February 01, Colombo (LNW): The Samagi Jana Balawegaya (SJB) denied reports circulating on certain media and social media platforms suggesting that General Daya Ratnayake, who joined the main Opposition party on January 30, has now joined the Mawbima Janata Party led by Dilith Jayaweera, asserting that they are completely false.
A senior spokesperson from the SJB has categorically denied the claims, stating that the news is entirely false.
By: Staff Writer
February 01, Colombo (LNW): The construction industry in Sri Lanka contracted by 14.9% in real terms last year, down from the previous estimate of a 7.9% decline, owing to the ongoing economic crisis, a steep currency depreciation and rising inflation.
According to the latest report of purchasing manager index released by the Central Bank released recently, the construction PMI, as reflected by the Total Activity Index value of 48.6 in December 2023, indicated a slower contraction in construction activities compared to November 2023.
The respondents mentioned that the limited availability of project work continued to hamper the activity levels.
New Orders declined in December, broadly at a similar pace compared to the previous month. Many respondents mentioned that currently they are heavily relying on foreign-funded projects.
Meanwhile, Employment contracted mainly due to the layoffs in line with the project completions.
Further, Quantity of Purchases remained contracted during the month since the ongoing work and the upcoming projects continued to decline.
In the meantime, Suppliers’ Delivery Time remained lengthened in December With the lack of upcoming projects and the impact of tax revisions on price levels, the industry outlook for the next three months is on the downside.
Further weighing on construction activity is the suspension of major infrastructure projects due to financial issues, owing to an increase in foreign debt and decreasing tax revenues.
According to World Bank, as of December 2022, Sri Lanka has an external debt burden of around Rs16.7 trillion (US$52 billion). Of that, 40% is owed to private creditors, including financial institutions, while the rest is owed to bilateral creditors, of which China, Japan and India are the largest.
Despite near-term challenges, the medium to long term growth prospects of the Sri Lankan construction industry are expected to be positive, assuming an improvement in economic stability and a resumption of investment in transport, housing, and renewable energy projects, and government policies to promote manufacturing and exports.
The Sri Lankan construction industry is expected to register an average annual growth of 5.6% from 2024 to 2027, picking up from the low base in 2022 and 2023.
In January 2023, India’s state-owned railway company Indian Railway Construction International (IRCON) launched a Rs 28.9 billion ($90 million) program for the up gradation of the railway track in Jaffna.
February 01, Colombo (LNW): The Sri Lankan Rupee indicates appreciation against the US Dollar today (01) in comparison to yesterday, as per the official exchange rates issued by the Central Bank of Sri Lanka.
Accordingly, the buying price of the US Dollar has dropped to Rs. 310.54 from Rs. 312.09, and the selling price to Rs. 320.40 from Rs. 321.85.
The Sri Lankan Rupee indicates similar pattern against several other foreign currencies as well.
By: Staff Writer
February 01, Colombo (LNW): Litro Gas Lanka Ltd. has recently declared an impressive contribution of Rs. 3 billion in dividends to the Treasury through its primary shareholder, Sri Lanka Insurance Corporation. This consists of Rs. 1.5 billion made in October 2023 and another Rs. 1.5 billion paid on 26 January 2024.
Litro said this noteworthy gesture comes at a crucial time when Sri Lanka is actively seeking to boost state revenue to attain stability in the aftermath of a pandemic followed by an economic downturn.
Furthermore, Litro has demonstrated its commitment to national empowerment by also paying Rs. 2.6 billion in taxes and duties, solidifying its position as one of the few profitable state-owned enterprises.
Despite facing challenges, including a shortage of foreign reserves that affected its supply chain, Litro swiftly resolved the issues.
Litro Chairman Muditha Peiris said that the fiscal year 2023 has proven to be profitable for Litro, despite economic challenges and hardships.
“We are dedicated to ensuring that LPG remains affordable for our existing customer base while expanding our reach to the rural sector in the upcoming financial year,.” He added.
He highlighted the company’s focus on various aspects of safety, including educational initiatives to promote the importance of switching to LPG as a safer and healthier alternative.
Litro’s resilience and growth can be attributed to the strategic efforts of the management under the guidance of the Chairman who took over the company during a turbulent period.
The turnaround entailed ensuring a steady and uninterrupted supply of LPG to industries and households in turn ensuring convenience as well as safeguarding livelihoods across many key industrial segments.
As the largest stakeholder in the local LPG market, Litro managed to procure from the most technically qualified, competitive, and cost-effective suppliers to eliminate shortages promptly.
The selection of a supplier has been a key priority, focusing on their consistent capability to meet supply requirements and their commitment to offering a competitive price, thereby ensuring both reliability and cost-effectiveness.
Litro adopted a pricing mechanism aligning with global market rates to ensure that benefits from price fluctuations are reflected in the prices of its products. These pioneering efforts have empowered the industry as well as local enterprises and households dependent on LPG.
Especially in the past years, Litro has emerged as a success story for how State-Owned Enterprises can be steered to profitability while prioritising welfare.
The company serves as a blueprint for growth and recovery for SEOs dispelling the misconception that privatisation is the only solution. As Litro contributes significantly to the national treasury, it plays a crucial role in supporting the country’s economic recovery and stability.
February 01, Colombo (LNW): The Department of Immigration and Emigration has announced an increase in the fee for the issuance of passports under the normal service category.
The Controller General of Immigration and Emigration has confirmed that the revised fee for passports issued through the normal service will now be Rs. 10,000, doubling from the previous Rs. 5,000.
This adjustment comes into effect from today, February 1, 2024.
February 01, Colombo (LNW): The Sri Lankan Rupee has largely appreciated against the US Dollar today (01) in comparison to yesterday, as per the exchange rates issued by leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 309.16 from Rs. 310.88, and the selling price to Rs. 319.94 from Rs. 321.71.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 308.60 from Rs. 309.60, and the selling price to Rs. 319.50 from Rs. 320.50.
At Sampath Bank, the buying price of the US Dollar has dropped to Rs. 309.5 from Rs. 312, and the selling price to Rs. 318.50 from Rs. 321.
February 01, Colombo (LNW): H.L.D. Mahindapala, the former Editor-in-Chief of Sunday Observer and Daily Observer newspapers, has passed away at the age of 93.
Mahindapala was a respected figure in Sri Lankan journalism, having worked alongside notable contemporaries like Clarence Fernando and Denzil Peiris, contributing significantly to the field in the 1950s.
In the 1970s, Mahindapala immigrated to Australia, where he continued his journalistic contributions by writing articles and features for the Daily News newspaper while residing in Melbourne.
His writings were recognised for their importance in shaping perspectives on Sri Lankan relations, not only in Australia but also in other countries.
Taking on the role of Editor-in-Chief of the Sunday Observer in 1990, Mahindapala brought various innovative writing techniques to the forefront as a columnist and editorial writer.
Known for his versatility, he demonstrated a profound understanding of politics and history. His personal library, housing thousands of books, reflected his commitment to knowledge and intellectual pursuits.
After leaving the newspaper, Mahindapala returned to Sri Lanka, concluding his residence in Australia. In recognition of his contributions, he received a prestigious lifetime award from the Sri Lanka Authors Forum.
Mahindapala’s unwavering passion and love for Sri Lanka were evident throughout his career, and he fearlessly advocated for the well-being of the country.
His final rites will be performed at Borella Public Cemetery on Friday (02) at 4 pm. His body will be laid to rest at the Borella Jayaratne Flower House from 9 am today (01), and the funeral procession will leave the Hall tomorrow (02) at 3.30 pm.
February 01, Colombo (LNW): Kushan Sampath Jayaratne officially commenced his role as the 7th Serjeant-at-Arms of the Parliament of Sri Lanka yesterday (31) morning, succeeding the retired Narendra Fernando, who served as the 6th Serjeant-at-Arms.
The handover ceremony, a traditional exchange, took place near the Silver Door leading to the Parliament Chamber.
During the ceremony, the outgoing Serjeant-at-Arms Narendra Fernando handed over the Mace and the Sword of the Serjeant-at-Arms to his successor, Mr. Kushan Sampath Jayaratne, according to a statement from the Parliamentary Communications Department.
Jayaratne brings a wealth of experience to the position, having served in the Sri Lanka Navy from 1994 to 2007. His naval service included extensive involvement in operations related to the Fast Attack Craft Flotilla. In 2007, he transitioned to the service of the Parliament of Sri Lanka, initially as an Assistant Serjeant-at-Arms. In recognition of his dedication and capabilities, he was promoted to the position of Deputy Serjeant-at-Arms in 2018, a role he held until January 30, 2024.
February 01, Colombo (LNW): A total of 72 trade unions within the health sector initiated an island-wide one-day strike at 6:30 a.m. today (01), urging the government to promptly address their concerns, the National Movement of Health Professionals said.
While doctors’ unions and the All Ceylon Nurses’ Union opted not to participate, citing the strike as a government conspiracy, they emphasised that their demands had been communicated to the authorities.
The unions gave the relevant bodies a one-month window to respond to their requests and warned of further trade union action if their concerns were not addressed.
The strike is rooted in the government’s decision, approved on January 8, to double the Disturbance, Availability, and Transport (DAT) allowance for government doctors.
The move sparked protests from various health sector professionals, leading to multiple strikes.
On January 23, the government temporarily reduced the DAT allowance for doctors, citing budget constraints.
The Government Medical Officers’ Association (GMOA) had initially declared an indefinite strike starting January 24 but later withdrew the action when the decision to cut the DAT allowance was reversed.
February 01, Colombo (LNW): Students faced the rescheduled 2023 G.C.E. Advanced Level examination in Agricultural Science today, February 1, following the cancellation of the original test papers for both Paper I and II due to the discovery of leaked questions.
The cancellation was announced in two stages, with Paper II being annulled on January 12, followed by the cancellation of Paper I on January 17, prompting the Department of Examination to reschedule the entire examination.
The retest for Agricultural Science Paper II took place from 8:30 a.m. to 11:40 a.m., followed by Paper I from 1 p.m. to 3 p.m.
Admission cards for school applicants were distributed to respective school principals, while private applicants received their admission cards via post.
The rescheduling was undertaken to ensure the integrity and fairness of the examination process for all students.