ECONOMYNEXT – Leading global group of energy and petrochemical company Shell has been asked to import premium fuel products in addition to widely used petrol and diesel before starting the fuel distribution, State Power and Energy Minister D V Chanaka said. The Shell and RM Parks (Private) Limited have already signed retail brand license and product supply agreements. However, the start of fuel distribution through 150 local fuel stations has yet to be started. “They have already brought diesel and petrol consignments to Sri Lanka,” Chanaka told reporters at a media briefing in Colombo. “They ..read more

ECONOMYNEXT – State-run SriLankan and and Air Seychelles, the national airline of the Republic of Seychelles, have embarked on a codeshare partnership which could lead to multiple new destinations throughout Asia, Africa and Australia for their passengers flying between Colombo and Mahé, SriLankan said in a statement. The new move empowers SriLankan Airlines to amplify its position and reach in Africa and to travel conveniently between Colombo and Mahé twice a week. Mahé is the largest island of the Seychelles archipelago. For Air Seychelles, over 20 destinations are included in the partnershi ..read more

ECONOMYNEXT – Sri Lanka’s rupee closed stronger at 296.00/30 to the US dollar on Friday from 296.85/297.00 the previous day, dealers said. Bond yields were down, dealers said. A bond maturing on 15.12.2026 closed down at 11.15/20 percent from 11.28/32 percent. A bond maturing on 15.09.2027 closed down at 11.55/65 percent from 11.70/80 percent. A bond maturing on 15.03.2028 closed down at 11.90/12.00 percent from 11.95/12.05 percent. A bond maturing on 15.07.2029 closed at 12.10/30 percent. A bond maturing on 01.10.2032 closed at 12.40/50 percent. (Colombo/Apr26/2024 ..read more

ECONOMYNEXT – The Colombo Stock Exchange closed up on Friday, data on its site showed. The broader All Share Index closed up 1.04 percent, or 125.03 points, at 12201.01; while the S&P SL20 Index closed up 2.83 percent, or 98.77 points, at 3,593. Turnover was at 4.1 billion. 1.4 of this came from the capital goods sector. Hayleys Plc saw the most active trading (Rs508mn), the share closed down at 83.30. Hemas Holdings Plc also saw interest (Rs271mn), and the share closed up at 86.50 John Keells Holdings Plc was down at 208.25. Major positive contributors to the ASPI included Commercial Bank ..read more

ECONOMYNEXT – Sri Lanka’s legal draftsman has been instructed to draft a bill on criminal asset recovery, Cabinet spokesman Bandula Gunawardena said. “The Legal Draftsman has been instructed to prepare a bill based on the recommendations of the expert committee appointed to study the policy, legal framework and procedure required to recover the proceeds earned from crime,” Gunawardena said. The International Monetary Fund required that Sri Lanka introduce a comprehensive law on recovery of criminal assets by 2024 in return for its comprehensive loan facility. (Colombo/Apr26/2024 ..read more

ECONOMYNEXT – State-run SriLankan and and Air Seychelles, the national airline of the Republic of Seychelles, have embarked on a codeshare partnership which could lead to multiple new destinations throughout Asia, Africa and Australia for their passengers flying between Colombo and Malé, SriLankan said in a statement. The new move empowers SriLankan Airlines to amplify its position and reach in Africa and to travel conveniently between Colombo and Mahé twice a week. Mahé is the largest island of the Seychelles archipelago. For Air Seychelles, over 20 destinations are included in the partnershi ..read more

ECONOMYNEXT – Sri Lanka has allowed a German research vessel for replenishment in Colombo port for the second time following the clarification from the island nation’s Foreign Ministry after Chinese protest. “It’s the same German research vessel came last month. It came around New Year time when it was returning and the ship was allowed,” a top Foreign Ministry official told Economy Next referring to Sri Lanka’s traditional New Year celebrated on April 14. Another Foreign Ministry official confirmed the German research vessel’s Colombo port call. The Foreign Ministry last month clarified a con ..read more

ECONOMYNEXT – Management of Sri Lanka’s southern Mattala Rajapaksa International Airport has been awarded to a Russia and India joint venture, cabinet spokesman Bandula Gunawardena said. “Five parties submitted Expressions of Interest and the cabinet approved the decision to award it to the Russia-India joint venture on a 30-year contract.” The companies were named as Shaurya Aeronautics Pvt Ltd of India and Airports of Regions Management Company of Russia. The China-built airport has struggled to attract regular traffic, even after a raft of special concessions were offered for international ..read more

ECONOMYNEXT – Management of Sri Lanka’s southern Mattala Rajapaksa International Airport has been awarded to a Russia and India joint venture, cabinet spokesman Bandula Gunawardena said. “Five parties submitted Expressions of Interest and the cabinet approved the decision to award it to the Russia-India joint venture on a 30-year contract.” Gunawardena was not clear on the name of the company. This week Iran’s President Seyyed Ebrahim Raisi landed at the China-built Mattala Rajapaksa International Airport in an Airbus A340. (Colombo/Apr26/2024 ..read more

ECONOMYNEXT – Colombo city will be developed further into a tourist destination with the relocation of several features, President Ranil Wickremesinghe has said. Wickremesinghe outlined plans “for further development beyond Colombo, including relocating the President’s House to the Madiwela area within the next decade.” There was “potential for transforming sites like Republic Square, Navy Headquarters, Old Jetty, Customs House and the General Post Office into key components of the burgeoning Colombo Tourist City,” Wickremesinghe was quoted as saying by his media divisions at the opening of th ..read more