The Sri Lanka Air Force Academy in China Bay is set to receive a brand new auditorium, courtesy of a grant from the Indian Air Force. The foundation stone for the construction of this new facility was jointly laid on Thursday (4) by Air Chief Marshal Vivek Ram Chaudhari, the Chief of the Air Staff of the Indian Air Force, and Commander of the Sri Lanka Air Force Air Marshal Sudarshana Pathirana.

Located inside the academy next to the gymnasium, the new auditorium is set to accommodate up to 700 people, with 565 seats in the main hall and 135 on the balcony. The construction period is intended to take six months.

The new facilities will be fully air-conditioned and consist of a stage with sound and lighting, a control room, VIP room with washroom, ticketing and information office, dressing rooms for males and females, separate washrooms for males and females, and landscaped premises with parking space.

The new auditorium will benefit all trainees at the Academy, including Student Officers of Junior Command and Staff College, Officer Cadets in the Ground Training Wing and NCOs of Non-Commissioned Officers Management School.

The ceremony, which was attended by a cross-section of officers and airmen representing the Sri Lanka Air Force, as well as other Indian Air Force visiting dignitaries, was a memorable occasion blessed by representatives from multiple religions. President of the Indian Air Force Wives Welfare Association Neeta Chaudhari and Chairperson SLAF Seva Vanitha Unit Charmini Pathirana were also in attendance.

Sri Lanka government is going all out to regularise commercial banks and strengthen state owned banks by introducing new banking act soon   

The IMF in its staff report released in March 2022 said the finalisation and adoption of the new Banking Act should help achieve required goals. 

An entirely new Banking Act is to be passed by the Cabinet in June 2023 and approved by Parliament in December 2023 as IMF structural benchmarks

The Cabinet of Ministers at its meeting on Tuesday approved the resolution presented by President Ranil Wickremesinghe in his capacity as the Minister of Finance, to publish the Banks (Special Provisions) Bill in the Government gazette and table it in Parliament for its approval.

The move follows the Attorney General clearing the bill prepared by the legal draftsman. The proposed bill is expected to supplement the existing Banking Act No. 30 of 1988. 

The new legislation once enacted will strengthen the Central Bank’s crisis management powers ensure that the state-owned banks meet the same regulatory requirements as private banks, including on large exposures, related party lending, and governance.

The regulatory and governance framework for state-owned banks will also be strengthened. The Banking Act will ensure that the state-owned banks meet the same regulatory requirements as private banks, including on large exposures, related party lending, and governance.

The Act will include binding time-bound transition periods for the reduction of existing large exposures to SOEs. In parallel with broader reforms to SOE governance, the framework for appointment of directors and senior managers for state-owned Licensed Commercial Banks.

Licensed Specialized banks will be changed to ensure that nominees are independent, have clear periods of appointment, and possess appropriate professional experience. 

Clear mandates will be defined to ensure that state-owned banks are run at arm’s length and lend to SOEs on a commercial basis.

They will be supervised by the CBSL and within standard prudential requirements as defined by the Banking Act, including for concentration risk, foreign currency lending, and the suitability and independence of board members and senior executives. New nomination and appointment processes will be defined for directors and management.

Accounting for more than 70 percent of domestically-owned bank assets as of end-June 2022, including the two largest state-owned banks and the three largest private sector banks, based on a Terms of Reference to be agreed with IMF staff.

It has been defined to ensure that state-owned banks are run at arm’s length and lend to SOEs on a commercial basis.

Reinforcing its commitment to the nation, Unilever Sri Lanka, has embarked on a journey to localise the production of its malted food drink brands with the commencement of the construction of its first Malted Beverage Plant at the Lanka Industrial Estate Limited (LINDEL) zone in Sapugaskanda. 

Unilever at present manufactures 97% of all its products in Sri Lanka at its manufacturing facility in Horana and local third-party manufacturing sites and the latest venture will enhance its locally manufactured portfolio further. 

This will come in the form of an investment of Rs. 4 billion and will manufacture Viva and Horlicks, as part of its journey of nourishing a million Sri Lankan lives.

Adapting state-of-the-art technology, the plant is equipped with Vacuum Bran Dryer technology which helps ensure the quality and consistency of products. 

This ensures a sustainable supply of high-quality Viva and Horlicks products, enriched with the goodness of malt and barley to enable Sri Lankan families to start their day with the energy required to keep them active throughout the day. 

The foundation stone ceremony saw the participation of Unilever Sri Lanka Chairperson and Managing Director Hajar Alafifi, BOI Director General Renuka Weerakoon and District Secretary of Gampaha Darshana Pandikorala. 

Over the past 85 years, Unilever has been deeply rooted in Sri Lankan society, curating a landscape that preserves and nurtures the true Sri Lankan way of life.

 It is one of the largest Fast-Moving Consumer Goods (FMCG) companies in the country. The company has invested over Rs. 19.8 Billion in local manufacturing capacity to date. 

State Ministry of Investment Promotion Secretary M. M. Nayeemudeen said: “Unilever’s investment in the new Health Food Drinks plan is a testament to Sri Lanka’s potential as an investment destination. 

This investment not only creates employment opportunities but also strengthens the local economy by reducing the dependence on imports. 

It is commendable that Unilever is not only investing in the country’s growth but also contributing to the nation’s food security through the production of high-quality malted food drink brands. We welcome Unilever’s continued commitment to Sri Lanka, and we look forward to more investments in the future.”   

Board of Investment and Colombo Port City Economic Commission Chairman Dinesh Weerakkody said: “In the midst of economic challenges, it is indeed refreshing to see companies like Unilever supporting the country’s growth and development through meaningful investments. 

Unilever Sri Lanka Chairperson and Managing Director Alafifi said: “Unilever began its  journey in investing behind Sri Lanka’s future 85 years ago. Investing in our new Malted Beverages plant, will not only minimise forex outflow for imported products but also creates over 125 direct employment opportunities and much more indirect employment, to help further stimulate economic growth,he added

1. President Ranil Wickremesinghe attends the Commonwealth Leaders Meeting held at the Commonwealth Secretariat in London: meets Rwandan President Paul Kagame and discusses potential areas of cooperation on agriculture and healthcare between the two countries.
2. Health authorities say influenza & dengue are on the rise: also say it’s vital to wear face masks as safety precautions: adds cases of “leptospirosis” (rat fever) are increasing with 2,600 cases of rat fever reported so far in 2023: with 13 new cases of coronavirus being identified, total number of corona cases rises to 672,207: Corona deaths stands at 16,844.
3. Most wanted terrorist in Pakistan, Iqbal alias Bali Khayara, who was involved in the attack on the Sri Lanka cricket team at Lahore in March 2009, killed by Pakistan Police.
4. Flights from Melbourne, Male & Dammam to Colombo diverted to the Mattala Rajapaksa International Airport due to bad weather conditions at Katunayake.
5. MP Udaya Gammanpila charges that MP Patali
   Champika Ranawaka is lying with his comments regarding MP Wimal Weerawansa’s recent book, to protect the interests of the USA: asserts it is clear that Ranawaka has not even read the first page of the book.
6. MP Professor Ranjith Bandara says the leader of the SLPP was “presented” at the May Day rally amidst public acclamation: also says he is glad that members of the media have understood that the next leader and Presidential candidate of the SLPP will be Basil Rajapaksa.
7. Leading global supplier of tea, coffee and botanical ingredients, Finlays says it will sell its James Finlay Kenya tea estates business to Sri Lanka’s Browns Investments: in December 2021, Browns acquired Finlays’ Sri Lankan tea estate business.
8. Chairman of the Federation of University Teachers’ Associations says there is a need for new legal provisions to prevent the titles of “doctor of philosophy” and “professor” from being misused by certain individuals.
9. National Building and Research Organization issues Landslide Early Warnings in Badulla, Matara, Matale, Galle and Kegalle Districts.
10. Wildlife and Forest Resources Conservation Minister Pavithra Wanniarachchi says Sri Lanka’s wildlife resources can be used to bring in foreign exchange: also says people of most countries live hard lives due to cold climates, but people of Sri Lanka are fortunate to live without such conditions.

Showers or thundershowers will occur at times in Western, Sabaragamuwa, North-Western and Southern provinces and in the Kandy and Nuwara-Eliya districts.

Showers or thundershowers will occur at several places in Northern, Eastern and Uva provinces during the afternoon or night.

Strong winds about (40-50) kmph can be expected at times over western and southern coastal areas.

General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.