Sri Lanka Financial News

The International Monetary Fund Managing director promised unspecified help to the South Asian nation during a virtual meeting with President Anura Kumara Dissanayake, his office said Saturday. «The economy has stabilised and is now performing well,» Georgieva said during her overnight meeting with Dissanayake, according to a video clip shared by the Sri Lankan presidency.

Subscribe to enjoy similar stories.The war in Iran has triggered the largest oil-supply disruption in modern history.The crisis in the Strait of Hormuz is forcing governments to redefine energy security for an age of geopolitical fragmentation—one in which resilience depends not only on how much oil the world produces, but where it flows, who can get it and which countries are able to absorb the shock when it is interrupted.Nearly 15% of global oil supply has been removed from the market. Crude prices remain elevated above $100 a barrel after initially spiking higher. They will very likely move sharply higher as inventories run dry.But while the oil market is global and rising costs are felt everywhere, the consequences are not evenly distributed.Asia has been hit first and hardest.

Subscribe to enjoy similar stories.Ventive Hospitality is positioning itself at the centre of India's luxury travel boom with a ₹2,000 crore expansion pipeline spread over five years, which includes a new Soho House in Delhi’s Qutub area and the potential addition of The Ritz-Carlton Bangalore to its portfolio.Backed by American investment management company Blackstone and Pune-based Panchshil Realty, the hospitality platform is betting that demand for luxury travel will continue to outpace supply across India and foreign leisure markets such as the Maldives and Sri Lanka.The company, which also owns global membership platform Soho House, plans to develop 2,000 rooms, both through greenfield expansion and acquisitions, over five years. “We have made 2,000 rooms in the last five years.

Subscribe to enjoy similar stories.NEW DELHI: India’s avocado demand is surging, but domestic supply is still playing catch-up, keeping the country reliant on imports even as local cultivation expands.Government data show imports have more than tripled in two years, rising to $42.27 million in FY26 (till February), from about $27 million in FY25 and $13.5 million in FY24. Domestic output, meanwhile, has increased more gradually—from about 6,000 tonnes in 2023 to around 9,000 tonnes in 2026, experts said.The mismatch highlights a widening gap: rising health-driven consumption is outpacing India’s nascent production base, forcing the market to lean on overseas suppliers even as farmers begin to scale up planting.The area under avocado cultivation has expanded over the years, with farmers in Karnataka, Kerala, Tamil Nadu, Sikkim and parts of Maharashtra responding to growing urban demand.

Subscribe to enjoy similar stories.Iran, China and an array of middlemen have evaded U.S. sanctions for years by shipping oil on aging tankers with opaque records and transferring cargoes between ships at sea, all to avoid scrutiny and legal liability.U.S.

Subscribe to enjoy similar stories.There is angst in the air about the US dollar’s once and future global role. For insight into the greenback’s prospects, pundits have looked to the British pound sterling, the dollar’s predecessor as the dominant international currency, and asked how economic stagnation, heavy debts and failed geopolitical adventures, like that in Suez in 1956, conspired to rob it of its global role.But informed observers can draw on a much longer history of international currencies—units used in cross-border transactions—stretching from the Dutch guilder of the 17th and 18th centuries back to the Florentine florin of the 14th and 15th centuries and the silver denarius of ancient Rome.In fact, it can be argued that the Roman denarius was the first true international currency.

NEW DELHI: India is moving to position its QR (Quick Response) code-based payment system on the global stage. The Bureau of Indian Standards (BIS) has introduced fresh norms covering biometric authentication, QR code-based payments and digital currency security to reduce fraud risks and enhance interoperability according to two people aware of the development.The move is intended to strengthen safeguards in India’s rapidly expanding digital financial ecosystem and build confidence among developed economies, where QR code payments are still a novelty, the people said.The rapid expansion of digital payments, biometric-based authentication systems and QR code transactions in India has raised concerns over fraud, identity theft, data misuse and vulnerabilities in the digital payment infrastructure.

Mint's requests for a comment till the time of publishing.Everstone owns a majority stake in Subway India, which also counts Norwest Venture Partners and Playbook Partners among its investors.Nearly a year ago, Mint reported that Everstone was exploring a partial stake sale in the fast-food chain’s local operations as part of a $100 million private fundraising round. Those plans have since evolved, with the company now preparing for a public market listing.Everstone operates the master franchise of Subway restaurants in India through Eversub India, giving it the right to open and operate Subway restaurants in India, Sri Lanka, and Bangladesh.

Exits from international subsidiaries and associate companies in Japan, Finland and Sri Lanka in the financial year 2026 have narrowed the list of loss-making foreign companies for Mahindra and Mahindra Ltd, which is resetting its international business to back profitable businesses.The exits from international subsidiaries and joint ventures in the three countries have helped Mahindra and Mahindra shed companies with total annual losses of about ₹313 crore or 2.2% of its consolidated profit of ₹14,073 crore as of 31 March 2025.With these exits, the major loss-making foreign subsidiaries of the Mumbai-based company have narrowed down to companies in the US, Turkey, Mauritius and Germany, which together posted losses of ₹670 crore, or 4.7% of the company’s consolidated profits for FY25.Mahindra’s strategy to curb losses in its international businesses has come into focus after its exit from its Japanese subsidiary, Mitsubishi Mahindra Agricultural Machinery, on Monday, which it said will help reduce losses from a business it acquired in 2015.“On completion of the liquidation procedure, the promoter group would not have to incur the annual loss as well as fund these losses,” the company said in an exchange filing on Monday.The company’s renewed focus on exiting loss-making international businesses to double down on its high-growth areas and markets comes at a time when group chief executive Anish Shah is set to complete five years at the helm next month.Since taking over in 2021, Mahindra under Shah has exited several key international loss-making businesses as it seeks to increase profitability.

Subscribe to enjoy similar stories. For decades, the 'Made in India' label sat uneasily on global retail shelves, signalling an easy pick for discount-hunter. Now, New Delhi is betting that a flurry of newly minted trade deals can flip that script, repositioning the world’s fastest-growing major economy as a producer of premium, high-margin goods to the world’s wealthiest consumers.

Subscribe to enjoy similar stories. The Union Budget 2026-27 put the spotlight on the tourism and hospitality sector. The finance minister proposed measures to strengthen the tourism ecosystem, with focus on medical tourism, skilling and institutional capacity-building.

food sector, aggressive local pricing, and evolving consumer preferences appear to be weighing on footfalls across the category.While the merger does little to directly revive demand, it meaningfully improves operational efficiency. Post-transaction, Devyani will become the sole operator of KFC and Pizza Hut in India, in addition to acquiring Sapphire’s Sri Lanka operations.

India’s exports are heavily dependent on the US, and are currently under threat due to high tariffs. But hidden in numbers is another simple story: the region that could boost Indian exports is not across the Pacific, but across its borders.

Humanity’s future lies in some of the most vulnerable spots on the planet. We’ve seen that in stark relief of late. A United Nations report last month concluded that the world’s population is increasingly crowded into a group of often low-lying, middle-income megacities in Asia and Africa.Jakarta and Dhaka dethroned Tokyo’s long-held status as the world’s biggest city, with 42 million, 37 million and 33 million people respectively.

Sri Lanka's 1996 World Cup-winning squad included Sanath Jayasuriya, Chaminda Vaas, Aravinda de Silva, Marvan Atapattu, Ravindra Pushpakumara, Upul Chandana, Kumar Dharmasena, and Romesh Kaluwitharana. «PM Modi acknowledged that the aggressive and innovative style of Sri Lankan cricket in the 1996 World Cup in a way giving birth to T20 cricket,» an official said. During his sojourn to the island nation, Modi recalled India's visit to Sri Lanka in 1996 despite a bomb blast, calling it a strong symbol of sportsmanship and enduring friendship. He said he visited Lanka immediately after the 2019 terror attacks. The spirit of India remains the same, he added.

Subscribe to enjoy similar stories. New Delhi: India will refrain from taking retaliatory action against the US’ reciprocal tariffs or making sharp public responses against Washington, keeping trade diplomacy at the centre of its strategy, a senior government official said. As a global tariff war unfolds in response to US President Donald Trump’s additional tariffs on more than 60 nations, India is taking a calm and measured approach, positioning itself as a balanced negotiator, the official said.

Modi was also honoured with Sri Lanka's highest civilian award, Mithra Vibhushana, for his exceptional efforts in bolstering the ties between the two nations and highlighting the spiritual and cultural heritage of both countries. New Delhi and Colombo will move strategically closer in terms of joint maritime surveillance, military exercises, and equipment support with the defence agreement. The other MoUs focus on implementing India's UPI payment system in Sri Lanka, enhancing renewable energy trade through a proposed grid connectivity project, and ferry and aviation services to improve people-to-people ties. The Modi and the Lankan President virtually inaugurated the construction of the Sampur solar power project. They also inaugurated the recently completed temperature-controlled warehousing facility at Dambulla, which is possibly the first facility of its kind in the island, and a project for supply of solar rooftop systems to nearly 5,000 religious institutions across Sri Lanka.

Indian Peacekeeping Force (IPKF) deployed in Sri Lanka nearly four decades back. On the second day of his visit, Modi visited the IPKF Memorial in this Sri Lankan capital city and laid a wreath. In a social media post, Modi said the «unwavering courage and commitment» of the brave soldiers of the IPKF remained a «source of inspiration for us all.» «Laid a wreath at the IPKF Memorial in Colombo. We remember the brave soldiers of the Indian Peace Keeping Force who laid down their lives in service of peace, unity and the territorial integrity of Sri Lanka,» he said. «Their unwavering courage and commitment remain a source of inspiration for us all,» Modi added. India had lost around 1,200 soldiers during the IPKF's stay in Sri Lanka between July 1987 and March 1990.

Anura Kumara Dissanayake honoured Prime Minister Narendra Modi with the highest award to a foreign head of state, Mitra Vibhushana. Dissanayake said that PM Modi highly deserves this honour. In a joint press statement alongside PM Modi, Dissanayake said, «I am pleased to announce that the Government of Sri Lanka has decided to confer upon him (PM Narendra Modi) the highest Sri Lankan honour to a foreign head of state/head of government- Sri Lanka Mitra Vibhushana. This prestigious honour, which was introduced in 2008, is conferred upon heads of states and government for their friendship, and honourable Prime Minister Modi highly deserves this honour; that is what we firmly believe.» The «Dharma Chakra» demonstrates the shared Buddhist heritage that has shaped the cultural traditions of both nations. The «Pun Kalasa» (a ceremonial pot) adorned with sheaves of rice symbolizes prosperity and renewal. The «Navarathna» (nine precious gems) represents the priceless and enduring friendship between the two countries, depicted within a globe encircled by pure lotus petals. The «Sun and Moon» signify the timeless bond, stretching from the ancient past into the infinite future. Together, these elements beautifully capture the deep cultural and spiritual connection between the two nations.

In 2024, at the India-ASEAN Summit, Modi gifted a vintage brass Buddha statue to Laos President Thongloun Sisoulith, symbolizing shared heritage and India’s commitment to cultural diplomacy. In the same year, India sent several sacred relics of Lord Buddha and his disciples to Thailand. The relics of Lord Buddha and his disciples, Arahant Sariputta and Arahant Maha Moggallana, were taken to Bangkok by an Indian delegation and displayed for 25 days in four cities of Thailand . In 2023, PM Modi and Japanese Prime Minister Fumio Kishida visited the Bal Bodhi Tree at Buddha Jayanti Park in Delhi, reinforcing the deep-rooted Buddhism ties between India and Japan. India also hosted the first-ever Global Buddhist Summit, bringing together scholars and practitioners to discuss contemporary challenges through the lens of Buddhist philosophy, where Modi stressed that Buddha’s teachings provide solutions to global issues. In 2022, PM Modi visited Lumbini, Nepal, on Buddha Purnima and laid the foundation stone for the India International Centre for Buddhist Culture and Heritage, a landmark project promoting Buddhist culture and strengthening Indo-Nepal spiritual ties.

«It has become a concerning issue for us, our fishermen and all the Indians. It is a matter related to security. The PM should raise this issue firmly. Even an inch of Indian land belongs to us. I support that it (Kachchatheevu Island) should be under the protection of India...It is ours,» Tiwari told ANI. This came after Tamil Nadu Chief Minister MK Stalin wrote a letter to Prime Minister Narendra Modi on Thursday regarding the retrieval of Katchatheevu Island. The Tamil Nadu assembly passed a resolution on April 2 regarding the retrieval of Katchatheevu island to protect the traditional fishing rights of Indian fishermen in the Palk Bay area. The letter dated April 3, reads, «I am writing this letter to bring to your immediate attention to the Resolution passed by the Tamil Nadu Legislative Assembly on 02.04.2025 regarding the retrieval of Katchatheevu island, to protect the traditional fishing rights of the Indian fishermen in the Palk Bay area. I would like to point out that the origin of the problem is the Indo-Sri Lankan Treaty (Katchatheevu Agreement) made between the two Countries in the year 1974.»

Modi landed in Colombo last evening after concluding his trip to Bangkok where he attended a summit of the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation). «PM @narendramodiwas welcomed by President @anuradisanayake with a ceremonial reception at the Independence Square in Colombo,» External Affairs Ministry spokesperson Randhir Jaiswal said on 'X'. «Bilateral discussions to foster a partnership for a shared future & mutual prosperity of our people, lie ahead,» he said. Officials said it was the first time a foreign leader was accorded such a welcome at the Independence Square.