Sri Lanka Financial News

Petronet LNG Ltd, the operator of the world’s largest liquefied natural gas (LNG) import terminal, will invest Rs 40,000 crore in expanding import capacity and petrochemicals with a target to treble net profit by 2028, its CEO A K Singh said. Petronet is making a foray into the petrochemical business by investing Rs 12,685 crore in a propane dehydrogenation plant that will convert imported feedstock into propylene, as well as setting up an LNG import facility at Gopalpur in Odisha at a cost of Rs 2,300 crore, he told reporters on the sidelines of India Energy Week here.

Sri Lanka Cricket (SLC) today with immediate effect. On 10 November 2023, Sri Lanka Cricket (SLC) were suspended for violation of responsibilities as an ICC Member, in particular, "the requirement to manage its affairs autonomously and ensure that there is no government interference in the governance, regulation and/or administration of cricket in Sri Lanka." The ICC Board met on 21 November and it was decided that Sri Lanka can continue to compete internationally both in bilateral cricket and ICC events, but the ongoing U19 Men's Cricket World Cup was moved to South Africa, having initially been set to be played in Sri Lanka. The ICC Board has been monitoring the situation since the suspension and are now satisfied that SLC are no longer in breach of membership obligations.

Mint reported that India is considering reforming the lines of credit (LoCs) it grants to other countries to improve its economic diplomacy. So far, India has extended over 300 lines of credit to 65 countries with an estimated value of $30 billion.

The Congress leader was speaking at a talk show at the Kolkata International Book Fair. According to the report, he said that while relations with Maldives at present are not good, that with Sri Lanka was not too bad, while that with Bangladesh is pretty good. "Relations with Pakistan are in bad shape, Nepal is more and more subject to Chinese influence and Chinese influence is also increasing in Bhutan," Tharoor said while talking about India's position vis-a-vis smaller countries in the periphery.

The United States is expressing concerns over Sri Lanka's controversial online regulation bill a day after it was passed in Parliament over protests by the media, opposition and rights activists

The Unified Payments Interface (UPI) is a real-time payment system designed to enable peer-to-peer inter-bank transfers through a simple two-factor authentication process. India has emerged as one of the fastest-growing ecosystems for fintech innovation and the government and the central bank have been instrumental in driving the globalisation of India's digital payment infrastructure. UPI has made all our lives simple and easy through the convenience of instant payments. But there is more that UPI is bringing to consumers in India.

Sri Lanka’s parliament has overwhelmingly approved an internet regulation bill being criticized as a move to stifle speech in an election year

Mint breaks down why India is unhappy with the Chinese vessel making its way through the Indian Ocean to the Maldives. On Monday, news surfaced that a Chinese research vessel, Xiang Yang Hong 3, will be visiting the Maldives in the coming weeks. The vessel had earlier requested permission to visit Sri Lanka but this was denied.

exceeding 150. He is currently recuperating from a groin surgery that he underwent in Germany earlier this month. He is expected to be back in action in the IPL for the Mumbai Indians in March.

Sri Lankan lawmakers have begun debating a controversial internet safety bill that has been criticized by opposition politicians, journalists and rights groups as a move by the government to stifle freedom of speech

The Maldives government has confirmed giving clearance to a Chinese ship to dock in its port, a move which could further irk India with whom the tiny archipelago nation is involved in a diplomatic spat

US International Development Finance Corporation or DFC, Norway government-owned Norfund and two other financiers have provided $1 billion in funding to waste-to-energy producer SAEL Industries, the company said in a release on Tuesday. Asian Development Bank and Tata Cleantech Capital are the other financiers. The company did not provide a break up of how much of the funding was in the form of debt and what component was an equity investment. ET had reported on 18 January that SAEL Industries was close to finalising a $1 billion funding.

Taliban envoy Badruddin Haqqani for Republic Day celebrations. He represents Afghanistan in Abu Dhabi. This gesture sparked significant debate.

Sri Lanka has always been a country where cash is king and this remains the case despite the country planning to introduce its digital currency by the end of 2024.

Ayodhya prepares for the consecration ceremony. Also featured in the list of gifts for the January 22 event are special perfumes from Kannauj, 500 kg 'kumkum' leaves from Amravati, grains collected at a Ram temple in Delhi, flowers from Bhopal and papers with 'Lord Ram' written 4.31 crore times from Madhya Pradesh's Chhindwara. The Ram temple management committee has received other offerings such as a 108-foot incense stick, a 2,100-kg bell, a giant lamp weighing 1,100 kg, gold footwear, a 10-foot-high lock and key and a clock that simultaneously denotes time in eight countries, among others.

SAEL Ltd, which converts agricultural waste into energy, is close to finalising a fundraise of $1 billion (about ₹8,300 crore) from US and European investors, said people aware of the matter. US International Development Finance Corporation (DFC) and Norfund, which is owned by the Norway government, are likely to participate in the fundraising along with some domestic investors who could collectively pump in funds in a combination of equity and debt in the company, according to the people. The fundraising is likely to include an equity component of $150 million and the remaining $850 million could be raised by way of loans or debt securities issued to investors, they said. DFC recently committed around $500 million of financing to Adani Ports and Special Economic Zone's port terminal project in Sri Lanka. Norfund is an existing investor in SAEL. ET's queries to SAEL, DFC and Norfund did not elicit a response till press time. Delhi-based SAEL, promoted by Jasbir Awla, has established waste-to-energy conversion projects in Haryana, UP, Rajasthan and Punjab and also operates solar power plants. Awla's other business interests include warehousing and agro-processing.

MGR), the former Chief Minister of Tamil Nadu and founder of AIADMK, on his birth anniversary. Through a tweet on X, PM Modi shared, «Today, on his birth anniversary, we remember and celebrate the life of the great MGR.

Virat Kohli and Rohit Sharma, in the T20 format as India will clash against Afghanistan for the second time in Indore. In the last match in Mohali, India had won the first game by six wickets to take a 1-0 lead. India's star batter Virat Kohli had missed the first T20I match against Afghanistan in Mohali due to personal reasons but will be back in action for today's match.

Maldives President Mohamed Muizzu said on Saturday that China, largest external creditor to the country, has agreed to consider restructuring the repayment of loans taken by his country and the governments will initiate negotiations soon. He told the media in Male after his return from a five-day high-profile state visit to China that he has directly appealed to Chinese President Xi Jinping to restructure the loans provided to the Maldives. He said that the loans were direct loans and that a technical team from China's Finance Ministry will travel to Maldives soon «to research and decide the way to offer a grace period in loan repayments over next five years, Maldives news portal Sun online reported.

Chamath Palihapitiya announced on social media platform X, the launch of 8090, a new incubator fully funded by him, to help enterprise software startups get off the ground. «Tell us what enterprise software you use and my team and I will build you an 80% feature complete version at a 90% discount,» his post read.

Indian commandos hunting pirates after an attack in the Arabian Sea illustrates New Delhi's «significant» expansion of a muscular maritime force reflecting global ambitions, analysts say. The commandos, deployed this month from an Indian-built warship after an attempted hijacking of a merchant bulk carrier, are part of a major increase of naval forces in seas where rival neighbour China has already long expanded its reach. «It's significant given the geopolitical context» and the aggressive «use of naval assets», said Uday Bhaskar, head of the New Delhi-based Society for Policy Studies think tank. In recent years Beijing has negotiated infrastructure deals with countries around the Indian Ocean as part of its Belt and Road Initiative, including Sri Lanka, the Maldives, Bangladesh and Djibouti, where it opened its first overseas military base in 2017, raising concerns among Indian officials. Now Prime Minister Narendra Modi, expected to be re-elected later this year, is looking to raise the global heft of India, the world's fifth-largest economy, which last year displaced China as the most populous country.