Development and Economic News

The long delayed SriLankan Airlines divestiture is nearing the tender process of selecting a prospective acquirer with the bid submission deadline extended to August from May this year, the Aviation Ministry confirmed.

The slowness in Sri Lanka’s debt restructuring process and its country rating are seen as barriers to attracting foreign funding – especially for climate action.

State Minister of Technology, Kanaka Herath, announced that the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has granted preliminary approval for ‘Starlink’ to provide satellite-based internet services in Sri Lanka.

In a significant development, the Sherisha Technologies / Supreme Global Consortium has stenthened its bid to acquire Sri Lankan Airlines with the inclusion of several high-profile strategic partners.

National Savings Bank said yesterday it began 2024 with a growth momentum, achieving Rs. 3.4 billion Profit after Tax (PAT) for the first quarter with an impressive increase of 221.8% over the same period last year.

United Petroleum Lanka Pvt Ltd has entered into a contract on June 4th 2024 with Board of Investment of Sri Lanka (BOI) as part of the agreement signed in between Ministry of Power & Energy to supply Petroleum products in Sri Lankan Market.

The Government has initiated preliminary action to regularise the samurdhi banking system by taking a cabinet decision to bring samurdhi community-based banks and community-based banking societies under a state audit.

The Cabinet has approved the memorandum presented by President Ranil Wickremesinghe to provide food and essential services to residents in Kolonnawa and other areas in the country affected by recent floods as a result of adverse weather conditions. This decision was made during the Cabinet meeting held yesterday (03).

Women comprise 46% of new recruits and 27% of board positions

The Department of Export Agriculture has confirmed that last year’s pepper harvest exceeded 30,000 metric tons. The annual yield of pepper in Sri Lanka is about 23,000 metric tons.

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