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Corporate Earnings See First Downturn Since 2020 Amidst Economic Crisis
December (2022) quarter earnings declined by 43.9%YoY to Rs.96.4 billion for 281 listed companies on Colombo Stock Exchange (CSE) owing to sluggish performance primarily in the Capital Goods (-82.6%YoY), Transportation…
USAID Supports Power Up Trial of E-battery Swapping Stations in Colombo
The United States Agency for International Development (USAID) Sri Lanka Energy Program and Sling Mobility (Pvt.) Ltd. signed a grant agreement on April 18 to develop and operate two battery…
Sri Lanka banks open Special Vostro accounts with Indian Banks to trade in INR
Sri Lankan banks opened special rupee trading accounts (SRVA) with Indian banks including the largest Indian Bank, State Bank of India (SBI) to conduct bilateral trade in Indian Rupees following…
Accenture: Large corporations on track to miss stated net-zero goals
More than 90 percent of large companies that have stated commitments to reaching net-zero emissions will miss such goals at their current pace, according to a new report. Among 2,000…
Ministerial Consultative Committee cleares Amendments to Petroleum Products Act to liberalize duopoly Petroleum market
The Petroleum Products (Special Provisions) Amendment Bill was approved by the Ministerial Consultative Committee on Power and Energy with amendments in accordance with the decisions given by the Supreme Court.…
UN Secretary-General Calls Governments to tax ‘Immoral’ Profits of Oil and Gas Companies
As the war in Ukraine continues to rage, skyrocketing energy prices are compounding an existential cost-of-living crisis for hundreds of millions of people, warned the UN Secretary-General’s Global Crisis Response Group (GCRG)…
COPE Recommends an Investigate into the cancellation of the gas tender given to Siam Gas Company Limited and opting to purchase gas at a higher price
The Committee on Public Enterprises (COPE) chaired by Prof Charitha Herath recommended an investigation be conducted through the Auditor General’s Department on the cancellation of the Term Tender, which had been…
Potential in biofuels for transport sector in Sri Lanka
By Ravinda Soysa All states currently rely substantially on petroleum based fuels for power generation, transportation and agricultural activities. The fact that only a few countries generate the majority of…
Sri Lanka Power Union Announces Strike, Raising Risk of Blackouts
(Reuters) – A power sector union in Sri Lanka said on Wednesday it will go on an indefinite strike from midnight in protest against new government legislation, potentially leading to…
Sri Lanka increases fuel prices to address economic crisis
(Reuters) – Sri Lanka increased fuel prices on Tuesday, a long-flagged move to mend public finances and combat its debilitating economic crisis, but the hikes are bound to add to…