November 06, Colombo (LNW): Lanka Sathosa has so far purchased more than 70,000 kilogrammes of big onions from local cultivators, while private traders have also made substantial purchases, Trade, Commerce, Food Security and Cooperative Development Minister Wasantha Samarasinghe announced.

According to the Minister, this year’s domestic big onion yield is estimated to be nearly four times higher than last year’s output. To assist farmers and stabilise market prices, the government has increased the import duty on big onions from Rs.10 to Rs.50 per kilogramme.

Sri Lanka’s annual demand for big onions stands at around 300,000 metric tonnes, with 7,000 metric tonnes imported in September and a further 12,000 metric tonnes in October. Although the higher import tax will remain in effect, the Minister admitted that it is only a partial remedy.

He said the authorities are also working to improve seed and fertiliser supplies to help locally grown onions achieve a shelf life comparable to imports from India.

Looking ahead, the Trade and Agriculture Ministries are formulating a joint programme to ensure that potato and onion cultivators are better protected from recurring market challenges by 2026.

Minister Samarasinghe further revealed that Keeri Samba rice cultivation will be expanded from 35,000 to 50,000 hectares in the coming seasons to avoid shortages and curb market manipulation by large millers. He noted that the current shortfall of approximately 100,000 metric tonnes has required a temporary 12-day import window for alternative rice varieties.

The government aims to boost Keeri Samba output starting this Maha season under the Yaya Pansiya (500 paddy fields) initiative.

He added that prices of around 40 essential goods have fallen by nearly 19 per cent this year and assured that further price reductions are being pursued. The Minister concluded that the forthcoming national budget will prioritise economic resilience and long-term development.

November 06, Colombo (LNW): Sri Lanka Tourism inaugurated its exhibition space at the World Travel Market (WTM) London 2025 today, presenting the nation’s distinctive heritage, renowned hospitality, and commitment to eco-conscious travel.

Situated at Stand N11-220 within the Asia section of ExCeL London, the Sri Lankan stand made a striking impression at the globally recognised tourism fair.

The opening drew a wide audience of international industry professionals, partners, and visitors.

During the event, representatives underscored the country’s ambition to establish itself as a premier travel destination in South Asia by fostering sustainable tourism, expanding international partnerships, and enriching the overall visitor journey.

WTM London 2025 continues until November 06, welcoming exhibitors and participants from every corner of the worldwide travel sector.

November 06, Colombo (LNW): Deputy Minister of Industries and Entrepreneurship Development Chathuranga Abeysinghe announced that Sri Lanka’s Treasury has received a substantial income of Rs. 227 billion from State-Owned Enterprises (SOEs) this year, underscoring the continued financial contribution of public-sector institutions to the national economy.

Addressing recent reports that pointed to uneven performance among SOEs in the first half of 2025, the Deputy Minister emphasised that the revenue generated represents value created through public capital and market-driven operations.

“This is wealth created for the people, reflecting the productivity and efficiency of our state enterprises,” he said. “Although overall profits have declined slightly from last year, that reduction stems mainly from the non-adjustment of electricity tariffs and the foreign exchange gains recorded by SriLankan Airlines in the previous year.”

Abeysinghe acknowledged that some state entities continue to face difficulties, largely due to past mismanagement and corruption. However, he stressed that an extensive restructuring effort is underway to restore these institutions to profitability.

“The process to revitalise underperforming enterprises has already begun, and we expect Treasury revenue from these entities to strengthen further in the coming years,” he stated.

Rejecting suggestions that state assets should be transferred to private hands, the Deputy Minister reiterated that the government’s policy framework promotes a balanced economic model that integrates state, private, and cooperative sectors.

“Those who argue that the government should not engage in business are misleading the public,” he said. “Around the world, even in advanced economies such as China, Vietnam, South Korea, Singapore, and India, state-owned enterprises continue to play a central and strategic role in national development.”

He further explained that the purpose of state ownership is not merely to maximise profit but to enhance economic and social outcomes, especially in sectors where markets function inefficiently.

“Sri Lanka has 52 carefully managed state-owned enterprises identified as strategic. Their goal is to strengthen the economy and serve the people, not to drain public resources,” Abeysinghe added.

The Deputy Minister also revealed that the government is in the process of drafting new legislation aimed at improving the governance of state enterprises, reducing political interference, and ensuring that board appointments are based on merit and professional competence.

“Our government is committed to ending waste and corruption. The claim that these institutions waste taxpayers’ money is completely unfounded,” he remarked.

Highlighting the performance of the public sector, Abeysinghe noted that SOEs collectively earned profits of Rs. 427 billion in 2023 and Rs. 538 billion in 2024.

“Imagine if these enterprises were privatised — all that income would flow to a handful of private investors, and essential services would lose price competition, ultimately hurting the public,” he argued.

He went on to clarify that in 2025, institutions such as the Ceylon Electricity Board and the Ceylon Petroleum Corporation maintained stability without imposing additional burdens on citizens.

“Contrary to the false claim that the country is collapsing due to SriLankan Airlines, the Rs. 20 billion allocated to the airline came from these profits — not from taxpayers’ money,” he concluded.

November 06, Colombo (LNW): Central Bank Governor Dr Nandalal Weerasinghe has reaffirmed his willingness to appear before Parliament at any time to respond directly to questions from Members of Parliament on issues concerning the national economy.

Speaking in reference to recent discussions involving the Committee on Public Finance (COPF), Dr Weerasinghe clarified that any perceived delay in receiving responses from the Central Bank is the result of procedural requirements rather than reluctance or inefficiency.

“When a Member of Parliament raises a question, it is first directed to the Minister of Finance. The Ministry then reaches out to us for clarification or data. Once the request is made, we promptly provide all relevant information,” he explained.

He added that the Central Bank itself cannot formally address Parliament, as responses must be presented through the Finance Minister or the Deputy Minister of Finance, in accordance with established parliamentary protocol. “We are always ready to cooperate and respond swiftly, but the timing of delivery depends on the administrative process,” Dr Weerasinghe said.

The Governor further observed that many of the questions raised by legislators involve not just the Central Bank but also the Ministry of Finance and several related institutions. “In such cases, it falls to the Finance Minister to gather inputs from all agencies and compile a unified report for Parliament,” he noted.

Dr Weerasinghe emphasised that if the Central Bank were formally invited, he and his team would have “no hesitation whatsoever” in appearing before Parliament to provide clarifications directly. He also reminded that under the recently enacted Central Bank Act, the CBSL holds a unique responsibility among state entities — to report to Parliament every four months, ensuring transparency and accountability in its operations.

November 06, World (LNW): The President of the World Economic Forum (WEF), Børge Brende, has cautioned that global markets could be heading towards three significant financial bubbles — in cryptocurrencies, artificial intelligence, and public debt — amid growing concern over recent turbulence in technology shares.

Speaking to journalists during a visit to São Paulo, Brazil’s financial capital, Brende noted that while investor confidence has remained strong for much of the year, current valuations in several sectors appear increasingly inflated.

“We may be on the verge of seeing three bubbles taking shape — one in the crypto market, another in artificial intelligence, and a third in the world’s mounting debt levels,” he said.

He further pointed out that government debt across many nations has now reached levels unseen since the end of the Second World War.

His remarks come after global technology stocks experienced sharp declines, prompting investors to reassess whether enthusiasm for innovations such as AI may have run ahead of fundamentals. Market experts, however, have urged restraint rather than alarm, emphasising that the recent corrections follow months of record-breaking highs driven by optimism about technological advances.

Brende acknowledged that artificial intelligence could revolutionise global productivity and unlock vast economic potential, but warned that the transition might bring social and employment challenges, particularly for office-based professionals.

“In a worst-case scenario, we could see new ‘rust belts’ forming in major urban centres where white-collar roles are most at risk from automation,” he explained, pointing to recent job reductions announced by large multinational corporations such as Amazon and Nestlé.

Nonetheless, Brende stressed that history shows technology-driven change ultimately fuels progress. “Every wave of innovation has disrupted employment patterns in the short term, but over time, rising productivity translates into broader prosperity,” he said. “Greater efficiency allows businesses to reward workers with higher wages and helps societies achieve more sustainable economic growth.”