Business News

Colombo Stock Exchange Reports Strong Year-End Performance

Investors remain optimistic as key sectors outperform expectations.

Global Markets React to Central Bank Rate Cuts

Equities surge as central banks ease monetary policy.

Sri Lankan Rupee Strengthens Against Major Currencies

After months of decline, the Sri Lankan Rupee shows signs of recovery in the forex market.

Colombo Port City Development Reaches Major Milestone

The Colombo Port City project has completed 75% of its infrastructure development, with the first commercial buildings scheduled to open in Q2 2025. The $1.4 billion project has already attracted $3 billion in foreign investments and is expected to create 85,000 jobs. The development includes financial districts, residential areas, and recreational facilities spanning 269 hectares.

Digital Banking Revolution Reaches Rural Sri Lanka

Major banks have launched comprehensive digital banking services targeting rural communities, with mobile banking apps now available in Sinhala and Tamil. The initiative includes financial literacy programs and has already onboarded over 500,000 new users from rural areas. The digital transformation is expected to significantly increase financial inclusion across the country.

Stock Markets Rally as Global Inflation Eases

Investors breathe a sigh of relief as inflation numbers show downward trends.

Global Oil Prices Dip Amid Strong Supply

Crude oil prices fall as production exceeds market expectations.

New Startup Hub Opens in Colombo Fort

Sri Lanka's capital welcomes a modern innovation space for entrepreneurs.

Sri Lanka's Tea Export Revenue Hits Record High

Sri Lanka's tea export revenue reached an unprecedented $1.5 billion this quarter, marking a 25% increase compared to the same period last year. The growth is attributed to increased demand from Middle Eastern and European markets, premium quality Ceylon tea variants, and successful marketing campaigns. Industry experts predict this upward trend will continue through 2025.

Tech Startups in Sri Lanka Gain Global Attention

A new wave of Sri Lankan tech startups is attracting international investors.

Political Debate Heats Up Over New Tax Reforms

Opposition leaders challenge the government's proposed tax increase plan.

New VR Technology Revolutionizes Remote Education

Virtual reality classrooms could soon become the norm for online education.

Colombo Stock Exchange Reports Strong Year-End Performance

Investors remain optimistic as key sectors outperform expectations.

New Study Links Ocean Pollution to Coral Reef Decline

Marine scientists warn that pollution is accelerating coral bleaching.

Colombo Street Food Festival Attracts Thousands

Food lovers gather to enjoy local delicacies and live music downtown.

Global Markets React to Central Bank Rate Cuts

Equities surge as central banks ease monetary policy.

New Archaeological Discovery in Anuradhapura Rewrites History

Archaeologists in Anuradhapura have uncovered ancient artifacts dating back to 300 BC, potentially rewriting Sri Lanka's early history. The discovery includes perfectly preserved pottery, ancient coins, and inscriptions that suggest earlier trade relations with Roman and Chinese civilizations. The findings will be displayed at the National Museum after comprehensive analysis.

Sri Lankan AI Startup Secures $50 Million in Funding

Colombo-based artificial intelligence startup 'NeuraCeylon' has secured $50 million in Series B funding led by Silicon Valley venture capital firms. The company specializes in AI solutions for agricultural optimization and climate prediction. The investment will fuel international expansion and research into AI applications for sustainable development across South Asia.

Opposition Parties Form Alliance for Upcoming Elections

Three major opposition parties have announced a strategic alliance to contest the upcoming general elections, presenting a unified platform focused on economic reform, anti-corruption measures, and constitutional changes. The coalition aims to provide a strong alternative to the ruling party and has already gained significant public support according to recent polls.

New Highway Project to Connect Jaffna and Colombo

The government has approved construction of a new expressway connecting Jaffna to Colombo, reducing travel time from 8 hours to just 4 hours. The $800 million project will include modern infrastructure, rest stops, and digital monitoring systems. Construction is scheduled to begin in mid-2025 and expected to boost economic connectivity between northern and western provinces.

Traditional Wooden Boat Building Recognized by UNESCO

Sri Lanka's ancient tradition of wooden boat building has been added to UNESCO's Intangible Cultural Heritage list. The recognition celebrates centuries-old craftsmanship techniques preserved by coastal communities. The designation will help protect this cultural practice and promote it as a unique tourism attraction, with workshops planned for international visitors.

Parliament Approves New Environmental Protection Act

Sri Lanka's Parliament has passed the Comprehensive Environmental Protection Act 2024, introducing stricter regulations on pollution, wildlife conservation, and sustainable development. The legislation includes provisions for carbon emission limits, plastic waste reduction targets, and enhanced protection for endangered species. Environmental groups have hailed it as landmark legislation.

Sri Lanka and China Sign New Infrastructure Agreements

Sri Lanka and China have signed new agreements worth $600 million for infrastructure development projects, including port modernization, highway construction, and renewable energy plants. The partnerships emphasize technology transfer and local employment, with 70% of project workforce to be Sri Lankan. The agreements strengthen economic ties between the two nations.

Solar Power Generation Capacity Doubles in Sri Lanka

Sri Lanka has doubled its solar power generation capacity in the past year, reaching 500 MW through new solar farms and rooftop installations. The achievement puts the country on track to meet its renewable energy targets ahead of schedule. The energy ministry announced plans for additional solar projects that will further reduce dependence on fossil fuels.

Global Leaders Meet for Climate Action Summit 2024

The annual summit focuses on implementing practical solutions for carbon neutrality by 2030.

New Fitness Trends Sweeping Through Colombo's Gyms

From HIIT to hybrid yoga, Colombo's fitness scene is seeing rapid innovation.

UN Calls for Ceasefire in Ongoing Global Conflict

International leaders urge de-escalation amid rising global tensions.

Parliament Passes New Cybersecurity Bill

Sri Lanka introduces strict new laws to curb cybercrime and online fraud.

Sri Lanka's President Meets Indian Prime Minister for Bilateral Talks

Energy, trade, and regional security dominate the Colombo-Delhi summit.