April 20, Colombo (LNW): Showers or thundershowers will occur at a few places in Western, Sabaragamuwa, North-western, Uva and Central provinces and in Anuradhapura, Vavuniya, Mannar, Galle and Matara districts after 2.00 p.m.
Misty conditions can be expected at some places in Sabaragamuwa and Central provinces and in Kalutara, Galle and Matara districts during the morning.
General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
April 19, Colombo (LNW): Sri Lanka Manufacturing sector recorded the highest values recorded for March 2024 in three years, the latest data by the Central Bank shows.
Manufacturing recorded a Purchasing Managers’ index value of 62.5 in March, compared to 56 in February this year, it added. .
The Central Bank said all sub-indices expanded and this was mainly due to the seasonal demand and the industry expectations for the next three months remain positive.
Meanwhile, the Sri Lanka Purchasing Managers’ Index for Services (PMI – Services) also expanded in March 2024, CBSL said.
PMI – Services Business Activity Index recorded an index value of 67.7 in March, this was 53 in February 2024.
Sri Lanka Purchasing Managers’ Index for Manufacturing (PMI – Manufacturing) recorded an index value of 62.5 in March 2024, indicating an expansion in manufacturing activities.
This marks the highest PMI-Manufacturing that was recorded in three years. All the sub-indices expanded on a month-on-month basis contributing to this increase, mainly driven by the seasonal demand.
The increase in New Orders and Production was mainly attributable to the manufacture of food & beverages and textiles & apparel sectors.
Most of the manufacturers, especially in the food & beverage sector, were optimistic about the upcoming festive season.
Moreover, Employment and Stock of Purchases increased during the month in line with the New Orders and Production. Further, a decline in price levels was also evident.
Meanwhile, Suppliers’ Delivery Time remained lengthened, yet at a slower rate in March. The industry expectations for the next three months remain positive.
However, most of them expect a natural decrease in production during April following the end of the seasonal peak.
Sri Lanka Purchasing Managers’ Index for Services (PMI – Services) indicated a further expansion in service activities in March 2024 as reflected by the Business Activity Index, which recorded an index value of 67.7.
The continued expansion in Business Activities was driven by the improvements observed across most of the sub-sectors.
Accordingly, the wholesale and retail trade sub-sector experienced a significant uptick attributed to increased sales ahead of the festive season.
Further, business activities in the financial services subsector continued to grow supported by the accommodative monetary policy stance.
Meanwhile, the accommodation, food and beverage sub-sector continued to grow driven by high tourist arrivals, while transportation, other personal activities and professional services sub-sectors also recorded positive developments during the month.
New Businesses increased in March, particularly with the increases observed in wholesale and retail trade, financial services, insurance, transportation and professional services sub-sectors.
Employment increased due to new recruitments made by several companies in view of the festive season. Meanwhile, Backlogs of Work continued to decline, yet at a slower rate, during March.
Expectations for Business Activities for the next three months continued to rise supported by favourable macroeconomic conditions.
April 19, Colombo (LNW): Sri Lanka anticipates US $ 1.3 billion revenue approximately from Ceylon tea exports in 2024, Sri Lanka Tea Board Chair Niraj de Mel said, adding that apparently first quarter export revenue was precursor for the possibility of achieving this target.
First quarter tea exports in $ terms had hit a six year high of $ 354 million, Asia Siyaka Research said yesterday quoting data published by Sri Lanka Customs.
Sri Lanka shipped 62 Mn kg during the period January – March 2024, up 15% on last year’s figure of 54 Mnkg.
“Due to steady strengthening of the Sri Lankan Rupee against US$ YoY and lower auction prices, Rupee earnings show only a nominal change with an increase from Rs. 36 billion to Rs. 38 billion,” Asia Siyaka said.
“In USD however, the approximate value is $ 354 million was 13% more than the 2023 figure of $ 314 million. This year’s Dollar earnings are the highest since 2018; however, the country exported 68.8 Mnkg in Q1 of that year compared with 62.3 Mnkg in 2024,” Asia Siyaka added,
It said Iraq topped the list of biggest buyers with a quantity of 8.4 Mnkg amounting to 14% of all shipments in 2024. The UAE follows with 7 Mnkg, up 56% on last year. Shipments to Russia have grown 14% YoY 6.4 Mnkg.
Turkey follows but quantities have declined a sharp 40% to 4 Mnkg. Iran has increased 166% YoY from 1.3 Mnkg to 3.4 Mnkg this year. Saudi Arabia has increased 39% YoY 2.5 Mnkg and is followed by China up 8% to 2.4 Mnkg.
However, Hayleys Group Managing Director and Planters’ Association (PA) of Ceylon Spokesperson Dr. Roshan Rajadurai noted that VAT has, in fact, cost of production as tea production inputs such as fuel, machinery, energy, chemicals and materials have increased.
At the same time, there are opportunities for Ceylon Tea in the global market, such as India anticipates to increase its domestic tea consumption which eventually results in India leaving the traditional Western and Russian countries from tea exporting. Sri Lanka can reap from such market situations, PA spokesperson further explained.
Moreover, the Sri Lanka Tea Board Chairman said that the application for Geographical Indication (GI) certification for Ceylon Tea within European Union (EU) countries could be submitted soon , “hopefully”.
April 19, Colombo (LNW):. Fr. Cyril Gamini Fernando, a Catholic priest and spokesperson for the Colombo Archdiocese, reported to the Criminal Investigation Department (CID) this morning.
He was complying with a summons issued on Wednesday to record his statement regarding the 2019 Easter Sunday terror attacks.
April 19, Colombo (LNW): Sri Lanka’s State Minister of Finance, Shehan Semasinghe, recently held discussions with Robert Kaproth, Deputy Assistant Secretary of the US Treasury, focusing on Sri Lanka’s economic progress and efforts in debt restructuring, tax administration enhancement, and governance reforms.
In a statement on X (formerly Twitter), Minister Semasinghe highlighted that the talks were productive, with Kaproth expressing strong support for Sri Lanka’s ongoing initiatives. Kaproth reassured full US support for the country across all areas discussed.
Kaproth, also posting on X, expressed his satisfaction with Sri Lanka’s advancements in economic recovery and the stability of its financial sector, acknowledging the significant progress made by the nation in these critical areas.
April 19, Colombo (LNW): The State-Owned Enterprise Restructuring Unit (SRU) of the Finance Ministry has disclosed the names of both local and international firms that responded to requests for quotes and the shortlisted bidders for the divestiture of government-held shares in several key state-owned enterprises (SOEs).
In a detailed press release, the SRU outlined the timeline for concluding these divestitures, targeting completion for all except SriLankan Airlines by August 2024, with the airline’s divestiture process extending to September 2024.
The divestiture initiative follows the Cabinet of Ministers’ March 2023 approval for selling government shares in major enterprises including Hotel Developers Lanka Ltd (owners of Hilton Colombo), Canwill Holdings Pvt Ltd (owners of Grand Hyatt Colombo), Lanka Hospitals Corporation PLC, Sri Lanka Telecom PLC, and others such as Litro Gas Lanka Ltd and Sri Lanka Insurance Corporation.
The divestiture process is supported by Transaction Advisors who conduct comprehensive due diligence, market sounding, and valuation. A Special Cabinet Appointed Negotiating Committee, alongside Special Project Committees comprising public and private sector members, oversee the preparation and evaluation of qualification requests and proposals, ensuring a transparent and credible process.
The government has already conducted pre-bid meetings for all entities, with deadlines for submitting qualifications now closed for several entities, while remaining open for SriLankan Airlines until April 22, 2024.
President Ranil Wickremesinghe expressed his firm conviction in his ability to shape the Sri Lanka that the nation’s youth envision. Embracing the daunting task of revitalizing Sri Lanka’s faltering economy, which many deemed challenging, the President underscored his success in stabilizing the nation’s economic trajectory within a mere two years.
Opposition Leader MP Sajith Premadasa has questioned the government’s decision to suddenly increase the visa fee of foreign tourists at a time when the country’s tourism industry was blooming with an influx of tourists. He revealed that service and additional charges for SAARC countries have been increased from US$ 20 to US$ 30 resulting in the total fee surpassing US$ 58.
The International Monetary Fund (IMF) stands ready to support Sri Lanka’s discussions with international bondholders and will provide a formal assessment after the parties reach a tentative agreement-in-principle, an IMF spokesperson said .
Sri Lanka Police says the general public can provide any information regarding environmental destruction via the hotline numbers ‘1997’ and ‘1981’.
Sri Lankan telecom operators Dialog Axiata and Bharti Airtel have signed a definitive agreement to merge telecom operations in the island nation, the companies said on Thursday, nearly a year after the merger was announced.
The Sri Lanka Army, on the directions of the Ministry of Defence, has declared a General Amnesty for all Army absentees, enabling them to receive an official discharge from their service. General amnesty will be in force for a period of one month starting from 20 April to 20 May 2024, it said.
The State-Owned Enterprise Restructuring Unit (SRU) of the Finance Ministry has officially released the names of the local and foreign firms that have submitted responses to the respective requests for quote and the shortlisted bidders for the divestiture of shares held by the Government of Sri Lanka in several key state-owned enterprises (SOEs).
The Colombo District Court ordered the interim injunction issued preventing former President Maithripala Sirisena from functioning as the Chairman of the Sri Lanka Freedom Party (SLFP) to be extended until May 09.
Two police officers including a Sub-Inspector (SI) and a Sergeant have been arrested by the Criminal Investigation Department (CID) for allegedly maintaining dealings with drug traffickers. Accordingly, a Sub-Inspector attached to Mawathagama Police Station and a Sergeant of the Doretiyawa Police Station have been arrested by the CID and are being questioned under detention.
NASA has selected a new crew of four volunteers to participate in a simulated mission to Mars within a habitat at the agency’s Johnson Space Center in Houston. And among them is Sri Lanka’s Piyumi Wijesekara, who is joined by Jason Lee, Stephanie Navarro, and Shareef Al Romaithi.
April 19, Colombo (LNW):On a sunny Sunday, the Sri Lanka Navy (SLN) facilitated the release of 82 sea turtle hatchlings into the wild at Panama beach. This conservation effort was led by the Southeastern Naval Area Commander, Rear Admiral Thushara Karunathunga, and is part of an ongoing Turtle Conservation Project (TCP) directed by SLN Commander, Vice Admiral Priyantha Perera.
The TCP aims to protect these vulnerable marine creatures by safeguarding their eggs and ensuring the hatchlings safely reach the ocean. This initiative is a critical step towards the conservation of sea turtles, which are considered endangered due to various threats such as habitat loss, pollution, and illegal poaching.
The released hatchlings were nurtured at the Turtle Conservation Unit at SLNS Mahanaga, under the guidance of the Southeastern Naval Command. In addition to the Panama center, similar conservation activities are carried out along Sri Lanka’s Western, Southern, and Eastern coastlines by the Sri Lanka Coast Guard, demonstrating a coordinated effort to protect marine biodiversity across the nation.
April 19, Colombo (LNW): Jean-Francois Pactet, the French Ambassador to Sri Lanka, recently toured the Hambantota International Port (HIP) to assess potential business prospects for French companies. During his visit, the Ambassador, along with Hema Ramachandran, Deputy Economic Counsellor, and Dinusha Ileperuma, Press Attaché, met with Tissa Wickremasinghe, the Chief Operating Officer of HIPG.
The discussions focused on the port’s five core areas of business, emphasizing the significant growth in the RORO, LPG, and oil and gas sectors, alongside the recent expansion into container operations. Wickremasinghe highlighted the port’s anticipated increase in bulk cargo volumes by the end of the year and discussed HIPG’s contributions and future plans concerning Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) aspects.
The visit underscores the increasing interest from international entities in the opportunities presented by the expanding capabilities of the Hambantota International Port. The COO of HIPG presented a token to Ambassador Pactet to commemorate his visit, marking a gesture of goodwill and ongoing collaboration between Sri Lanka and France.
April 19, Colombo (LNW): In a recent press conference in Colombo, UNP Chairman and Parliamentarian Vajira Abeywardena lauded President Ranil Wickremesinghe for his pivotal role in pulling Sri Lanka back from the brink of bankruptcy. Serving as the Finance Minister during critical global economic disruptions and conflicts, President Wickremesinghe’s policies have revitalized the nation’s economy and strengthened the Sri Lankan rupee, making it one of the most robust currencies in the financial market.
Abeywardena highlighted the recent performance of the Sri Lankan rupee, noting its strong position against the US dollar and a significant improvement as reported by the Central Bank—the first such strengthening since June of the previous year. He also referenced projections from the Asian Development Bank, which anticipates growth in the Sri Lankan economy of 1.9 percent in 2024 and 2.5 percent in 2025.
The UNP Chairman cited Bloomberg data to underscore the remarkable turnaround of the Sri Lankan rupee, which now stands as a leader in the financial markets. Abeywardena emphasized the need for logical and careful action from the Sri Lankan public in light of these developments.
