March 01, Colombo (LNW): A few showers may occur in Eastern and Uva provinces and in Polonnaruwa and Matale districts.
Showers or thundershowers may occur at a few places in Western and Sabaragamuwa provinces and in Galle, Matara and Nuwara-Eliya districts in the evening or night.
Fairly strong winds about (30-40) kmph can be expected at times in Northern, North-central, North-western, Uva and Eastern provinces and in Hambantota district.
The public is kindly requested to take adequate precautions to minimize the damages caused by temporary localized strong winds and lightning during thundershowers.
February 29, Colombo (LNW): The Sri Lankan Rupee (LKR) further indicates slight appreciation against the US Dollar today (29) in comparison to yesterday, as per the official exchange rates of the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has dropped to Rs. 305.16 from Rs. 305.56, and the selling price to Rs. 314.87 from Rs. 315.29.
The Sri Lankan Rupee has also appreciated against several other foreign currencies.
February 29, Colombo (LNW): The Indian government is working on operationalizing Rupee investments in Sri Lanka in a move to boost Indian investments in its southern neighbour, official sources said.
Rupee investments will ease the way for Indian firms to enter the Sri Lankan markets, a senior official said, speaking under the condition of anonymity.
During FY 2023, the Reserve Bank of India (RBI) allowed invoicing and payments for international trade in the Indian Rupee
This allowed exports and imports to be denominated and invoiced in Indian rupees, with the settlement of trade transactions taking place in the currency, Indian news web live mint reported.
The RBI’s decision is aimed at promoting the growth of global trade, especially Indian exports, apart from systematically internationalizing the currency. India wants the Indian Rupee to be a hard currency in the future, it said.
Last year, Sri Lanka notified the Indian Rupee as a designated currency, which enabled trade between the two countries to be settled in the currency and also allowed tourists visiting the island-nation to use the currency for transactions.
India now hopes to work with Sri Lankan to make it easier for Indian firms to invest in the island nation.
“At present, Indian investors invest in the country through international currencies like the dollar, which is more cumbersome and involves conversion costs,”a high official said.
“Rupee investments will ease the way for Indian firms to enter the Sri Lankan markets. The ministry of external affairs (MEA), in particular, is learnt to be pushing for this change,” he added.
Spokespersons of India’s MEA, finance ministry and the Reserve Bank of India (RBI) didn’t respond to emailed queries.
India is a key partner of Sri Lanka, playing a pivotal role in its recovery from the economic crisis that started in 2019 and threatened to derail the economy of the South Asian nation.
The crisis that peaked in 2022-23 saw spiralling inflation, emptying of foreign exchange reserves, and shortages of basic commodities.
While the IMF extended assistance of $3 billion, India gave an assistance of over $4 billion to Sri Lanka aiding its economic recovery.
India’s financial assistance included credit lines, a currency swap arrangement and deferred import payments.
India and Sri Lanka also unveiled a slew of connectivity initiatives during President Ranil Wickremesinghe’s visit to India last July. These include proposals for a petroleum pipeline, power grid linkages, a land bridge and a comprehensive Economic and Technology Cooperation Agreement (ETCA).
Mint reported that the ETCA deal is expected to be finalized in FY25, with negotiations in advanced stages.
“Pushing for rupee investments will also aid Indian firms, which have made high-profile investments in Sri Lanka,” senior official said.
February 29, Colombo (LNW): Sri Lanka-headquartered Elephant House to manufacture, market, distribute and sell beverages in Indian market in collaboration with India.Reliance Consumer Products Limited (RCPL), the FMCG arm and wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL),
This partnership will not only help RCPL bolster its growing beverage portfolio that boasts iconic brands such as Campa, Sosyo and Raskik but will also bring exceptional new products and value propositions to Indian consumers.
Elephant House is owned by Ceylon Cold Stores PLC, a subsidiary of John Keells Holdings PLC, Sri Lanka’s largest listed conglomerate. Under the Elephant House brand, it manufactures and sells a wide range of beverages including Necto, Cream Soda, EGB (Ginger Beer), Orange Barley and Lemonade to name a few.
Speaking on the partnership, Ketan Mody, COO, Reliance Consumer Products Limited, said, “Elephant House, which enjoys strong market credibility, is an iconic brand with deep-rooted heritage.
This partnership will not only add its much-loved beverages to our growing FMCG portfolio but will also offer our Indian consumers great choice and value proposition through quality products.
Being the custodian of several renowned global brands in India, Reliance is well-equipped to further expand Elephant House’s established consumer brand, which has been built over 150 years.”
Krishan Balendra, Chairperson of the John Keells Group, said, “We are proud to announce the expansion of the Elephant House brand to the Indian market.
He noted that their partnership with Reliance Consumer Products Limited marks a significant milestone in the journey of our heritage brand and represents John Keells commitment to delivering our high-quality beverages to new consumer segments.
We look forward to the opportunity this partnership brings, to provide refreshing and innovative beverage options to meet the diverse preferences of Indian consumers., “he added.”
The agreement between RCPL and Elephant House underscores a shared commitment to excellence and innovation, empowering both organizations to capitalize on synergies and amplify their market presence.
RCPL’s vision is to offer Indian consumers a wide portfolio of globally recognized brands and products that stand out for their exceptional quality and value. In addition, RCPL is rapidly scaling up its multi-channel operations to reach more consumers across diverse markets.
The company, currently, boasts a versatile FMCG portfolio comprising iconic beverage brands including Campa and Sosyo Hajoori, an extensive confectionery range from Lotus Chocolates, Toffeeman and snacks such as Alan’s Bugles and Masti Oye apart from Sri Lanka’s leading biscuit brand Maliban, and staples & daily convenience products under the Independence brand.
In home and personal care, it has products such as dishwashing liquids, laundry detergent, soaps and toilet cleaners.
February 29, Colombo (LNW): Despite the Operational Prosperity Guardian naval task force, Houthi attacks persist. Recent escalations involve an attack on a Maersk vessel, triggering heightened US response and UK considerations of targeting Houthi positions in Yemen. Iranian warship entry into the Red Sea and ongoing Houthi missile attacks further escalate regional tensions.
Global freight encounters disruptions as container carriers reroute away from the Suez Canal, resulting in extended lead times and potential port congestion. Freight rates surge, with Asia-N. Europe rates are up 173%, Asia-Mediterranean prices doubling, and carriers implementing surcharges ranging from $500 to $2,700 per container.
Operational challenges include adjusting schedules, adding vessels, and addressing potential congestion and shortages. Carriers, better equipped than during the pandemic, strive to manage diversions and maintain container traffic flow. Despite these challenges, air cargo currently shows no significant impact from ocean freight delays.
Sri Lanka Shippers Council (SLSC) yesterday expressed concern over an alleged 300% increase in freight rates and warned of damaging ripple effects.
“While welcoming the substantial uptick in container arrivals and movements at the Port of Colombo, the Sri Lanka Shippers’ Council (SLSC) is deeply concerned over the unprecedented 300% increase in freight rates imposed by shipping lines navigating the waters of the Cape of Good Hope en route to Europe and the United States,” the lobby group for exporters and importers said in a statement.
“This sudden surge in freight costs is causing a ripple effect, significantly impacting the global competitiveness of Sri Lankan manufacturers and the Small and Medium Enterprise (SME) sector. A primary concern revolves around the allocation of space, as transshipment movements are currently given priority,” SLSC said.
It emphasised the importance of maintaining global competitiveness and sustainable business practices.
“The Council is actively engaging in discussions with relevant stakeholders to address these challenges and arrive at solutions that strike a balance between the commercial interests of the service providers and the viability of the import and export sectors in Sri Lanka,” SLSC said in its statement.
In navigating these challenges, the SLSC said it is committed to fostering a collaborative approach that ensurs a mutually beneficial solution for all stakeholders.
“As Sri Lanka continues to position itself as a key player in the global trade landscape, the SLSC remains dedicated to navigating challenges and facilitating a conducive environment for businesses to thrive,” the statement added.
February 29, Colombo (LNW): Hard on the heels of six flight delays due to failure of mouse trap inside planes, Minister of Ports, Shipping and Aviation Nimal Siripala de Silva has announced that an investor for SriLankan Airlines will be chosen following a live auction for the divestiture of SriLankan Airlines on 05 March.
He revealed that bids have been called, explaining that the live bidding will take place from 10:00 a.m. to 02:00 p.m. on 05 March, following which the bids will be evaluated, and sent to the Cabinet.
Any investor who can invest at least US$ 500 million and ensure job security for the 6,000 people who are working in the airline could submit bids to acquire the Airline, he added.
The minister faulted the “poor administration” of the management adding that it was the duty of the ground handling administrators to ensure the counters were adequately manned by staffers.
He blamed the trade unions as well as the management adding that neither had any interest in keeping this airline afloat. He also expressed concern that these irregularities are a discouraging factor for potential bidders due to ongoing disruptions and workforce attitudes.
He added that the airline can no longer be maintained by the government and a private investor is compulsory. He criticized trade unions for disseminating misinformation and failing to deliver on promises made during a recent seminar.
Divulging different plan to government’s divestiture of the SriLankan Airlines Chairman Ashok Pathirage announced yesterday that fleet expansion of the national carrier remains an immediate focus.
Speaking to the media, he disclosed that the airline has contracted for three A320s, one of which is already received. Additionally, the airline has received offers for six A330s and hopes of finalising these acquisitions by the end of the year.
“The Government procurement processes are time-consuming and the global demand for aircraft is escalating. This has been a significant factor contributing to delays in securing additional aircraft,” Pathirage explained.
With the current fleet consisting of 17 aircraft, of three which are grounded, he underscored the importance of adding wide-body aircraft to the fleet to overcome limitations in servicing long-haul destinations such as the UK, France, and Australia.
“The absence of A330s aircraft poses challenges and acquiring them is essential to address these constraints,” he added.
Pathirage also highlighted the reluctance of lessors to take on the risk associated with Sri Lanka’s sovereign rating, posing an additional challenge in the acquisition process.
Despite these challenges, the Chairman expressed optimism about the airline’s financial outlook, noting the airline’s ability to break even this year with expectations of improved turnover.
“We are anticipating a better performance this year, to reach breakeven,” Pathirage added.
February 29, Colombo (LNW): To address the longstanding issue of scoliosis affecting children in the country, a public awareness walk is scheduled to take place in Colombo on the forthcoming Saturday, March 02.
Organised by Lanka E Doc in collaboration with the Apollo Hospitals Group of India, the initiative aims to raise awareness about scoliosis and its management.
The walk, coordinated jointly by the Ministry of Transport, Ministry of Education, and Ministry of Health, will commence at 7 am from Independence Square to Vihara Maha Devi Park in Colombo, with the participation of students from numerous national schools in Colombo and Gampaha.
Following the walk, a complimentary medical clinic will be conducted at Vihara Maha Devi Park until 2 pm, featuring specialist doctors from both India and Sri Lanka.
Distinguished individuals including Jitu Jose, Vice President of the International Division of Apollo Hospitals Group of India, Sajan K Hegde, Chief of Surgery, and Dr. Appai Krishnan, Spine Surgeon, alongside Dr. Vignesh and other specialists from both countries, will partake in the walk and the subsequent clinic.
Dr. Niluka Welikala, Managing Director of Lanka E Doc, encourages parents of children exhibiting symptoms or diagnosed with scoliosis to attend the clinic.
Further information and registration can be facilitated through the WhatsApp number 0743913395.
February 29, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates appreciation against the US Dollar today (29) in comparison to yesterday as per leading commercial banks in the country.
At Peoples Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 304.25 and Rs. 314.86, respectively.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 303.16 from Rs. 304.27, and the selling price to Rs. 314 from Rs. 314.25.
At Sampath Bank, the buying price of the US Dollar has dropped to Rs. 305 from Rs. 305.50, and the selling price to Rs. 314 from Rs. 314.50.
President Ranil Wickremesinghe emphasises Sri Lanka’s commitment to ensuring freedom of navigation and stability in the Indian Ocean: addresses emerging security concerns, highlighted Sri Lanka’s role in the Indo-Pacific, and advocates for cooperation among major powers: stresses the need for nuanced diplomacy amid complex geopolitical dynamics and outlined Sri Lanka’s vision for the region as a hub for economic growth and cooperation.
SLPP MP Namal Rajapaksa says only a handful of members in his party who are holding positions in the government including ministries are of the view that the SLPP should back President Ranil Wickremesinghe in the next presidential polls: adds everyone else in the party is of the view that a decision in this regard should be taken by the party itself.
MP Dullas Alahapperuma warns President Ranil Wickremesinghe of legal action over potential violations of the Constitution, particularly regarding the postponement of elections: emphasises that even the President is not above the law and suggests that legal recourse via the Supreme Court may be pursued if constitutional breaches persist.
IMF team to conduct second review of Sri Lanka’s Extended Fund Facility (EFF) program starting March 7: The government expects a smoother review than the first, lasting about two weeks: Assessment will focus on meeting key commitments and economic health, including debt restructuring and revenue targets: First review cleared in December, providing $337 million amid the country’s financial crisis.
CEB proposes a 14% reduction in electricity tariffs, contrasting with the Energy Minister’s earlier 18% reduction claim: The reduction aims to benefit all customer categories and is made possible by measures to control the Central Bank: Adjustments in operational expenses, including personnel and material costs, are outlined: Dry season demand surge necessitates hydro machinery maintenance for optimal performance: Delays in maintenance projects require adjustments in disbursements for 2024: Discussions are ongoing at PUCSL regarding the proposed tariff revision.
Finance State Minister Shehan Semasinghe announces the completion of the verification process for the “Aswasuma” programme’s second phase, extending benefits to 2.4 million family units starting June 2024: Applications for the second phase close on March 15, with strict adherence to the deadline: Approximately 7,000 individuals receiving benefits based on false information were removed: Out of 3.4 million families certified in the first phase, 1.9 million are eligible for benefits: Payments for selected beneficiaries begin in July 2024 after resolving appeals and objections: Over 1.19 million appeals have been resolved, and efforts to raise awareness online have resulted in 200,000 to 250,000 applications: Applications will cease after March 15. Rs. 205 billion is allocated for compensation payments in 2024: Fraudulent beneficiaries will face legal action.
Sri Lanka imposes one-year ban on Chinese research vessels in its Exclusive Economic Zone (EEZ) starting January 3, 2024, following concerns over activities of Chinese vessel Xiang Yang Hong 3 in the south Indian Ocean: The ban, prompted by Indian security concerns, drew praise from Indian media but sparked Chinese discontent, with authorities criticising external influence on Sri Lanka’s decision.
The Education Ministry directs schools to suspend outdoor activities and sports for the next three days due to high temperatures, effective immediately: The directive aims to protect students from the heat, with temperatures reaching ‘Caution’ levels in various parts of the island: The Department of Meteorology highlighted areas, including the North-western, Western, and Southern provinces, along with Ratnapura District, where caution is advised due to the high temperature: Foreign tourists have also been affected by the extreme heat.
Sri Lanka’s Elephant House, a subsidiary of Ceylon Cold Stores PLC, partners with India’s Reliance Consumer Products Limited (RCPL) to introduce its beverages in the Indian market: RCPL, a subsidiary of Reliance Retail Ventures Limited, aims to enrich its beverage portfolio with Elephant House’s iconic brands like Necto and Cream Soda: The collaboration aligns with RCPL’s vision to offer quality products to Indian consumers.
The Sri Lankan cricket team is set to tour Bangladesh for a series comprising three T20 matches, three ODIs, and two Test matches, starting March 4: With a focus on the upcoming T20 World Cup, the return of skipper Wanindu Hasaranga boosts SL’s confidence after recent victories against Zimbabwe and Afghanistan: Senior players like Angelo Mathews and Dasun Shanaka strengthen the team’s resolve: Despite injuries sidelining players like Pathum Nissanka, the team remains optimistic: Bangladesh, under coach Chandika Hathurusinghe, is prepared for a competitive series: SL’s T20 squad, led by Hasaranga and vice-captain Charith Asalanka, includes key players like Kusal Mendis and Akila Dananjaya.
February 29, Colombo (LNW): China has reportedly expressed its discontent to Sri Lanka regarding the imposition of a one-year ban on Chinese research vessels from conducting studies within the country’s Exclusive Economic Zone (EEZ), effective from January 3, 2024.
The moratorium, which prohibits the involvement of any foreign research vessel, was implemented following concerns raised over the planned exploration activities of the Chinese research vessel Xiang Yang Hong 3 in the south Indian Ocean.
The vessel is officially owned by the Third Institute of Oceanology of the Chinese Ministry of Natural Resources.
Sri Lanka’s decision to impose the ban came amidst pressure from India, which cited security apprehensions arising from such activities in its vicinity.
The Indian media widely praised Sri Lanka’s decision, characterising it as a setback for China.
However, Chinese authorities expressed their dissatisfaction with the decision and conveyed their displeasure to Sri Lanka, attributing the move to external influence.
While the decision garnered praise from the Indian media, the Chinese media criticised India for allegedly pressuring neighbouring countries to adopt anti-Indian measures.
