August 31, Colombo (LNW): The overall inflation rate in Sri Lanka, as measured by the Colombo Consumers Price Index (CCPI) on a year-on-year (Y-on-Y) basis, has decreased significantly to 0.5% in August 2024, down from 2.4% in July 2024, according to the latest data from the Department of Census and Statistics.
The CCPI for all items in August 2024 stood at 191.1, marking a decrease of 3.6 index points (or 1.85%) compared to 194.7 in July 2024. This decline represents a reduction in the expenditure value by Rs. 3,304.55 in the “Market Basket.”
The month-on-month change in the CCPI from July to August 2024 reflects a decrease of 0.64% in food items and 1.21% in non-food items.
The inflation rate for the Food Group on a Y-on-Y basis decreased to 0.8% in August 2024 from 1.5% in July 2024, while the inflation rate for the Non-Food Group dropped to 0.4% in August 2024 from 2.8% in July 2024. For August 2024, the contribution to inflation from food commodities was 0.25%.
The CCPI is an economic indicator used to measure inflation, defined as the percentage change in the index over a year. Two measures of inflation are typically used: Year-on-Year (Point to Point) Inflation, which calculates the percentage change in the CPI over the past 12 months, and Moving Average Inflation, which measures the percentage difference between the average price index of the last 12 months and that of the previous 12 months.
August 31, Colombo (LNW): President Ranil Wickremesinghe has introduced the “Gen Z Dialogue” initiative to incorporate the perspectives of the younger generation into Sri Lanka’s governance process. Speaking at the “Puluwan Sri Lanka” National Youth Conference held at the Maharagama Youth Service Council on August 30, the President announced that the National Youth Service Council would be responsible for establishing youth centers at the national, provincial, district, and regional levels to facilitate these dialogues.
He emphasized that the nation’s future lies with the youth and pledged to provide them with the digital skills needed to excel in a rapidly advancing technological world. The initiative will focus on training in digital marketing, freelancing, and offering free services to clients to create new income opportunities. Plans also include training programs in commercial activities.
The President highlighted that a strong economy could help develop a modern agricultural culture and promote eco-friendly tourism, creating job opportunities and encouraging youth entrepreneurship. He further committed to fostering youth participation in politics by establishing a Youth Parliamentary Advisory Office to enhance political knowledge.
Expressing his vision to develop Generation Z into a group ready to assume leadership roles in the country, President Wickremesinghe stated that the hopes of the youth, which were lost in 2015 and 2020, have been revitalized through the “Puluwan Sri Lanka” program.
“My goal is to empower Generation Z to become a capable group ready to take on the leadership of this country. If there is a need for someone to lead, there should be no hesitation,” he said, emphasizing his aim to cultivate a confident generation ready to lead the nation without fear.
President Ranil Wickremesinghe announced that the “Gen Z Dialogue” initiative will bring the perspectives of the younger generation into the governance process. To support this effort, the National Youth Service Council will be tasked with establishing youth centers at the national, provincial, district, and regional levels and organizing these dialogues, he said.
Samagi Jana Balavegaya presidential candidate Sajith Premadasa has pledged to usher in a golden age for Sri Lanka’s gems and jewellery industry under his leadership. Speaking at an event, Premadasa emphasized the formulation of new policies to achieve this vision. Premadasa criticized the involvement of multinational companies in the industry through crony relationships and vowed to prevent such practices. He stressed the importance of adopting modern technology and assured that his team would not be influenced by money or privileges.
India’s National Security Advisor Ajit Doval, has met with National People’s Power (NPP) leader and presidential candidate Anura Kumara Dissanayake. During his visit, Mr. Doval is scheduled to review deliberations of the Colombo Security Conclave, a regional initiative that began as a trilateral effort among India, Sri Lanka, and the Maldives. It has since expanded to include Mauritius and Bangladesh as members, and the Seychelles as an observer.
Indian National Security Adviser Ajit Doval participated in the signing of the Founding Documents of the Colombo Security Conclave (CSC), during his visit to Sri Lanka from 29-30 August 2024. According to the Indian High Commission in Sri Lanka, the Charter and Memorandum of Understanding (MoU) for the establishment of the CSC Secretariat were signed in Colombo today by India, Maldives, Mauritius and Sri Lanka.
The Colombo Chief Magistrate has allowed the Criminal Investigation Department (CID) to detain and interrogate the custodian in charge of the evidence room of the Colombo Chief Magistrate’s Court, who was arrested in connection with the disappearance of a large quantity of the heroin from the evidence room.
The overall rate of inflation as measured by the Colombo Consumers Price Index (CCPI) on a Y-on-Y basis has decreased to 0.5% in August 2024 compared to the 2.4% calculated for the month of July 2024, according to the latest data released by Sri Lanka’s Department of Census and Statistics.
The European Union Election Observation Mission (EU EOM) to Sri Lanka’s presidential election has deployed 26 long-term observers (LTOs) to all nine provinces of Sri Lanka on Thursday.
The Election Commission has announced the locations reserved for marking postal votes in the upcoming presidential election. According to the Election Commission, postal votes can be marked on September 4 at District Secretariats and the offices of the Election Commission.
The Land Valuation Indicator (LVI) for the Colombo District increased by 6.9 per cent on a year-on-year basis during the first half of 2024, the Central Bank of Sri Lanka (CBSL) reported.
Sri Lanka Cricket (SLC) has announced that the Sri Lanka U-19 Women’s team will tour Australia from September–October 2024. According to the SLC, the Sri Lanka U-19 Women’s team will engage in a tri-series, which will see the team playing both T20 and 50-over games against Australia and New Zealand.
August 31, Colombo (LNW):Showers or thundershowers will occur at times in Western, Sabaragamuwa and North-western provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts. Fairly heavy showers above 50 mm are likely at some places in Western and Sabaragamuwa provinces and in Galle, Matara, Nuwara-Eliya and Puttalam districts.
Showers or thundershowers may occur at a few places in Northern, Eastern and Uva provinces during the evening or night.
Strong winds about (40-50) kmph can be expected at times over Western slopes of the central hills, Northern, North-central and North-western provinces and in Hambantota and Trincomalee districts.
The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
The sun is going to be directly over the latitudes of Sri Lanka during 28th of August to 06th of September due to its apparent southward relative motion. The nearest places of Sri Lanka over which the sun is overhead today (31) are Rambewa, Thoppur and Mahawilachchiya about 12.10 noon.
August 30, Colombo (LNW): The trio of Chinese People’s Liberation Army Navy warships — “HE FEI,” “WUZHISHAN,” and “QILIANSHAN” — which arrived in Sri Lanka on August 26, 2024, departed the island today (August 29) after successfully completing their formal visit. The Sri Lanka Navy bade them a customary farewell at the Colombo port, in accordance with naval traditions.
As they departed, the Chinese warships conducted a Passage Exercise (PASSEX) with SLNS Vijayabahu, which included training in communication and tactical maneuvers, and concluded with the traditional cheer ship salute.
During their visit, the Commanding Officers of the three warships met with the Commander of the Western Naval Area, Rear Admiral Chinthaka Kumarasinghe, at the Western Naval Command Headquarters on August 26. The crew took the opportunity to explore Sri Lanka’s tourist attractions and participated in various programs designed to foster camaraderie between the two navies. Additionally, Sri Lankan Navy personnel attended briefings on the operational functions of the visiting ships.
Port calls by foreign naval ships are vital for fostering collaboration among naval forces and strengthening diplomatic ties. These visits enable joint naval exercises, training, and the exchange of knowledge and information on unique maritime environments, helping to address shared maritime challenges.
August 30, Colombo (LNW): Steps are being taken to change the current system of providing ration allowances to armed forces personnel starting in January, Defence State Minister Pramitha Bandara Tennakoon announced at a press conference held at the State Ministry yesterday (29).
Under the new system, the ration allowance for Tri-Force personnel will be incorporated into their monthly salary from next January. This move aims to enhance the financial status of the personnel and increase financial transparency and accountability, he said.
August 30, Colombo (LNW):To commemorate the ‘International Day of Missing Persons’ declared by the United Nations, a ceremony was held at the Hector Kobbekaduwa Agricultural Research Institute in Colombo 07 on Wednesday, August 28, under the patronage of Justice, Prison Affairs, and Constitutional Reforms Minister Ali Sabri, PC.
Organized by the Office for the Missing Persons, the event featured a keynote speech by Minister Sabri, who reaffirmed the government’s commitment to providing justice and a dignified end for the families of the missing and their loved ones. “The Office for the Missing Persons, established to address the issues faced by those affected by the civil war, has earned the trust of the people through its efforts to determine the status of missing persons and provide solutions,” he said.
Minister Sabri highlighted that since 1980, approximately 14,500 people have disappeared in Sri Lanka, and justice must be sought for these individuals through the existing mechanisms. He emphasized that some have exploited the issue for political purposes, stressing the need to address the concerns of all Sri Lankans, regardless of their location. He also mentioned the government’s release of 12,900 rehabilitated LTTE members who have not re-engaged in terrorist activities.
He underscored the importance of listening to those affected by the disappearance of relatives, noting the significant role of the Office for the Missing Persons. Additionally, he pointed out that the Office for Truth and Reconciliation offers further opportunities for justice. While acknowledging international support, he insisted that foreign entities should not interfere in Sri Lanka’s internal affairs.
The event was attended by Attorney-at-Law Mahesh Katulanda, Chairman of the Office for the Missing Persons, Nihal Ranasinghe, Secretary of the Ministry of Justice, Prison Affairs and Constitutional Reform, Attorney General President’s Counsel Parinda Ranasinghe, South African High Commissioner to Sri Lanka Sandile Edwin Schalk, Swiss Ambassador to Sri Lanka Dr. Siri Walt, Executive Director of the Office for Missing Persons J. Tatparan, other government officials, and relatives of missing persons.
Indian National Security Advisor Ajit Doval emphasized the immense potential for India and Sri Lanka to enhance economic cooperation, highlighting the mutual benefits stemming from their complementary bilateral ties. He made these remarks during a meeting with Sri Lankan Prime Minister Dinesh Gunawardena at the Prime Minister’s office in Colombo yesterday (29).
Doval expressed India’s desire to further expand cooperation with Sri Lanka and sought the Prime Minister’s perspective on priority areas. Prime Minister Gunawardena identified the energy sector as a key area and thanked India for its support in both large and small-scale alternative energy projects. He noted that the Sri Lankan government is amending Ceylon Electricity Board regulations to facilitate private sector participation in electricity generation and distribution, which could lead to increased Indian investments in solar and wind power projects.
Doval suggested that Sri Lanka could potentially generate more power than its domestic needs in the future and sell excess power to India, resulting in significant financial benefits. He cited Bhutan’s example, where the sale of hydroelectric power to India is the country’s largest revenue source.
Prime Minister Gunawardena also mentioned that Sri Lanka’s Theravada economic policy is inspired by economic practices from India, dating back 25 centuries to the time of the Buddha, which he believes will complement economic growth. He further expressed gratitude to India for providing training to Sri Lankan armed forces and public servants to enhance their skills and efficiency.
The high-level Indian delegation led by Ajit Doval included High Commissioner Santosh Jha, Additional Secretary Puneet Agrawal, and senior officials Akshay Joshi, Gaurav Aluwhalia, and Teja Chandan. From Sri Lanka, Secretary to the Prime Minister Anura Dissanayake, Additional Secretary Harsha Wijewardene, and Advisor Sugeeswara Senadhira participated in the discussion.
August 30, Colombo (LNW): The Port of Colombo (POC) experienced a notable 24% increase in container volumes, surpassing 2 million TEUs in the first quarter of 2024.
The Sri Lanka Ports Authority (SLPA) reported that alongside this growth, the port’s overall transshipment volume reached 1,729,314 TEUs in the first quarter, reflecting a substantial 24.20% increase compared to the same period last year.
SLPA terminals saw a significant year-on-year rise in container volume handling, with a 48% increase to 652,766 TEUs in the first quarter.
The surge in container volumes has been linked to several factors, including the ongoing Red Sea crisis and its broader effects. SLPA’s transshipment volume for the first three months of this year rose by 49.81% year-on-year to 582,403 TEUs.
SLPA Chairman Keith D. Bernard highlighted that the port is well-positioned to become a critical transshipment hub for the Middle East, as many shipping lines are rerouting vessels to avoid risks in the Red Sea and the Suez Canal.
In response to recent news reports suggesting that the Port of Colombo is losing business to Indian ports, the SLPA countered these claims, stating that they misrepresent the actual situation.
The SLPA clarified that seasonal variations and global economic conditions have temporarily reduced cargo handling at many ports worldwide, including Colombo, which is a normal occurrence in the shipping industry and not due to any immediate competition.
The recent discharge of new equipment for the East Container Terminal (ECT) at the Port of Colombo briefly affected normal container operations at the ECT.
Additionally, adverse weather conditions in Colombo disrupted some scheduled ship movements, though these factors did not significantly impact the overall volumes handled at the port.
In 2024, the Port of Colombo demonstrated strong growth in container handling, with operations increasing significantly.
The POC managed 5,023,632 TEUs in 2024, compared to 4,584,843 TEUs the previous year, marking a 9.6% increase. This consistent growth has solidified Colombo’s status as a major regional player.
The SLPA reaffirmed that the port is progressing well, driven by efficient operations and the global economic recovery. The Port of Colombo remains a crucial component of the global supply chain, playing an essential role in both regional and international trade.
August 30, Colombo (LNW): Regional Plantation Companies (RPCs) in Sri Lanka have significant opportunities to diversify their agricultural portfolios by venturing into spice cultivation, according to Senaka Alawattegama, Chairman of the Planters’ Association.
Speaking at the 40th Annual General Meeting of the Spices and Allied Products Producers’ and Traders’ Association (SAPPTA), Alawattegama highlighted that RPCs could leverage their existing resources and expertise to tap into the spice market, potentially boosting revenue streams and solidifying their market position.
Alawattegama emphasized the numerous advantages of diversifying into spice cultivation, noting that spices can be processed into value-added products, thereby increasing their market value and profitability.
He cited the example of Dilmah, a renowned tea brand that recently ventured into marketing Ceylon Cinnamon, illustrating how integrating spice cultivation can significantly enhance the agricultural output of Sri Lankan plantation companies.
Sri Lanka’s global standing in the spice industry was also a key focus of Alawattegama’s address. He noted that the country is the ninth-largest exporter of spices worldwide, a testament to its reputation for producing high-quality spices.
He praised Sri Lanka’s rich spice heritage, with products such as cinnamon, pepper, cloves, cardamom, nutmeg, mace, and vanilla being recognized globally for their exceptional quality.
Specifically, he highlighted the global renown of Ceylon Cinnamon and Ceylon Pepper, both of which have distinct flavors and superior quality that mirror the global acclaim of Ceylon Tea.
Alawattegama urged the Sri Lankan government to provide robust support to the spice industry to help achieve its ambitious target of $1 billion in export income.
He suggested that such support could include favorable and consistent policies, investments in research and development, and infrastructure improvements to enhance the sector’s competitiveness.
He acknowledged the challenges facing the international spice market, including climate change, market fluctuations, and evolving consumer preferences. However, he viewed these challenges as opportunities for growth and innovation within the industry.
Looking ahead, Alawattegama stressed the importance of prioritizing sustainable practices, innovation, quality assurance, and market expansion for the long-term success of the spice sector.
He advocated for the adoption of environmentally-friendly cultivation methods, minimizing the carbon footprint, and supporting fair trade practices.
Incorporating technology into spice cultivation and processing, he argued, could enhance efficiency and product quality.
Additionally, he underscored the importance of investment in research and development to keep Sri Lanka ahead of global trends and meet the changing demands of consumers.
In conclusion, Alawattegama highlighted the need for rigorous quality control and certification processes to maintain Sri Lanka’s reputation for excellence in the international spice market.
By exploring new markets and expanding the product range, he believes Sri Lanka can unlock further growth opportunities and continue to thrive in a competitive global spice market.
