Home Blog Page 456

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

0

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

0

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.

Sri Lanka enhances digital infrastructure with launch of new CRVS system

0

February 06, Colombo (LNW): In a significant move to boost the country’s digital public infrastructure, Sri Lanka’s Ministry of Digital Economy, in collaboration with the United Nations Development Programme (UNDP), the Asian Development Bank (ADB), and other key stakeholders, has launched a new civil registration and vital statistics (CRVS) system.

This initiative, which was unveiled at the Sri Lanka Digital Public Infrastructure (DPI) Summit 2025 in Colombo, aims to modernise the nation’s digital governance and service delivery.

The CRVS system, as outlined by the World Health Organisation (WHO), is a crucial part of a nation’s digital framework, designed to register all vital life events such as births and deaths.

The platform will also gather key information on public health matters, including causes of death, and could potentially include data on marriages and divorces.

By centralising this data, the government will be able to make more informed decisions and enhance its planning and delivery of services to citizens.

During his address at the summit, Deputy Minister of Digital Economy Eranga Weeraratne stressed the importance of the upgraded CRVS system in improving the accuracy, reliability, and accessibility of vital records.

He highlighted that the system’s capabilities would play a critical role in the efficient functioning of public services, making them more accessible to citizens.

Our ultimate objective is to create a society where all public services are just a click away, readily accessible to every citizen, regardless of their location,” Weeraratne remarked, emphasising the need for continued advancements in Sri Lanka’s digital public infrastructure (DPI).

Weeraratne went on to explain that the establishment of a robust DPI framework is central to the nation’s ongoing digital transformation. He underscored that achieving these goals requires strong collaboration between the public and private sectors.

The digital infrastructure we are building now is the foundation for every future digital modernisation effort in Sri Lanka. Through these initiatives, the government envisions the country’s digital economy reaching an ambitious target of US $15 billion by 2030,” he added.

As part of the effort to bridge the gap between government and private sector systems, Weeraratne pointed to the Digital ID system, which will serve as a vital tool in connecting both sectors and streamlining public services.

The Digital ID system is expected to make accessing essential services more efficient for citizens, contributing to the government’s broader vision of a more digitally inclusive society.

“We are committed to ensuring that Sri Lanka’s economic transformation is inclusive, equitable, and secure,” Weeraratne said, highlighting the importance of narrowing the digital divide. He emphasised that the country’s economic progress should include marginalised groups, rural populations, and underserved communities, ensuring no one is left behind in the transition to a digital economy.

In closing, the Deputy Minister called for a unified effort to position Sri Lanka as a competitive player in the global digital marketplace, stressing that the nation’s success in this space depends on collective action and commitment to digital innovation at every level.

Tourism reaches record high with over 250,000 visitors in January 2025

0

February 06, Colombo (LNW): Sri Lanka’s tourism sector has achieved a remarkable milestone as it continues to recover and thrive, with January 2025 witnessing an all-time high for tourist arrivals in the month.

The island nation has begun the year with exceptional momentum, welcoming over 250,000 international visitors, a significant achievement after facing numerous challenges in recent years.

According to the latest provisional data from the Sri Lanka Tourism Development Authority (SLTDA), a total of 252,761 tourists arrived in the country in January, marking a 21 per cent increase compared to the same month in 2024.

This impressive rise also surpasses the previous record set in January 2018, which was regarded as a peak year for Sri Lanka’s tourism industry, as the country recorded 238,000 arrivals that month.

This growth represents a 5.8 per cent rise over the 2018 figures, underscoring the ongoing recovery and resilience of the tourism sector.

With this achievement, January 2025 has secured its place as the second-highest month for tourist arrivals in Sri Lanka’s history, just shy of the record set in December 2018, when 253,169 visitors arrived.

The daily average number of arrivals in January 2025 reached an impressive 8,153, whilst the weekly average stood at 63,190, reflecting the steady and growing demand for Sri Lanka as a travel destination.

India remained the largest source of tourists, accounting for 17.2 per cent of total arrivals. Russia followed closely behind with 13.5 per cent, and the United Kingdom rounded out the top three with 8.6 per cent.

Other significant markets included China, Germany, France, Australia, Poland, the United States, and the Netherlands, all contributing to the diverse and growing international appeal of the island.

The SLTDA has set a target for 2025 to attract three million visitors and generate an estimated US $5 billion in revenue from the tourism sector.

Whilst the official monthly targets and growth projections have yet to be released, the strong performance in January is a positive indicator of the sector’s potential.

Historically, Sri Lanka experiences higher tourist arrivals during the first quarter of the year, particularly in January, February, and March, as well as during the mid-year and year-end holiday seasons in July, August, and December.

Sri Lanka to seek alternative funding for ongoing project amidst Trump’s heartless ban on USAID

0

February 06, Colombo (LNW): US President Donald Trump’s decision to place all direct personnel of the United States Agency for International Development (USAID) on administrative leave worldwide as of February 07, 2025 has sparked significant concerns regarding the future of humanitarian aid initiatives, with experts fearing a disruption in vital global support efforts.

In response to this development, Sri Lanka’s Cabinet Spokesperson, Minister Dr. Nalinda Jayatissa, reassured the public that the government would continue to support USAID-funded projects within the country, with alternative funding sources being explored.

Speaking at the Cabinet press conference, Dr. Jayatissa addressed questions raised by the media, expressing that the government would adapt to the situation if foreign aid was withdrawn.

If this were a decision made by our own government, I could have given a different response. Let’s see how this plays out for us. Should they cease funding, we will find other ways to sustain these essential projects,” the Minister said.

Jayatissa further emphasised that Sri Lanka does not solely rely on USAID funds, acknowledging that whilst such aid is appreciated, the country’s development will not be halted if this support is withdrawn. “If USAID can offer us funding, we welcome it. If not, we will continue these projects using resources from alternative sources,” he assured.

USAID, established in 1961, has been a significant player in global humanitarian assistance, providing aid for issues ranging from health and education to trade and human rights.

However, the agency has faced mounting scrutiny under President Donald Trump’s administration.

On his first day back in office, President Trump signed an executive order freezing foreign aid for 90 days, arguing that such spending does not offer good value for American taxpayers.

In line with his administration’s criticism of overseas funding, U.S. officials have confirmed that USAID will be merged with the State Department, leading to substantial workforce reductions. Despite these changes, the agency is set to maintain its humanitarian role.

As part of the restructuring, USAID announced that, effective February 07, 2025, all direct hire personnel would be placed on administrative leave, except for key staff involved in mission-critical roles, core leadership, and specially designated programmes.

The agency also stated that it is working with the State Department to arrange for the return of USAID employees stationed abroad within the next 30 days.

USAID currently employs over 10,000 people, with two-thirds of them deployed internationally. In the fiscal year 2023, the U.S. government disbursed US$ 72 billion in foreign aid, with USAID funds directed towards causes such as women’s health in conflict zones, clean water access, HIV/AIDS treatments, energy security, and anti-corruption efforts.

Over the years, USAID has invested billions of dollars into Sri Lanka’s agriculture, health, education, business development, trade, and governance sectors. The suspension of personnel and potential cuts to operations, however, will undoubtedly have a significant impact on these ongoing projects, particularly as Sri Lanka has relied heavily on USAID’s contributions for critical development work.

Whilst the suspension of USAID staff creates uncertainty, Sri Lanka is now exploring alternative funding mechanisms to ensure that the progress made in key sectors continues uninterrupted.

President to attend World Government Summit in UAE

0

February 06, Colombo (LNW): President Anura Kumara Dissanayaka will embark on an official visit to the United Arab Emirates (UAE) from February 10 to 13, 2025, following an invitation from the President of the UAE, Mohamed Bin Zayed Al Nahyan.

The primary purpose of the visit is for President Dissanayaka to participate in the prestigious ‘World Government Summit 2025’, which is set to take place in Dubai.

During his time at the summit, President Dissanayaka is expected to deliver a key address, contributing to the global discussions on governance, innovation, and the future of public administration.

In addition to his participation in the summit, he will also engage in high-level bilateral talks with President Mohamed Bin Zayed Al Nahyan.

These discussions will cover a wide range of topics of mutual interest, aimed at deepening the existing cooperation between Sri Lanka and the UAE.

President Dissanayaka’s visit will also see him meeting with UAE’s Vice President and Prime Minister, Sheikh Mohammed bin Rashid Al Maktoum, to discuss further strengthening of the bilateral relationship between the two nations.

In addition to the meetings with UAE officials, President Dissanayaka is scheduled to hold bilateral discussions with heads of state and government from various countries attending the summit, further broadening Sri Lanka’s international diplomatic reach.

Furthermore, President Dissanayaka plans to meet with CEOs of major global companies across several sectors, including information technology, artificial intelligence, energy, tourism, finance, and media.

These engagements are strategically aimed at attracting foreign investments to Sri Lanka, fostering economic growth, and enhancing Sri Lanka’s position on the global business stage.

The Ministry of Foreign Affairs has emphasised that this diplomatic mission will contribute substantially to Sri Lanka’s international relations and economic development goals.

Mainly fair weather to prevail across most parts of island (Feb 06)

0

February 06, Colombo (LNW): Except for a few showers in Galle, Matara, Kaluthara, Rathnapura, Ampara, Matale and Badulla districts in the evening or night, mainly fair weather will prevail over the island, the Department of Meteorology said today (06).

Misty conditions can be expected at some places in Western, Sabaragamuwa, Central, Uva and North-central provinces and in Galle, Matara and Kurunegala districts during the morning.

Marine Weather:

Condition of Rain:
Mainly fair weather will prevail over sea areas around the island.
Winds:
Winds will be north-easterly and speed will be (20-30) kmph. Wind speed can increase up to (40-45) kmph at times in the sea areas off the coast extending from Colombo to Mannar via Puttalam and from Matara to Pottuvil via Hambantota.
State of Sea:
The sea areas off the coasts extending fromColombo to Mannar via Puttalam and from Matara to Pottuvil via Hambantota will be fairly rough at times.

Demise of Two Business Magnets Sends Shockwaves in SL corporate sector

0

By: Staff Writer

February 05, Colombo (LNW): Sri Lanka’s corporate world is mourning the loss of two distinguished business leaders, Ken Balendra (85) and Harry Jayawardena (82), both of whom passed away yesterday after brief illnesses.

Their untimely demise on the same day has sent shockwaves across the country, with thousands paying tribute to their immense contributions to the national economy. Both were widely regarded as self-made legends who left an indelible mark on the private sector, serving as role models for aspiring entrepreneurs and professionals alike.

Ken Balendra, a dynamic corporate figure, held numerous leadership roles in Sri Lanka and beyond. He was the first Sri Lankan Chairman of John Keells Holdings Ltd., the nation’s largest conglomerate.

Affectionately known as ‘Ken’ to some and ‘Bala’ to others, he excelled as a schoolboy rugby player at Royal College Colombo, later coaching Royal Rugby team   and playing for CR & FC club.

His journey began in 1963 as a planter at Finlays, a well-established tea and horticultural trading company. In 1969, he joined John Keells Holdings—then known as John Keells Thompson White Ltd.—where his expertise as a tea broker led to his appointment as Director in 1974.

He eventually became Chairman in 1990, the first Sri Lankan to hold the position, and played a pivotal role in transforming the company from a colonial-era tea broker into the country’s most diversified corporate giant. Under his leadership, John Keells experienced unprecedented growth and expansion.

Beyond John Keells, Balendra served as Chairman of The Ceylon Chamber of Commerce, the Bank of Ceylon, the Ceylon Tobacco Company, the Securities and Exchange Commission, and the Insurance Board of Sri Lanka. I

n 2000, he was named the inaugural President of the Sri Lanka Institute of Directors. His contributions were recognized with the national honor of ‘Deshamanya’ in 1998, and he was later appointed Honorary Consul General of Poland in Sri Lanka.

He also received the prestigious Cavaliers Cross of the Order of Merit of Poland in 2007 and was named ‘Sri Lankan of the Year’ in 1998. In 2003, he was voted Sri Lanka’s Most Effective Business Leader since independence.

Harry Jayawardena, another towering figure in Sri Lanka’s business community, was the Founder Director and Chairman/Managing Director of the Stassen Group of Companies.

Known for his astute business acumen, he played a crucial role in the growth of numerous enterprises. He took the helm as Chairman of the Distilleries Company of Sri Lanka in 2006, after serving as its Managing Director for nearly two decades.

His leadership extended to various industries, including Melstacorp PLC, Aitken Spence PLC, Lanka Milk Foods (CWE) PLC, and Lanka Bell, among others.

Jayawardena also held key positions outside the private sector, including being a former Director of Hatton National Bank PLC and serving as Chairman of both the Ceylon Petroleum Corporation and SriLankan Airlines.

His international contributions were recognized when he was appointed Honorary Consul for Denmark and awarded the prestigious ‘Knight’s Cross of Dannebrog’ by Queen Margrethe II of Denmark. In 2005, he was honored with the national title of ‘Deshamanya’ for his outstanding services to Sri Lanka.

The passing of these two esteemed business leaders represents a significant loss to Sri Lanka’s economy and corporate sector.

Their visionary leadership, strategic decision-making, and unwavering commitment to national development helped shape the country’s business landscape for decades.

Their absence leaves a void that will be difficult to fill, and their contributions will be remembered for generations to come.

The nation mourns the loss of two trailblazers who not only built thriving enterprises but also inspired countless individuals to strive for excellence in business and beyond.

Government forms an advisory committee to address the difficulties faced by MSMEs

0

By: Staff Writer

February 05, Colombo (LNW): Micro, Small, and Medium-sized Enterprises (MSMEs) form the backbone of Sri Lanka’s economy, contributing significantly to employment and economic growth. However, many of these businesses face severe financial constraints, particularly in loan repayments.

 The implementation of the Parate Law—a provision that allows banks to seize collateral without court intervention—has raised concerns about its impact on MSMEs struggling with debt. To mitigate these challenges, the government has initiated key reforms aimed at striking a balance between financial stability and business sustainability.

Formation of an Advisory Committee

The Finance Ministry has announced the formation of a special advisory committee to address the difficulties faced by MSMEs in the enforcement of the Parate Law.

This committee will develop sustainable solutions and formulate policy guidelines to ensure a more balanced approach to loan recovery while supporting business continuity. It will operate under the Ministry of Finance, Planning, and Economic Development in collaboration with the Industry and Entrepreneurship Development Ministry, incorporating insights from both public and private sector representatives.

Comprising 14 members, the committee will include seven government officials and seven experts in MSME development, nominated by the Industry and Entrepreneurship Development Ministry. Their objective will be to ensure practical and effective interventions that facilitate comprehensive policymaking.

Enhancing MSME Access to Finance

Recognizing the financing difficulties MSMEs face, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) and other professional accountancy bodies are working on introducing a credit scorecard and rating mechanism.

This initiative aims to improve MSME access to credit by providing a transparent assessment of creditworthiness. Additionally, the National Credit Guarantee Institute Ltd. (NCGIL) will play a critical role in offering loan guarantees to ease financial burdens on small enterprises.

Relief Measures for Financially Distressed MSMEs

A relief package has been introduced to assist businesses that secured loans from licensed banks and have been classified under the Stage 3 (non-performing) loan (NPL) category after April 1, 2019. The measures include:

Postponement of Parate Law enforcement through a structured approach to delay implementation.

Grace periods for loan repayments:

12 months for loans below Rs. 25 million

9 months for loans between Rs. 25 million and Rs. 50 million

6 months for loans above Rs. 50 million

Loan interest relief: Unpaid interest for loans ranging from Rs. 5 million to Rs. 25 million may be written off based on repayment timelines.

Extended repayment period: Borrowers may now be granted a maximum 10-year repayment term if their original loan agreement did not provide for it.

Fair property valuation: A formal dispute resolution mechanism will be introduced to ensure that borrower properties receive the highest possible valuation during auctions.

Working capital loans: Eligible MSMEs can access working capital loans, provided they submit a business revival plan.

Concessional Banking Unit: A dedicated banking unit will be established to facilitate loan restructuring, making financial assistance more accessible.

With these measures, the government aims to create a more supportive financial environment for MSMEs, ensuring that businesses can recover while financial institutions maintain stability. These reforms reflect a concerted effort to strike a balance between financial recovery and sustainable business growth.

Sri Lanka Bets Big on Casinos with City of Dreams Set to Open in 3Q 2025

0

By: Staff Writer

February 05, Colombo (LNW): Sri Lanka is making a major push into the casino industry with the upcoming City of Dreams in Colombo, set to be operated by Melco Resorts & Entertainment. 

The highly anticipated gaming and entertainment hub is expected to commence operations in the third quarter of 2025, according to its local partner, John Keells Holdings (JKH).

This project, which marks South Asia’s first integrated resort, aims to capitalize on India’s rising wealth and outbound tourism. 

However, financial analysts at Morgan Stanley caution that while Indian tourists show strong interest in travel and leisure, they historically spend less on gambling compared to Chinese tourists, as seen in markets like Singapore.

A Billion-Dollar Investment

The City of Dreams Sri Lanka represents a significant $1.2 billion investment, making it the largest private sector project in the country’s history. 

JKH, a veteran in Sri Lanka’s hospitality industry through its Cinnamon brand, has been a key player in the development, ensuring a seamless blend of luxury accommodation and entertainment.

Melco, which secured a 20-year casino license in April 2024, will oversee the 180,000-square-foot casino and the 113-room Nuwa ultra-luxury hotel. 

The resort’s commercial spaces have already begun operations, and the full-scale launch—including a shopping mall, entertainment areas, and high-end dining options—is scheduled for mid-2025.

Casino-Driven Revenue & Growth Prospects

Melco’s investment in the project stands at $125 million, which the company considers a “small wager” with strong potential for returns. The casino is projected to generate a gross gaming revenue (GGR) of $200 million to $250 million annually.

 Analysts suggest that 50% of the resort’s EBITDA will likely stem from casino operations. However, to meet profitability expectations, GGR must exceed $300 million, ensuring a post-tax cash flow of $30 million for Melco.

Meanwhile, JKH has committed $900 million to the venture, aiming for a 15% return on invested capital (ROIC) and an annual cash flow of $100 million.

Tourism & Employment Impact

Beyond financial gains, the City of Dreams is expected to be a game-changer for Sri Lanka’s tourism industry. 

The development will create over 20,000 direct and indirect jobs, bolster foreign exchange earnings, and attract high-net-worth visitors. JKH’s 687-room Cinnamon Life hotel, which opened in October 2024, will further enhance the destination’s appeal.

Melco’s Chairman and CEO, Lawrence Ho, has hinted at the possibility of expanding gaming facilities based on market performance. 

As Sri Lanka positions itself as a premier gaming and entertainment hub in South Asia, this project is set to redefine the country’s tourism and leisure sector.

With its grand opening approaching, all eyes are on City of Dreams, as it could be the catalyst for Sri Lanka’s transformation into a top casino tourism destination in the region.