announced an increase in its fuel prices with effect from midnight today (18). Accordingly, the new CPC fuel prices are as follows: Petrol Octane 92  – Rs. 338 per litrePetrol Octane 95  – Rs. 373 per litreAuto Diesel          – Rs. 289 per litreSuper […]

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Now is a Great Time For Expats To Invest in Sri Lankan Properties: LankaPropertyWeb

Tuesday, April 12th, 2022

Corporate Communications & Digital Marketing Specialist Lanka Property Web (Pvt) Ltd According to the recently released House Price Index of LankaPropertyWeb that is based on asking prices for Q1 of 2022, the overall selling prices of apartments have soared by 36.08% from Q1 of 2021 while the overall residential land prices of Sri Lanka have reduced by […]

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Cochin port benefits as shipping lines skip Colombo

Monday, April 11th, 2022

Dhinesh Kallungal Courtesy The Hindu Huge increase in transshipment volume at ICTT The economical and political turmoil in Colombo coupled with the congestion at the Colombo port has come as a blessing for ports in south India, especially the International Container Transshipment Facility (ICTT), Vallarpadam, Kochi, where the cargo traffic has increased by over 62% […]

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SriLankan Airlines suspends flights to Moscow

Monday, March 28th, 2022

Courtesy Adaderana SriLankan Airlines announced the suspension of operations between Sri Lanka and Moscow, Russia with effect from today (March 28), due to operational restrictions that are outside of the airline’s control.  The restrictions are in the form of international financial and aircraft insurance limits which have been imposed on Russia due to the ongoing […]

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Remittances from exported goods and services from foreign earnings should be remitted to SL within 180 days – CBSL

Saturday, March 12th, 2022

Courtesy The Daily Mirror Foreign earnings from all exported goods and services have been made mandatory and to be remitted to Sri Lanka within 180 days from the date of shipment or provisioning of services, the Central Bank stated. Issuing an Extraordinary gazette notification, Repatriation of export Proceeds into Sri Lanka” the CBSL Governor stated […]

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Lankan firm eyes Agora takeover

Saturday, March 5th, 2022

Courtesy The Daily Star Softlogic Holdings PLC is in talks with Agora to acquire the full operation of Bangladesh’s oldest supermarket chain, said the Sri Lankan conglomerate and people familiar with the matter. A subsidiary, Softlogic Retail Holdings (private), inked an agreement on Friday to acquire Agora, said the group in a disclosure at Colombo […]

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Born Global AUDICI Music Platform ready to take on the world

Thursday, March 3rd, 2022

AUDICI Great opportunity for investors looking for digitally native brands with the potential to outperform AUDICI wins 1st place in the Digital Entertainment category at the prestigious e-Swabhimani Award Android App is released. iOS App will be available soon. Friday, 4th March, 2022 Colombo Sri Lanka:  AUDICI is an award-winning global music platform. It provides […]

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SL in Guinness Record books for world’s largest sapphire aggregate

Wednesday, February 23rd, 2022

Courtesy The Daily Mirror The star sapphire cluster weighing 503.2 kg, which was found in the Ratnapura area last year, today received the Guinness World Record as the world’s largest sapphire aggregate. The ceremony of handing over the certificate for the world’s largest sapphire aggregate was held at the Cinnamon Lakeside Hotel with the patronage […]

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Indian AC rail coach has a successful trial run in Sri Lanka

Sunday, February 20th, 2022

Courtesy NewsIn.Asia Colombo, February 20 (newsin.asia): Officials from the High Commission of India accompanied by representatives from the Indian railway organization RITES and the Sri Lanka Railways travelled aboard an air-conditioned train [AC Diesel Multiple Unit (DMU)] on its successful trial run in Sri Lanka on 18 February 2022. This AC DMU had been supplied […]

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New yachting infrastructure proposed in Sri Lanka

Thursday, February 17th, 2022

Courtesy superyachtnews However, questions remain over the project’s tangible yachting benefit given current procedures and processes… The Sri Lanka Port Authority (SPLA) has announced that nearly 100 acres of landmass will be added to the Galle Harbour. The Cabinet of Ministers has cleared a proposal to call for Expressions of Interest from investors to develop […]

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WindForce Powers into 2022 with New Plants

Sunday, February 13th, 2022

Courtesy Adaderana Solar Universe in Vavunathivu adds 10MW; Hiruras Power in Mannar 15MW 3Q Group consolidated revenue LKR 3.6 Bn; bottom line increase of 4% YoY Hydro power revenue up by 25%; solar has growth of 22% WindForce PLC, the largest renewable energy developer in Sri Lanka which released its 3Q results for 9 months […]

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Chinese Embassy lifts blacklisting on People’s Bank

Tuesday, January 11th, 2022

Courtesy Adaderana The Economic and Commercial Office of the Chinese Embassy in Colombo has rolled back the move to blacklist the People’s Bank in Sri Lanka over the row concerning the payment for a consignment of organic fertilizer containing harmful bacteria shipped by a China-based company. The People’s Bank was blacklisted on October 29, 2021, […]

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New day has dawned for traditional potters (Video)

Monday, January 10th, 2022

Courtesy – Hiru News It is no secret that a large number of people in this country have been severely inconvenienced due to gas-related explosions. However, there are reports of people benefiting from the crisis. The areas of Kurunegala, Ibbagamuwa and Tittawella have been famous for their traditional pottery industry for a long time. These […]

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People’s Bank to pay over $6 million to the Chinese fertilizer company

Thursday, January 6th, 2022

Courtesy Hiru News People’s Bank to pay USD 6.7 million to the Chinese fertilizer company tomorrow (07)

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Barter trade with Sri Lanka is not fair

Tuesday, January 4th, 2022

Courtesy Iranian Labour News Agency A member of Iran’s Chamber of Commerce says barter of tea with oil between Iran and Sri Lanka is not fair because Sri Lankans will give Iran second or third degree tea as their low quality tea has no customer in the world. Speaking to ILNA news agency, Masoud Daneshmand […]

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Cabinet nod to purchase 750 jeeps for Sri Lanka Police; 500 buses for SLTB

Tuesday, January 4th, 2022

Courtesy Adaderana The Cabinet of Ministers has approved the procurement of 500 new buses for the Sri Lanka Transport Board (SLTB) under the Indian loan grant scheme and another 750 jeeps for Sri Lanka Police under the Indian Line of Credit.  On 08th January 2020, the approval of the Cabinet of Ministers had been granted […]

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Sri Lankan delegation to visit Pakistan

Saturday, January 1st, 2022

Usman Hanif Courtesy The Express Tribune Representatives from 40-50 firms will explore avenues of mutual cooperation, says envoy KARACHI: Sri Lankan trade minister will be visiting Pakistan on January 23 accompanied by representatives from 40 to 50 companies to explore avenues of cooperation and collaboration with the business community of Pakistan, revealed Consul General of Sri Lanka […]

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India will have direct say in 75 of Trinco oil tanks

Saturday, January 1st, 2022

Courtesy Ceylon Today India will have a direct say in as many as 75 of the oil tanks in Trincomalee, with 14 of them to be retained by the Indian Oil company on lease for another 50 years. The Ceylon Petroleum Corporation will manage the remaining 24, energy minister Udaya Gammanpila said. He spoke to […]

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Saudi Fund for Development Inaugurates and Lays a Foundation Stone for Two Vital Projects in Sri Lanka

Tuesday, December 28th, 2021

Courtesy Businesswire $425 million-projects’ value financed by the SFD in Sri Lanka SRI JAYAWARDENEPURA KOTTE, Sri Lanka–(BUSINESS WIRE)–The Saudi Fund for Development represented by the CEO Mr. Sultan Abdulrahman Al-Marshad, inaugurated the completion of the development of Peradeniya-Badulla-Chenkaladi Road Project in the Democratic Socialist Republic of Sri Lanka, with a loan worth US$ 60 million. […]

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Colombo Stock Exchange ASPI crosses 12,000 points for first time ever

Friday, December 24th, 2021

Courtesy NewsIn.Asia Colombo, Dec 24 (AdaDerana) – The Colombo Stock Exchange (CSE) set a new record today (December 24) as the All Share Price Index (ASPI) surpassed 12,000 points for the first time in history. The ASPI closed at 12,070.68 points at the end of trading today (November 16), marking an increase of 1.00% (119.45 […]

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Sri Lanka inflation hits record high as food crisis looms

Wednesday, December 22nd, 2021

Courtesy Business Recorder COLOMBO: Sri Lanka’s inflation hit a record 11.1 percent in November, official figures showed Wednesday, and authorities warned a worsening economic crisis could prompt further food rationing. The island’s tourism-dependent economy was hammered by the pandemic and the government imposed a broad import ban to shore up foreign exchange reserves, triggering shortages […]

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