February 01, Colombo (LNW): Continuing the relentless efforts of the countrywide anti-drug operation ‘Yukthiya,’ Sri Lanka’s police and security forces personnel successfully apprehended 878 suspects within the 24-hour period ending at 12:30 a.m. today.
The arrests include 649 individuals detained on charges related to narcotics, along with 229 others who were on the list of wanted criminal suspects.
During this operation, detention orders have been secured against six drug suspects, and four individuals have been referred to rehabilitation centres, the Ministry of Public Security said.
Seizures made during this period include 130 grams of heroin, 134 grams of crystal methamphetamine (‘ICE’), 1.2 kilograms of cannabis, and 2,211 narcotic pills.
February 01, Colombo (LNW): The Ceylon Petroleum Corporation (CEYPETCO) has disclosed adjustments in fuel prices set to take effect from midnight yesterday (31).
The revised prices are as follows:
Petrol Octane 92: Increased by Rs. 5 to Rs. 371 per litre
Petrol Octane 95: Reduced by Rs. 8 to Rs. 456 per litre
Auto Diesel: Increased by Rs. 5 to Rs. 363 per litre
Super Diesel: Reduced by Rs. 7 to Rs. 468 per litre
Kerosene: Increased by Rs. 26 to Rs. 262 per litre
Simultaneously, Lanka IOC has also decided to adjust its fuel prices in alignment with the new Ceypetco rates.
Additionally, Sinopec Energy Lanka has announced its own revised retail fuel prices, effective midnight:
Petrol Octane 92: Rs. 361 (increased by Rs. 5)
Petrol Octane 95: Rs. 456 (reduced by Rs. 8)
Auto Diesel: Rs. 360 (increased by Rs. 5)
Super Diesel: Rs. 468 (reduced by Rs. 7)
The adjustments in fuel prices are a response to fluctuations in global oil markets and are implemented with the aim of maintaining stability in the domestic fuel sector.
Marumalarchi DMK General Secretary & Indian Rajya Sabha Member Vaiyapuri Gopalsamy (Vaiko) calls on the Indian Govt to approach its relationship with SL with care in the light of China’s increasing presence in SL: emphasises the strategic significance of China’s construction of a port in Hambantota: draws attention to the alleged attacks on Tamil fishermen by the SL Navy: urges the protection of lives & property of Tamil fishermen.
Analysts expect private consumption to slowdown in 1Q2024 due to higher taxes, thereby delaying any recovery in economic activity: also expect inflation to remain high amidst skyrocketing prices of vegetables & fuel: since 2Q2022, SL’s GDP growth has been recording high negative values, with soaring unemployment, business failures, poverty, inflation, interest rates, NPLs, and debt build-up.
Atlas Network VP Dr Tom Palmer says the current high-tax regime backed by the IMF could potentially impede economic recovery & constrict the tax base in SL: asserts countries that successfully recovered from debt crises often embraced simplified, low tax rates, diverging from the high tax rates prescribed by the IMF.
SLPP MP Shasheendra Rajapaksa appointed State Minister for Irrigation & Water Resources Management by President Ranil Wickremesinghe.
CPC fuel prices revised once again: Petrol 92 increased by Rs.5 per litre to Rs.371 per litre: Petrol 95 reduced by Rs.8 to Rs.456: Auto Diesel increased by Rs.5 to Rs.363: Super Diesel reduced by Rs.7 to Rs.468: Kerosene increased by Rs.26 to Rs.262: in March’22, Petrol 92 was Rs,177, Auto Diesel was Rs.121, & Kerosene was Rs.87 per litre.
Census & Statistics Dept says overall rate of inflation measured by the Colombo Consumer Price Index (CCPI) on YoY basis increased to 6.4% in January’24 from 4.0% in December’23: Food inflation increased to 3.3% in January’24 from 0.3% in December’23.
Former Army Commander, SL Ports Authority Chairman & Ministry Secretary General Daya Ratnayake joins SJB led by Opposition Leader Sajith Premadasa: appointed as a senior adviser of the Party on “Public Policy”: SJB Chairman & former Army Commander General Sarath Fonseka expresses disgust at the new appointment and publicly criticises the new appointee, Ratnayake.
SJB MP Kabir Hashim charges the Govt has drawn up plans to divest the profit-making Litro Gas Company, thereby creating a duopoly in gas distribution: previously, Hashim and SJB economic guru Harsha Silva had been ardent advocates of an IMF programme which has now led to the Govt’s privatisation effort.
Hambantota International Port announces that over 300 oil & gas cargo vessels visited the Port in 2023, recording a 132% increase in vessel calls compared to 2022: improved performance attributed to the Port’s bunkering partner, Sinopec.
Former Editor in Chief of the Sunday Observer & Observer (Daily) and veteran journalist H L D Mahindapala, 93, passes away: Mahindapala belonged to a different era in journalism and shared the limelight with legendary figures in the newspapers, such as Denzil Pieris and Clarence Fernando.
February 01, Colombo (LNW): Several spells of showers will occur in Eastern and Uva provinces and in Mullaitivu, Matale and Polonnaruwa districts, and showers or thundershowers will occur at several places elsewhere of the island after 2.00 p.m, the Department of Meteorology said in its daily weather forecast today (01).
Fairly heavy showers about 75 mm are likely at some places in Central and Sabaragamuwa provinces and in Galle and Matara districts, the statement added.
Misty conditions can be expected at some places in Central and Sabaragamuwa provinces and in Galle and Matara districts during the morning.
The public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.v
Marine Weather:
Condition of Rain:
Showers or thundershowers will occur at several places in the sea areas off the coast extending from Trincomalee to Hambantota via Batticaloa. Showers or thundershowers may occur at few places in the sea areas off the coast extending from Hambantota to Galle via Matara during the evening or night.
Winds:
Winds will be north-easterly or easterly and wind speed will be (20-30) kmph.
State of Sea:
The sea areas around the island will be slight. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
January 31, Colombo (LNW): The Government has adopted a multi-pronged approach to foster national stability and prosperity focused on empowering vulnerable populations, creating foreign employment opportunities and enhancing skills development. State Minister of Social Empowerment, Anupa Pasqual, disclosed.
Expressing optimism for a brighter future, State Minister Anupa Pasqual unveiled a comprehensive plan, “New Village, New Country, Entrepreneurial State,” that aims to unlock the potential of 1.2 million needy families and propel them towards economic independence.
Recognizing the potential of international opportunities, Pasqual mentioned about the plans to send 10,000 individuals proficient in Japanese to secure jobs abroad. This initiative leverages existing language skills to open doors to lucrative employment options in a new market.
Further enhancing the access to foreign jobs and cater to a wider range of opportunities, the government aims to provide 100,000 additional foreign jobs for Sri Lankan citizens this year.
This ambitious target underscores the commitment to investing in skills development and training programs, ensuring Sri Lanka’s workforce is prepared for the demands of the global market, the State Minister explained.
He highlighted the government’s dedication to building a more stable and prosperous future for Sri Lanka by empowering its people, both within the country and by connecting them to international opportunities,
Anupa Pasqual, State Minister for Social Empowerment further said that; the government’s mission for 2024 is to uplift Sri Lanka through Aswasuma, offering social security to 2.0 million beneficiaries and empowering 300,000 vulnerable families, laying the foundation for a prosperous “New village, New country, Entrepreneurial state.”
Empowering beneficiaries is our ultimate objective, and we’re moving beyond simply providing financial assistance to achieve it.
The revamped system focuses on creating opportunities for foreign employment, with 10,000 Japanese Language Proficiency Test passers already placed abroad and a further 100,000 foreign jobs targeted.
In addition to equipping beneficiaries with vital professional skills through targeted training programs, we propose fostering the cultivation of high-value crops like tea, cinnamon, and pepper for export.
This dual approach, combining skill development and export-oriented agriculture, promises a sustainable path towards economic empowerment, he revealed.
In a concerted effort to enhance the Samurdhi Development Department, a comprehensive promotion program is being implemented, targeting over 25,000 individuals.
President Wickremesinghe’s ambition is to empower the department’s workforce, with 2,000 promotions already planned for next April, and ultimately pivots its focus from mere welfare provision towards entrepreneurial development.
A significant step has been taken to bolster youth vocational training, with three agreements signed with China.
January 31, Colombo (LNW): In an unexpected move, partially four State owned Sri Lanka Telecom-Mobitel board directors have resigned allowing the finance ministry for reconstitution after the company management’s refusal to withdraw the case against proposed merger between industry leader Dialog Axiata and Airtel.
Sri Lanka Telecom Chairman Reyaz Mihular and three have resigned, the company said in stock exchange filings without giving reasons.
Lalith Seneviratne, Ranjith Rubasinghe have resigned with effect from January 29 and K A Vimalenthirarajah from January 30, the filing said.
Sri Lanka’s Daily FT newspaper reported earlier in the week that Mihular and other directors were asked to resign by the government which is the controlling shareholder.
The report said Mihular has been demanded to withdraw a case filed by Mobitel, against a merger of Airtel and Dialog, during a meeting with President Ranil Wickremesinghe.
Mihular had said it was a board decision which was based on the interests of the company and the request will be conveyed
SLT confirmed to the Colombo Stock Exchange that the firm had been copied a letter from the Secretary to the President to the Treasury Secretary on reconstituting its board.
The government is divesting its stake in Mobitel and India’s Jio Platforms, a unit of Reliance group and Gortune International Investment Holdings, a Chinese firm has expressed interest buying the firm
Mid-last year, Mobitel initiated legal action against Telecommunication Regulatory Commission (TRC) and Dialog, Airtel among others stating that proposed merger and action to combine spectrum allocations and/or permit the combination of spectrum of Dialog and Airtel without surrendering the spectrum enabling TRC to reallocate it among the existing operators according to law.
Mobitel is of the view that failure by TRC would be illegal, wrongful, unlawful, arbitrary, unreasonable and capricious etc.
The litigation was viewed as controversial as state control telco was challenging the regulator thereby the Government. However, Mobitel is of the view that it has a strong case and action was in the larger interest of the industry, shareholders and customers.
With SLT-Mobitel not budging and thereby delaying the Dialog-Airtel merger, a visibly annoyed President Ranil Wickremesinghe on 24 January summoned the SLT’s Non-Executive Chairman Reyaz Mihular and CEO Janaka R. Abeysinghe and requested for the withdrawal of the legal action.
However, Mihular, the top professional from the private sector and appointed as Chairman in July last year, had said he can’t decide but it was a Board decision on the future interest of the company and based on good counsel and will convey the President’s request formally to the Board.
Same meeting it was implied by the officials that if needed SLT Board can be reconstituted to which Mihular had said as major shareholder it was the prerogative of the Government.
January 31, Colombo (LNW): A passive resistance was held in front of the Criminal Investigation Department (CID) this (31) afternoon demanding the arrest of former Health Minister Keheliya Rambukwella.
The resistance was organised by the Citizen Power Against Bribery, Corruption and Waste movement, together with the Union of Environmental, Civic and Peoples’ Organisations.
Despite the existence of evidence corroborating the involvement of Rambukwella in the questionable immunoglobulin import endangering people’s lives, the ex Minister is protected on certain parties’ wishes, the demonstrators pointed out.
Meanwhile, Rambukwella is expected to arrive in the CID to be questioned about the questionable immunoglobulin deal.
January 31, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates appreciation against the US Dollar today (31) in comparison to yesterday, as per the official exchange rates issued by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has dropped to Rs. 312.09 from Rs. 312.81, and the selling price to Rs. 321.85 from Rs. 322.73.
The Sri Lankan Rupee has also appreciated against several other foreign currencies.
January 31, Colombo (LNW): Sri Lanka’s tax revenue increased significantly by 56% to 2,512 billion rupees in the 11 months leading up to November. Total revenues also rose to 2,758 billion rupees, finance ministry data shows.
Despite this, the country faced a substantial surge in its deficit, primarily due to increased interest costs.
The monthly tax collection reached 299 billion rupees in November. The country’s current spending skyrocketed to 4,292.8 billion rupees, marking a 46% increase, with interest costs experiencing a significant jump.
Non-interest expenses rose by 14.5%. Notably, there were salary and pension increases in January 2024. Interest costs, which were already high at 1,772 billion rupees up to October, escalated further to 2,351 billion rupees by November 2023.
The Inland Revenue Department (IRD) has achieved its highest ever tax revenue of Rs. 1,550.6 billion in 2023 exceeding the target of Rs. 1,492 billion given to them for the year which is 104 percent of the set revenue target of Rs.1,492 billion given for 2023.
Deputy Commissioner General Inland Revenue Department, Saman Shantha (Media Committee Chairman) said that the target of Tax Revenue to achieve in the year 2024 is set at Rs.2,024 billion.
The total revenue collected by Inland Revenue for the year 2023 is Rs.1,550,589 Million compared to the total of Rs. 861,233 earned in 2022.
The Inland Revenue Department has succeeded in raising the tax revenue by 80 percent up to Rs.1,550.6 Billion for 2023 and by doing so has made a commendable contribution to maintain the financial position of the Government at a very strong base.
The Department has achieved a remarkable revenue collection growth of 25 percent in Corporate and Non-Corporate Income Tax, 59 percent in Value Added Tax (VAT), 473 percent in Advance Personal Income Tax and 684 percent in Advance Income Tax when compared to 2022.
In Sri Lanka, interest costs tend to rise during a stabilization year following a currency crisis triggered by the central bank’s rate cuts and liquidity injections.
The stabilization process began in April 2022 when Sri Lanka allowed interest rates to rise. However, fears of a full default in domestic securities to meet IMF requirements caused further spikes in government securities’ interest rates.
Officials have tried to mitigate the impact of domestic bonds and restructured some bonds, with the EPF-held bonds’ coupon set at 12.5% until 2025.
The deficit in the current account of the budget increased by 35% to 1,534 billion rupees. Capital spending was relatively controlled at 498 billion rupees, a 7% increase. Overall, the budget deficit rose by 26% to 2,020 billion rupees.
January 31, Colombo (LNW): Sri Lanka’s Services exports recorded a new high in 2023 with a strong rebound whilst shipment of goods lagged amidst challenges as per provisional data released by the export development board yesterday.
As against a 6% decline in 2022, services exports last year shot up by 63% to surpass the $ 3 billion mark. Merchandised exports on the other hand, declined by 9.5% to $ 11.85 billion, statistics from the Export Development Board revealed.
Robust performance by the services sector helped Sri Lanka finish 2023 with $ 14.95 billion in total exports, down marginally by 0.39% from $ 14.99 billion in the previous year.
The highest performance of total exports was $ 15.91 billion in 2018. However, 2023 performance was also far below the original target of $ 18.51 billion.
The services sector also beat the original forecast of $ 2.58 billion for 2023. Merchandise exports target was $ 16 billion.
In 2023, the value of ICT exports is estimated to have increased by 13.2 % to $ 1.26 billion. Construction, and transport and logistics services exports are forecasted to have increased as well, according to the EDB.
Except for tea, spices and concentrates, Electrical and Electronic Components (EEC) and food and beverage, all the other key export sectors including apparel and textiles, rubber and rubber finished products, coconut and coconut-based products and seafood underperformed in 2023.
“We cannot estimate the numbers for 2024 amid the highly volatile internal and global scenario,” the EDB Chairman Dr. Kingsley Bernard said.
He said the EDB in collaboration with the Investment Promotion Ministry has obtained technical support from the International Trade Centre (ITC) based in Geneva to revisit its existing Export Strategic Plan – National Export Strategy (NES).
“The key focus for 2024 is on reviewing the existing NES to align it with contemporary market challenges and harness emerging opportunities to boost exports. The ITC has not yet informed final details regarding the targets but it will soon be announced,” Dr. Bernard added.
Earnings from export of tea, spices and concentrates, electronics and electronic components and food and beverages increased by 4.06 %, 7.42 %, 0.62 % and 0.37 % respectively during the period of January – December 2023 compared, in comparison to the corresponding period of 2022.
Earnings from export of Electrical and Electronic Components (EEC) increased by 0.62 % to $ 486.66 million in the period of January to December 2023 compared to the corresponding period of 2022.
This increase was due to the strong performance in exports of printed circuits (52.37 %), switches, boards and panels (3.78 %) and boilers/ piston engines/ pumps and vacuum pumps (639.88 %) in the period of January to December 2023 compared to the corresponding period of 2022.
Earnings from export of Tea increased by 4.06 % to $ 1,390.9 million in the period of January to December 2023. This increase was mainly due to the strong performance in export of tea packets (10.95 %).
