The Power and Energy Ministry plans to issue Request for Proposal (RFP) documents for 53 applicants, who submitted Expressions of Interest (EOIs) to develop renewable power projects.

The Cabinet has cleared the path to borrow US$500 million from India afresh to purchase fuel with a proposed seven-year payback period.

The government plans to advertise identified plots in the Mannar basin for further studies on oil exploration based on the research concluded in the area last year.

Sri Lanka’s plastic recycling capabilities and infrastructure are set to soar with BPPL Holdings PLC, the country’s pioneer in the field, securing long-term funding of US$ 15 million from the International Development Finance Corporation (DFC) of

Sri Lanka Tourism yesterday saw its chief Kimarli Fernando stepping down after newly appointed Tourism Minister Harin Fernando requested her resignation.

The Cabinet nod has been granted to appoint Bermuda-based Lazard as financial advisor and London-based Clifford Chance LLP as legal advisor to support the country’s external debt restructuring exercise.

The Central Bank this week announced a series of measures to minimise the impact on banks’ capital profiles, potentially stemming from the far-reaching consequences of the economic shock, which reverberate through every aspect of businesses and hou

India plans to restrict sugar exports for the first time in six years to prevent a surge in domestic prices, potentially capping this season’s exports at 10 million tonnes, a government source told Reuters yesterday.

While appreciating the efforts of Justice, Constitutional Affairs and Prison Reform Minister Wijedasa Rajapakshe to expedite the process of gaining the Cabinet approval for the 21st Amendment to be brought before Parliament, the Ceylon Chamber of Com

Sri Lanka’s shipping and container operations are moving forwards with minimal impact to business activities, despite the fuel shortages and power cuts, the stakeholders of the shipping industry said.

In a radically changed post-pandemic world, characterised by geopolitics, shifting consumer preferences, accelerated digitisation and ESG mandates, the need for speed and agility is heightened, making organic change seem too slow at times. As a resul

The national consumer prices rose 33.8 percent in April over the same month in 2021, accelerating from 21.5 percent in March, as the after effects of the rupee weakness against the dollar sent shock waves across consumer markets, resulting in a multi

Premier blue chip John Keells Holdings PLC has reported a robust top line performance in the three months to March 31, 2022 (4Q22), as the group received a tailwind from the end of the pandemic era mobility and other restrictions, which particularly

Colombo-based free market think tank Advocata Institute yesterday welcomed Prime Minister Ranil Wickeremesinghe’s recent statement that SriLankan Airlines should be privatised.

The Colombo Chief Magistrate’s Court yesterday further extended its order preventing former Central Bank Governor Ajith Nivard Cabraal from leaving the country until July 25.

Portraying how perverse it is for the migrant workers to expect for myriad benefits from the taxes paid by the resident Sri Lankans, Central Bank Governor Dr. Nandalal Weerasinghe said the migrants should neither expect nor must be entertained with s

The Ceylon Tea cuppa is likely to lose its place in the international market, if the government continues with its poor policy decisions, which have only increased the harm done and made daily activities a challenge, the industry stakeholders warned.

With what’s being unfolding, the time ahead is extremely arduous for Sri Lanka, which is today burning amid unprecedented economic crisis and political impasse. The discussions with regard to what caused the crisis are mostly concentrated around fa

Migrant workers do not appear to have understood their duty at a time of grave economic disaster engulfing their motherland as they continue to send their earnings through informal money changers, seeking higher conversion rates as opposed to what th

The Central Bank last week disclosed that it collects every month up to US$ 300 million from exporter dollar conversions and surrender requirements, which helps significantly to provide dollars to finance the essential imports such as fuel, cooking g

The Rs.6 billion rights issue by DFCC Bank PLC has closed successfully with most of the bank’s major existing shareholders taking up their allocations and may be applying for additional shares though the issue closed 10 percent undersubscribed.

Singer (Sri Lanka) PLC reported higher top and bottom lines in the three months to March 31, 2022 navigating from what could be termed as one of the most difficult quarters in their history only to be met with even more challenging next 3 to 18 mont

The industrial production in the country recorded a massive pullback in March, days after the Purchasing Managers Index reported a big contraction in activities of manufacturing and services in April, in a forerunner to a likely recession in 2022 as

The Central Bank said they have finalised the two sets of financial and legal advisors to negotiate with multiple creditors of Sri Lanka and the selected parties would be submitted for final approval.

The Indian government is considering spending an additional Rs.2 trillion (US$ 26 billion) in the 2022/23 fiscal year to cushion consumers from rising prices and fight multi-year high inflation, two government officials told Reuters.

After posting a strong financial performance in one of the most testing years in the country’s history, diversified conglomerate, Hemas Holdings PLC expects the upcoming two quarters of FY2022/23 FY to become particularly challenging for corporates

Fitch Ratings downgraded Sri Lanka’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to Restricted Default (RD), from ‘C’.

The auction offerings at the Colombo Tea Auction increased further this week. A total of 6.78 MnKgs came under the hammer.

The technical discussions between Sri Lanka and the International Monetary Fund (IMF) on a potential loan programme will come to a close on May 24, IMF Spokesman Gerry Rice said.

The World Bank announced this week actions it plans to take as part of a comprehensive, global response to the ongoing food security crisis, with up to US $ 30 billion in existing and new projects in areas such as agriculture, nutrition, social prote