Business
Xi visit to Saudi Arabia brings pledge of more oil trade

Bloomberg
China is willing to expand oil trade with Saudi Arabia, Chinese President Xi Jinping said during a visit to the kingdom that reinforced ties between the world’s No. 2 economy and its top supplier of crude.In a meeting in Riyadh on Thursday, Xi and Crown Prince Mohammed bin Salman also agreed to hold summits every two years as they upgraded the relationship to a comprehensive strategic partnership, the official Xinhua News Agency reported. The Chinese leader was set to meet more Arab leaders on Friday.
The summit comes as ties between the US and Saudi Arabia have frayed over oil policy. China will seek to strengthen coordination with Saudi Arabia on energy policy and exploration, a statement from the Chinese foreign ministry said. Saudi Arabia, along with Russia, is the de facto leader of OPEC+, a producers’ cartel that pumps roughly half the world’s oil.
Saudi Arabia’s daily exports of crude to China have averaged 1.65 million barrels this year, according to data compiled by Bloomberg. That’s worth around $130 million at today’s prices.
There was no mention of the idea that Saudi Arabia may accept yuan payments for oil instead of the dollar, as was reported earlier this year. Diplomats and analysts said at the time the reports should be seen as a political message to the US, rather than the kingdom’s plans, partly because the Saudi riyal is pegged to the dollar to shield from price volatility. The two nations also signed a slew of energy and investment pacts, though details were scant. They announced plans to synchronize Xi’s signature Belt and Road infrastructure program with the kingdom’s Vision 2030, which aims to wean the economy off its reliance on oil.
Business
ComBank unveils new Corporate Branch at Head Office

The Commercial Bank of Ceylon has transformed its iconic ‘Foreign Branch’ into the ‘Corporate Branch,’ reaffirming its commitment to delivering dedicated, comprehensive financial solutions to corporate and trade customers.
The Bank said this transformation represents a new milestone in its illustrious journey, and resonates with the rich commercial heritage of Colombo, a city that has long served as a vital trading hub in the region.
Strategically located at the Bank’s Head Office at Commercial House, 21, Sir Razeek Fareed Mawatha (Bristol Street), Colombo 1, this rebranded Corporate Branch stands as a first of its kind in Sri Lanka —a premier financial hub tailored exclusively to the needs of corporate customers, the Bank said. The transformation aligns with the Bank’s vision of providing unparalleled service excellence, bespoke financial solutions, and fostering long-term business partnerships.
Commenting on this strategic initiative, Commercial Bank’s Managing Director/CEO Sanath Manatunge stated: “It is our aspiration that just as the historic Delft Gateway, at which our Head Office is located, once opened the path to the Dutch Fort, our Corporate Branch will chart a new era of enduring and prosperous business collaborations, that will extend beyond Sri Lanka’s shores.”
Business
Fits Retail and Abans PLC Unveil Exclusive DeLonghi Premium Coffee Experience

Fits Retail has partnered with retail giant Abans PLC to showcase the iconic DeLonghi coffee machines at two of Colombo’s most prestigious locations: Abans Elite Colombo 3 and Abans Havelock City Mall showrooms.
At these dedicated demonstration zones, visitors can discover the unparalleled precision engineering and user-friendly technology that have made DeLonghi machines the preferred choice for discerning coffee lovers in more than 46 countries worldwide. Renowned for consistently delivering café-quality espresso, cappuccino, and even specialty cold brews, DeLonghi machines exemplify Italian innovation at its finest.
Yasas Kodituwakku, CEO of Fits Retail, expressed excitement about the collaboration: “This partnership represents our unwavering commitment to bringing global coffee excellence to Sri Lankan connoisseurs. With Abans PLC, we’re creating more than just demonstration spaces; we’re curating premium destinations for an authentic coffee experience.”
“As pioneers of premium lifestyle experiences in Sri Lanka, our collaboration with Fits Retail aligns seamlessly with our vision of elevating everyday moments into exceptional experiences,” said Tanaz Pestonjee, Director Business Development at Abans PLC.
Business
Members’ Night of the Sri Lanka – Russia Business Council of The Ceylon Chamber of Commerce

The Sri Lanka-Russia Business Council (SLRBC) of The Ceylon Chamber of Commerce (CCC) hosted a Members’ Night on March 27, at the Sophia Colombo City Hotel. The event, attended by His Excellency Levan S. Dzhagaryan, Ambassador of Russia to Sri Lanka, offered a valuable platform for business leaders, embassy officials, and Members to discuss and explore opportunities for deeper Sri Lanka-Russia collaboration, a CCC news release said.
SLRBC President, Mr. Jude Fernando, kicked off the evening with a speech highlighting the importance of strengthening international ties, which was followed by H.E. Dzhagaryan’s address on the need for continued engagement between the two countries. The event featured networking opportunities, allowing Members to connect with key stakeholders and discuss future business ventures, followed by a delightful dinner.
The event was made possible with the generous support of sponsors, including OCEAN 7 Logistics (Pvt) Ltd, Bally/Walkers Tours, Fibre cement associations, Ceylon Fresh Teas, SCANWELL Logistics, Regency Teas, Shan Teas, and others, whose contributions were key to its success.
The SLRBC is committed to further facilitating trade and cultural exchange between Sri Lanka and Russia, continuing to foster stronger business relationships.
-
Business6 days ago
Colombo Coffee wins coveted management awards
-
Features2 days ago
Robbers and Wreckers
-
Features4 days ago
Sri Lanka’s Foreign Policy amid Geopolitical Transformations: 1990-2024 – Part III
-
News1 day ago
Suspect injured in police shooting hospitalised
-
Midweek Review4 days ago
Inequality is killing the Middle Class
-
Features6 days ago
Sri Lanka’s Foreign Policy amid Geopolitical Transformations: 1990-2024 – Part I
-
Features5 days ago
A brighter future …
-
Business3 days ago
National Anti-Corruption Action Plan launched with focus on economic recovery