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Friday July 12th, 2024

Sri Lanka’s Sling solar-powered EV battery project wins US award

US Ambassador Julie Chung witnesses the innovative solar-powered battery swapping station at the Center for Women’s Research in Colombo. Minister Kanchana Wijesekera was also present at the event.

ECONOMYNEXT – The USAID-funded Sri Lanka Energy Project (SLEP) has received an innovation award at the 2024 annual conference for the Society for International Development (SID-US), for its solar-powered electric vehicle battery swapping stations.

Owned and operated by Sling Mobility (Pvt) Ltd, the stations were recognized for their impact on sustainable urban mobility and economic development in the country, the US embassy said in a statement.

Sling’s ‘360° Sustainable Mobility’ project provides cost-effective and efficient solutions to the retail logistics sector through a smart electric vehicle ecosystem, which reduces the high initial costs of buying batteries and e-bikes by offering a battery subscription service.

Sling Mobility’s collaboration with Uber for food delivery services has demonstrated the model’s effectiveness in reducing downtime for riders, saving money and time, the company said.

Their station located at the Center for Women’s Research in Colombo, which generates income to support the center’s activities, was highlighted by SID-US in particular.

“This is such a great example of innovation, renewable energy, private sector development, and women’s empowerment,” US Ambassador Julie Chung said, at a ceremony to present the Innovation Competition Award to representatives from SLEP and Sling Mobility.

“SLING Mobility’s collaboration with USAID marks a significant step towards a sustainable and green future for urban mobility in Sri Lanka,” Sling Chief Executive Officer Love Yadav said.

USAID SLEP’s assistance focuses on economically disadvantaged and marginalized populations, promoting their involvement in the retail logistics sector through electric vehicle use.

The initiative has trained 18 drivers, assisted 10 individuals in obtaining driver’s licenses, and conducted four outreach activities for over 100 participants.

The USAID Sri Lanka Energy Program supports transforming Sri Lanka’s power sector into a market-based, secure, reliable, and sustainable system by mobilizing investment to deploy advanced technologies, increase flexibility, and enhance competitiveness, the embassy said. (Colombo/Jun14/2024)

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Sri Lanka appoints new Attorney General

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe has appointed K A Parinda Ranasinghe PC as Attorney General.

He was appointed in terms of Article 61E (b) of the Constitution of Sri Lanka, the president’s media division said.

The new AG received the appointment from President Wickremesinghe at the Presidential Secretariat on Friday.

He fills the post after the retirement of former Attorney General Sanjay Rajaratnam. (Colombo/Jul12/2024)

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Sri Lanka rupee closes stronger at 301.70/302.00 to US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed stronger at 301.70/302.00 to the US dollar on Friday, from 302.80/303.00 to the US dollar on Thursday, dealers said, while bond yields were up.

A bond maturing on 15.12.2026 closed at 10.90/11.00 percent, up from 10.85/95 percent.

A bond maturing on 15.12.2027 closed at 11.75/80 percent, up from 11.80/88 percent.

A bond maturing on 01.05.2028 closed at 11.90/12.00 percent.

A bond maturing on 15.09.2029 closed at 12.10/30 percent, up from 12.15/25 percent. (Colombo/Jul12/2024)

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Sri Lanka stocks close up, muted activity

ECONOMYNEXT – The Colombo Stock Exchange closed up on Friday, data on its site showed.

The broader All Share Index closed up 0.35 percent, or 41.71 points, at 11,843; while the more liquid S&P SL20 Index closed up 0.56 percent, or 19.20 points, at 3,454.

Turnover was low at 653 million.

“The market picked up a bit from yesterday but it’s still below the psychological 12,000 mark,” Softlogic Stockbrokers said.

“Local retail participation drove the market predominantly.”

John Keells Holdings Plc brought in Rs109mn to the turnover, and the share closed flat at 194.50.

Melstacorp Plc contributed in Rs104mn to the turnover, and the share closed flat at 85.00.

Sentiment around the banking counters was mostly negative. Sampath Bank Plc closed down at 77.00, closed flat at 101.25, and Hatton National Bank Plc closed flat at 195.25.

The top contributors to the ASPI were Commercial Bank of Ceylon Plc (up at 103.50), Bukit Darah Plc (up at 397.00), and Hayleys Plc (up at 101.00).

Foreign participation remained low as well. There was a higher net foreign outflow of 101 million.

“Foreign selling was seen on John Keells Holdings, and banking counters; Hatton National Bank Plc (down at 195.00), Pan Asia Banking Corporation Plc (down at 20.70), and Commercial Bank of Ceylon Plc.

There was selective foreing interest on the diversified financials sector, particularly in companies that had vehicle leasing portfolios. “We think this might be due to the news of the vehicle import ban possibly ending.”

LOLC Holdings Plc closed up at 440.50, People’s Leasing and Finance Plc closed up at 12.20.

Softlogic Holdings Plc which announced the date of its rights issue, closed up at 8.50. (Colombo/Jul12/2024)

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