Colombo (LNW): Buwaneka Gunathilake secured victory at the Men’s Singles Event at the Main Stream of National Level Badminton Tournament related to rankings jointly organised by the SSC Sports Club and the Western Province Badminton Association under the guidance of the Sri Lanka Badminton Association.
Warangana Jayawardena won the Women’s Singles event.
Claiming triple victory at the Tournament whilst securing couple victory together with Ranthushka Karunathilake, Gunathilake proved himself to be the star of Men’s Event, and even won a couple victory together with Nathasha Gunasekara.
Jayawardena claimed double victory together with Rashmi Bhagya who achieved the couple victory at the Women’s Event.
The tournament was organised by age groups and skill levels, and the event organisers told the press that trophies, certificates, and cash awards were reserved for those who could not attend the prize-giving ceremony.
Arrangements have also been made to collect them from Gamini Jayasuriya by calling 0722 247 109.
Colombo (LNW): Sri Lanka observed a decline in manufacturing activities but witnessed growth in service activities in September 2023, according to recent findings from the Central Bank’s PMI Survey.
The Manufacturing PMI recorded a value of 45.7 in September 2023, impacted negatively by factors like declining consumer demand, increased competition from imported goods, and decreased global demand, especially in sectors like food, beverages, textiles, and apparel.
However, there is optimism for manufacturing in the upcoming months due to expected increased demand during the festive season.
On the other hand, the Services PMI stood at 54.7 in September 2023, suggesting a slower expansion than the prior month.
Factors contributing to this expansion included growth in new businesses, especially in sectors like financial services, retail trade, insurance, and education.
Financial services benefited from rising credit demand due to reduced lending rates.
Additionally, sectors like education and transportation showed growth, though the hospitality sector saw a minor slowdown due to a decrease in tourist numbers.
In terms of employment, there was an uptick with several firms recruiting, while there was a marked reduction in backlogs.
Colombo (LNW): Sri Lanka’s tourism industry is on the rise, with the island nation welcoming a growing number of visitors from around the world.
India is playing an important role in this trend, with increasing numbers of Indian tourists exploring Sri Lanka’s diverse landscapes, cultures, and heritage sites.
Experts attribute this growth to the improving relations between India and Sri Lanka, as well as the increasing availability of direct flights between the two countries.
Alliance Air announced the launch of new direct flights between Chennai and Jaffna in December last year, further boosting the connectivity between the two nations.
Similarly, Vistara, a joint venture between Tata Sons and Singapore Airlines, started direct flights between Colombo and Mumbai from March this yea
Sri Lanka’s tourism industry is experiencing a surge of optimism as the country welcomed over 50,000 tourists in the first 15 days of October.
This strong start to the month has set a positive tone for the ambitious monthly target of 147,789 arrivals.
From 1 to 15 October, Sri Lanka saw an impressive total of 50,395 tourists arriving, pushing the cumulative figure for the year to over 1.06 million mark, an encouraging rebound from the challenges of 2022.
India stands out as the leading source market, contributing 24% of the total arrivals during this period, amounting to 12,261 visitors.
Russia follows with 4,554 arrivals, trailed closely by the UK at 4,008. China and Germany round out the top five with 3,269 and 3,180 arrivals respectively.
Additionally, visitors from Australia, the Maldives, the US, the Netherlands and Spain have also contributed to the burgeoning numbers.
The influx of Indian travellers reaffirms its position as the primary source market for Sri Lanka, with a cumulative arrival count of 212,571 year-to-date. Russia follows with 136,854 arrivals, followed by the UK with 94,851, Germany with 72,093, and China with 50,900.
Analysts suggest that the joint Cabinet proposal to extend free visas to countries including India, Russia, China, Thailand, and Indonesia will further fuel the growth in arrivals in the coming months.
This forward-thinking measure aligns seamlessly with Sri Lanka’s overarching strategy to revive the tourism sector, which has grappled with multiple challenges in recent times, since 2019.
By waiving tourist visa fees, the Government anticipates a surge in visitor numbers, projecting positive impacts on economic growth and employment opportunities within the tourism industry.
However, some industry stakeholders express disappointment with the Government’s response to concerns raised about the minimum room rates (MRR) ahead of the peak season and its potential impact. This issue remains a point of contention within the sector.
The industry remains hopeful about achieving its revised target of hosting 1.55 million visitors and generating over $ 3 billion in income for the year 2023.
Colombo (LNW): Sri Lanka is urging China to share with other creditors the terms of its recent $4.2 billion bilateral debt deal, a step needed to help the bankrupt nation speed up the process of restoring its finances more than a year after it defaulted.
Sharing the information would ensure transparency and assure other bilateral creditors that they’re getting a comparable deal, Nandalal Weerasinghe, central bank governor, said on a panel Friday.
The request from Sri Lanka comes as it seeks to finalize a deal with its official creditor committee, co-led by Japan, India and the Paris Club, an informal and influential group of Western lenders.
The South Asia nation defaulted in May 2022 and owes more than $12 billion in overseas bonds, according to the government’s quarterly debt bulletin.
Sri Lanka’s debt restructuring is mainly driven by China’s limited experience restructuring distressed loans after its rise over the past decade to become the biggest bilateral lender to emerging markets, as well as a bigger role played by private creditors.
China offered assurances of bilateral support but declined to join the official creditors’ platform. This means that China will not negotiate a common debt restructuring plan for Sri Lanka with India, Japan, and the Paris Club.
Beijing’s decision is likely an outcome of two main factors, namely, geopolitics and the role of policy banks in loan restructuring.
Chinese policy banks are state-owned banks including Chinese Exim Bank and Chinese Development Bank were established to promote policy-oriented funding and lending.
They tend to achieve the objectives of a state such as financing infrastructure and basic industries, investing abroad, etc.
They play a crucial role in debt restructuring, depending on the autonomy accorded by the government.
China is Sri Lanka’s largest bilateral creditor. As of June 2022, it accounted for over 21 percent of Sri Lanka’s total outstanding debt, i.e. US$8.5 billion.
A majority of Sri Lanka’s borrowings from China are from the policy banks. To understand the role of policy banks in Sri Lanka’s debt crisis, it is vital to understand the crucial players involved in Chinese lending.
China’s decision has increased the complexities of Sri Lanka’s debt restructuring as failing to debt restructure might lead to the suspension of the current IMF assistance programme.
Colombo (LNW): Ceylon Electricity Board’s proposed 22 percent tariff hike is likely to be further delayed due to its misleading data on operational cost and power generation assumptions submitted to the Public Utilities Commission of Sri Lanka (PUCSL ) recently.
The Public Utilities Commission has informed the CEB to submit a revised tariff submission considering the latest available data before Wednesday (18) due to certain deviations in the assumptions made by CEB in its tariff revision submissions.
In a letter addressed to the CEB’s General Manager, the Director General of the PUCSL states that with regard to the increase in demand, the CEB has forecasted demand of 44.70 GWh/day for September 2023 and 42.88 GWh/day on average for Oct-Dec 2023.
However, actual generation demand of September 2023 is 41.01 GWh/day and October 2023 is 41.30 GWh/day, he claimed
“Therefore, assumed demand in your proposal can not be substantiated with latest data,” he informed.
Regarding hydropower generation decline , the CEB forecasted a starting hydro storage for October 2023 of 503 GWh and for November 2023 635 GWh.
As at today hydro storage is 668 GWh, and Inflow for Oct 1 to Oct 12, 2023 is 314 GWh which exceeds the estimates by considerable margin, he emphasized.
The PUCSL further noted that for Oct-Dec 2023, the CEB has forecasted a total coal dispatch of 1,444 GWh in May 15, 2023 submission and 1,334 GWh in Sep 4, 2023 submission.
However, the Commission says it envisages a drop in demand higher than the drop of coal dispatch.
Further coal price has dropped from 68.6 LKR/kg in May 15, 2023 submission to 52.6 LKR/kg in Sep 4, 2023 submission. The impact of coal dispatch reduction cannot be justified with latest data, the letter indicated.
Therefore, the CEB has been informed to submit a revised tariff submission considering the latest available data before October 18, 2023.
Ceylon Electricity Board (CEB) ‘s revenue has come down during the past three months as a result of power consumption drop following the proposal to impose another 22 percent electricity tariff hike ,official data indicated.
According to CEB monthly financial statements the income of the power utility in the months of July, August and September in 2023 has dropped by Rs 4573 billion.
CEB revenue of Rs. 55,163 million in July has dropped to Rs 53, 193 in August and it has further come down to Rs 50, 590 million in September.
Under this circumstance the the board has no option other than an impose a 22 percent traif hike or levy Rs 8 from each and every slab of electricity bill payment of consumers, senior engineer of CEB Nandika Pathirage said.
Colombo (LNW): Ali Zahir Moulana of the Sri Lanka Muslim Congress (SLMC) was sworn into Parliament today, filling the vacancy left by former Minister Naseer Ahamed.
Ahamed was ousted from the SLMC and subsequently disqualified from his Parliamentary seat as pronounced by the Supreme Court after endorsing the 20th Amendment to the Constitution and supporting Budget 2022, against the SLMC’s stance.
Moulana, having secured the second-highest votes for the SLMC in the Batticaloa District in the previous election, was the natural successor.
Colombo (LNW): The Sri Lankan Rupee (LKR) indicates a slight depreciation against the US Dollar at leading commercial banks today (17) in comparison to yesterday.
At Peoples Bank, the buying and selling prices of the US Dollar remain steady at Rs. 316.18 and Rs. 329.37, respectively.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 317.68 from Rs. 316.78, and the selling price to Rs. 328 from Rs. 327.75.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 319 from Rs. 318, and the selling price to Rs. 329 from Rs. 328.
Colombo (LNW): The Election Commission has requested Rs11 billion from the finance ministry to get ready for the arrangements to hold the presidential government elections next year.
This request has been made to the finance ministry secretary in writing by the Election Commission, a high official of the finance ministry disclosed.
The Election Commission (EC) has requested the Ministry of Finance to allocate Rs. 11 billion from the Budget for the year 2024 for the Presidential Election to be held next year (2024).
EC Chairman R.M.A.L. Rathnayake said that it is a general practice for the EC to request the Finance Ministry to allocate funds from the budget for a particular year if an election is scheduled to be held that year.
Meanwhile the Supreme Court has not yet given a judgement on several cases filed by opposition representatives relating to postponement of local government elections. The hearing of these cases and the issuance of a judgement had been postponed to November 21.
A sum of Rs 9 billion has been estimated for the total expenditure for the election, the commission pointed out adding that it needs about Rs 2.2 billion till the date of the local poll for preliminary spending.
The Balance Rs 6.8 billion is required for fuel, electricity, printing and other relevant services one and half months after the completion of elections, the election commission added.
The government has already spent a massive sum of public money amounting to Rs1 billion for preliminary activities of the postponed local government elections scheduled to be held on April 25 2023 finance ministry records showed.
The cost for the Election Commission to conduct the elections estimated at just over Rs. 9 billion and the printing cost alone was Rs.1.827 billion out of which a sum of Rs.1 billion has already been spent,
A high Official of the Elections Commission stated that the deposits could be refunded only in the event the nominations submitted for the upcoming election are cancelled.
He further noted that in order for the nominations to be cancelled, the government is required to table a Bill in this regard before the Parliament, else, nominations will be cancelled only by way of a gazette notification
In the meantime the members of the Election Commission recently met with the Prime Minister and State Administration Minister Dinesh Gunawardena.
They discussed the matters necessary to hold the postponed local government and provincial council elections as soon as possible.
The Commission has requested the Prime Minister to prepare the necessary background for conducting the elections, and the Prime Minister has said that the necessary arrangements are being made.
The Commission has also informed the Prime Minister that due to the postponement of the local government elections, the public servants who have come forward as candidates are facing severe problems.
Colombo (LNW): A strike action will be staged by the Professionals Trade Union Collective in front of the Finance Ministry this (17) afternoon, reports said.
The strike is being organised in response to various concerns, including proposed changes to the government’s controversial tax policy following the International Monetary Fund’s (IMF) initial review, Spokesperson for the Government Medical Officers’ Association (GMOA) Dr. Chamil Wijesinghe said.
Trade unions have initiated a series of strikes in protest against the government’s taxation policies.
Speakers at a “closed-door” IMF event say the IMF set targets in its ongoing SL programme could lead to another default: Veritas’ Dr Nishan de Mel says the IMF must place a focus on governance issues in SL: Transparency International’s Nadishani Perera asserts that high levels of corruption hinders SL’s development and calls upon International Financial Institutions to insist on governance reforms.
Opposition Leader Sajith Premadasa’s office says the Dept of Pension officials have stated that the Dept will have to face a financial crisis in paying pensions by the year 2028 or 2030.
Higher Education State Minister Dr Suren Ragavan says his Ministry will “monitor” university hostels at night to prevent incidents of ragging by senior students: Inter-University Students’ Federation & Federation of University Teachers’ Associations say that decision would create turmoil between university students & law enforcement authorities.
Senior Consultant Physician Dr Ananda Wijewickrama says the potential spread of viral infections can be attributed to the fluctuation in temperature & change in weather conditions: warns that ignoring medical attention could lead to dangerous consequences.
Elections Commission requests the Ministry of Finance to allocate Rs.11bn from the Budget 2024 for the Presidential Election to be held in 2024: EC Chairman R M A L Rathnayake saye it’s a general practice for the EC to request the Finance Ministry to allocate funds from the budget for a particular year, if an election is scheduled for that year.
Top Opposition spokesperson Professor G L Peiris says Justice Minister Dr Wijeyadasa Rajapakshe’s attempt to introduce a new system for electing MPs is a “politically motivated project to sabotage national elections”: asserts such an exercise couldn’t be justified under any circumstances at a time the PC and LG polls, too, had been put off indefinitely.
PM Dinesh Gunawardena calls for a Party Leaders’ meeting in Parliament to discuss proposed amendments to election laws, including a proposal to elect 160 MPs from constituencies and the other 65 MPs through the Proportional Representation system.
SL’s tourism industry welcomes 50,395 tourists in the first 15 days of October’23: sets a positive trend for the monthly target of 147,789 arrivals: cumulative arrivals for 2023 so far, exceeds 1.06 mn.
Archbishop of Colombo Malcolm Cardinal Ranjith files a Petition before the Supreme Court challenging the Online Safety Bill.
SL loses its ICC Cricket World Cup 2023 match against Australia by 5 wickets: SL – 209 (43.3overs) K Perera 78: AUS – 215/5 (35.2 overs) Madushanka 38/3.
