November 05, Colombo (LNW): The Department of Agrarian Development has commenced the distribution of the Rs. 25,000 fertiliser subsidy for the 2024 ‘Maha Season,’ confirmed Commissioner General U.P. Rohana Rajapakshe.
This substantial initiative is aimed at supporting local farmers through a phased financial distribution to bolster agricultural productivity.
In the programme’s first phase, Rs. 15,000 has already been distributed per farmer, initially benefiting 670 farmers across Ampara and Kilinochchi districts, with Rs. 9.5 million allocated to support cultivation across 630 hectares.
Expanding on this, the second phase disbursed Rs. 46.5 million to 4,475 farmers in 12 districts, while the third phase released Rs. 57.5 million to assist 4,219 farmers within the same districts.
Further, in the fourth phase, Rs. 47.7 million was allocated to 4,804 farmers.
Rajapakshe stated that an additional Rs. 279.4 million will be transferred from the Treasury today, with funds allocated to benefit 22,419 farmers across 19 districts, further strengthening the seasonal agricultural efforts.
In total, over Rs. 441.8 million has been distributed to farmers so far, representing a significant investment by the government in agricultural sustainability.
Rajapakshe also highlighted that a subsequent Rs. 10,000 will be disbursed to farmers in two weeks, following the commencement of cultivation activities.
This follow-up financial support is intended to ensure farmers are adequately equipped for the season’s demands.
November 05, Colombo (LNW): The Department of Examinations has announced that applications for the 2024 (2025) G.C.E. Ordinary Level Examination are now open, with the submission period running from today (05), until midnight on 30 November.
According to a statement released yesterday (04), only online applications will be accepted, and candidates can submit them through the department’s official websites: www.doenets.lk or www.onlineexams.gov.lk/eic.
The department clarified that school candidates must apply through their respective school principals, whilst private applicants may submit their applications independently.
In line with maintaining an organised schedule, the Department of Examinations emphasised that there will be no extensions for the application deadline.
Candidates with any inquiries regarding the application process may reach out for assistance by calling 0112784208, 0112784537, or 0112785922, or by emailing [email protected].
November 05, Colombo (LNW): Doctors at Karapitiya National Hospital commenced an indefinite strike this morning, intensifying their protest against the alleged misconduct of a specialist in the hospital’s oncology unit.
The walkout, which began at 8:00 a.m. today (05), follows a previous token strike over the issue, as medical staff express growing frustration with the lack of response from hospital leadership.
Dr. Asanka Konara, Co-Secretary of the Government Medical Officers’ Association (GMOA), stated that the strike is intended to press hospital authorities to address longstanding grievances regarding the specialist’s behaviour.
According to Dr. Konara, earlier protests failed to prompt any concrete action, leaving doctors with little choice but to escalate their demands.
The situation took a turn when Karapitiya Hospital Director Dr. S.P.U.M. Ranga informed media that the Ministry of Health has decided to transfer the specialist involved to the Maharagama Cancer Hospital.
This decision appears to be a direct response to the doctors’ concerns, with an official transfer notice expected later today.
November 05, Colombo (LNW): The government has announced an extension of the Rs. 50 per kilogramme special commodity levy on imported sugar, now set to remain in effect until December 31.
Originally due to expire on November 01, this levy has been extended by an official Gazette notification from President Anura Kumara Dissanayake, acting in his role as Minister of Finance.
The levy, first implemented a year ago on November 01, was intended to shield local consumers from volatile global sugar prices.
However, the decision to maintain this tax has drawn criticism, with former minister Manusha Nanayakkara pointing out the disparity between the administration’s promise to alleviate the tax burden on essential goods and its actions in retaining taxes on food items.
Nanayakkara argued that the government’s move contradicts its earlier stance on tax reform aimed at reducing the cost of living, especially on staple goods like sugar.
He added that, given the financial pressures faced by many households, maintaining such levies on essential imports may hinder affordability for consumers.
November 05, Colombo (LNW): Election Commissioner General Saman Sri Ratnayake has affirmed that all necessary preparations for the upcoming general elections on November 14 are progressing smoothly, with electoral teams in place across the country.
Addressing the media, Ratnayake highlighted the involvement of a coordinated network of electoral staff, including assistant and deputy commissioners, who are fully engaged to ensure the election day runs without disruption.
Ratnayake underscored that the electoral process will strictly adhere to the regulations established in the Parliamentary Elections Act No. 1 of 1981.
He acknowledged recent legal challenges but assured that, at present, these have not impacted the election timeline.
While the Commissioner encouraged any citizen who believes their rights have been compromised to seek redress through the courts, he clarified that election preparations will remain on track unless otherwise directed by a judicial ruling.
November 05, Colombo (LNW):The general public is kindly requested to take adequate precautions to minimise damages caused by lightning during thundershowers as the atmospheric conditions are favourable further for afternoon thundershowers in most parts of the island, the Department of Meteorology warned in its daily weather forecast today (05).
Showers or thundershowers will occur in the most parts of the island during the evening or night.
Showers will occur at several places over the coastal areas of Western and Southern provinces and in Ampara district during the morning too.
Heavy showers about 100 mm are likely at some places in Central, Sabaragamuwa, North-Central, Uva provinces and in Kurunegala district.
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 times in the sea areas off the coast extending from Colombo to Pottuvil via Galle and Hambantota. Showers or thundershowers may occur at several places in the other sea areas around the Island during the evening or night.
Winds:
Winds will be Westerly or South-westerly in the sea areas off the coast extending from Colombo to Pottuvil via Galle and Hambantota, and variable in the other sea areas around the island. Wind speed will be (20-30) kmph.
State of Sea:
The sea areas around the island will be slight to moderate. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
President Anura Kumara Dissanayake announces legal action will be taken against rice millers failing to sell rice at controlled prices: With no government-held paddy stocks due to previous policies, he outlined plans to buy paddy in the next Maha season, refurbish storage, and collaborate with small-scale millers to supply rice to consumers via cooperative stores.
SJB Leader Sajith Premadasa calls on President Anura Kumara Dissanayake to deliver on his promises, particularly regarding funds allegedly held in Uganda, which were said to be sufficient to address Sri Lanka’s debt issues: criticises the President for failing to reduce essential commodity prices, cut electricity bills, and lower oil prices, despite holding executive power: also accuses Dissanayake of backtracking on his stance against the oil pricing formula, claiming it now benefits the wealthy rather than ordinary citizens.
CPSTL Chairman D.J.A.S De S. Rajakaruna highlights despite the Ceylon Petroleum Corporation (CEYPETCO) achieving profitability, it struggles to operate independently due to political interference and the presence of foreign petroleum companies like Lanka IOC, Sinopec, RM Parks, and United Petroleum: Agreements require all firms to follow a 2022 pricing formula, complicating CEYPETCO’s capacity to manage profits amid competitive pressures.
The Election Commission has reported a rise in complaints related to the 2024 Parliamentary Poll, with a total of 1,535 complaints, including 127 received within the last 24 hours: Most complaints involve election law violations, totalling 1,485 cases: The commission noted that 1,248 of these complaints have already been resolved.
The Examinations Department announces applications for the 2024 (2025) GCE Ordinary Level Examination will be accepted online from today (05) to November 30: School applicants must apply through principals, while private applicants may apply directly: The deadline is midnight on November 30, with no extensions: Inquiries can be made via provided contact numbers or email.
A Michelin delegation and newly appointed EDB Chairman Mangala Wijesinghe discuss enhancing Sri Lanka’s rubber manufacturing sector: Michelin urged proactive policies to boost rubber production and establish a dedicated rubber zone, aiming to expand market access and support value-added products: The EDB pledged support, highlighting Michelin’s role as Sri Lanka’s largest French investor and a key export contributor since 2019.
For the first time, 25 Sri Lankan employment agencies participated in the Saudi Human Resources and Manpower Expo from 27-30 October in Riyadh: The Sri Lankan Embassy, in collaboration with the Sri Lanka Foreign Employment Bureau, facilitated this: Ambassador Ameer Ajwad inaugurated the Sri Lanka pavilion and highlighted Saudi labour market opportunities, encouraging agencies to capitalise on Saudi Arabia’s Vision 2030 and new Skill Verification Program partnerships.
The Nugegoda Magistrate’s Court has remanded the wife of former State Minister Lohan Ratwatte until November 07 after an unregistered luxury jeep was found at her Mirihana residence: Ratwatte, meanwhile, remains hospitalised at Colombo National Hospital following what the prison authorities described as a “sudden illness”, having been transferred from the prison hospital, where he has been receiving treatment under court orders.
The Colombo High Court grants bail to 24 individuals remanded for a 2012 assault at Borella New Magazine Prison: During the trial, 43 defendants pleaded guilty, and were ordered to pay Rs. 300,000 to injured party Nihal Gunawardena and Rs. 122,000 each in damages, totalling over Rs. 5.2 million: Payments are due by December 13, 2024.
Sri Lanka plans to retain the same T20 squad from the recent West Indies series for their upcoming two-match series against New Zealand, beginning on November 09 in Dambulla: The squad, led by Charith Asalanka, aims to maintain its winning momentum and boost T20 and ODI rankings: Test specialists will prepare early for the South Africa series, prioritising World Test Championship rankings.
November 04, Colombo (LNW): In recent years, Sri Lanka’s apparel industry has encountered numerous challenges, exacerbated by both local issues and external factors.
The Covid-19 pandemic and subsequent economic uncertainties, along with geopolitical tensions, have complicated global maritime logistics, impacting Sri Lanka’s attractiveness as a manufacturing hub
As international demand decreased, many manufacturers, particularly small and medium enterprises, had to scale back their operations significantly. However, the outdated termination laws in the country have impeded the ability of local industries to adapt, forcing many to permanently shut down their factories.
Noel Priyathilaka, former Chairman of the Joint Apparel Association Forum, highlights the urgent need to reform these restrictive termination laws. He believes that such changes are essential not only for the survival of businesses but also for boosting investor confidence and increasing export revenues, which could be a long-term solution to Sri Lanka’s ongoing dollar shortage.
In 2023, the apparel sector generated $5.42 billion in exports, a vital source of foreign exchange for the country. Nevertheless, the stringent employment laws concerning termination have hampered the industry’s operational flexibility during crises, threatening factory closures and the loss of jobs along with suppliers associated with those factories.
Priyathilaka advocates for a balanced approach that safeguards the interests of both employees and employers. He proposes establishing a social security program for private sector workers that would supplement the existing Employee Trust Fund (ETF).
His plan suggests an additional 1% contribution from both employers and employees to create a new safety net for private sector workers. This initiative would raise the total ETF contribution from the current 3% to 5%, ensuring that workers are better protected during economic downturns without crippling business operations.
This reform, he asserts, would empower businesses to make necessary decisions during tough economic times while providing employees with financial security during layoffs. Currently, existing laws make it difficult for businesses, especially smaller manufacturers, to act swiftly in crises, like the economic impact of COVID-19.
Priyathilaka stresses that potential investors conduct thorough risk assessments before committing to investments, and offering an unemployment insurance scheme would signal Sri Lanka’s commitment to institutional reforms. This move could bolster foreign investors’ confidence, making the country a more attractive destination for investment.
Supported by the Joint Apparel Association Forum, this proposal is gaining momentum as a possible lifeline for the apparel sector and beyond, potentially benefiting over 3.5 million private sector employees.
As Sri Lanka endeavors to revitalize its economy, revising termination laws and establishing a comprehensive social security program could pave the way for sustainable growth, ensuring the long-term viability of industries while protecting workers’ livelihoods.
November 04, Colombo (LNW): The 2024 Leadership Forum hosted by the Chamber of Young Lankan Entrepreneurs (COYLE) emerged as a transformative gathering of entrepreneurs, thought leaders, and innovators at the Shangri-La Colombo.
With a powerful lineup of speakers, the event successfully set a forward-looking agenda for young Sri Lankan entrepreneurs, emphasizing resilience, innovation, and purposeful leadership. It has not only inspired attendees but also laid down strategic initiatives to cultivate future entrepreneurial talent, making a significant impact on the country’s business landscape.
COYLE, the Chamber of Young Lankan Entrepreneurs, hosted its milestone 2024 Leadership Forum last week at Shangri-La Colombo, bringing together influential entrepreneurs, thought leaders, and visionaries to help shape the future of business in Sri Lanka.
This high-impact event aimed to inspire the next wave of innovators, creating a space where key voices in business strategy and entrepreneurship could share transformative ideas and insights.
The forum’s highlight was a keynote by Dubai-based entrepreneur and luxury retail leader Ebraheem Al Samadi, renowned globally as a Netflix Dubai Bling star.
Al Samadi captivated the audience with his story of entrepreneurship, which is marked by bold choices, ambitious goals, and outstanding achievements. His speech underlined how perseverance and passion drive success, offering valuable insights into the resilience required in entrepreneurship.
Also featured was innovation strategist Harsha Fernando from Los Angeles, California. Fernando’s talk, “Lead with Vision, Innovate with Purpose,” emphasized the need for young entrepreneurs to drive impactful change.
His message underscored the importance of having a vision, adaptability, and commitment to social impact, resonating strongly with attendees focused on purposeful innovation and transformative leadership.
COYLE Chairman Thushira Radella, known for his innovative leadership and cross-industry successes, shared his perspective on building sustainable enterprises, promoting growth, and raising industry standards. His insights reinforced COYLE’s mission to build a dynamic ecosystem where entrepreneurs can thrive, grow, and extend their reach from Colombo to the world.
The event also launched COYLE’s Future Founders initiative, a program aimed at fostering entrepreneurship at the school level. COYLE signed MoUs with three leading schools, establishing a foundation to support budding talent.
Plans include expanding the program to more schools, launching a seed fund, and setting up the COYLE Entrepreneurial Development Centre (EDC) to nurture innovative and entrepreneurial skills in young minds.
The forum was supported by Nations Trust Bank, a leading financial institution in Sri Lanka dedicated to advancing local entrepreneurship. With a shared commitment to long-term development and support for innovation, the bank’s partnership with COYLE underscores a mutual dedication to transforming Sri Lanka’s entrepreneurial landscape.
The COYLE 2024 Leadership Forum stands as a symbol of the power of collaboration and vision. By convening industry leaders to rethink business futures, the forum laid the groundwork for young entrepreneurs to achieve lasting success, innovate with integrity, and emerge as tomorrow’s change-makers.
November 04, Colombo (LNW): In the first half of 2024, Sri Lanka’s state-owned Ceylon Petroleum Corporation (CPC) saw a significant reduction in its petroleum import costs, dropping to USD 1.235 billion from USD 1.38 billion in the same period of 2023. This reduction, as reported by the Finance Ministry, stemmed primarily from lower import volumes, influenced by the entrance of new competitors in the market, despite rising international crude oil prices.
The drop in import costs positively impacted CPC’s cost of sales, which decreased by 17.2% to LKR 467.7 billion, compared to LKR 564.6 billion in the first six months of 2023. However, CPC’s turnover simultaneously experienced a more substantial decline of 20.1%, dropping from LKR 681.5 billion in the first half of 2023 to LKR 544.3 billion in 2024.
This reduction in revenue significantly affected the company’s profitability, with net profits falling sharply by 70.2% to LKR 20.7 billion, compared to LKR 69.5 billion in the previous year. The lower profitability was attributed to increased competition and lower sales, despite the overall decrease in the cost of imports.
Furthermore, CPC’s financial obligations improved over the same period. The organization has now cleared all liabilities to Sri Lanka’s Bank of Ceylon and People’s Bank, thanks to a government initiative that took on CPC’s dollar-denominated debts from state banks. The debt owed to the National Iranian Oil Company, which had stood at USD 230.9 million at the end of 2023, also decreased to USD 191 million by the end of June 2024.
The Finance Ministry report highlighted that CPC’s prior debt was largely due to dollar loans taken from state banks to cover supplier credits during times of currency shortages. These shortages often arose from the central bank’s policy of flexible inflation targeting, which involved printing money to encourage inflation and stimulate economic growth.
However, when money was created to finance imports, it led to a widening current account deficit and subsequent currency devaluations, causing CPC to incur substantial losses.
The economic challenges CPC faced were not new. During past currency crises, including one tied to the Iranian debt two decades ago, CPC had relied on suppliers’ credit.
Analysts noted that this pattern of incurring debt from money printing has continued to burden Sri Lanka’s economy. Additionally, the central bank’s approach of maintaining low interest rates through open market operations had similar consequences, contributing to the country’s financial instability.
After Sri Lanka’s civil war, the government pursued heavy debt accumulation, enacting the Active Liability Management Law to manage its debts actively. This approach, combined with unsustainable interest rate policies, eventually pushed Sri Lanka towards default.
However, since the last quarter of 2022, Sri Lanka’s central bank has maintained relative monetary stability, which has been advantageous for state energy firms like CPC. This stability, along with a gradual currency appreciation, has somewhat mitigated the impact of global oil price surges on CPC’s operations.
These changes have allowed CPC to reduce debts and manage costs better, even as profits and revenues shrink amid heightened market competition.
