Opposition Leader Sajith Premadasa met with a delegation from the Asian Development Bank (ADB) at his office, where he once again raised the challenges faced by Sri Lanka’s small, medium, and micro-scale entrepreneurs. The ADB team included Country Director Takafumi Kadono, Senior Country Economist Lilia Aleksanyan, and Finance Sector Specialist Uresha Walpitagama. During the meeting, both sides held detailed discussions on the current state of the Sri Lankan economy. Subsequently, representatives of small and medium-scale entrepreneurs were given the opportunity to meet the ADB officials directly and present their issues firsthand. MP Premadasa stressed that entrepreneurship is the driving engine…
The Sri Lankan Report
ECONOMYNEXT – Sri Lanka’s L B Finance PLC has made a voluntary offer to buy 113,327,268 ordinary voting shares of Associated Motor Finance PLC, it said in a stock exchange filing. This constitutes 100 percent of AML’s issued share capital. L B Finance is offering to buy a share at 50 rupees a piece. “John Paulu Irugalbandarage Nalatha Dayawansa, the holder of 45,273,864 shares in AMF constituting 39.95%, & Imperial Import & Export Company (Pvt)Ltd, the holder of 29,067,696 shares constituting 25.65%, have agreed to accept our offer in full,” L B Finance said. The offer has been approved by…
Prime Minister Harini Amarasuriya has engaged in discussions with Indian Prime Minister Narendra Modi in New Delhi today. Commenting on the meeting, Indian PM Narendra Modi said the discussions covered a broad range of areas, including education, women’s empowerment, innovation, development cooperation and welfare of Indian fishermen. “As close neighbours, our cooperation holds immense importance for the prosperity of our two peoples as well as the shared region,” he added in a post on ‘X’. The meeting took place during Prime Minister Harini Amarasuriya’s ongoing official state visit to India. (Newswire) The post Indian and Sri Lankan Prime Ministers hold…
ECONOMYNEXT – Sri Lanka’s stock market ended the week on a positive note, with both indices closing up on Friday. The All Share Price Index was up 0.97 percent, or 217.65 points, at 22,633.80; and the S&P SL20 was up 0.58 percent, or 36.39 points, at 6,263.03. Market turnover was 11.28 billion rupees. Hayleys’ purchase of a 40 percent stake in Harischandra Mills contributed 2.58 billion rupees to the turnover. Related Sri Lanka’s Hayleys buys into Harischandra Mills Harischandra stock jumped 50 percent, increasing by 2,474.75 rupees to close at 7,424.50. Hayleys stock closed up 1 rupee at 191. Meanwhile…
Showers or thundershowers will occur at most parts of the island. Heavy showers above 100 mm are likely at some places in Western, Sabaragamuwa, Central, Uva and North- western provinces. Therefore, general public is advised to take adequate precautions to minimize damages caused by heavy rain, strong winds and severe lightning during thundershowers. (Newswire) The post Heavy rain alert : Above 100 mm rain for 12 districts appeared first on Newswire.
Wildlife officers conducted a sudden raid in the Wathurugama area, Gampaha, on October 16 following information received by the Department of Wildlife Conservation. During the raid, officers inspected a house and discovered a replica made using leopard skin. A woman present at the residence was arrested by the officials. She was produced before the Gampaha Magistrate’s Court the same day, along with the replica made with leopard skin. The suspect was released on a cash bail of Rs. 500,000. The court ordered that the item be sent to the Department of National Museums for expert examination and scheduled the next…
ECONOMYNEXT – Sri Lanka’s Maharaja Foods plans a 1 for 10 rights issue of 12.5 million ordinary voting shares at 9 rupees each to raise 112.5 million, a stock exchange filing said. The cash will be used to establish the SPAR–Maharaja SaveMore retail outlet at Kotahena, repay debt, and fund a new product line, the company said: 1. To establish the SPAR–Maharaja SaveMore retail outlet at Kotahena – A total allocation of Rs. 47.5 million will be utilized, comprising Rs. 17.5 million for supermarket setup costs and Rs. 30 million for one month’s inventory requirements. 2. To retire short-term loans…
President Anura Kumara Dissanayake hinted at the possibility of reconsidering the recent amendment to the Penal Code, which seeks to ban corporal punishment against children. The president made these remarks during the National Teachers’ Summit. “Laws are made for the citizens. Laws that are not agreeable with the public will not be passed in Parliament,” President Dissanayake said, acknowledging that recent amendments to certain laws had created controversy. The government is facing growing pressure from several quarters over the amendment, while the Human Rights Commission has backed the amendment, stating that there has been an increase in reports of child…
The Sri Lanka Navy has seized a multi-day fishing vessel carrying 53.134 kilograms of heroin in the southern seas and brought it to the Galle Harbour this morning (17). According to Navy Spokesman Captain Gayan Wickramasuriya, the vessel had been intercepted on suspicion of transporting a large quantity of narcotics. A subsequent inspection uncovered 53.134 kilograms of heroin concealed onboard. Five individuals onboard the vessel have been taken into naval custody for further questioning. The Navy said the suspects and the seized narcotics will be handed over to relevant authorities for legal proceedings. Further investigations are underway to determine the…
The Ceylon Electricity Board (CEB) has announced the implementation of the new tariff for purchasing electricity from Battery Energy Storage Systems (BESS) that are integrated with existing ground-mounted solar PV plants, as well as Rooftop Solar Systems. According to a CEB statement, under this scheme, electricity discharged from battery storage systems during the night-peak period from 06.30 pm to 10.30 pm will be purchased by the CEB at a rate of Rs. 45.80 per unit (kWh). The CEB states that this new tariff is designed to encourage solar power producers to adopt energy storage technology, allowing electricity generated during the…
The Sri Lankan Rupee has depreciated further against the US Dollar today (17), compared to Thursday. According to the Central Bank of Sri Lanka, the buying rate of the US Dollar has increased from Rs. 299.15 to Rs. 299.24, while the selling rate has also increased from Rs. 306.64 to Rs. 306.76. The Sri Lankan Rupee has changed slightly against a basket of foreign currencies, while it has depreciated against Gulf currencies. (Newswire) The post Today’s CBSL official exchange rates appeared first on Newswire.
As European Union leaders and foreign ministers prepare for meetings to discuss the situation in Israel and Palestine, some of their representatives in Brussels, and Israel’s new ambassador to the EU, have been pushing for the European Commission to amend or withdraw its proposals to sanction “extremist” Israeli ministers and suspend the EU-Israel trade deal. Caving to that pressure would be yet another blow to the EU’s credibility and to hopes for human rights and justice. Several EU governments have taken unilateral action in response to Israel’s escalating atrocities. While these measures fell short of fulfilling states’ obligations under the…
The Department of Meteorology has issued an advisory for severe lightning in the Central, North-Central, Sabaragamuwa, Uva, and North-Western provinces and the Ampara District. According to the advisory, effective until 11.00 pm today, red alerts have been issued to 12 districts and amber alerts have been issued to 11 districts. The public is requested to take adequate precautions to minimize damage caused by lightning activities. (Newswire) The post Lightning advisory : Red alert issued to 12 districts appeared first on Newswire.
The Supreme Court of Sri Lanka has dismissed two fundamental rights petitions filed by former Minister Wimal Weerawansa and Amani Rishad Hameed, which sought a ruling to invalidate the Memorandum of Understanding signed with India regarding the implementation of the digital identity card project. These petitions were taken up today before a three-member Supreme Court bench chaired by Chief Justice Preethi Padman Surasena. The bench accepted preliminary objections raised by the Attorney General, stating that the petitions could not proceed further. As a result, the Supreme Court decided not to examine the petitions against the MOU between the Government of…
A group of Chinese traders visited former President Mahinda Rajapaksa at his private residence in Tangalle yesterday (16). The group presented gifts to the former president and inquired about his well-being during the visit. It is reported that this is the first group of Chinese traders to visit the former president after he vacated his official residence in Colombo and moved to Tangalle. The group, involved in tea exporting, had visited Mahinda Rajapaksa while en route to Weligama and Nuwara Eliya. (Newswire) The post Gifts, greetings, and green tea — Chinese traders drop by Mahinda’s Tangalle home appeared first on…
The Ministry of Education has announced that textbooks will not be issued for Grade 1 and Grade 6 students in the upcoming academic year, it was reported. According to News First, Deputy Minister of Education Madura Seneviratne said, the measure has been taken under the new education reforms. He said that, as such, instead, students in these grades will be provided with activity books and modular learning materials. Deputy Minister Madura Seneviratne further said that printing of these materials has already commenced. He noted that the weight of schoolbags for students in these grades will also be reduced as a…
The second edition of the maritime conference “VOYAGE SRI LANKA 2025” was held in Colombo yesterday, aimed at highlighting Sri Lanka’s contribution to the Blue Economy and its potential as a global maritime hub. Minister of Industry and Entrepreneurship Development, Sunil Hadunnetti participated in the conference, organized by the Sri Lanka Export Development Board (SLEDB) in collaboration with key stakeholders from the public and private sectors, under the theme “Unlocking Sri Lanka’s Blue Economy Potential”. The Chairman of the Sri Lanka Export Development Board stated that the SLEDB remains committed to fostering a globally competitive marine and offshore services sector…
Starting from 12:00 noon on 17th October 2025, passengers departing from Bandaranaike International Airport (BIA) will be permitted to check in up to four hours before their scheduled flight time, the airport management announced. The new measure aims to enhance passenger convenience and ensure smoother airport operations, especially during peak travel hours. According to the Airport and Aviation Services (Sri Lanka) (Private) Limited, the initiative is expected to help manage crowd flow, reduce congestion, and improve the overall travel experience at Sri Lanka’s main international gateway. (Newswire) The post Katunayake Airport check in time : New Update appeared first on…
The Sri Lankan Rupee has changed slightly against the US Dollar at commercial banks in Sri Lanka today (17), compared to Thursday. At Seylan Bank, the buying rate of the US Dollar has increased from Rs. 299.70 to Rs. 299.80, while the selling rate has also increased from Rs. 305.20 to Rs. 305.30. According to NDB Bank, the buying and selling rates of the US Dollar remain unchanged at Rs. 299.75 and Rs. 306.25, respectively. People’s Bank reports that the buying rate of the US Dollar has reduced from Rs. 299.51 to Rs. 299.36, while the selling rate has also…
Sri Lanka Cricket wishes to express its deepest condolences on the passing of former Sri Lanka national player and cricket administrator Jayananda Warnaweera. On behalf of the entire cricketing fraternity, Sri Lanka Cricket extends its heartfelt sympathies to the Warnaweera family, friends, and loved ones during this moment of grief. In the meantime, as a mark of respect, Sri Lanka National Women’s Team will wear black armbands during today’s game against South Africa in the ongoing ICC Women’s Cricket World Cup 2025. The team will also observe a minute of silence before the match, near the team dugout at the…