Inovartic Investment Lanka Ltd., a new joint venture between Sri Lanka’s Apex Asia Holdings and UAE’s Inovartic Investment LLC, is set to advance the manufacturing of graphene and related products in Sri Lanka and Abu Dhabi. Supported by Abu Dhabi University (ADU) and in collaboration with the Sri Lanka Institute of Nanotechnology (SLINTEC), this partnership
The Embassy and Permanent Mission of Sri Lanka inaugurated the Sri Lanka Pavilion at the prestigious 70th Bangkok Gems and Jewellery Fair on September 9, marking a key moment in Sri Lanka’s global trade efforts. The event was officially inaugurated by Thailand’s Ministry of Commerce Permanent Secretary, Vuttikrai Leewiraphan, highlighting the collaborative relationship between Sri
Presidential candidate Anura Kumara Dissanayake has attributed Sri Lanka’s 2022 financial crisis to incumbent President Ranil Wickremesinghe, while largely absolving former President Gotabaya Rajapaksa. Speaking at an election rally, Dissanayake claimed that Wickremesinghe was the architect of the crisis, whereas Rajapaksa’s missteps stemmed from ignorance. “They ended essential supplies like oil, gas, and electricity. Ranil
Sri Lanka’s rupee opened weaker on Thursday at 304.25/50 against the US dollar, compared to Wednesday’s 303.75/85, according to market dealers. Bond yields saw an upward movement, while the stock market opened stronger. In the secondary bond market, a bond maturing on December 15, 2028, was quoted at 11.85/90 percent, up from 11.70/80 percent the
Sri Lanka is expecting a mission from the International Monetary Fund (IMF) in two weeks, President Ranil Wickremesinghe announced at a campaign rally in Homagama on Wednesday. “In two weeks when the IMF team comes, we must either confirm that we will implement the agreement and receive the next installment, or inform them of any
The Ceylon Institute of Builders (CIOB) has unveiled plans for the Construction Expo 2025, scheduled to take place from March 14 to 16, 2025, at the Sirimavo Bandaranaike Memorial Exhibition Centre, BMICH. Dr. Rohan Karunaratne, President of CIOB, emphasized that achieving a 9.6% contribution to Sri Lanka’s GDP from the construction sector requires at least
Sri Lanka’s wage board has announced new daily wage rates for tea and rubber workers effective from September 10, as detailed in a recent gazette notice. The minimum daily wage has been set at 1,350 rupees for a standard ‘norm’ of each estate. Additionally, workers will receive an extra 50 rupees for every kilo of
On Monday, Sri Lanka’s rupee opened weaker at 303.35/85 against the US dollar, a decline from Friday’s rate of 302.25/80, according to dealers. Meanwhile, bond yields have increased, and stock markets showed gains. In the secondary market during the treasury bill auction, the following bond yields were noted: In equities, the Colombo All Share Price
As of July 2024, Sri Lanka’s central bank continues to face a challenging financial situation, with net foreign reserves remaining in the negative at US$728 million. This represents a significant improvement from mid-2022, when net foreign assets were deeply negative at US$4.6 billion. The drastic decline in reserves in 2022 was driven by borrowing through
As of September 18, 2024, the price of gold in Sri Lanka remains strong. The rate for 22-carat gold stands at Rs. 25,110 per gram, while 8 grams (or one pawn) of 22-carat gold costs Rs. 200,900. Meanwhile, the rate for 24-carat gold is Rs. 27,390 per gram, and one pawn of 24-carat gold is