Business
G7 statement on debt relief buoys CSE; buying interest in Expolanka Holdings
By Hiran H.Senewiratne
CSE trading activities started on a positive note with little volatility in the market and concluded on the same affirmative note with buying interest in Expolanka Holdings stocks yesterday.Further, the Group of Seven (G7) nations’ decision to provide debt relief to Sri Lanka, enabled the CSE to gain some buoyancy yesterday.The G7 countries said in a statement they are committed to finding long-term solutions for the Indian Ocean nation’s economic issues and urged it to “negotiate constructively” with the International Monetary Fund on a potential loan programme.
“The G7 stands ready to support the Paris Club’s efforts, in line with its principles, to address the need for a debt treatment for Sri Lanka, the group of rich creditor nations said.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 91.7 points or 1.1 per cent and the S and P SL20 rose by 96.94 points or 3.4 per cent during the day. Turnover stood at Rs 1.98 billion with four crossings. Those crossings were reported in HNB, which crossed 1.5 million shares to the tune of Rs 120 million, its shares traded at Rs 80.50, Dialog 4.4 million shares crossed to the tune of Rs 42.7 million, its shares traded at Rs 9.60, JKH, 367,000 shares crossed to the tune of Rs 49.5 million its shares fetched Rs 135 and Aitken Spence 397,000 shares crossed for Rs 30.6 million, its shares traded at Rs 77.
In the retail market top seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 900 million (4.2 million shares traded), Browns Investments Rs 133 million (16 million shares traded), LOLC Finance Rs 115 million (12.3 million shares traded), Softlogic Life Rs 83.8 million (1.2 million shares traded), Hayleys Rs 59.5 million (817,000 shares traded), Softlogic Capital Rs 42.6 million (5.2 million shares traded), and LOLC Holdings Rs 27.6 million (68,000 shares traded).During the day 65.1 million share volumes changed hands in 14529 transactions.Yesterday one of the reasons for the market to move up was the appreciation of Expolanka Holdings stocks. Its share price moved up by Rs 16.25 or eight per cent. Its shares moved up to Rs 219.50 from Rs 203.24.Yesterday, commercial banks quoted Rs 364 per dollar against telegraphic transfers, while the Central Bank set a daily guidance rate for interbank spot trade at RS 359.47 plus or minus 2.50.
Business
SriLankan Airlines Alerts Customers to Social Media Scams
18 March 2026; Colombo – SriLankan Airlines wishes to alert customers to social media scams circulating on Facebook, WhatsApp and other platforms, often sent from both known and unknown contacts, featuring fake offers that misuse the SriLankan Airlines name, logo and brand.
SriLankan Airlines will never request payments, OTPs, credit card details, bank information or any other financial details via social media channels.
Customers are advised to always verify that any promotional offer is linked to the airline’s official website, www.srilankan.com, or shared through the verified social media accounts of SriLankan Airlines, as scammers often use fake links with unusual characters or spellings, or impersonate the airline through fake social media accounts.
Business
JSL & Fentons Joint Venture to Construct Double Circuit Transmission Line from Mannar Grid Substation to Mullikulam Collection Grid Substation
Approval has been granted at the Cabinet meeting held on 03-02-2025 to implement the formal procurement procedure to select a contractor for the construction of a 28 km long double circuit transmission line with the capacity of 220 kW, from Mannar Grid Substation to Mullikulam Collection Grid Substation under the Lot B of the Mullikulam Wind Power Transmission Project.
Bids have been invited following the International Competitive Procurement Procedure and five (5) bids have been received.
Accordingly, based on the recommendations submitted by the High-Level Standing Procurement Committee after evaluating the aforementioned bids, the Cabinet of Ministers has approved the resolution furnished by the Minister of Power and Energy to award the contract to the JSL & Fentons Joint Venture – Intend (Jyoti Structure Limited, India and Hayleys Fentons
Limited, Sri Lanka), substantially responsive minimum bidder, for an equal amount of Sri Lankan Rs. 2,269.18 million (without VAT).
Business
Fuel crunch forces midweek shutdown; courts told to show leniency
Economic pressure likely to push already-strained businesses into a liquidity crunch
By Sanath Nanayakkare
Sri Lanka is slowing to a midweek halt as a deepening fuel shortage has compelled the government to suspend most public sector operations every Wednesday, while courts have been advised to take a lenient view of attendance requirements amid transportation difficulties caused by fuel rationing.
The directive, issued by the Commissioner General of Essential Services, suspends most state functions one day a week until further notice in an attempt to conserve scarce fuel reserves. Authorities have also urged the private sector to adopt a similar arrangement.
Officials say the measure is aimed at reducing commuter traffic into major cities, particularly Colombo, where thousands of public servants travel daily from suburban areas.
Explaining the decision to select Wednesday, officials said declaring Friday a holiday could have effectively denied the public access to government services for three consecutive days when combined with the weekend.
However, the development underscores the fragility of Sri Lanka’s economic recovery as households continue to grapple with rising prices of essential goods.
The impact is already visible on the streets. Long queues have formed outside fuel stations while public buses have been seen overcrowded, with passengers clinging to footboards. Many commuters were also seen attempting to secure rides through the ride-hailing platforms Uber and PickMe, where drivers were demanding higher fares as demand surged.
Recognising these difficulties, the Judicial Service Commission (JSC) has issued a circular instructing judges to take transportation constraints caused by fuel rationing into consideration when making legal determinations.
Judges have been advised to consider the possibility that lawyers, litigants, witnesses and even suspects may be unable to attend court due to limited fuel availability.
While court proceedings are expected to continue, judicial officers have been asked to assess such situations on a case-by-case basis.
The JSC has also directed courts to make greater use of virtual platforms whenever possible. This is expected to apply particularly to proceedings such as extending remand orders, thereby avoiding the need to transport prisoners physically to court.
Authorities believe that conducting such hearings online could significantly reduce fuel consumption associated with prison transport. The temporary measures will remain in effect until further notice.
Meanwhile, officials say special fuel allocations may be considered for critical sectors including tourism, the Colombo Port, agriculture, health services, the plantation industry and public transportation in order to sustain essential services and economic activity.
However, the broader economic outlook remains uncertain. Business leaders warn that companies already burdened with higher taxes, rising operational costs and thin margins could face severe liquidity pressures if global oil prices remain elevated.
Industry observers say some firms may be compelled to seek loan moratoria if the disruption linked to the conflict involving Iran continues for another month.
Public concern has also been heightened by recent comments from Iranian officials indicating that Tehran has not sought a ceasefire in the ongoing conflict.
For President Anura Kumara Dissanayake, the unfolding fuel shortage is emerging as one of the most serious challenges facing his administration. Although the government has been holding internal consultations, critics say an all-party conference has yet to be convened to formulate a unified national response to the crisis.
Within business circles and sections of the public, questions are increasingly being raised about whether the government possesses the institutional capacity and experience required to manage a prolonged energy shock.
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