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HP Lubricants Enters Sri Lanka, Strengthening Market and Bilateral Trade

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By: Staff Writer

February 06, Colombo (LNW): Sri Lanka’s lubricant industry has received a significant boost with the formal entry of HP Lubricants, a subsidiary of India’s Hindustan Petroleum Corporation Ltd. (HPCL).

Partnering with Sea World Lanka Ltd., this expansion not only enhances the country’s lubricant market but also fosters closer trade ties between Sri Lanka and India. The launch event, held in Colombo, marked a milestone for the industry, attended by prominent officials and industry leaders.

The grand launch was graced by Indian Deputy High Commissioner in Sri Lanka, Dr. Satyanjal Pandey, who served as the Chief Guest.

Also present were HPCL Director of Marketing Amit Garg, along with senior executives such as Lube Business Unit Executive Director Ch Srinivas and General Manager of International Sales Shankar Jagannathan. Representing Carplan Lubricants, the exclusive distributor for HP Lubricants in Sri Lanka, were Chairman Mahen Thambiah, Managing Director Andrew Perera, and their team.

 Carplan Lubricants, under the Sea World Lanka franchise, is set to introduce an extensive range of high-quality lubricant products to the Sri Lankan market. The lineup includes automotive oils, industrial oils, marine oils, specialty products, and greases.

These offerings will cater to both individual consumers and the country’s automobile assembly sector, meeting the stringent requirements of Original Equipment Manufacturers (OEMs).

The automotive segment will feature a diverse selection of SLS-certified multi-grade oils, suitable for diesel, petrol, and hybrid engines, as well as motorcycles and three-wheelers. Additionally, the portfolio will include manual and automatic gear oils, brake fluids, railroad oils, electric vehicle-compatible oils, tractor oils, and greases.

A key highlight of HP Lubricants’ entry into the market is its extensive list of OEM approvals from prestigious global automobile brands, including Mercedes-Benz, Rolls-Royce, Porsche, Volvo, Volkswagen, Renault, Mack, Caterpillar, and Ashok Leyland. The company also supplies lubricants to major industry players such as JCB, Bajaj, Royal Enfield, MRF, and BOSCH.

For the industrial sector, HP Lubricants will provide a wide array of products, including rubber processing oils, hydraulic oils, industrial gear oils, compressor oils, transformer oils, turbine oils, and synthetic and food-grade oils. The marine segment will also benefit from a range of high-performance oils designed for maritime applications.

Emphasizing quality and environmental responsibility, HP Lubricants manufactures products that offer superior engine protection, fuel efficiency, and high performance under extreme conditions. 

To ensure widespread availability, SeaWorld Lanka has already secured distributors in key regions, including the Western, North Western, Central, and Southern Provinces, with plans to expand further.

With this strategic partnership, HP Lubricants is poised to redefine Sri Lanka’s lubricant landscape while strengthening economic collaboration between India and Sri Lanka.

Stock market begins tumbling as Investor Confidence Wanes

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By: Staff Writer

February 06, Colombo (LNW): The Colombo stock market faced a significant downturn as investor sentiment reversed sharply, leading to a major sell-off. The sharp decline comes after a strong start to the year, with January posting notable gains.

The market saw Rs. 188 billion in value wiped off, with the benchmark index losing over 500 points, as investors were on a selling spree in a U-turn of sentiments.

However, concerns over policy missteps and conflicting statements have unsettled investors, resulting in a major drop in market value.

The benchmark All Share Price Index (ASPI) plummeted by 500 points, equivalent to a 3% decline, while the S&P SL20 index dropped by 3.3%. This marks the biggest intraday loss since April 2022, when the ASPI fell by over 600 points.

The market’s overall capitalization dipped by Rs. 188 billion, bringing it below the Rs. 6 trillion threshold to close at Rs. 5.86 trillion. Trading activity saw a turnover of Rs. 6.35 billion, with 241.3 million shares changing hands.

Analysts attributed the market slump to profit-taking after January’s robust 7% gain. Additionally, uncertainty fueled by policy inconsistencies further dampened investor sentiment. The number of gainers remained low at just 16, with Ceylinco Insurance (CINS) and Cargills (CARG) among the few bright spots.

Banking stocks exerted considerable downward pressure on the ASPI, with Hatton National Bank (HNB), Commercial Bank (COMB), Melstacorp (MELS), Sampath Bank (SAMP), and National Development Bank (NDB) emerging as the top negative contributors. Despite a recovery in turnover compared to the previous session’s Rs. 3 billion, the figure remained below the monthly average of Rs. 6.8 billion.

Sector-wise, the Insurance sector led with a 22% contribution to turnover, followed by Capital Goods and Food, Beverage & Tobacco, which jointly contributed 35.3%. Foreign investors remained net sellers, recording an outflow of Rs. 344 million.

High net worth and institutional investors showed interest in Ceylinco Holdings, Teejay Lanka, and Ceylon Cold Stores, while mixed retail interest was observed in Industrial Asphalts, SMB Leasing, and Agarapatana Plantations. Retail investors were active in Browns Investments, John Keells Holdings, and Hatton National Bank.

Ceylinco Holdings emerged as the top performer in the Insurance sector, with its share price surging by Rs. 243.25 (7.85%) to Rs. 3,342.25. The Capital Goods sector, led by John Keells Holdings, contributed significantly to turnover, though the sector index declined by 3.28%. John Keells Holdings’ share price fell by Rs. 0.60 to Rs. 22.

Other key stocks included Browns Investments, Teejay Lanka, and Hatton National Bank. Browns Investments saw its share price decline by Rs. 0.40 to Rs. 8.50, Teejay Lanka dropped by Rs. 1.20 to Rs. 54.80, and Hatton National Bank shed Rs. 10.50 (3.05%) to close at Rs. 334.

With uncertainty prevailing, investors are closely monitoring market movements and policy directions to gauge the potential for recovery in the coming weeks.

UAE eyes investment in Sri Lanka’s energy sector ahead of President’s visit

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By: Staff Writer

February 06, Colombo (LNW): In the wake of UAE’s willingness to to invest in Sri Lanka’s energy sector President Anura Kumara Disanayaka will undertake a visit to the United Arab Emirates from 10-13 February 2025 at the invitation of President of the UAE Mohamed Bin Zayed Al Nahyan to participate in the World Government Summit 2025.

On the eve of the President’s vist Ambassador of the United Arab Emirates to Sri Lanka, Khaled Nasser AlAmeri met Sri Lanka’s Minister of Energy, Kumara Jayakody yeaterday and expressed intrest in investing energy sector in Sri Lanka.

During the visit, President Disanayaka will address the World Government Summit 2025 in Dubai and hold bilateral discussions with President Mohamed Bin Zayed Al Nahyan on a range of areas of mutual interest. He is also scheduled to meet Vice President and Prime Minister of the UAE Sheikh Mohammed bin Rashid Al Maktoum.

Further, President Disanayaka will hold bilateral meetings with Heads of State and Governments from several countries who will attend the Summit.

President Disanayaka will also engage with a number of CEOs of leading global companies in the sectors of IT, AI, Energy, Tourism, Finance, and Media to attract investments to Sri Lanka.

The visit to the United Arab Emirates will further strengthen the bilateral ties between the two countries.

A meeting has been held between the Ambassador of the United Arab Emirates to Sri Lanka, Khaled Nasser AlAmeri and Sri Lanka’s Minister of Energy, Kumara Jayakody.

During the meeting, the Ambassador stated that he had also met with President Anura Kumara Dissanayake and added that as a country that has strong friendly relations with Sri Lanka, the UAE views the recent political change in the country in a very positive manner.

The Ambassador further stated that UAE is interested in the investment opportunities in Sri Lanka, especially in the energy sector.

AlAmeri also stated that he firmly believes that President Dissanayake’s upcoming visit to the United Arab Emirates (UAE), which is scheduled to take place in the coming days, will be an excellent opportunity to raise awareness about the investment opportunities in the country and to reach various agreements.

Speaking during the meeting, Energy Minister Kumara Jayakody has said that the UAE, which is Sri Lanka’s sixth largest export market and employs a large number of Sri Lankans, is a country with strong friendship, and that all types of relations with the UAE are highly valued.

The Minister expressed confidence that investment ties, especially in the energy sector will further strengthen that friendship.

Minister Jayakody also emphasized the importance of working together for energy stability in the region and stated that he expects to reach many more agreements during his upcoming visit to the UAE with the President.

Ahimsa Wickrematunge calls for impeachment of Attorney General over alleged negligence in father’s murder case

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February 06, Colombo (LNW): Ahimsa Wickrematunge, the daughter of the late journalist Lasantha Wickrematunge, has demanded the impeachment of Attorney General Parinda Ranasinghe, accusing him of serious misconduct and dereliction of duty in relation to the ongoing criminal case surrounding her father’s assassination.

In a strongly worded letter addressed to the Prime Minister, Wickrematunge raised significant concerns over the Attorney General’s recent decision to release three key suspects implicated in the murder.

She condemned Ranasinghe’s handling of the case, describing it as a stark example of neglect and abuse of power within the legal system.

Wickrematunge pointed out that between 2015 and 2019, the Criminal Investigation Department (CID) had meticulously gathered critical evidence, including the discovery of her father’s field notebook, which was essential in linking suspects to the crime.

Despite this, she claims that the Attorney General’s office failed to act on this vital evidence and allowed key witnesses to be dismissed without due consideration.

In her letter, she also alleged that Ranasinghe had fostered an atmosphere of indifference and incompetence within his department, undermining the efforts of the CID and ultimately jeopardising the pursuit of justice for her father’s murder.

Lasantha Wickrematunge was assassinated in a brazen daylight attack on January 8, 2009, near the high-security Ratmalana Air Force Base, and despite the attack taking place in a heavily monitored area, the identity of the perpetrators remains unknown.

The case lay dormant until the CID took over the investigation in 2015. During their inquiry, substantial evidence was uncovered, including the crucial field notebook belonging to Lasantha Wickrematunge, which contained significant leads.

However, it was revealed that Inspector Tissa Sugathapala, the officer initially in charge of the investigation, was allegedly instructed by Deputy Inspector General of Police Prasanna Nanayakkara to destroy this evidence, complicating the search for truth even further.

Ahimsa Wickrematunge has now accused Attorney General Ranasinghe of gross negligence if he was unaware of these developments, or gross abuse of power if he was aware and took no action. In either case, she argues that Ranasinghe is unfit to continue in his role.

The call for Ranasinghe’s impeachment has sparked further outrage, with Wickrematunge urging the government to take immediate steps to hold the Attorney General accountable for his actions.

She emphasised that, as the chief legal officer of the country, the Attorney General is not only accountable to the President but to Parliament and, most importantly, to the people of Sri Lanka.

Wickrematunge’s request for Ranasinghe’s impeachment highlights the deep frustration and growing distrust surrounding the handling of her father’s murder case, and the wider concerns regarding press freedom and the integrity of the justice system in Sri Lanka.

A wake-up call for Tourism Minister..

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Hon. Vijitha Herath,
Minister of Foreign Affairs, Foreign Employment, and Tourism,

It is quite absurd that I have been trying to reach you for an appointment regarding a highly valuable investor meeting and another crucial tourism-related economic matter, yet received no response.

As someone who was attached to the tourism promotion bureau, Served as the Colombo District Director for YPO, and was a member of the Sri Jayawardenapura Kotte Municipal Council, the youngest council member at the time, I have always been committed to contributing to our country’s economic growth. I served my electorate using my own resources, without taking any personal benefits, and upheld clean politics throughout my tenure.

Despite multiple attempts, texts, calls, and even a Letter of Intent via WhatsApp, you never responded, nor were my calls returned. Having worked with several previous Tourism Ministers, I can confidently say they were always punctual and responsive. We expect the same level of efficiency from high-ranking officials. With all due respect, if basic communication cannot be managed, how do you plan to develop our motherland? Public servants, especially those in the tourism and hospitality industry, must be accountable.

Disappointingly, none of your secretaries seem to have any details about your appointments either. Who exactly is in charge of this chaos? If this is the “change” being promised, then the level of disorganization is truly appalling.

Kanchana Pelpola

Supreme Court to hear Mahinda Rajapaksa’s petition on security detail reduction in March

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February 06, Colombo (LNW): The Supreme Court has set a date for the hearing of former President Mahinda Rajapaksa’s Fundamental Rights (FR) petition, challenging the government’s decision to cut back on his security detail. The case will be heard on March 19.

Rajapaksa filed the petition in response to the government’s move to reduce his security, claiming that the action was taken without a thorough and comprehensive security assessment.

The petition names Prime Minister Harini Amarasuriya, the Cabinet of Ministers, and several others as respondents, seeking judicial intervention to reinstate his previous security arrangements.

In his petition, Rajapaksa asserts that he continues to face significant threats to his safety, particularly due to his pivotal role in bringing an end to the decades-long civil conflict with the Tamil Tigers (LTTE).

He argues that, despite no longer holding office, the nature of these ongoing risks warrants a heightened security presence around him.

This petition comes in the wake of a controversial decision last December, when the security detail for former presidents was scaled down to a total of 60 personnel following a review conducted by the Acting Inspector General of Police (IGP).

As part of this change, 116 police officers who had previously been assigned to Rajapaksa’s personal security were reassigned to other duties, a move that raised concerns about his safety among some political and public circles.

Sri Lanka reports over 3,400 wild elephant deaths amid ongoing human-elephant conflict

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February 06, Colombo (LNW): In a troubling update presented in Parliament on February 6, Minister of Environment Dr. Dammika Patabendi revealed that Sri Lanka has witnessed a staggering 3,477 wild elephant fatalities over the past nine years, a direct consequence of the ongoing human-elephant conflict in the country.

This alarming figure underscores the severity of the issue that continues to threaten both the nation’s elephant population and the lives of its citizens.

The Minister’s report showed that from 2015 to 2019, 1,466 elephants lost their lives, but the situation worsened in recent years, with the number of fatalities increasing to 2,011 between 2020 and 2024.

This escalation highlights the growing challenges of managing the delicate balance between conservation efforts and the protection of human lives.

Equally concerning, the human cost of the conflict has also been substantial, with 1,190 fatalities recorded due to wild elephant attacks over the same period.

Of these, 456 people were killed between 2015 and 2019, while the number surged to 734 fatalities from 2020 to 2024, further compounding the crisis.

In response to a question raised by Member of Parliament Kins Nelson, Dr. Patabendi acknowledged the multifaceted nature of the issue, stressing that finding a resolution would require time and considerable effort.

He noted that the Department of Wildlife Conservation is grappling with numerous challenges in its attempts to mitigate the conflict, with the need for a more comprehensive and coordinated approach to wildlife management.

Minister Patabendi assured the public that addressing this crisis would be a priority in the upcoming national budget, with additional funding being earmarked for efforts aimed at curbing the conflict.

He further emphasised that innovative solutions, such as new research initiatives and stronger collaborations with relevant institutions, would be crucial in developing effective strategies to protect both human and wildlife populations.

SriLankan Airlines awards CFM 56-5B engine repair contract to Lufthansa Technik

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February 06, Colombo (LNW): The Sri Lankan Cabinet has granted approval for a four-year contract to Lufthansa Technik (LHT) in Hamburg for the repair and maintenance of CFM 56-5B engines used by SriLankan Airlines.

These engines, which power the airline’s fleet of Airbus A320 aircraft, will undergo comprehensive servicing and overhaul to ensure their continued operational efficiency.

The decision follows an international competitive bidding process, in which a total of seven proposals were submitted. After careful review and evaluation by the Technical Evaluation Committee and the Standing Procurement Committee, the Cabinet, under the leadership of the President in his role as Minister of Finance, Planning and Economic Development, endorsed the recommendation to award the contract to Lufthansa Technik, which was identified as the lowest responsive bidder.

This contract marks a significant step towards ensuring that SriLankan Airlines’ fleet remains in top operational condition, with Lufthansa Technik bringing its expertise and world-class standards to the repair and maintenance of these crucial engines.

Surge in ‍fraudulent job ads sparks concerns over data theft in Sri Lanka

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February 06, Colombo (LNW): Cybersecurity experts are raising alarm over a significant increase in fraudulent job advertisements that are using the logos of reputable government institutions to deceive the public.

These scams, primarily spread through social media platforms, are designed to lure unsuspecting individuals into sharing sensitive personal information.

Charuka Damunupola, a Senior Information Security Engineer at the Sri Lanka Computer Emergency Response Team (SLCERT), disclosed that numerous cases have been reported recently, where scammers have exploited the trust associated with official government branding to create fake job postings.

These advertisements often appear legitimate at first glance, making it difficult for job seekers to differentiate between authentic and fraudulent offers.

In response to these growing threats, the Central Bank of Sri Lanka (CBSL) has issued a public warning about a specific fraudulent advertisement that is circulating online, falsely claiming to offer job opportunities under its name.

The CBSL has clarified that the advertisement is entirely fabricated and has urged the public to remain vigilant, as such scams could result in personal data theft and financial loss.

In addition, similar scams have been reported involving fake job ads using the logo of SriLankan Airlines, further highlighting the prevalence of this type of cyber fraud.

These fraudulent advertisements are becoming increasingly sophisticated, making it harder for individuals to discern their authenticity.

Damunupola further cautioned that responding to these deceptive job offers could lead to identity theft. Scammers often create fake websites that request sensitive documents such as national identity cards, passports, and birth certificates.

By submitting personal data to these unverified platforms, individuals expose themselves to the risk of having their information stolen or misused.

Authorities are advising the public to exercise caution and verify job postings directly through official government or corporate websites.

They also recommend avoiding engagement with suspicious or unsolicited advertisements to safeguard personal information and protect against potential scams.

Sri Lanka to obtain US$ 100 mn loan from WB for climate-smart agriculture and rural development

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February 06, Colombo (LNW): Sri Lanka has reached out to the World Bank to obtain a concessional loan of US$ 100 million aiming climate-smart agriculture initiatives aimed at promoting integrated rural-urban development and enhancing climate resilience.

This project, backed by technical support from the International Finance Corporation (IFC), is set to make significant strides in improving the country’s agricultural sector, contributing to both local and global sustainability efforts.

The “Integrated Village Development and Climate Resilience Project” is designed to address multiple challenges within Sri Lanka’s agricultural landscape.

The initiative focuses on improving productivity across various agricultural sectors, including food crops, plantation crops, livestock, and fisheries.

This is considered as part of the government’s strategy to promote sustainable agricultural practices and increase resilience to climate change.

A key feature of the project will be the implementation of climate-smart agriculture techniques. These practices are designed to minimise the environmental impact of farming while maximising productivity.

The project will also focus on the diversification of crops and farming systems to reduce dependence on single crops and improve food security.

In addition to agricultural enhancements, the project will address crucial water resource management issues. Effective water usage and management strategies will be implemented to ensure a sustainable water supply for irrigation, livestock, and other agricultural activities.

The project will also provide extensive capacity building and training, ensuring that farmers are well-equipped to adopt new, more efficient farming techniques.

The initiative will also involve the development of essential infrastructure, including irrigation systems, rural roads, and market facilities, which will contribute to improved access for farmers and increase their competitiveness in both domestic and international markets.

Furthermore, the project will work towards improving the economic sustainability of the agricultural sector by ensuring that it remains competitive and resilient in the face of global market shifts and climate-related challenges.