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ITC Ratnadipa Colombo launched (Pics)

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President Ranil Wickremesinghe declared open the super-luxury hotel ‘ITC Ratnadipa Colombo’ which boasts Sri Lanka’s first ever sky bridge ‘AHASA ONE’ connecting two towers at a height of 100m above the ground.

ITC’s Hotel Group, one of India’s leading luxury hotel chains, is reported to have invested close to INR 3,000 crore in the luxury Sri Lankan property, which is being set up under a subsidiary WelcomHotels Lanka. The luxury hotel – ITC Ratnadipa in Colombo – reportedly features about 352 rooms.

The USD 500 million + ITC development, comprising the Sapphire Residences and super-luxury hotel ITC Ratnadipa, occupies pride of place at the centre of Colombo’s most prestigious ocean front location.

Overlooking the Galle Face and the Indian Ocean on one side and the Beira Lake on the other, this landmark is already redefining the city’s skyline.

Speaking at the event,President Ranil Wickremesinghe expressed his dedication to fostering an economic landscape in the nation that would prevent future struggles among its citizens. Emphasizing the swift reconstruction of the economy within a mere two-year span, he underscored his resolve to elevate the standard of living by fortifying the economy’s resilience.

extended a warm welcome, the President said, “ITC welcome to Sri Lanka.” He highlighted the prominent hotels in the vicinity, including the historic Galle Face Hotel which is bestowed as the first five-star hotel in Asia, the Taj Hotel from India and the Shangri-La Hotel from Singapore. He emphasized the significance of the newly established ITC Ratnadipa Hotel, positioned among these esteemed establishments by its height. He mentioned the forthcoming Cinnamon Life project located behind the hotel.

Prime Minister Dinesh Gunawardena, former Presidents Chandrika Bandaranaike Kumaratunga and Gotabhaya Rajapaksa, along with a host of ministers and dignitaries including Minister Ali Sabry P.C., Minister Prasanna Ranatunga, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayaka, former Minister Ravi Karunanayake and Indian High Commissioner to Sri Lanka H.E. Santosh Jha, were among the distinguished guests present at the event. Also in attendance were General Shavendra Silva and the Chairman and Managing Director of ITC Ltd Mr. Sanjiv Puri among others.

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CBSL warns of 21 companies conducting pyramid schemes

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Central Bank of Sri Lanka (CBSL) has conducted investigations and determined 21 companies as those that have engaged in pyramid schemes prohibited under Section 83 (C) of the Banking Act, No. 30 of 1988 as amended.

The companies are as follows :

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Sathosa slashes brown sugar price

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Lanka Sathosa, the only state owned supermarket chain in the country, has announced a price drop of brown sugar.

Accordingly, a kilo of brown sugar, which was Rs. 340, has been reduced to Rs. 300 by Rs. 40.

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SL – China currency swap agreement, renewed

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The Central Bank of Sri Lanka and the People’s Bank of China, in December 2024, successfully renewed the Bilateral Currency Swap Agreement signed in 2021, for a period of another three (03) years, under the terms and conditions stipulated in the original agreement.

The CNY 10 billion (approximately USD 1.4 billion) currency swap facility reflects the financial cooperation between China and Sri Lanka.

Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, signed the agreement on behalf of the Central Bank of Sri Lanka, while Mr. Pan Gongsheng, Governor of the People’s Bank of China, signed on behalf of the People’s Bank of China.

(CBSL)

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