Author Archive for Business

Regulations pertaining to Port City Economic Commission Act gazetted

Thursday, September 29th, 2022

Courtesy Adaderana A Gazette Extraordinary has been published specifying the regulations pertaining to the Colombo Port City Economic Commission. The regulations, issued by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilization & National Policies, are made under Section 71(1) read with Section 27(1), 41(3)(f), 41)9) of the Colombo Port City Economic Commission […]

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Sri Lanka appears to be wary about going for FTA with China

Wednesday, September 28th, 2022

By P.K.Balachandran/Daily Mirror Colombo, September 28: Reporting on the meeting between the Sri Lankan Foreign Minister Ali Sabry and his Chinese counterpart, Wang Yi, last Friday on the sidelines of the 71st UN General Assembly session in New York, the Chinese embassy in Colombo said that the two sides had agreed to speed up the negotiation […]

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Wickremesinghe’s bid to revive Sri Lanka-Singapore FTA appears unrealistic

Wednesday, September 28th, 2022

By P.K.Balachandran Courtesy NewsIn.Asia Colombo, September 28 (Counterpoint):  Sri Lankan President Ranil Wickremesinghe told Singapore’s Prime Minister Lee Hsien Loong in Tokyo on Tuesday, that Sri Lanka would give priority to reviving the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) of 2018. The SLSFTA, which was signed when Wickremesinghe was Prime Minister, became operational on May […]

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Apparels, textiles boost August exports income

Wednesday, September 28th, 2022

Courtesy The Daily Mirror August merchandise exports income tops US$ 1.2bn Apparel & textile exports up 15% to US$ 565mn Jan-Aug. cumulative exports up 12% to US$ 8.85bn Cumulative apparel & textile up 19% to US$ 4.08bn Sri Lanka recorded its highest merchandise export income so far for this year in the month of August […]

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SriLankan Airlines seeks foreign investor

Tuesday, September 27th, 2022

By Feizal Samath Courtesy TTG Asia Sri Lanka is planning to offer a 49 per cent ownership and management stake in its loss-making national carrier to cut losses and transform the airline to a profitable venture. The move would signal a return to foreign management and partnership after a 10-year contract with Emirates ended in March […]

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China and Sri Lanka to speed up negotiation process and strive for early conclusion of FTA

Sunday, September 25th, 2022

Courtesy Adaderana China and Sri Lanka have agreed to speed up the negotiation process and strive for an early conclusion of a free trade agreement, thereby boosting the confidence in and stabilizing the expectations for their economic and trade cooperation, the Chinese Embassy in Colombo said. Chinese State Councilor and Foreign Minister Wang Yi met […]

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Malaysia to recruit 10,000 workers from Sri Lanka

Wednesday, September 21st, 2022

Courtesy Adaderana Malaysia’s Cabinet has agreed to recruit 10,000 workers from Sri Lanka after taking into account the state of the country which has been hit by an economic crisis, says Minister Datuk Seri M. Saravanan. In a statement on Wednesday (Sept 21), the Malaysian Human Resources Minister said the Sri Lankan government had submitted […]

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Colombo Lotus Tower’s opening day earnings exceed Rs. 1 million

Friday, September 16th, 2022

Courtesy Adaderana The Colombo Lotus Tower, which was officially declared open to the public last afternoon, has reportedly earned an income exceeding one million rupees through ticket sales within yesterday (Sep 15). The Chief Executive Officer of Colombo Lotus Tower Pvt. Ltd., Major General (Rtd) Prasad Samarasinghe pointed out that the first day’s income was […]

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A hotline to inquire about obtaining vehicle permit 

Tuesday, September 13th, 2022

Manusha Media The Ministry of Labour and Foreign Employment has introduced three telephone numbers for obtaining information, including a hotline number to refer problems related to obtaining electric vehicle import permits under the recently introduced initiative of allowing Sri Lankan migrant workers remitting money through formal channels to import an electric vehicle. Accordingly, the necessary […]

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Govt. decides to sell 49% stake in SriLankan Catering

Monday, August 29th, 2022

Courtesy Adaderana Aviation Minister Nimal Siripala de Silva says that proposals are to be called for from desiring investors to invest in 49% shares and administration of SriLankan Catering and also 49% shares and administration in SrLankan Airlines’ Ground Handling.  The minister stated this at a press conference held today at the ministry regarding the […]

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24 companies interested in petroleum business in SL: Minister.

Sunday, August 28th, 2022

Courtesy The Daily Mirror Twenty-four companies from UAE, Saudi Arabia, USA, China, India, Russia, UK, Malaysia, Norway and Philippines have submitted proposals for the Expressions of Interest (EOI)s to engage in the petroleum business in Sri Lanka, Power and Energy Minister Kanchana Wijesekera said. He said the committee appointed by the ministry will evaluate proposals, […]

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Sri Lanka suspends import of over 300 items.

Tuesday, August 23rd, 2022

Courtesy Adaderana The import of over 300 items has been temporarily suspended with effect from today (August 23) under the Import and Export Control Act through a government notification by the Finance Ministry. The regulation has been issued by has been issued by President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic […]

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කොළඹට එන විදුලි බස් …

Monday, August 22nd, 2022

Courtesy Adaderana

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House & Apartment Prices Increase by a Record High with the Escalating Construction Costs in Sri Lanka

Wednesday, August 17th, 2022

by LankaPropertyWeb The recently released Q2 data of the House Price Index of LankaPropertyWeb revealed that the overall selling prices of apartments increased by 45.17% when compared to Q2 of 2021. According to developers and real estate agents that LankaPropertyWeb has been in contact with, these price increases are largely a cause of the demand […]

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Britain launches trade system for developing countries including Sri Lanka

Tuesday, August 16th, 2022

Courtesy Adaderana Britain has launched a scheme to extend tariff cuts to hundreds of products, such as clothes and food, from developing countries including Sri Lanka, part of London’s post-Brexit efforts to set up systems to replace those run by the European Union. The UK’s new Developing Countries Trading Scheme (DCTS) is one of the […]

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Sinopec likely to enter Lankan fuel market

Sunday, August 7th, 2022

Courtesy The Daily Mirror Sinopec, the biggest petrochemical company in China, is likely to enter Sri Lankan market for fuel importing, distribution and selling petroleum products, informed sources said. Cabinet of Ministers in June approved a proposal to allow more companies from oil-producing nations to import oil and start retail operations in Sri Lanka. The […]

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Cabinet nod awaited for drafted duty-free regulations to set up South Asia’s first downtown duty-free mall

Friday, August 5th, 2022

Courtesy The Daily Mirror The facility to be operated by two of world’s leading DF operators to showcase Sri Lanka as a world-class dining destination  Key regulations been drafted prioritising strategically-important businesses backed by an expedited approval system As the construction of Colombo Port City’s downtown duty-free (DF) Mall steams ahead, the Colombo Port City […]

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Oil and gas exploration delays in Mannar basin to cost SL over US $ 1bn in FDI

Saturday, July 30th, 2022

Courtesy The Daily Mirror The long-delayed Mannar basin M2 block (exploration and production) tender and commencement of exploration work by the selected bidder for the M1 and C1 July 2019 tender could cost Sri Lanka over a billion dollars in foreign direct investment (FDI).  Moreover, the delays conducting a marketing campaign to attract further investment […]

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June export earnings up 20% to US$ 1,208.2 Mn

Friday, July 29th, 2022

Courtesy Hiru News Earnings from the merchandise exports increased by 20 % y-o-y to US$ 1,208.2 Mn in June 2022 as per the data released by the Sri Lanka Customs. This was mainly due to the increase in earnings from export of Apparel & Textiles, Rubber based products, Coconut based products, Food & Beverages and Seafood. Major product […]

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Long-term investments in Sri Lanka are India’s plan to fix economic crisis: Envoy

Tuesday, July 26th, 2022

Courtesy Adaderana After helping Sri Lanka with an unprecedented assistance of around $4 billion since January as the country plunged into a deep economic crisis, India is now planning to invest heavily in newer sectors through both private and public firms there, Gopal Baglay, high commissioner of India to Sri Lanka, told ThePrint in an […]

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ශ්‍රී ලංකාව සහ රුසියාව ඉන්දියාව සමඟ කරන ගනු දෙනු වලදී ඉන්දීය රුපියල භාවිතයට ඉඩ 

Monday, July 18th, 2022

Lanka Lead News ඉන්දියානු සංචිත බැංකුව (RBI) ඉන්දියාව සහ ශ්‍රී ලංකාව සහ රුසියාව ඇතුළු අනෙකුත් රටවල් අතර ඉන්දියානු රුපියල් වලින් වෙළඳ බේරුම් කිරීමට අවසර දී ඇත. ඉන්දියාවෙ අපනයනය මූලික කරමින් ගෝලීය වෙළඳාමේ වර්ධනය ප්‍රවර්ධනය කිරීම සඳහා සහ ඉන්දියානු රුපියල කෙරෙහි ගෝලීය වෙළඳ ප්‍රජාවේ වැඩිවන උනන්දුව සඳහා සහාය වීම සඳහා,ආනයන අපනයන කටයුතු වලදී ඉන්වොයිසි කිරීම, ගෙවීම […]

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Sri Lanka amends limit on foreign currency possession

Saturday, June 25th, 2022

Courtesy Adaderana The Minister of Finance has issued an order to reduce the amount of foreign currency retained in possession by an individual in Sri Lanka from USD 15,000 t0 USD 10,000 or its equivalent in other foreign currency. The directive, issued pursuant to Section 08 of Foreign Exchange Act No. 12 of 2017, is […]

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Bank of Ceylon records a net pre-tax profit of Rs. 43 billion

Sunday, June 19th, 2022

Courtesy Adaderana The Bank of Ceylon (BoC) has reported a net Pre-tax Profit of Rs. 43 billion, according to the President’s Media Division.  This was revealed when the Bank of Ceylon’s Annual Report 2021 was presented to President Gotabaya Rajapaksa at the President’s House in Colombo. Mr. Kanchana Ratwatte, Bank of Ceylon’s Chairman presented the […]

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India defends oil imports from Russia, export ban on wheat

Wednesday, June 8th, 2022

Courtesy The Daily News India has said Europe must see not oil imports from Russia from a political lens. Speaking at Globsec 2022 Bratislava forum, External Affairs Minister S Jaishankar said, We don’t send people to buy Russian oil, we send people to buy oil in the market, buy the best oil.” Jaishankar also highlighted […]

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ගුවන්යානා හබය දුරදිග යයිද?

Sunday, June 5th, 2022

Ada Derana

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Russian flight grounded at BIA: Sri Lankan authorities urge court to suspend court order

Saturday, June 4th, 2022

Courtesy The Daily Mirror Sri Lankan authorities today raised objections against the Enjoining Order issued by Colombo Commercial High Court preventing a Russian Aeroflot flight from taking off within the territorial jurisdiction of Sri Lanka. Additional Solicitor General Sumathi Dharmawardena PC appearing for the Airport and Aviation Services Ltd (second defendant) urged the Court to suspend the operation […]

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Aeroflot suspends flights to Sri Lanka over aircraft’s arrest

Saturday, June 4th, 2022

Courtesy The Daily Mirror Aeroflot has suspended commercial flights to Colombo (Sri Lanka). The decision was prompted by “the unfavorable situation as regards guarantees of unobstructed flights of the airline’s aircraft to Sri Lanka,” Aeroflot said in a statement. The airline suspended the sale of tickets to Colombo as well. As reported earlier, an Aeroflot […]

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Russia’s Aeroflot suspends commercial flights to Sri Lanka

Saturday, June 4th, 2022

Courtesy Adaderana Russia’s flagship carrier announced that it is suspending commercial flights to Sri Lanka after the island nation’s authorities detained the airline’s Airbus A330 jet on June 02. Aeroflot is suspending commercial flights to Colombo (Sri Lanka) for the immediate period due to an unreliable situation in terms of the airline’s unobstructed flights to […]

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Sri Lanka to pay $72.6m for 90,000-tonne Russian oil shipment, minister says

Saturday, May 28th, 2022

The New Arab Staff & Agencies The 90,000-tonne consignment of Russian oil was ordered through Dubai-based Coral Energy, according to Sri Lankan Power and Energy Minister Kanchana Wijesekera. Sri Lanka will pay $72.6 million to buy a 90,000-tonne shipment of Russian oil docked at Colombo’s port for weeks, its energy minister said on Saturday, as the island nation […]

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Global ‘wheat war’ is coming – media

Saturday, May 21st, 2022

Courtesy RT West could be forced to ask Russia for grain in exchange for lifting sanctions © Getty Images / Thomas Barwick Wheat prices have surged to record highs over the past two months as major producers like Russia, Kazakhstan and India scrapped exports to protect their domestic markets. This has sparked fears of food insecurity and […]

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