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CSE ASPI surpasses 19,000-point threshold for first time

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July 15, Colombo (LNW): The Colombo Stock Exchange (CSE) marked an historic achievement today (15) as the All Share Price Index (ASPI) climbed past the 19,000-point threshold, a landmark moment for the nation’s capital markets.

The ASPI breached this new high at approximately 9.34 a.m., signalling renewed investor confidence.

Just a day prior, the index had closed at 18,838.39 points, reflecting a gain of 297.13 points. Trading activity remained robust, with the previous session’s turnover reaching approximately Rs. 9.49 billion— underscoring sustained market engagement from both institutional and retail investors.

Analysts attribute the surge to a combination of stable macroeconomic indicators, renewed domestic and foreign investment flows, and buoyant corporate earnings expectations.

Market observers caution that whilst today’s milestone is a cause for celebration, maintaining momentum will depend on continued economic stability, policy clarity, and consistent corporate performance.

Former SriLankan Airlines Chairman secures bail in corruption inquiry

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July 15, Colombo (LNW): Former SriLankan Airlines chairman Nishantha Wickramasinghe has been granted bail by the Colombo Magistrate’s Court following his arrest and detention by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) on graft allegations.

Chief Magistrate Thanuja Lakmali reviewed submissions from both CIABOC officials and the defence before making the decision. Wickramasinghe was released upon posting a cash bail of Rs. 50,000, and providing three sureties of Rs. 5 million each.

In addition to the bail terms, the court placed a restriction on his international travel pending the outcome of the investigation.

Authorities have indicated that further legal proceedings will follow, as the ongoing inquiry examines the allegations involving the former chairman’s tenure at the national carrier.

Majestic tusker ‘Bhathiya’ no more

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July 15, Colombo (LNW): The revered wild tusker known as ‘Bhathiya’, who had been receiving continuous veterinary care for severe injuries, died this morning in the Polpithigama area, marking a poignant loss for Sri Lanka’s wildlife conservation efforts.

Bhathiya had sustained serious gunshot wounds approximately two months ago, prompting an emergency response from a dedicated veterinary team led by Professor Ashoka Dangolla, former Dean of the Faculty of Veterinary Medicine at the University of Peradeniya.

Despite tireless efforts to stabilise his condition, including daily treatment and the use of specialised care protocols, Bhathiya’s health continued to deteriorate.

The situation became more complicated when the tusker recently fell into a water pit, further aggravating his condition. In recent days, his mobility had declined significantly due to muscle wasting and poor blood circulation, with veterinarians describing his state as critical.

In a final effort to aid his recovery, the medical team attempted to reposition the elephant yesterday (14), hoping it would improve blood flow and relieve pressure on his limbs. However, Bhathiya’s body could no longer withstand the trauma and stress, and he succumbed to his injuries early the next day.

Estimated to be between 30 and 35 years old, Bhathiya was widely admired for his commanding stature and graceful build. His presence in the wild was symbolic of the country’s rich elephant heritage, and his loss has left a visible void in the Nikaweratiya and Polpithigama regions, where he was often sighted.

Two lives lost after vehicle plunges into canal along Mahiyangana–Badulla road

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July 15, Colombo (LNW): A tragic road accident claimed the lives of two individuals when a car travelling along the Mahiyangana–Badulla main route veered off course and overturned into the Mahaweli Viyana Canal near the 17th-mile post at Mapakadawewa.

The incident occurred during the early hours of the morning, prompting an immediate and coordinated rescue effort by officers from the Mapakadawewa Police Training Academy, Mahiyangana Police, and concerned residents in the area. Despite the rapid response, both occupants of the vehicle were found trapped inside the submerged car.

Rescuers managed to pull the victims from the water and transfer them urgently to the Mahiyangana Base Hospital. However, hospital staff confirmed that the individuals had succumbed to their injuries by the time they arrived.

Authorities have launched an investigation to determine the exact cause of the accident, although initial reports suggest that loss of control may have contributed to the vehicle careening into the canal. The Mahiyangana Police are working with forensic experts and traffic investigators to gather further details.

Independent panel appointed to investigate financial misconduct at Sabaragamuwa University

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July 15, Colombo (LNW): An independent four-member committee has been established to investigate allegations of financial mismanagement and administrative lapses at Sabaragamuwa University, following directives issued by the Committee on Public Enterprises (CoPE).

The Ministry of Education, Higher Education, and Vocational Training announced the formation of the inquiry team, which is expected to present its findings within two months.

The committee, convened by Secretary to the Ministry, Nalaka Kaluwawa, reflects the government’s response to mounting concerns over governance issues at the institution. These concerns were initially flagged during CoPE sessions, which called for a formal inquiry into how public funds and university resources were being managed.

Heading the investigation is retired Supreme Court Justice Vijith K. Malalgoda, whose legal expertise is expected to lend considerable weight to the inquiry process. He is joined by Professor Gamini Senanayake, a former Vice-Chancellor of the University of Ruhuna; W.M.C. Bandara, previously an Additional Secretary to the Ministry of State Resources and Enterprise Development; and Hasanthi Pathirana, Assistant Internal Auditor of the University Grants Commission, who will serve as the committee’s convener.

The scope of the investigation includes examining procurement processes, financial reporting systems, staff appointments, and other administrative procedures that may have deviated from standard regulatory frameworks.

The committee is also expected to recommend reforms to improve governance and transparency at the university level.

Railway communication upgrade fails to deliver amid poor implementation and oversight

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July 15, Colombo (LNW): A government-funded initiative aimed at modernising Sri Lanka’s railway telecommunication infrastructure has failed to yield its intended benefits, according to a recent report by the National Audit Office.

The audit reveals a series of operational and managerial lapses that have rendered the system ineffective, despite the project’s official completion nearly five years ago.

Originally launched to improve coordination and safety across the island’s railway network, the project was finalised in November 2020. However, the audit findings suggest that the upgraded system has not been integrated into daily operations in any meaningful way.

The report highlights a lack of cooperation from railway personnel, both at individual and departmental levels, in embracing the modernised system.

One of the most significant issues raised in the audit is the Department of Railways’ failure to ensure proper maintenance through the private telecom contractor, as was contractually mandated. This, compounded by the absence of a structured oversight mechanism, has resulted in critical components of the system falling into disuse or disrepair.

In an effort to promote the system’s usage, a circular was issued requiring railway staff to use the new communication equipment for official duties. However, the Audit Office has found widespread non-compliance among officers, some of whom have continued using alternative or outdated methods, undermining the investment made in new technology.

The National Audit Office has recommended that disciplinary measures be taken against officials who disregarded the circular and neglected their responsibilities. It further called for a nationwide strategy to expand signal coverage and build the necessary infrastructure to support uninterrupted service delivery, suggesting that without such improvements, the long-term goals of the modernisation project may never be realised.

Sri Lanka and Saudi Arabia formalise debt deal in boost to economic recovery efforts

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July 15, Colombo (LNW): Sri Lanka has officially concluded a key bilateral agreement with the Saudi Fund for Development (SFD), marking a notable advancement in the nation’s broader strategy to restructure its external debt amidst ongoing fiscal recovery efforts.

The pact, formalised on July 14, 2025, involves the amendment and restructuring of existing loan arrangements, totalling more than 516 million Saudi Riyals.

The agreement was signed by Dr. Harshana Suriyapperuma, Secretary to the Ministry of Finance, Planning, and Economic Development, and Sultan Abdulrahman A. Almarshad, Chief Executive Officer of the SFD, during a bilateral meeting that underscored the strong diplomatic and economic ties between the two nations.

This development comes at a time when Sri Lanka continues to navigate the complexities of its debt stabilisation process following the 2022 debt default. Despite the suspension of international debt repayments during the country’s financial crisis, Saudi Arabia maintained its development support through the SFD, allowing key infrastructure and public service projects to proceed without interruption.

The restructured loans were extended on highly favourable terms, which Sri Lankan authorities say will ease pressure on the country’s repayment obligations over the long term.

According to the Ministry of Finance, the continued financial cooperation from Riyadh serves not only as a vote of confidence in Sri Lanka’s reform agenda but also as a crucial instrument in advancing national development goals during a delicate recovery phase.

The restructured financing arrangements are expected to free up resources for vital sectors including healthcare, education, and transport, while also bolstering investor confidence in the country’s ongoing fiscal reforms.

Officials noted that the Kingdom of Saudi Arabia has been a longstanding development partner to Sri Lanka, with a portfolio of support ranging from energy and infrastructure to rural development and humanitarian relief.

Showery trend further evident in several provinces (Jul 15)

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July 15, Colombo (LNW): Showers will occur at times in the Sabaragamuwa province and in Kandy, Nuwara-Eliya, Galle and Matara districts, the Department of Meteorology said in its daily weather forecast today (15).

Several spells of showers may occur in the Western and North-western province.

Showers or thundershowers may occur at a few places in the Uva and Northern provinces and in Ampara and Batticaloa districts during the afternoon or night.

Strong winds of about (40-50) kmph can be expected at times over Western slopes of the central hills and in Western, Sabaragamuwa, Southern, North-western and North-central provinces.

The general public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.

Marine Weather:

Condition of Rain:
Showers will occur at several places in the sea areas off the coast extending from Colombo to Matara via Galle.

Winds:
Winds will be Westerly to South-westerly and wind speed will be (30-40) kmph.

Wind speed can increase up to (50-60) kmph at times in the sea areas off the coast extending from Puttalam to Pottuvil via Colombo Galle and Hambantota.

Wind speed can increase up to (45-50) kmph at times in the sea areas off the coast extending from Puttalam to Vakarai via Mannar, Kankasanthurai and Trincomalee.

State of Sea:
The sea areas off the coast extending from Puttalam to Pottuvil via Colombo Galle and Hambantota will be rough or very rough at times.

The sea areas off the coast extending from Puttalam to Vakarai via Mannar, Kankasanthurai and Trincomalee may be fairly rough at times.

The wave height (about 2.5 – 3.0 m) may increase in the sea areas off the coast extending from Puttalam to Pottuvil via Colombo, Galle and Hambantota. Therefore, there is a possibility that nearshore sea areas extending from Puttalam to Pottuvil via Colombo, Galle and Hambantota, may experience surges due to sea waves.

Naval and fishing communities are requested to be vigilant in this regard.

Sarvajana Balaya Leader Challenges Government’s Tax Policies as Opposition Remains Fragmented

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As President Anura Kumara Dissanayake’s administration faces mounting criticism over its economic policies, Sarvajana Balaya leader Dilith Jayaweera has emerged as an unexpected voice of opposition, challenging what he calls the government’s “excessive taxation” while other opposition leaders remain preoccupied with political maneuvering.

The member of parliament, who has carved out a distinct position in Sri Lanka’s fractured politics, delivered a scathing assessment of the current administration’s approach to economic recovery during yesterday’s press conference. His critique centers on what he sees as a troubling continuity between the current government and its predecessor.

“President Dissanayake is just following the policies of Ranil Wickremesinghe,” Jayaweera declared, drawing parallels between the current administration’s tax strategy and that of the former president. “The excessive taxation is crippling our entrepreneurs.”

The businessman-turned-politician has been particularly vocal about the government’s digital tax initiative, which he has opposed since its inception. Jayaweera characterizes the levy as “a retaliatory tax against the US,” reflecting broader concerns about the measure’s impact on Sri Lanka’s relationship with international partners and its domestic technology sector.

While traditional opposition parties have struggled to present a unified front against the government, often becoming mired in internal disputes and leadership battles, Jayaweera has sought to position himself as a pragmatic alternative. His focus on economic policy rather than political theater has begun to resonate with segments of the business community and middle-class voters who feel underrepresented in the current political discourse.

Sources close to the Sarvajana Balaya leader indicate that he plans to intensify his campaign against what he views as the government’s misguided fiscal approach. These individuals, speaking on condition of anonymity, suggest that Jayaweera is preparing to mount a sustained challenge to the administration’s taxation policies, arguing that the government has failed to articulate a clear pathway to economic recovery.

The criticism comes at a sensitive time for the Dissanayake administration, which inherited a country still grappling with the aftermath of its worst economic crisis in decades. The government’s tax policies, defended by officials as necessary for revenue generation and fiscal stability, have faced pushback from various quarters, but Jayaweera’s systematic opposition has given these concerns a prominent political voice.

His approach contrasts sharply with that of other opposition figures, who have often focused on broader political attacks rather than specific policy alternatives. This strategic positioning has allowed Jayaweera to cultivate an image as a serious critic focused on substantive economic issues rather than partisan politics.

The digital tax controversy, in particular, has provided Jayaweera with a platform to demonstrate his opposition credentials. His early and consistent criticism of the measure has established him as a credible voice on technology policy, an increasingly important area as Sri Lanka seeks to modernize its economy.

As the domestic politics continues to evolve, Jayaweera’s ability to maintain his focus on economic policy while other opposition leaders engage in what he characterizes as “power games” may prove to be a significant advantage in building public support for his alternative vision of Sri Lanka’s economic future.

The coming months will test whether his approach can translate into broader political influence or whether the established patterns of Sri Lankan politics will reassert themselves.

US Tariff Cut Not Enough: Sri Lanka’s Seafood Exports Struggle to Stay Afloat

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By: Staff Writer

July 14, Colombo (LNW): Sri Lanka’s seafood export industry, a vital pillar of the nation’s economy, is facing mounting pressure following the United States’ recent decision to reduce import tariffs from 44% to 30%. While the move has been portrayed by some as a diplomatic win, industry leaders have strongly dismissed it as merely a temporary relief rather than a meaningful breakthrough.

The Seafood Exporters’ Association of Sri Lanka (SEASL), representing the country’s top seafood producers and exporters, warned that the revised tariff rate still places Sri Lanka at a severe disadvantage compared to regional competitors. “Even at 30%, we are worse off than exporters from Vietnam or the Philippines, who face tariffs of 20% or less,” SEASL said in a statement released Saturday.

Seafood exports to the United States account for more than 25% of Sri Lanka’s total seafood export volume, with some high-value products—like pasteurised crab meat—completely reliant on the US market. With such heavy dependence, the Association said the higher duties threaten the industry’s viability, including the incomes of thousands of small-scale fishermen and workers across the value chain.

The broader seafood sector in Sri Lanka earned over USD 280 million in 2024, with the European Union, Japan, the Middle East, and the United States being the top importers of Sri Lankan tuna, shrimp, crab, and lobster. Despite this potential, exporters say their global competitiveness is being choked by high domestic raw material costs and excessive local taxes, even before international tariffs are factored in.

“The 30% US tariff makes it even harder to compete,” a SEASL spokesperson explained. “We’re already dealing with cost burdens at home. Now, we’re being priced out of key international markets.”

In response, exporters are attempting to diversify into emerging markets such as the Middle East, Far East Asia, and other parts of Europe. But the Association cautioned that penetrating new markets is a time-intensive and costly process, requiring consistent policy support, infrastructure, and international trade facilitation.

SEASL is now urging the Sri Lankan Government to take immediate steps to address the crisis. The Association has proposed three urgent measures: renegotiating US tariffs to match regional standards by August 1, 2025; establishing a structured, transparent roadmap for trade talks with active private-sector involvement; and crafting a national export strategy focused on improving competitiveness and accelerating global market access.

“This isn’t a victory—it’s a warning,” SEASL concluded. “If we don’t act now, our exporters and fishing communities could lose everything while our competitors secure long-term market dominance.”