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ASPI crosses 14,000 points for first time ever

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The All Share Price Index (ASPI) of the Colombo Stock Exchange recorded a new all-time high today (12), surpassing the 14,000 points mark for the first time in history.

Accordingly, the index has increased by 150.72 points (1.09%) to close at 14,035.81, a new all-time high.

Meanwhile, the S&P SL20 increased by 43.17 (1.04%) to close at 4,186.46 points.

Today’s total turnover was recorded as over Rs. 7.3 billion.

On November 13, the ASPI had surpassed the 13,000 points mark, for the first time since January 31, 2022.

Economy

AKD Government revokes contentious 500 MW Adani wind power contract

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The Cabinet of Ministers chaired by President Anura Kumara Dissanayake has revoked a decision made by his predecessor Ranil Wickremesinghe in June last year to award a controversial 484 MW of wind power plants in Mannar and Pooneryn to Adani Green Energy SL Ltd.

The project was challenged on multiple grounds, including the arbitrary and excessive price of US cents 8.26 per kilowatt hour at a time when local bidders were offering prices as low as 4.88 cents.

Many environmental organisations, including the Wildlife and Nature Protection Society and Environmental Foundation Ltd., opposed the project owing to deficiencies in the Environmental Impact Assessment and because Mannar is a critical habitat for migratory birds. The local community, represented by the Bishop of Mannar too, vehemently opposed the project because of the harm to local industries and livelihoods.

In the course of his election campaign, the present President pledged to cancel the deal and call for international tenders to develop wind power in Sri Lanka. 

Consistent with that pledge, on 30 December the Cabinet decided “To revoke the cabinet decision dated 2024-05-06 numbered CP No. 24/0850/621/047 submitted by the then Minister of Power and Energy on ‘Proposal of Adani Green Energy SL Limited for the Development of 484 MW of Wind Power Plants in Mannar and Pooneryn.”

Biodiversity scientist Rohan Pethiyagoda, who for the last year fought tirelessly against the proposal award told the Daily FT: “Everyone interested in environmental integrity and financial transparency will celebrate the fact that President Dissanayake has delivered on his promise to defeat this conspiracy to defraud the people of Sri Lanka.” 

“Personally, I am delighted by this decision. But it is not enough. The Government must now release all the related files to the Bribery Commission and request a full investigation as to how this scam was perpetrated in the first place. Who was the mastermind behind it? Remember, the last Government agreed to buy electricity from Adani at a rate that was 70% higher than the locally tendered price. Into whose pockets was that 70% going? It added up to billions of dollars,” he said.

Commenting on the culture shift brought about by the NPP Government, Pethiyagoda said: “The degree of transparency we are now seeing is unprecedented. There was no song and dance from the NPP about this hugely consequential Cabinet decision. Instead, the attorney general routinely filed it in court as part of a 174-page submission that reads like something out of Wikileaks. This is a huge victory for environmental and social justice. Much kudos to AKD.”

Pethiyagoda also told the Daily FT that by the same decision, the Cabinet has appointed a new Project Committee and Procurement Committee to make recommendations regarding Adani’s proposal, but that that committee would be constrained by the President’s election pledge to invite international bids for the project. “It could be that the President is under pressure to give this project to an Indian company,” he said, “in which case it is likely that bids will be restricted to companies incorporated in India. Then, Adani too can compete in an open and transparent manner.”

Source – DailyFt

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BBC has named Sri Lanka one of the 25 Best Places to Travel in 2025

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Recognized by the BBC as the ninth destination on its prestigious list of “The 25 Best Places to Travel in 2025,” Sri Lanka continues to capture the imagination of travelers worldwide. 

The UK-based media powerhouse praised the island nation for its enchanting blend of natural beauty and cultural treasures, from mist-shrouded hilltop tea plantations and freely roaming wild elephants to ancient temples steeped in history and idyllic waves ideal for surfers.

Despite declaring bankruptcy in April 2022, Sri Lanka has demonstrated remarkable resilience under new leadership. The recently appointed President has focused on revitalizing the country after the dual challenges of a global pandemic and civil unrest. 

Tourism plays a pivotal role in this effort, with the country leaning on its breathtaking landscapes, vibrant culture, and storied heritage to attract global visitors.

Sri Lanka’s recovery narrative and diverse offerings—from serene beaches to lush, misty highlands—make it a destination that appeals to travelers seeking both beauty and inspiration in 2025.

Sri Lanka is aiming to attract an impressive 3 million visitors in 2025 and has started the year on a promising note, welcoming nearly 80,000 travelers within the first 10 days of January.

India and Russia have emerged as the leading source markets, contributing 11,749 (16.6%) and 11,629 (16.4%) arrivals, respectively, between January 1 and 9.

The United Kingdom ranked third with 5,520 visitors (7.8%), followed by Germany at 5,049 (7.1%), Australia with 3,055 (4.3%), and France contributing 2,714 (3.8%). Notably, January 2 and 3 stood out with impressive daily arrival figures of 9,392 and 8,974, respectively.

Meanwhile, Chinese arrivals, which are traditionally lower during the Lunar New Year as families celebrate at home, ranked seventh. However, a surge in connectivity with expanded routes by Chinese airlines is expected to boost these numbers in the coming months.

Source: TTW

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Sri Lanka’s Passport Ranks 3rd Strongest in South Asia

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Sri Lanka’s passport has been ranked as the third strongest in South Asia, following the Maldives and India. The ranking highlights enhanced global mobility for Sri Lankan citizens.

In South Asia, Sri Lanka’s position is notably ahead of Bangladesh (100th), Nepal (101st), and Pakistan (103rd). Afghanistan remains at the bottom of the global index, ranked 106th, with its citizens gaining visa-free or visa-on-arrival access to only 26 destinations.

Globally, Singapore claims the title of the world’s most powerful passport, offering visa-free access to 195 destinations out of 227. This marks a return to the top spot for Singapore, surpassing Japan, which had led the rankings for several years.

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