Colombo (LNW): The University Grants Commission (UGC) has commenced the calling in of applications for university admissions from those who passed the 2022 G.C.E. Advanced Level Examination for the academic year 2022/2023.
Accordingly, the applications will be accepted from September 14 to October 05, 2023, said UGC Chief Prof. Sampath Amaratunga.
These applications can be submitted online via the Commission’s official portal www.ugc.ac.lk.
The government intends to enrol around 45,000 students in state universities for the new academic year, he noted.
A total of 232,797 school applicants and 31,136 private applicants sat for the 2022(2023) GCE A/L exam, which was held from January 23 to February 17 this year.
A total of 166,938 candidates (149,487 school applicants and 17,451 private applicants) have qualified for university enrolment.
Colombo (LNW): The Sri Lankan Rupee (LKR) indicates depreciation against the US Dollar at leading commercial banks in the country today (14) in comparison to yesterday.
Accordingly, Peoples Bank reveals that the buying price of the US Dollar has increased to Rs. 316.91 from yesterday’s Rs. 315.45, and the selling price to Rs. 331.14 from Rs. 329.62.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 317.68 from Rs. 315.72, and the selling price to Rs. 328 from Rs. 327.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 319 from yesterday’s Rs. 318, and the selling price to Rs. 329 from Rs. 328.
Colombo (LNW): The International Monetary Fund (IMF) has commenced its first review on the extended fund facility (EFF) to Sri Lanka today (14).
The inaugural meeting for the IMF’s first review of the EFF programme was held at the Presidential Secretariat this (14) morning, and the government of Sri Lanka is collaborating closely with the IMF team throughout this process to overcome the challenges ahead of Sri Lanka, Finance State Minister wrote on his X (previously known as Twitter.)
He added that the Sri Lankan government is fully committed to establishing a sustainable economy and recognises the importance of working closely with all multilateral institutions, development partners and the friendly nations.
The successful completion of the first IMF review puts Sri Lanka in a strong position for economic recovery and sets a promising pathway for growth in 2024, he noted.
(1/2) We marked the inaugural meeting for the IMF's first review of the EFF programme at the Presidential Secretariat. We are collaborating closely with the IMF team throughout this process to overcome the challenges ahead of us. pic.twitter.com/zXrtzbWeXH
Colombo (LNW): Urban Development Authority (UDA) announced calls for Request for Proposals (RFPs) to restore and develop two unique and iconic properties in the city of Colombo.
It has commenced the renovation of the dilapidated and historical buildings island-wide that are designated under the Department of Archaeology as economically viable adaptive uses. UDA Chairman Nimesh Herath said
Shopping malls and tourism-related activities have been earmarked for these building reserving their original architectural features whilst adding modern features and amenities.
These complexes are functioning as public spaces for shopping, hospitality, leisure and sports activities.
Herath emphasised UDA receives numerous requests from world-renowned hospitality sector operators for amenities, particularly for foreign visitors.
They want to establish specific amenities without compromising the location’s character. Historical structures are popular among tourists due to their historical significance and unique identities.
Several buildings with historical value which were constructed in the colonial period in Colombo and other main cities of the country such as Kandy, Nuwara Eliya, Galle, Matara etc., are vested with the UDA.
These historical buildings often have unique and charming architectural features that have adaptive reuse market value and can be converted into high-end hospitality and leisure developments with conservation for future generations.
Therefore, UDA expects to explore these investment opportunities in the renovation of old dilapidated colonial buildings with the collaboration of the private sector investors while facilitating those investors for the said activities without Government financial support.
One notable project underway is the renovation of a building situated at No. 11, Sir Baron Jayatillake Mawatha, Colombo 01.
On the Colombo Fort map of 1840, this land parcel is bare land and in the 1867 map, it was marked as a post office and telegraph office. In 1906 it functioned as a DPI office and library.
It was built for the public library in 1914 and used as a Government office since 1948. In the 1970s and early 1980s, it was the Department of Information. Before being vested with the UDA, the building was occupied by Home Guard Headquarters under the Ministry of Defence.
Another exciting project on our horizon is the development of a high-end boutique hotel at No. 25, Independence Avenue, Colombo 07.
In line with a decision taken by the Cabinet of Ministers, the property was vested with UDA to open the premises to the general public.
This property, nestled in the residential Cinnamon Gardens, stands as a testament to British colonial rule.
Surrounded by lush lawns, it was once exclusively enjoyed by the British executive community in Sri Lanka, the clubhouse is still patronised mainly by the upper classes of society.
President Ranil Wickremesinghe exchanges greetings with India’s West Bengal Chief Minister Mamata Banerjee at the Dubai Airport: asks her whether she will lead India’s Opposition Alliance.
Sectoral Oversight Committee on Alleviating the Impact of the Economic Crisis – Chairman Gamini Weleboda promises to intervene to present amendments to Pay As You Earn tax in the upcoming budget.
Former CB Governor Ajith Nivard Cabraal denies allegations by certain politicians that he had “potential links” to the Hamilton Reserve Bank which is suing the SL Govt in the USA for defaulting on its debt: asserts he consistently maintained the Govt stance that sovereign debt would be paid: also says President Ranil Wickremesinghe had also warned it would be highly damaging if SL were to default.
Road Development Authority Director General L V S Weerakoon says Hungary has discontinued construction work on the Getambe and Kohuwela fly-overs: Transport Minister Bandula Gunawardene says a large number foreign funded projects have stopped as a consequence of the debt re-structuring by the SL Govt.
Securities and Exchange Commission says it has approved the creation of a separate Listing Board and Listing Rules at the Colombo bourse to facilitate the entry of State-Owned Enterprises to the Capital Market.
Railways Dept say it has ordered the 84 railway engine drivers who are on strike to report for duty immediately, failing which they will be considered as having vacated their posts: Railways Locomotive Operating Engineers’ Union says their strike has been called off.
SLPP requests President Ranil Wickremesinghe to allocate funds through the upcoming Budget for 2024. for MPs to conduct development projects in their districts.
Russian Embassy in SL says it has handed over a consignment of 352 MT of sunflower oil to support those affected by the economic crisis in Sri Lanka.
IMF to kick off the 2nd review of the SL reform process today: the IMF team to be in Sri Lanka till September 27.
Display of the ICC Men’s Cricket World Cup 2023 Trophy to be at the World Trade Center from 9am today.
PMD: President Ranil Wickremesinghe delivering the keynote speech yesterday (12) at the inauguration of the new “Alfred House Wing” and the launch of the coffee table book “Journey of Care” at Durdans Hospital in Colombo recognized Durdans Hospital’s significant contributions, including the construction of new buildings. The President emphasized that the hospital’s true achievement lies in the institutions it has built and the pride they bring to the nation as the first private hospital.
President Wickremesinghe acknowledging the doubts surrounding the transition from the construction industry to healthcare, commended Durdans Hospital for showcasing that such a transition is not only possible but can also lead to the modernization of the entire private healthcare system. The hospital’s commitment to incorporating cutting-edge technology was particularly highlighted.
Addressing the technology gap, the President urged Durdans Hospital to keep up with technological advancements and emphasized Sri Lanka’s need to catch up with technologies, including AI. He discussed plans to establish technology-focused universities to bridge this gap and ensure the country’s healthcare system can meet the challenges of new innovations and technologies.
Discussing the rapidly evolving field of medicine, President Wickremesinghe stressed that continuous investment is essential, considering the constant changes and innovations in the healthcare sector. He noted that the advancements in the last decade have surpassed those seen in previous generations.
President Wickremesinghe expressed his hope that others would follow the example set by Ajith Thudawe and the Board of Directors of Durdans Hospital. He thanked the entire hospital team for their role in building this outstanding institution and wished them success in the future.
Chairman of Durdans Hospital Ajith Thudawe presenting the coffee table book “Journey of Care” to President Wickremesinghe, marking the occasion of the new “Alfred House Wing” inauguration.
The event was attended by prominent figures, including State Minister Tharaka Balasuriya, Parliamentarian Feld Marshal Sarath Fonseka, and former Speaker Karu Jayasuriya and distinguished guests including the Chairman, Board of Directors and the staff of Durdans Hospitals.
Colombo (LNW): Sri Lanka’s capital market regulator has approved the creation of a separate listing board and listing rules at the Colombo Stock Exchange (CSE) for state-owned enterprises’ (SOEs) expected entry into the bourse.
The salient features of the rules applicable to the new Board include a stated capital of not less than 250 million rupees revenue, net asset and market capitalization tests, minimum 3 years operating history.
It will have time–bound requirements for financial reporting, and a minimum 10 percent public float with 300 public shareholder requirement.
“These rules were developed under the guidance and direction provided by the SEC to the CSE, and include consultations with, and inputs by, the SOE Restructuring Unit of the Government and the Auditor General,” the Securities and Exchange Commission of Sri Lanka (SEC) said in a statement.
The SEC said this was in response to a government policy to expedite reforms in SOEs.
The government, in a drive to raise revenue and reduce expenditure, is seeking to improve SOEs’ governance, efficiency, productivity and profitability.
“The aim of the policy is to make them market-oriented,” Minister Bandula Gunawardana told reporters previously.
Generally, companies listed on the stock exchange have better financial accountability as they are answerable to investors. Listing also ensures effective monitoring of compliance of the issuer.
“If you take a listed company with 1,000 shareholders, these entities are compelled to publish quarterly and annual accounts,” Sri Lanka State Enterprise Restructuring Unit, Director General Suresh Shah told a forum organized by the Asian Development Bank, earlier this month.
“SOEs have 22 million shareholders but do not have to give quarterly as well as annual accounts,” Shah pointed out.
Most Sri Lankan SOEs, which are reporting losses, have traditionally relied on government funding and borrowings to function.
The corporate governance requirements under the new SEC rules will be the same as those applicable to the Main Board and Diri Savi Board with a view to aligning the internal governance structures and processes of listed SOEs with the standards set in the market.
“The dismal performance of many SOEs in Sri Lanka have become a heavy fiscal burden upon the country with significant macroeconomic implications,” the SEC said.
“The SEC and the CSE have given due consideration to the current levels of governance, organization structure and operational challenges prevailing in the SOE sector.
Therefore a separate Listing Board and Listing rules have been with a view to enabling SOEs to progressively have been transition from what they are now to what they should be,” the SEC said.
“Any SOE that meets the Listing criteria of the Main Board or the Diri Savi Board can straightaway list on those Boards,” Tushara Jayaratne, Deputy Director General, SEC said.
Colombo (LNW): The Agriculture Ministry has decided to set up a third sour banana export processing factory at Muravesihena in Hambantota.
While addressing a discussion at the ministry, Agriculture Minister Mahindra Amaraweera said arrangements have been made to start the third sour banana export processing zone covering Embilipitiya, Hambantota and Sewanagala by cultivating 800 acres at a cost of Rs. 65 million.
The first sour banana export processing zone and processing centre were established in Rajanganaya. The second sour banana export processing zone has been established in Jaffna.
The Ministry has taken measures to expand sour banana cultivation on 800 acres in Rajanganaya and 400 acres in Jaffna.
At present, an exporter in Dubai has come forward to export pumpkin, cassava and some other vegetables in addition to sour bananas from Sri Lanka.
In the third sour banana export processing zone, 800 farmers will be selected and given the high density cultivation method for banana cultivation, technology and technical equipment, business opportunities to buy the harvest of the plantation, all under the guidance of the Agriculture Sector Modernization Project.
Arrangements have been made to export 25,000 kg of organic sour bananas from Jaffna to the Dubai market each week.
Sri Lanka exports 12,500 kg of sour bananas from the Rajanganaya Sour Banana Project to the Dubai market every Saturday.
Currently, two banana export model villages, Rajanganaya and Jaffna, have been established by the Agriculture Sector Modernization Project under the Ministry of Agriculture.
The Ministry of Agriculture has decided to establish two more banana processing zones aimed at export in Embilipitiya and Sevanagala areas as there is extensive banana cultivation in those areas.
In addition, Agriculture Minister Mahinda Amaraweera has instructed to establish these two banana export model village projects at the request of banana farmers in Sevanagala and Embilipitiya.
Accordingly, it has been planned to cultivate the Cavendish banana species in the Sevanagala area and the Sour banana species in Embilipitiya and Hambantota areas.
Both these crops will be cultivated in a total of 400 acres, 200 acres each in the beginning and then the Agriculture Sector Modernization Project plans to expand it to 800 acres.
Under this, the Agriculture Sector Modernization Project will provide farmers, who are selected for the project to cultivate bananas, with the agricultural technology and modernization program needed to grow banana scientifically and in accordance with the international market standards, as well as the foreign market intended for exports.
Apart from this, the project will also provide financial support to the farmers for cultivation, the project director Dr. Rohan Wijekoon said.
Colombo (LNW): Sri Lanka has been ranked as the cheapest country to work as a digital nomad while experiencing the island nation’s scenic natural beauty and local hospitality, new international research revealed.
For those not clued-up, these particular visas allow remote workers to live and work in that country for a specified period, while being employed and earning an income from a business based outside of that country.
Foreign remote workers in the digital technology field have now been given an opportunity to visit Sri Lanka and stay in the island for some time while working on serene beaches or by tranquil pools was once a dream for many.
This was the result of the government’s decision to issue Digital Nomad Visa for foreign workers in the digital technology field.
To be eligible for the visa, you will need to have at least a $ 2,000 monthly income, which should be channeled through the Sri Lankan baking system.
The visa holder will also be eligible to renew it every year once they show the minimum bank balance required. Applicants will also have to pay a $500 application fee. The fee will cover the visa holder’s spouse and dependents.
Those who travel to Sri Lanka on Digital Nomad visa will not be allowed to work in the country or engage in economic activities of the country
It’s now very much a reality. Working remotely is surging in popularity and, as a result, a growing number of countries are now offering digital nomad visas to entice people over the world
And new research has analysed the cost of living in the countries offering these visas, to reveal the best for remote workers to get the most out of their earnings.
So, if you’re considering packing up and working elsewhere, there are certain cheaper spots that should be on your radar.
According to the Digital Nomad Rich List created by Flamingo App, Sri Lanka is the country where your money will go furthest.
Based on the average UK salary, the data found that cost of living in Sri Lanka comes to just £ 492 per month (on rent, food, transport and utility bills), so the average Brit is expected to pocket around £ 2,282 of disposable income.
Argentina, Colombia and North Macedonia, Indonesia and Malaysia also ranked within the top five cheapest countries for digital nomads – according to this report.
However, the most expensive countries to work remotely in were also named, with Bermuda scooping the top spot, followed by the Cayman Islands and Iceland. The UK also placed eighth on the most expensive list.
Whether it’s the warm beaches of Indonesia, the cultural hubs of Argentina, or the natural beauty of Sri Lanka.
‘Remote work doesn’t have to be confined to our familiar surroundings; it can be the gateway to global experiences, cultural immersion, and financial empowerment. The world is your office.
