February 12, Colombo (LNW): Showers or thundershowers will occur atseveral places in Western and Sabaragamuwa provinces and in Nuwara-Eliya, Galle and Matara districts after 2.00 p.m.
Fairly strong winds about (30-40) kmph can be expected at times in the eastern slopes of the central hills and in Northern, North-Central, Southern, North-western, Uva and Eastern provinces.
Misty conditions can be expected at some places in Western and Sabaragamuwa provinces and in Galle and Matara districts during the morning.
The Permanent Mission of Sri Lanka in New York celebrated the 76th anniversary of the Independence Day of Sri Lanka, led by the Permanent Representative of Sri Lanka to the United Nations, Ambassador Mohan Pieiris, and staff of the Mission, and joined by many Sri Lankans living in the tri-state area.
Multi-faith religious observances invoked blessings on those gathered and all Sri Lankans. Ven. Aluthgama Dhammajothi Thero, Chief incumbent of the New York Buddhist Vihara; Priest Gurukkal Sri Suresh Somasundaram of the Hindu Temple Society of North America; Reverend Father Jayashantha of the Catholic faith and Mr. Ash-Shiek Ahmed Yasir of the Islamic faith led the religious observances.
The Messages by President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena on the occasion of the 76th Independence Day were read out by the Permanent Representative Mohan Pieris and the Deputy Permanent Representative Sugeeshwara Gunaratna, respectively.
The Mission hosted a lively cultural event with performances by Sri Lankan youth from the tri-state area. Children in colourful traditional costumes performed dances to well-known tunes of patriotic pride, such as ‘Rathna Deep Janma Bhoomi’. A fusion of traditional drums performed by children of Sri Lankan origin was a highlight of the celebrations. The drums and dances were choreographed by Mr. Dilhan Pinnagoda of the Sri Lanka Dance Academy in New York. A special highlight of the show was a sitar performance drawing on the rich tapestry of Sinhala songs and Jana gee melodies, by Visharad Bhageshri Fonseka. The Ambassador thanked those who performed and distributed certificates to all who performed in appreciation of their contribution.
In his address to the Sri Lankans gathered, Ambassador Mohan Peiris quoted the poet Khalil Gibran, that, “life without liberty, is like a body without a spirit”. He requested Sri Lankans to embrace a freedom that is structured on the will to be responsible for themselves. He reminded us that freedom does not come easy, and never comes without labour.
The Ambassador recalled the salutary reminder by the President in his message that upon the advent of the 76th Independence Day, the country has effectively navigated through many challenges, and has steered its economy toward stability with the support of the global community. The Ambassador also observed that the President has graciously acknowledged that these achievements were realized progressively, owing to the steadfast support of the people of Sri Lanka who endured hardships in keeping with a comprehensive, long-term national rebuilding program and given the assurance that throughout this journey, challenges will gradually disappear, life’s burdens will lighten, the economy will fortify and Mother Sri Lanka will undergo a renaissance and therefore called upon the community to collectively respond to the President’s appeal as true patriots of mother Lanka so that we rise to new horizons of freedom and progress.
The festivities concluded with a spread of Sri Lanka’s traditional refreshments and sweetmeats served at the Mission.
February 11, Colombo (LNW): The Criminal Investigation Department (CID) apprehended an individual engaged in online defamation during an event aimed at educating members of the community police committee within the Panadura Division, Public Security Minister Tiran Alles revealed.
Alles noted that the arrested individual was found in possession of approximately Rs. 400,000 at the time of apprehension.
The suspect, allegedly supported by a politician, orchestrated malicious smear campaigns through social media platforms.
Addressing the gathering, Alles asserted that a person who habitually defames the government and others online was detained by the CID.
The Minister further noted that the suspect purportedly received financial support from a political figure, and that arrest occurred shortly after the suspect attempted to convert foreign currency to Sri Lankan rupees in Fort.
Highlighting the government’s response to such incidents, Alles underscored the significance of the Online Safety Act, designed to curb online misconduct.
He emphasised that the legislation primarily targets individuals misusing social media platforms for malicious purposes, including attempts to destabilise the government.
February 11, Colombo (LNW): Former President and Leader of the Sri Lanka Freedom Party (SLFP), Maithripala Sirisena, has expressed the party’s backing for a proposal aimed at abolishing the Executive Presidency.
Addressing an SLFP media briefing themed ‘We stand for freedom’ (‘Nidahasa Wenuwen Api’), Sirisena disclosed the party’s commitment to supporting the initiative, noting that steps are being taken to introduce such a proposal soon.
Meanwhile, Opposition Leader Sajith Premadasa has expressed reservations, stating that the current timing may not be conducive to abolishing the Executive Presidency.
February 11, Colombo (LNW): Sri Lanka has observed a notable 11.4 per cent increase in workers’ remittances in January 2024 compared to the figures from January 2023.
The country received a total of US$ 487.6 million in foreign remittances during January, Labour and Foreign Employment Minister Manusha Nanayakkara said.
Data compiled by the Central Bank of Sri Lanka indicates that the total foreign remittances earned between January and December 2023 amounted to US$ 5,969.6 million.
February 11, Colombo (LNW): In a pivotal move to fortify Sri Lanka’s agricultural landscape, People’s Bank, has entered into a Memorandum of Understanding (MoU) with Hayleys Agriculture Holdings Ltd., a distinguished provider of agricultural machinery and vehicles.
This strategic collaboration, designed to facilitate a joint promotional campaign, is poised to usher in a new era of financial accessibility and technological adoption for the country’s agricultural community, Hayleys Agriculture Holdings announced.
Under the terms of this alliance, People’s Bank assumes a pivotal role by offering bespoke loan facilities to clients with specific requirements pertaining to agricultural machinery and vehicles.
This financial framework aims to empower farmers, providing them with the means to invest in cutting-edge equipment that holds the potential to enhance overall agricultural efficiency and productivity.
Concurrently, Hayleys Agriculture Holdings, acknowledged for its premium assortment of high-calibre machinery and vehicles tailored for the agricultural domain, will complement this financial support by extending exclusive discounts to clients availing loans through People’s Bank.
This dual approach ensures a comprehensive and synergistic initiative that not only addresses financial aspects, but also lowers the barriers to entry for advanced agricultural technologies.
The collaboration stands as a testament to the shared vision of People’s Bank and Hayleys Agriculture Holdings to uplift and empower the agricultural community, contributing to the modernisation of Sri Lanka’s agricultural landscape and practices.
As the agricultural sector remains a linchpin of Sri Lanka’s economic fabric, endeavours such as these highlight the efficacy of partnerships in driving substantive progress.
The concerted efforts of People’s Bank and Hayleys Agriculture Holdings extend beyond immediate financial facilitation, fostering an environment conducive to sustainable agricultural development.
February 11, Colombo (LNW): Capital Alliance Holdings Limited (CAL), the leading investment bank with over 23 years of extensive market experience, is pleased to announce that Capital Alliance Investments Ltd, the asset management division of CAL, has launched Sri Lanka’s exclusive active fixed-income closed-end fund.
The investment banking division of CAL, Capital Alliance Partners Ltd, played a crucial role as the financial advisor in the introduction, highlighting CAL’s commitment to providing innovative financial solutions to the market.
This specialized fund is strategically launched during periods of high interest rates in the economy, offering investors the opportunity to lock their funds for a stipulated timeframe and gain maximum returns on their investments.
The product will enhance the ability for investors to diversify their portfolio and manage liquidity and return objectives more efficiently.
The CEO of CAL Investments Ltd, Mr. Gayan De Silva, CFA, states “It is with great pride that I announce the listing of our fund, the ‘CAL 5 Year Optimum Fund’, on the Colombo Stock Exchange.
At CAL, we live by a simple motto – ‘We are only two years away from irrelevance’, and today’s milestone stands testament to our commitment to being one of the most dynamic fund managers in Sri Lanka.
We believe capital markets act as an intermediary in transferring wealth, which is key in moving economies into prosperity.
Our focus is always on enhancing capital markets, and the launch of this closed-end fund, which will incidentally be the only active listed fixed-income fund in Sri Lanka, demonstrates our commitment to the cause”.
Further, he highlights how CAL 5 Year Optimum Fund differs from standard open-end funds. In terms of the trading, units of this fund will be traded on the Stock Exchange like individual stocks.
Investors can buy and sell units throughout the trading hours, in contrast to open-end funds, where investors buy and sell units directly with the fund management company.
Concerning pricing, investors buy and sell closed-end fund units through brokers at prevailing market prices, similar to individual stocks, whereas units of open-end funds are priced based on the net asset value of the fund.
February 11, Colombo (LNW): The Sri Lankan economy has bounced back form the set back in 2022 faced with a complex interplay of economic and political challenges, finance ministry sources said.
Although fuel and food queues have disappeared, but the dire impact of the economic crisis was inescapable in 2023 which also saw a series of key political developments. initial improvements in political rights and civil liberties compared to 2022.
The state treasury was almost zero at that time officials said adding that now the country has reserves of US$4.4 billion.
The World Bank later revised its forecasts, noting Sri Lanka’s progress in reducing inflation and benefits accruing from tourism revenue and currency appreciation.
The Bank now expects a 1.7 per cent economic expansion in 2024, up from its earlier 1 per cent forecast. In the last six months of 2023, Sri Lanka experienced reduced inflation, a 12 per cent currency appreciation, improved foreign reserves and increased remittances
State revenue has increased by 25 percent in January after the VAT increase, where Rs. 274 billion was recorded in January 2024, whereas the estimated state revenue was Rs. 219 billion, State Minister of Finance Ranjith Siyambalapitiya said.
The Minister said the Customs Department was set a target of Rs. 114 billion for January and it had recorded Rs. 121 billion, which is 11 percent more than the estimated revenue.
“The Excise Department recorded Rs. 14 billion exceeding the revenue target of Rs. 12 billion. The Inland Revenue Department has recorded Rs. 114 billion more than the set target of Rs. 88.9 billion,” the Minister said.
He noted that inflation was recorded as 6.4 percent while the food inflation was only 3.3 percent.
“Some people claimed that the prices of goods will go up excessively in January after the VAT increase.
However, the inflation in January was recorded as 6.4 percent. Food inflation was only 3.3 percent. We managed to keep the food inflation low as essential commodities were exempted from the VAT. The non-food inflation was also recorded as 7.9 percent,” he said.
The government set a budget deficit target of 2.85 trillion Sri Lankan rupees ($8.73 billion) in 2024, or 9.1% of gross domestic product, higher than the revised 8.5% of GDP in the current year. The original target for this year was 7.9%.
The government also projected total tax revenue at 4.1 trillion rupees for next year, sharply higher than 2.85 trillion rupees in the current year, with the biggest jump coming from the goods and services tax receipts, the budget document showed.
The Minister said the increase in state revenue will ultimately benefit all the people in the country.
February 11, Colombo (LNW): The Sri Lanka Navy has responded to recent allegations originating from Tamil Nadu, India, concerning attacks on Indian fishermen and damage to their vessels in the Palk Strait, emphasising that it distances itself from these allegations.
In a clarification, the Navy suggested that the reported incidents might involve altercations between local fishermen and poachers operating within Sri Lankan territorial waters.
In recent times, there have been reports of clashes between Sri Lankan fishermen and unidentified individuals within the Palk Strait region. However, the Sri Lanka Navy has clarified that these incidents are likely conflicts between local fish workers and trespassing poachers rather than targeted attacks on Indian fishermen.
The Navy’s statement aims to dispel any misconceptions and assure neighboring India of its commitment to maintaining peace and security in the region.
By providing this clarification, Sri Lanka seeks to foster mutual understanding and cooperation between the two countries regarding maritime issues in the Palk Strait.
President Ranil Wickremesinghe expresses optimism of contesting the upcoming Presidential election: also says SL will not allow anything that would jeopardize India’s security.
Justice Minister Wijeyadasa Rajapakshe says many countries which have raised concerns about SL’s Online Safety Bill have similar statutes in their own countries: asserts there are over 5,000 complaints regarding abuse of the online system: also says those who are concerned about the new law must say they will take responsibility to control all such incidents and look after the grievances of the victims.
Energy Minister Kanchana Wijesekera says SL is in talks with India to establish a multi-product oil pipeline connecting Nagapattnam, Trincomalee Tank Farm and Colombo.
Ceylon Electricity Board General Manager Narendra de Silva says CEB is planning to reduce its workforce to just 18,000: also says the problems in the energy sector were a key reason for the economic crisis in the country.
Cabinet approval is being sought to enable India to select a supplier to develop the IT system for the Indian-funded digital ID project after the disqualification of the two initial bidders.
Anura Kumara Dissanayake’s NPP delegation returns after a 5-day official visit to India: says comprehensive details about the visit would be made public at a press conference in the coming days.
Reports emerge that the Inland Revenue Dept and Bribery Commission have so far failed to start any investigation into the Sri Lankans mentioned in the “Pandora Papers” published in October’21 by the International Consortium of Investigative Journalists.
A man whose family was crippled in a drunk driving incident involving a 44-year old businessman Mallawa Kumara last year, allegedly shoots and wounds the businessman near the Thattewa Cemetery, Anamaduwa.
Navy distances itself from allegations made in Tamil Nadu that unidentified persons were attacking Indian fishermen on the Palk Strait and damaging their fishing vessels: says irate local fish workers could be brawling with poachers within the territorial waters of Sri Lanka.
SL’s best two white ball bowlers Wanindu Hasaranga de Silva and Mahesh Theekshana due to take lessons from Australia’s Craig Howard who never played for his country and most followers in the island have never heard of: SL Cricket has contracted Howard as the Spin-bowling coach for a 2-year period from 1st Feb’24.
