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Last updateThu, 18 Jan 2018 7am

Business News

Sri Lanka’s first hyper mall, to open in December

Adding yet another luxury to the Colombo city line, Sri Lanka’s first hyper mall, will open in December at the Colombo City Centre in Slave Island. Being joint venture between Abans Group and Silver Needle Hospitality, the total investment costs 170 million US Dollars. Chief Executive Officer of the Colombo City Centre, Anand Sundaram says that over 70 percent has been sold out stamping investor confidence for the project. Both the apartments and the hotel would be ready by October 2018.  Travelers would select their rooms and pay online via credit card without ever having to go to the reception. Commenting on the retail space which will open in December, he said that some of the world’s top brands would be showcased in it.

Sri Lanka to ink an MoU with Qatar

The Government will ink agreements in the fields of  Energy, Water Supply & Waste Management and Diplomatic Training and Research with the State of Qatar, during President Maithripala Sirisena’s official visit to the state this week. Cabinet approval has been received for a joint proposal made by Minister of Petroleum Resources Development Arjuna Ranatunga and Minister of Power and Renewable Energy Ranjith Siyambalapitiya to sign a memorandum of understanding on co-operation in the energy sector between the two countries. The Government is of the view that since Qatar is a major country producing petroleum and natural gases in the Gulf region, it is of paramount importance to co-operate with the rich Gulf state in overcoming future challenges in the energy sector in Sri Lanka.

A mobile lorry service launched by Sathosa to distribute essential food items from today.


Sathosa has launched a mobile lorry service to distribute essential food items. The service was available in Kandy, Matara and Vavunia today. This service will be available at Gampaha, Ragama, Maradana and Colombo-Fort Railway Stations from Monday to Friday, commencing tomorrow.

The service will also be available in Veyangoda, Ragama, Kiribathgoda and Maharagama on Saturdays.

On Sundays, this service will be provided at the Sunday Pola in Minuwangoda, Ganemulla, Homagama and Delkanda

A new railway ticketing and seat reservation system to designed

The Asian Development Bank is helping Sri Lanka prepare a railway ticketing and seat reservation system to replace the existing largely manual one as part of its efforts to shift passenger traffic to rail and ease road congestion.


More free Wi-Fi zones in major cities

The government has taken steps to create 100 Wi-Fi zones in the Colombo city as a first step of the island wide program of providing free Wi-Fi. According to the Policy Development Office, by now the Colombo Municipal Council has initiated to setting up 20 Wi-Fi zones within the city and more than 10 Wi-Fi zones are already running. It includes a facility for the public to charge their mobile phones while they are on the street. As the second move, steps are being taken to identify the remaining 80 locations within the city of Colombo. This project is planned to be implemented in Matara, Galle, Kandy and other cities in the near future.

Many effective measures have been taken to bring down the cost of living of the general public.


Minister Rishad Bathiudeen said many effective measures have been taken to bring down the cost of living of the general public. These decisions were taken during a meeting held last week with the participation of the members of cost of living committee.


The programme to distribute coconuts under the concessionary price has been launched.

The programme to distribute coconuts islandwide commenced today, at the head office of the Coconut Cultivation Board, in Battaramulle. Mobile lorries were dispatched to urban areas to distribute the nuts. A coconut can be purchased from these mobile lorries for 65 rupees. This programme will be implemented across all provinces within the next two weeks. These Coconuts can also be purchased from SATHOSA outlets from tomorrow onwards.

The Coconut Plantation Board takes steps to sell a coconut at 65 rupees.

The Coconut Plantation Board has taken steps to sell a coconut at 65 rupees. The public can purchase coconuts under the new price directly from the Coconut Plantation Board. Chairman of the Board Kapila Yakandawala says that one million nuts will be released to the market next Monday.


The maximum retail price of a coconut is to be maintained at 70 rupee

The government has taken steps to maintain the maximum retail price of a coconut at 70 rupees. Chairman of the Coconut Cultivation Board Kapila Yakandaawala says that a decision has been made, to make available in the retail market, 1 million nuts harvested in government owned coconut estates. He further stated that there is an unreasonable gap between the wholesale and retail price of coconuts. This price hike is not realistic. This topic was taken up for discussion at the cabinet meeting when the minister of plantations submitted a report pertaining to this issue to the cabinet.

A special discussion to be held to negotiate the price hike of coconuts.

The Coconut Cultivation Board focuses its attention on the recent price hike of Coconuts. Chairman of the Board Kapila Yakandawala states that a special discussion will be held tomorrow to determine the future measures that need to be taken to control prices. He further states that the present market price of coconut is unreasonable since the coconut plantation industry and affiliated industries do not benefit from these high prices. It is only the middlemen who reap the benefits. As of yesterday, the wholesale price of a nut was 49 rupees while the retail price was 75 rupees. This price gap is totally unjustifiable. He further stated that he has deployed his officials to identify businessmen who sell coconuts at exorbitant prices.

Local News