Sri Lanka’s rupee opened steady at 298.90/299.00 against the US dollar on Thursday, according to market dealers. Bond yields saw a rise, and the Colombo Stock Exchange (CSE) opened with a 0.42 percent gain. Bond Market Performance: Stock Market Update: Sri Lanka’s financial markets remain volatile, with currency stability and bond yield fluctuations reflecting global
United Petroleum, an Australian energy giant, has signaled its intent to expand its operations in Sri Lanka by meeting with President Ranil Wickremesinghe. The senior leadership team, including Co-Founder Avi Silver, Group CFO Nigel Simonsz, Group Procurement Head Brett Crawford, and United Petroleum Lanka Director/CEO Dr. Prabath Samarasinghe, discussed the company’s future plans in the
Sri Lanka is set to establish a major logistics hub in Trincomalee’s Kappalthurai, targeting heavy industries and aiming to attract up to $1.5 billion in investment. State Minister of Investment Promotion Dilum Amunugama announced the development, highlighting the 600-acre zone’s potential to connect sea, air, and railway cargo freights. This new logistics hub will be
Nine Sri Lankan banks, along with the Bank of China, have shown interest in establishing branches within the Colombo Port City, according to Chief Operating Officer of the Colombo Port City Economic Commission, Revan Wikramasuriya. Recently, Sri Lanka has introduced new regulations governing banking operations within this special economic zone. These banks will be regulated
Sri Lanka has made significant strides in its economic development, securing $8 billion in export revenue during the first half of 2024. In addition, investment agreements totaling $800 million were signed within the same period, according to Investment Promotion State Minister Dilum Amunugama. Speaking at a press briefing titled “Two Years of Progress and Advancements”
Former Finance Minister and Presidential National Organiser Ravi Karunanayake has underscored that Sri Lanka is on a path to economic recovery and transitioning from brain drain to brain gain. He emphasized the importance of leveraging the potential of the nearly 3 million Sri Lankans living abroad, many of whom are excelling in various fields. To
The Research Intelligence Unit (RIUNIT), an international research and consulting firm with its Asia headquarters in Colombo, successfully launched its latest initiative, “Asia’s Real Estate Opportunity of the Century,” on July 16th at the prestigious Port City Sales Gallery, Port City. This landmark event aims to open doors for local developers and investors to engage
WindForce PLC and Vidullanka PLC have entered into a definitive share sale and purchase agreement with Hi-Energy Services Ltd. on 11th July to acquire 36,500,000 ordinary voting shares of Solar Universe Ltd., held by Hi-Energy Services Ltd., for Rs. 370 million. Both WindForce PLC and Vidullanka PLC will invest Rs. 185 million each to acquire
The Capital Alliance (CAL) group has revamped its CALOnline platform, making it simpler than ever for Sri Lankans, particularly everyday investors, to access and invest in the stock market, government securities (treasuries), and unit trusts. CAL, a diversified financial services group with expertise in stockbroking, treasury services, and fund management, has developed a user-friendly mobile
Great news for property investors! Sri Lanka has relaunched its “Investor Visa” program, specifically designed to attract foreign investment in the condominium market. This initiative, spearheaded by the Department of Immigration and Emigration, aims to revitalize the real estate sector and make investing in Sri Lanka easier than ever. Here’s what you need to know: