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Sri Lanka urged to stay alert as regional seismic activity increases

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April 01, Colombo (LNW): Despite recent earthquakes not directly impacting Sri Lanka, the Geological Survey & Mines Bureau (GSMB) has advised both authorities and the public to remain vigilant about potential seismic threats in the region.

Experts warn that a major earthquake near Sumatra could trigger tsunami-like effects along Sri Lanka’s coastline, prompting the need for continuous monitoring and preparedness.

GSMB officials reassured that global seismic activity is being closely tracked, and contingency measures are in place to respond swiftly to any potential threats.

The advisory comes amid a surge in earthquake activity worldwide, raising concerns about regional stability and disaster preparedness.

The warning follows a catastrophic 7.7-magnitude earthquake in Myanmar, which has caused massive devastation. Reports from international news agencies indicate that the death toll has exceeded 2,000, with rescue teams struggling to manage the aftermath.

Relief efforts are ongoing, with emergency response teams working to locate survivors and provide essential aid to affected communities.

Adding to concerns, Japan has issued an alert regarding a possible earthquake with a magnitude between 8 and 9 on the Richter scale. Japanese authorities predict that such an event could result in catastrophic destruction, with over 300,000 lives potentially at risk. Given Japan’s history of major earthquakes and tsunamis, experts are urging heightened precautionary measures.

Meanwhile, India’s capital, New Delhi, experienced a 4.0-magnitude tremor last month, adding to a series of recent seismic disturbances across South and East Asia.

With earthquake activity on the rise globally, Sri Lankan authorities stress the importance of disaster readiness. The National Tsunami Early Warning Centre, in coordination with international seismic monitoring agencies, is actively tracking potential threats. Officials urge the public to stay informed, follow safety guidelines, and be prepared for any emergency response measures that may arise.

Underworld figure ‘SF Sarath’ sentenced to death for 2014 Borella murder

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April 01, Colombo (LNW): The Colombo High Court has handed down a death sentence to notorious underworld figure K.M. Sarath Bandara, widely known as ‘SF Sarath’, after finding him guilty of murdering a man in Borella in 2014.

Delivering the verdict today (01), High Court Judge Nawarathne Marasinghe ruled that SF Sarath was directly responsible for the fatal shooting of Hettiarachchige Duminda inside a salon in Wanathamulla, Borella, on August 01, 2014.

The ruling marks the conclusion of a prolonged legal battle, which saw multiple defendants facing trial over their alleged involvement in the crime.

While SF Sarath received the maximum penalty, the court acquitted and ordered the release of three other accused individuals, including the notorious underworld figure Chaminda Ravi Jayanath, known as ‘Dematagoda Chaminda’.

The judge ruled that the prosecution had failed to provide sufficient evidence to convict them.

The case, which dates back over a decade, was part of a broader crackdown on organised crime and contract killings in Sri Lanka. SF Sarath, a known enforcer in the underworld, was accused of carrying out the targeted assassination as part of an ongoing turf war. Authorities believe the murder was linked to criminal rivalries and disputes within Colombo’s underworld networks.

Ex-Minister S. Viyalendiran further remanded over corruption allegations

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April 01, Colombo (LNW): Former Minister S. Viyalendiran, who is currently facing corruption charges, has been further remanded until April 08, 2025, as ordered by the Aluthkade Magistrate’s Court.

Viyalendiran was taken into custody on March 26, 2025 following an inquiry by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC). His arrest was linked to allegations that he had facilitated and assisted in a bribery-related incident.

After providing a formal statement to CIABOC, he was immediately placed under arrest and subsequently produced before the court, where he was remanded until April 01.

During today’s court proceedings, the magistrate extended his remand as investigations continue. Legal representatives of the prosecution emphasised the serious nature of the charges, arguing that releasing the suspect at this stage could hinder ongoing inquiries.

Meanwhile, the defence sought bail, maintaining that the case against Viyalendiran was politically motivated. However, the court ruled in favour of continued detention, pending further legal review.

Japan braces for potential megaquake: Government warns of nearly 300,000 fatalities

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By: Isuru Parakrama

April 01, World (LNW): The Japanese government has released a sobering report warning that a massive earthquake in the Nankai Trough could result in up to 298,000 deaths, primarily due to tsunamis and building collapses.

The Nankai Trough, a 900-kilometre-long submarine trench off Japan’s Pacific coast, has a history of generating powerful earthquakes. Experts estimate an 80 per cent probability of a magnitude 8 to 9 quake occurring in this region within the next 30 years.

This latest projection marks a slight decrease from the 2012-2013 estimate of 323,000 potential fatalities.

The reduction is attributed to advancements in seismic retrofitting and the development of tsunami evacuation facilities. However, updated terrain and ground data suggest that flooded areas would expand in the event of a tsunami.

Economic repercussions are also expected to be severe, with potential damages estimated at 292.2 trillion yen (approximately $1.81 trillion). This figure represents an increase from the previous estimate of 237.2 trillion yen, reflecting current economic conditions and higher prices.

In a worst-case scenario, the earthquake could trigger tsunamis up to 20 metres high, causing widespread devastation. The timing of such an event could exacerbate its impact; for instance, a winter evening occurrence would pose additional challenges due to colder temperatures and increased indoor activity.

The government report underscores the importance of preparedness and continued investment in disaster mitigation strategies. Whilst improvements have been made since the 2011 Tōhoku earthquake and tsunami, which resulted in over 15,000 deaths and a nuclear disaster, the potential for significant loss of life and economic damage remains a critical concern.

Authorities are urging residents, particularly those in high-risk areas, to familiarise themselves with evacuation routes and to participate in regular disaster drills. The emphasis is on reducing casualties through proactive measures, community awareness, and infrastructure resilience.

References:

https://www.reuters.com/business/environment/japan-estimates-feared-megaquake-could-cause-18-trln-damage-kill-300000-people-2025-03-31/
https://japantoday.com/category/national/up-to-298-000-could-die-in-japan-in-nankai-trough-megaquake-gov%27t
https://www.japantimes.co.jp/news/2025/03/31/japan/japan-nankai-trough-quake-damage-estimate/
https://www.ft.com/content/9528718b-2808-4a09-9198-a65171c6fe65
https://www.the-independent.com/asia/japan/megaquake-japan-warning-when-casualties-damage-b2724411.html

Govt pursues equitisation over full privatisation of state enterprises

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April 01, Colombo (LNW): The Sri Lankan government is actively pursuing equitisation as a strategy to improve the governance of state-owned enterprises (SOEs) and stimulate capital market liquidity, rather than opting for full privatisation, which has historically faced strong public opposition.

This approach was outlined by Securities and Exchange Commission (SEC) Chairman, Senior Professor Hareendra Dissabandara, who spoke at the Invest Sri Lanka Forum held in Colombo last week.

Prof. Dissabandara explained that whilst privatisation typically involves a complete transfer of ownership, equitisation offers a more gradual and structured approach, where SOEs can raise capital through the stock market whilst remaining under state control.

He cited Vietnam as an example of a country that has successfully leveraged equitisation to modernise its state enterprises.

Privatisation remains a contentious issue in Sri Lanka, often linked to political disputes, concerns over corruption, and fears of job losses. Recognising these challenges, the government aims to gain public trust by ensuring transparency, safeguarding worker rights, and tackling governance issues.

Labour and Economic Development Deputy Minister Dr. Anil Jayantha reinforced the government’s openness to reforming SOEs through mechanisms that enhance efficiency without triggering social backlash.

The Colombo Stock Exchange (CSE) is poised to play a key role in this process through its Catalyst Board, which allows SOEs to list shares whilst adhering to minimum listing criteria.

Unlike full privatisation, this approach would involve partial divestment, with 20 to 30 per cent of shares being made available to investors. Prof. Dissabandara noted that listing SOEs on the stock market would not only provide access to cheaper capital but also introduce greater transparency and accountability, aligning these enterprises with international corporate governance standards.

To further strengthen market oversight, the SEC has acquired an advanced surveillance system from Nasdaq, which is expected to be operational by mid-June.

Prof. Dissabandara highlighted that this system would significantly enhance the SEC’s ability to detect fraudulent activities, market manipulation, and financial irregularities, reinforcing confidence in the Sri Lankan financial sector.

Meanwhile, SEC Director General Chinthaka Mendis stressed the importance of integrating Sri Lanka into global financial networks to attract foreign investment.

He warned that imposing excessive restrictions on market operations could make the country less competitive, as international investors seek markets with greater flexibility and efficiency.

With a combination of equitisation, regulatory modernisation, and digital transformation, the government hopes to revitalise SOEs, strengthen market confidence, and position Sri Lanka as a competitive player in the global financial landscape.

Laugfs Gas prices increased amid rising costs

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April 01, Colombo (LNW): Consumers will face higher prices for domestic gas as private vendor Laugfs Gas has implemented a price increase, effective from March 31.

Accordingly, the cost of a 12.5kg cylinder has risen by Rs. 420, bringing the new retail price to Rs. 4,100.

Similarly, the 5kg cylinder has also seen an increase, with prices going up by Rs. 168, setting the new retail price at Rs. 1,645.

The price adjustment comes amid rising costs in the global energy market and fluctuating import expenses.

Prime Minister attends UNESCO conference in Paris on Anuradhapura’s heritage conservation

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April 01, Colombo (LNW): Prime Minister Dr Harini Amarasuriya is currently on an official visit to Paris to attend a high-level international conference focused on preserving the Sacred City of Anuradhapura, a UNESCO World Heritage Site of immense cultural and historical significance.

The event, titled “An Integrated and Sustainable Approach to Safeguarding the World Heritage Property of the Sacred City of Anuradhapura and Associated Living Heritage,” is being hosted at UNESCO Headquarters today (April 01), with the participation of UNESCO Director-General Audrey Azoulay and leading international experts.

Organised in collaboration with Sri Lanka, the conference aims to develop a comprehensive conservation strategy that balances heritage preservation with sustainable development.

As part of her visit, Dr Amarasuriya will also hold bilateral discussions with senior officials of the French government to strengthen cultural, economic, and diplomatic ties between the two nations.

These engagements are expected to explore collaborative initiatives in heritage conservation, education, and sustainable development.

Accompanying the Prime Minister is a delegation including Dr Hiniduma Sunil Senevi, Minister of Buddhasasana, Religious, and Cultural Affairs.

VAT to drive one-third of Sri Lanka’s projected revenue increase in 2025

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April 01, Colombo (LNW): A significant portion of Sri Lanka’s anticipated Rs. 922 billion increase in government revenue for 2025 will be fuelled by value-added tax (VAT), according to an analysis by PublicFinance.lk, a local economic research platform.

Government revenue—excluding provincial council income and grants—is projected to reach Rs. 5,012 billion in 2025, marking a 23 per cent rise from Rs. 4,090 billion in 2024.

Treasury estimates place the total revenue at Rs. 5,125.96 billion, with tax revenue alone contributing Rs. 5,012.4 billion. Provincial councils are expected to generate Rs. 83.56 billion, while foreign and domestic grants will add Rs. 30 billion to the national coffers.

VAT remains the most significant driver of revenue growth, projected to generate an additional Rs. 305 billion in 2025, accounting for one-third of the total revenue increase. VAT alone will make up 32 per cent of total government income, reflecting its central role in fiscal planning.

A breakdown of the tax revenue sources highlights that VAT on imports is set to yield Rs. 193 billion, while the excise duty (special provisions), driven largely by motor vehicle duties, is forecasted to bring in Rs. 215 billion, with vehicle-related taxes contributing Rs. 171 billion.

Taxes on international trade and income are expected to rise, generating Rs. 174 billion and Rs. 141 billion, respectively. Other taxes and levies will add Rs. 51 billion, while non-tax revenue is estimated at Rs. 37 billion.

The government is also forecasting an economic growth rate of 5 per cent in 2025, with total tax revenue reaching 13.9 per cent of GDP, while overall revenue is projected to be 15 per cent of GDP.

Export earnings from goods and services are expected to contribute Rs. 19 billion, and capital expenditure is forecasted to account for 4 per cent of GDP. The primary surplus is estimated at 2.3 per cent of GDP, with the budget deficit being expected to stand at 6.7 per cent of GDP.

Price of milk tea increases following rise in imported milk powder costs

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April 01, Colombo (LNW): Tea shop and restaurant owners across Sri Lanka will increase the price of a cup of milk tea by Rs. 10, following the government’s latest hike in imported milk powder prices, the All-Island Restaurant Owners’ Association has confirmed.

The decision comes in response to the 4.7 per cent price increase on imported milk powder, which has driven up costs for businesses reliant on the essential ingredient.

As a result, a 400g packet of imported milk powder now costs approximately Rs. 50 more than before.

The price adjustment took effect from midnight yesterday (31), with restaurant owners citing rising operational expenses as a key factor in the decision.

Many small-scale businesses, particularly those in urban and suburban areas, are feeling the strain of increased costs, as imported milk powder is a staple ingredient in preparing milk tea—one of the most popular beverages in Sri Lanka.

Sri Lanka ready to send medical team to Myanmar following earthquake

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April 01, Colombo (LNW): The Sri Lankan government has announced its readiness to dispatch a team of medical professionals to Myanmar to assist those affected by the recent earthquake, demonstrating its commitment to international humanitarian aid.

Health Minister Dr. Nalinda Jayatissa stated that a specialist medical team, including doctors, nurses, and emergency response personnel, has been assembled and is prepared to travel to Myanmar as soon as the necessary clearance is received from the authorities there.

Speaking at a briefing in Kalutara, the minister reaffirmed Sri Lanka’s solidarity with Myanmar during this challenging time, highlighting efforts to provide not only medical expertise but also essential medicines, equipment, and relief supplies to those in need.

The government is actively coordinating with Myanmar’s Embassy and the Ministry of Foreign Affairs to facilitate this humanitarian effort. We have conveyed our willingness to deploy the medical team as soon as we receive approval from Myanmar’s authorities, and we stand ready to assist whenever they call upon us,” Dr. Jayatissa stated.