It is reported that the Puttalam district promotion activities of the new alliance formed by the group led by Member of Parliament Nimal Lanza, who has left the Sri Lanka Podujana Peramuna and is an independent in Parliament, has been implemented in all 5 constituencies throughout the month of December.
It is stated that the activities are being carried out under the leadership of MPs Nimal Lanza and Piyankara Jayaratne.
Appointment of divisional representatives of the new alliance, establishment of affiliated organizations, establishment of monks’ organizations, establishment of women’s organizations etc. will take place throughout the month and Siripala Amarasinghe and former President Gotabaya Rajapaksa’s private secretary Sugiswara Bandara have left to lead those programs.
Meanwhile, a mobile service of the provincial council will be held at Madampe Karukkuwa Sugathananda Maha Vidyalaya on Saturday, focusing on the Chillaw Constituency.
That was according to a request made by Nimal Lanza from North West Governor Lakshman Yapa Abeywardena.
This new political alliance is being created to support President Ranil Wickremesinghe and it is scheduled to be unveiled next January.
Showers or thundershowers will occur at several places over most provinces of the island after 1.00 p.m. Heavy showers about 100mm are likely at some places in Central, Sabaragamuwa, Western and Uva provinces and in Galle and Matara districts.
A few showers may occur in Northern, Southern, Western and Eastern provinces during the morning too.
Misty Condition can be expected at some places in Uva province and in Ampara district during the morning.
The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
Colombo (LNW):The Colombo Port City Economic Commission (the Commission) yesterday announced that three leading commercial banks of Sri Lanka, the Commercial Bank, Hatton National Bank (HNB), and Sampath Bank, have been issued an Authorized Persons (AP) license from the Colombo Port City Economic Commission.
This significant development marks a major milestone in the development of the Colombo Port City SEZ as a premier international business and services hub in South Asia, a world-class project, transforming Sri Lanka’s economic landscape.
The Commission reiterated its strong commitment to collaborating with the Central Bank of Sri Lanka, the Securities and Exchange Commission, and the Insurance Regulatory Commission of Sri Lanka to ensure that robust and streamlined guidelines are in place to drive the success of the Colombo Port City as a premier multicurrency, export of services SEZ.
Breaking new ground on the nation’s economic revival, Sri Lanka’s leading private sector bank, HNB PLC became one of the first bank’s to be granted an Authorized Person (AP) License to operate within the Colombo Port City Special Economic Zone (SEZ)
The AP License was granted to HNB by the Colombo Port City Economic Commission following a series of strict evaluations, legal and preliminary regulatory approvals.
“As a heritage brand within the Sri Lankan economy, we have been present at the inception of every major pillar of the nation’s economic development, senior official of the bank said.
We are proud to continue that legacy today, as one of the first bank’s to receive preliminary approvals to operate within the Port City Colombo, he added.
Sampath Bank PLC has announced their first step in getting qualified as an Authorized Person and to be permitted to engage in offshore banking business in and from the area of authority of the Colombo Port City.
It will be receiving the Authorized Persons (AP) License from Colombo Port City Economic Commission (CPCEC) and Certificate of Registration as an Off-shore Company from Registrar General of Companies.
This is the first milestone after the receipt of Monetary Board concurrence in 2022 for the issuance of a banking license to engage in business under the Colombo Port City Economic Commission Act, No 11 of 202
As a systemically important bank that is deeply integrated with all facets of the domestic economy, we see Port City Colombo opening-up unprecedented opportunities for the nation, and its corporates.
Colombo (LNW): Lion Brewery was recently recognised by Retail Asia as one of the key leading fast moving comsumer goods (FMCG) brands at this year’s FMCG Asia Awards.
Lion Brewery claimed a Gold Award in the Product Packaging of the Year – Sri Lanka segment for the repackaging of the Lion portfolio and Lion Ice extension which rolled out across its range this year.
The newly developed masterbrand approach strengthens the Lion brand with a cohesive and recognisable system that unites its exceptional beers under a single, strong narrative.
The goal was to rejuvenate the centenarian to lead new consumer segments and evolving market opportunities that are reshaping the beverage landscape and reflected in the company’s future plans and portfolio expansion.
The FMCG Asia Awards 2023 took place at the Sands Expo and Convention Centre at Marina Bay Sands on 23 November.
Organised by Retail Asia, the highly coveted awards program recognises the pioneers in the industry and celebrates excellence in introducing exceptional products or executing remarkable projects.
Lion Brewery’s Chief Sales & Marketing Officer Madhushanka Ranatunga said: “For us to win this Gold Award is the best recognition of the hard work and dedication put in by the entire Lion team.
With a clear intent and purpose, we aim to continue building our iconic Lion portfolio to drive value and resonate with the changing behaviours of consumers, while we remain true to the brand’s DNA.”
Lion Brewery is one of the largest apex investors in the manufacturing sector of the economy with its state-of-the-art brewery in Biyagama.
In addition to earning foreign exchange for the country’s Treasury, it has attracted foreign direct investment to Sri Lanka through Carlsberg’s equity stake in the business.
The Brewery is the second largest tax payer in the alcobev segment, contributing LKR 70 billion in the year ended 31 March 2023 while injecting LKR 16 billion to the economy through the purchase of goods and services excluding its contribution to the Government.
Lion Brewery was recently recognised by Retail Asia as one of the key leading fast moving consumer goods (FMCG) brands at this year’s FMCG Asia Awards.
Lion Brewery claimed a Gold Award in the Product Packaging of the Year – Sri Lanka segment for the repackaging of the Lion portfolio and Lion Ice extension which rolled out across its range this year.
The newly developed masterbrand approach strengthens the Lion brand with a cohesive and recognisable system that unites its exceptional beers under a single, strong narrative.
The goal was to rejuvenate the centenarian to lead new consumer segments and evolving market opportunities that are reshaping the beverage landscape and reflected in the company’s future plans and portfolio expansion.
The FMCG Asia Awards 2023 took place at the Sands Expo and Convention Centre at Marina Bay Sands on 23 November.
Organised by Retail Asia, the highly coveted awards program recognises the pioneers in the industry and celebrates excellence in introducing exceptional products or executing remarkable projects.
Lion Brewery’s Chief Sales & Marketing Officer Madhushanka Ranatunga said: “For us to win this Gold Award is the best recognition of the hard work and dedication put in by the entire Lion team.
With a clear intent and purpose, we aim to continue building our iconic Lion portfolio to drive value and resonate with the changing behaviours of consumers, while we remain true to the brand’s DNA.”
Lion Brewery is one of the largest apex investors in the manufacturing sector of the economy with its state-of-the-art brewery in Biyagama.
In addition to earning foreign exchange for the country’s Treasury, it has attracted foreign direct investment to Sri Lanka through Carlsberg’s equity stake in the business.
The Brewery is the second largest tax payer in the alcobev segment, contributing LKR 70 billion in the year ended 31 March 2023 while injecting LKR 16 billion to the economy through the purchase of goods and services excluding its contribution to the Government.
Colombo (LNW):Sri Lanka apparel manufacturers are to strengthen vertical integration and import substitution of textiles as the way forward for the industry.
Fabric and Apparel Accessory Manufacturers Association (FAAMA) noted that the country currently imports most of its fabric requirements and raw materials, amounting to US$2 billion annually.
Asserting the importance of vertical integration, Fabric and Apparel Accessory Manufacturers Association (FAAMA) Chairman Sahan Rajapakse yesterday said that 50%-60% of Sri Lanka’s fabric requirement is imported.
This dependency on imports prolongs the industry’s lead times and impedes its ability to enhance speed and embrace agile models. Notably, over 40% of these imports consist of cotton, while 70% are composed of synthetic materials.
FAAMA is the governing body of fabric and apparel accessory manufacturers of Sri Lanka and a subsidiary of the Joint Apparel Association Forum (JAAF).
The association has over 40 member companies and is the unified voice for the apparel industry’s supply chain, aiding fabric and apparel accessory manufacturers to identify opportunities and work towards improving logistics, policies, and infrastructure.
Rajapakse stressed that bringing in supply chains within domestic factories will help reduce lead times and allow Sri Lanka to compete with countries that already have well-established vertical integration.
“Countries such as China, Vietnam and Bangladesh all have vertical integration in place. Having this vertical integration will allow investors to develop the product organically within the local supply chain, resulting in reducing freight charges.”
He reiterated that the fabric and cotton fabric industry have great potential for vertical integration. Currently, 40-50% of the required resources is supplied by companies like Hayleys Fabric, Teejay and Ocean Lanka.
The fabric and apparel accessory manufacturing industry is also in dire need of Government policy support given that it continually battles high electricity and water tariffs which have increased industry operational costs.
Rajapakse also highlighted the adverse impact of abolishing the Simplified Value Added Tax (SVAT) can have on the industry including jeopardising the cash flow of businesses.
The industry also sees immense potential for partnerships through foreign direct investment to capitalize on know-how on product and machinery development.
“The industry has not had much investment in the past few years,” states Rajapakse. “Improving Sri Lanka’s investment environment can certainly be a tool in strengthening Sri Lanka’s fabric and apparel accessory manufacturing industry and its supply chain.”
“The US market should be an industry goal while attempting to reach the skilled and ever-evolving markets of China and India.
Colombo (LNW): Sri Lanka’s listed corporations are now recovering after the income recession experienced during the past few years.
First Capital Research makes bullish call on equities as they expect all share price index ASPI of the stock market to reach 13,500 at end 2024
It says corporate earning bottomed out in 3% when they slowed their decline to 5% while expecting 4Q 2024 earnings to record 1% growth from a year ago levels
First Capital Research (FCR) opined that corporate earnings bottomed out in the third quarter of 2023 when such earnings slowed their decline to 5 percent after slumping 65 percent and 70 percent respectively in the first and the second quarters this year, which were more severe than initially anticipated.
This in fact had a bearing on FCR’s 2024 year-end call for the All Share Price Index (ASPI) which they lowered to a range between 13,000 and 14,000.
“Market earnings are to recover from 4Q2023 onwards. However, market earnings for 2024E in absolute terms was tamed down amidst the steep drop in 2023 earnings, pushing the PER to 12x on 2023E earnings,” FCR said in their latest Equity Strategy Report released recently.
They expect the 4Q earnings to have recorded a 1 percent growth from a year ago levels, setting off a continued rebound in the quarterly earnings pushing the benchmark indices higher, making stocks again investable.
Their earnings forecasts are also in line with the growth anticipated in the economy which is expected to have rebounded from the fourth quarter in 2023, although the overall economy would still end up in a decline by about 3.0 to 4.0 percent compared to 7.8 percent contraction in 2022.
They also projected a 3-4 percent growth in the GDP in 2024 and 2025 as the economy gradually recovers from the economic crisis.
While the declining interest rates are going to be a major catalyst for the equities to perform better as expected, FCR however highlighted potential political risks coming from the scheduled elections next year to somewhat dampen the rally and investor sentiments.
They also said the potentially successful completion of the external debt restructuring, progress on State owned Enterprise reforms and the release of the second tranche of the International Monetary Fund will also influence in building investor confidence and bringing the yields of the government securities further down.
Due to their bullish calls for equities, FCR recommended equity funds to raise their equity exposure to 100 percent from their earlier 85 percent while reducing their cash exposure to zero.
The Centre for Media and Information Literacy (CMIL) orchestrated a groundbreaking event, the MoJo for Governance Story Summit, in Galle, merging technology, governance, and advocacy to address pressing issues surrounding women’s rights. This summit, which brought together government bodies, NGOs, advocates, and women’s rights activists, stood out for its innovative focus on leveraging Mobile Journalism (MoJo) to amplify women’s voices and advocate for change on a global scale.
Timed strategically to coincide with the International Day for the Elimination of Violence against Women, the summit provided a dynamic platform for collaborative action and meaningful dialogue.
At the core of the summit was the theme of advocating for Women’s Rights through Mobile Storytelling, exploring how mobile storytelling can shape narratives, challenge societal norms, and advance gender equality. Engaging sessions facilitated discussions on various facets of women’s rights.
MoJo stories presented during the summit covered a wide array of issues, ranging from Gender-Based Violence to educational rights, nutritious diet concerns, challenges faced by estate workers, minimal female representation in politics, and issues encountered by transgender non-binary females. This diverse range underscored the potency of mobile storytelling in shedding light on critical women’s issues.
Government bodies actively participated in discussions, emphasizing the need for collaboration between the public and private sectors to drive meaningful change. Divisional Secretary Gonapinuwala M. M. M. Shafraas commended MoJo’s accessibility and its effectiveness in communicating complex topics to society.
Renuka Perera from the National Integration Office highlighted the necessity for sex education, citing instances where young girls faced challenges due to lack of knowledge.
Addressing local concerns, officials emphasized the need for safe resting areas for students and women in the Matara District. Participants who created MoJo stories addressing these concerns were recognized, showcasing the tangible impact of mobile storytelling.
Media professionals stressed the importance of empowering young girls in MoJo storytelling and urged NGOs and Government Bodies to provide platforms for their voices. Women’s rights activists shared personal narratives, emphasizing the urgency of addressing systemic challenges. Habaraduwa Development Foundation Chairman Dr. Wimal Dissanayaka applauded participants for shedding light on women’s rights violations through mobile storytelling, recognizing its resonance across digital platforms.
The summit concluded with a resounding call to action, encouraging participants and guests to sustain the momentum. The commitment to utilizing MoJo for governance and advocacy purposes led to the establishment of a collaborative framework, fostering ongoing dialogue and partnerships between Government bodies, NGOs, and activists.
This impactful program was supported by the U.S. Embassy in Colombo under its small and mighty grants program, managed by Sri Lanka Unites.
Health Minister Dr. Ramesh Pathirana orchestrated a surprise inspection of the Emergency Unit at the National Hospital in Colombo, with Health Secretary Dr. Palitha Mahipala and Health Services Director General Dr. Asela Gunawardena joining on Wednesday (6).
The visit encompassed a thorough scrutiny of operation theaters, wards, the blood bank, and crucial medical provisions, including antibiotics, X-ray, and CT scan facilities, focusing on the care provided to patients.
Acknowledging the dedicated efforts of the accident ward staff, Health Secretary Dr. Palitha Mahipala and Director General Dr. Asela Gunawardena lauded the commitment exhibited by the entire health workforce, comprising doctors, nurses, and specialists, in rendering treatment services.
Dr. Kumara Wickramasinghe, the Deputy Director General of the National Hospital, received directives aimed at fortifying the treatment services promptly.
The Colombo National Hospital’s Emergency Unit serves as the primary facility attending to accident victims, operating round-the-clock to cater to both critical and non-critical patients. Critical cases are directed to operation theaters, while non-critical cases receive ward treatment, and those requiring intensive care are given appropriate attention.
Dr. Haritha Aluthge, Secretary of the Government Medical Officers’ Association, contested the allocation of Rs.181 billion from this year’s budget for medicine procurement, emphasizing that such a historic allocation is unnecessary. Addressing a press conference in Karapitiya, Galle, Aluthge raised concerns about the allocated budget, citing previous instances of misappropriation.
Aluthge expressed the association’s intent to safeguard a portion of the allocated funds, underscoring past incidents where a significant sum meant for procurement vanished due to corruption and fraudulent emergency purchases, amounting to thirty to forty billion rupees lost by the government and the populace.
Despite these challenges, Aluthge voiced optimism about collaborating with the new Health Minister, praising the Minister’s grasp of healthcare intricacies. Acknowledging the urgency of various pressing issues, such as medicine shortages, equipment breakdowns affecting human resources, and the exodus of doctors from the country, Aluthge stressed the need for immediate redressal.
Recognizing the complexity of resolving all issues simultaneously, Aluthge highlighted the gravity of the medicine shortage problem, directly impacting lives. He stressed the imperative nature of effective human resource management and disclosed discussions with the Minister about establishing a system, in conjunction with the President, to retain local doctors—an initiative the association is committed to supporting.
Amidst these discussions, Aluthge raised eyebrows over the unprecedented allocation of Rs.181 billion for medicine procurement, asserting its potential surplus. The association contends that this mammoth budget may not be fully necessary and aims to explore avenues to save a portion of these funds earmarked for medicine procurement.
President Ranil Wickremesinghe recently made a pivotal announcement aimed at bolstering the resources available to students at Sri Lanka Law College. During a session held at the Parliament Complex on Wednesday (6), the President declared the allocation of government-owned land for this purpose, marking a significant milestone in the college’s history.
Highlighting the impending 150th anniversary of Sri Lanka Law College in 2024, President Wickremesinghe underscored its historical importance, noting its role in producing three Presidents of the country.
Urban Development and Housing Minister Prasanna Ranatunga confirmed that, as per the President’s directive, a parcel of land owned by the Urban Development Authority would be designated for Sri Lanka Law College.
The President directed relevant authorities to expedite plans for the immediate improvement of the college’s facilities. Initially, a 40-perch plot will be allocated, with further provisions to be made based on a comprehensive plan developed in consultation with the Justice Ministry.
Dr. Atula Pathinayake, the Principal of Sri Lanka Law College, expressed gratitude for the President’s attention to this matter, noting that in the institution’s 150-year history, no such allocation had been made to enhance student facilities.
Notable figures present during this decision-making process included Secretary to the President Saman Ekanayake, Secretary of the Ministry of Urban Development and Housing W.S. Satyananda, Chairman of the Urban Development Authority Nimesh Herath, officials from the Attorney General’s Department, and representatives from the Students’ Union of Sri Lanka Law College.
