Development and Economic News
McDonald’s and Sri Lankan franchise mutually end relationship
McDonald’s and its Sri Lankan franchise have entered a legal settlement mutually ending their relationship. Abans first partnered with McDonald’s in 1998.
PUCSL calls for additional information from CEB on electricity tariff revision
The Public Utilities Commission of Sri Lanka (PUCSL) has announced that it will take steps today (28) to inform the Ceylon Electricity Board (CEB) to request additional information regarding the electricity tariff revision.
Sri Lanka prints Rs100bn through open market operations
Sri Lanka’s central bank has injected around 100 billion rupees against domestic assets through multiple liquidity tools by October 25 official data show, driving up excess money in the banking system to over 190 billion rupees.
Rs 10 billion loss to EPF in irregular bond market transactions
The Presidential Commission of Inquiry that investigated the 2015 Bond Scam recommended a forensic audit of the EPF's historical transactions in the bond and equity markets.
IMF in talks towards Sri Lanka program review
The International Monetary Fund in talks with Sri Lanka’s new administration on its priorities and is working towards the next review to continue its Extended Fund Facility program with the island.
Kelanitissa Power Plant to shutdown due to non delivery of naphtha
The Kelanitissa Combined Cycle Power Plant (KCCP) is likely to shutdown if naphtha is not delivered by Thursday at 10 a.m. Although the tanks were scheduled to be filled, this process has not yet commenced, according to internal sources.
India-Sri Lanka ferry service operates smoothly
Colombo, October 23 (Daily Mirror) - The passenger ferry service between Nagapattinam in India and Kankesanthurai (KKS) near Jaffna in Sri Lanka's Northern Province is currently operating smoothly, IndSri Ferry Service Pvt. Ltd Managing Director, S. Niranjan Nandagopan said.
China donates Rs. 30 million to Sri Lanka as emergency flood relief
The Chinese Ambassador to Sri Lanka, Qi Zhenhong, met with President Anura Kumara Dissanayake this afternoon (22) at the Presidential Secretariat. During their meeting, Ambassador Qi made a donation of LKR 30 million (USD 100,000) as emergency flood relief to assist those affected by the recent flooding in the country.
Central Expressway Construction Resumes between Kadawatha and Mirigama
The Ministry of Transport and Highways has announced the resumption of construction on the Central Expressway section between Kadawatha and Mirigama, funded by local aids.
Economic Recovery Drives SL Finance and Leasing Companies Growth
Sri Lanka’s economic recovery, moderating inflation, and lower interest rates are poised to spur finance and leasing companies’ (FLCs) performance in the financial year ending March 2025 (FY25), says Fitch Ratings in a report.