Hundreds of thousands of Sri Lankan drivers who’ve been stuck with flimsy paper licenses can finally breathe a sigh of relief. The Department of Motor Traffic (DMT) has announced it will clear the backlog of 865,000 temporary licenses by October this year, replacing them with proper laminated cards. This welcome news comes after months of…
Hatch, recognised as a leading organisation in Sri Lanka’s innovation and entrepreneurship domain, welcomed Her Royal Highness Princess Anne, The Princess Royal to their co-working space during her official visit to Sri Lanka. The tour of Hatch offered her an immersive experience into the dynamic entrepreneurial spirit of Sri Lankan startups. In conjunction with the…
Sri Lanka’s Liquefied Petroleum Gas (LPG) market is set to welcome a new player! Indian giant Pune Gas has partnered with 3DH Group to form Lanka Gastech, a joint venture poised to shake up the sector. This move comes as Sri Lanka’s industrial and commercial sectors increasingly seek sustainable energy solutions. Jesal Sampat, Executive Director…
Telecom giants Reliance Industries and Lycamobile are among three potential buyers vying for a stake in Sri Lanka’s state-owned Sri Lanka Telecom (SLT), setting the stage for a high-stakes bidding war. The island nation’s State-Owned Enterprises Restructuring Unit confirmed initial interest from Jio Platforms, a subsidiary of Reliance, and Pettigo Comercio International, linked to the…
Sri Lanka’s financial landscape is clouded by a rising storm of non-performing loans, a grim reality gripping over 13% of the banking sector after a recent currency crisis. This has fueled a fervent debate surrounding Parate execution, a controversial but powerful tool in the hands of banks battling loan defaults. This law, unique to Sri…
Get ready for breathtaking hikes, pristine beaches, and elephant encounters – all at a fraction of the price! Sri Lanka has grabbed the spotlight, landing a coveted spot among the top 13 most affordable vacation destinations globally, as recognized by Fox News. This prestigious recognition isn’t just a feather in Sri Lanka’s cap; it’s a…
India Drives Tourism Boom, While Russia Takes Second Place Sri Lanka’s tourism industry celebrated a strong 2023, welcoming 1,487,303 tourists despite falling just short of the ambitious 1.5 million target. This impressive figure marks a 106.6% increase compared to 2022, showcasing a significant rebound for the island nation. India emerged as the undisputed leader, sending…
A glimmer of hope shines on Sri Lanka’s horizon as the island nation gears up to finalize a historic free trade agreement (FTA) with Thailand. After the successful conclusion of the 9th round of negotiations in December 2023, Thai Prime Minister Srettha Thavisin is set to visit Sri Lanka in February 2024 to officially sign…
Japanese Finance Minister Shunichi Suzuki announced on Tuesday that he will embark on visits to Cambodia and Sri Lanka in January. During these visits, Suzuki aims to address economic challenges and strengthen financial cooperation between Tokyo and the two nations. The finance minister is set to emphasize the critical need to advance debt restructuring efforts…
Ethiopia failed to make an interest payment on Bond making it the latest defaulter in Africa. 11th of December was the deadline for the Horn of Africa country to pay a $33 million coupon with a grace period ending on Monday. Ethiopia now joins a growing list of countries including Zambia, Ghana and Sri Lanka…
