August 14, Colombo (LNW):  Aitken Spence PLC, a leading blue-chip conglomerate, has reported an exceptional performance for the first quarter of 2024/25, with its EBITDA (Earnings before Interest, Tax, Depreciation, and Amortization) surging by 111% to Rs. 4.3 billion compared to the same period last year.

The Group achieved a Profit before Tax (PBT) of Rs. 575.8 million, marking a significant improvement from the loss recorded in the previous year.

Key sector performances included: Tourism: Recorded an EBITDA of Rs. 1.7 billion.Maritime, Freight, and Logistics: Achieved an EBITDA of Rs. 1.2 billion.Strategic Investments: Maintained stable performance, bolstered by the strong operational results from hydro power companies and a waste-to-energy power plant.

The Sri Lankan hotels segment and most overseas hotels saw improved occupancy levels, although the Group’s destination management segment was slightly impacted by the appreciation of the Sri Lankan rupee in April 2024. 

Additionally, lower freight rates and exchange rate fluctuations affected the maritime and logistics sector’s performance.

Challenges included a lower exchange rate impacting remittances in the money transfer business and additional costs incurred by the elevator segment due to delayed project completions.

During the quarter, Heritance Kandalama celebrated its 30th anniversary, and Aitken Spence Hotels was recognized among LMD’s Top 5 Most Awarded Hall of Fame for leading the hospitality sector.

 Aitken Spence Travels won the Best Management Practices Award 2024 in the hospitality and tourism category, and Aitken Spence Cargo secured first place in the ‘Shipping & Shipping Related Services Sector’ at the National Business Excellence Awards 2024.

In sustainability, Aitken Spence’s waste-to-energy power plant was highlighted in a UN Global Compact publication as an impactful initiative from Sri Lanka. As a long-time signatory of the UNGC,

 Aitken Spence’s commitment to sustainability aligns with the global Sustainable Development Goals (SDGs), showcasing its significant contributions to both local and global development efforts.

August 14, Colombo (LNW): The latest July 2024 polling data from SLOTS reveals that while a significant portion of Sri Lankans remain concerned about the country’s direction, there has been a small yet notable increase in optimism. 

Currently, 72% of Sri Lankans believe the country is moving in the wrong direction, but this is an improvement from previous months, with 8% now stating that the nation is on the right track—up from below 5% in July 2023.

This positive shift, although modest, suggests a growing sense of hope among the population, particularly as the number of uncommitted respondents has decreased. 

Despite Sri Lanka still having the highest percentage of people who think their country is on the wrong path compared to other nations polled, this upward trend in positive sentiment is a step in the right direction.

Globally, 62% of adults in 29 countries surveyed by IPSOS in June–July 2024 felt their country was headed in the wrong direction, compared to Sri Lanka’s 93%.

Public opinion in Sri Lanka varies slightly across age groups, with younger adults (ages 18–29) and those aged 30–44 more inclined to believe the country is on the wrong track compared to older adults.

The July 2024 estimates are based on 680 interviews, carefully adjusted to reflect the demographics of Sri Lanka, including age, gender, education, socioeconomic status, ethnicity, religion, geographic location, and sector.

 SLOTS gathers public opinion on the country’s overall direction by asking a straightforward question: “Would you say things in the country are headed in the right direction or the wrong direction?” 

Respondents have the option to not answer or to express uncertainty. The reported percentages reflect the views of all respondents, with numbers adjusted to account for those who are unsure or declined to respond.

August 14, Colombo (LNW): India’s leading drone Technology Company, Garuda Aerospace forays into Sri Lanka, marking another significant step in the company’s global expansion plans. 

 Garuda Aerospace’s initial operations in Sri Lanka will primarily target the agricultural sector, introducing advanced drone technology to enhance farming practices in the country while also exploring opportunities in homeland security and industrial applications. 

The expansion to Sri Lanka will also support the company in capitalising on the country’s strategic location and drone-friendly regulatory environment. 

Cricketer M S Dhoni-backed drone technology firm Garuda Aerospace on Monday announced its entry in the Sri Lankan market to enhance farming practices, besides exploring opportunities in homeland security and industrial applications

This company produces small and medium category drones, had partnered with Greek manufacturer Spirit Aeronautical Systems early this year. It has also signed a pact with French aerospace giant Thales to promote growth and innovation in India’s drone sector.

Spirit Aeronautical specialises in rotary and fixed-wing weaponised drones.

Having clocked over INR 100 crores in revenues in FY2024, Garuda Aerospace now aims to be present in at least 50 countries over the next few years as a part of its global expansion plans with approximately $10 million earmarked for international growth.

 A significant allocation of these funds is towards operations in Sri Lanka. Garuda Aerospace’s Sri Lankan operations are set to commence imminently. 

Speaking on the development, Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace, “Our expansion into Sri Lanka marks a meaningful chapter in our journey. 

This isn’t merely about growth—it’s about unlocking the full potential of drone technology to create substantial impacts across various sectors. Sri Lanka’s diverse landscape allows us to showcase how our innovative solutions can bring tangible benefits from agriculture to infrastructure. 

This move reflects our commitment to driving transformative change through thoughtful innovation, in collaboration with partners who share our vision.”

Garuda Aerospace partnered with Spirit Aeronautical Systems S.A., a leading Greek manufacturer specialising in rotary and fixed-wing weaponized drones in early 2024. 

The company also signed a MOU with Thales to promote growth and innovation in India’s drone sector. Garuda Aerospace’s global expansion plans demonstrate its commitment to innovation and economic growth through drone technology. 

With a keen focus on local partnerships and specialised sector-specific offerings, Garuda Aerospace is committed to driving sustainable growth for the drone and allied sectors. 

Garuda Aerospace is India’s first drone company to receive dual DGCA approvals for manufacturing small and medium-category drones, along with pilot training.

 The IPO-bound Dhoni-backed company most recently launched India’s first drone exclusive showroom in Chennai. Spearheading the adoption of agriculture drones, Garuda Aerospace delivered 445 Kisan drones to various Fertilizer companies and PSUs as a part the ‘NaMo Drone Didi’ scheme.

1. State Minister Pramitha Bandara Tennakoon says that Minister Ramesh Pathirana has been proposed as the General Secretary of the new alliance, which is being formed by the majority of MPs from the Sri Lanka Podujana Peramuna (SLPP).
2. A total of 27 political parties have entered into a Memorandums of Understanding (MOUs) with the ‘Samagi Bala Sandhanaya’ in order to support Opposition Leader Sajith Premadasa in the upcoming Presidential Election. The MOUs were signed by 27 parties including the United People’s Party, the Democratic People’s Congress, and the National Front which are representing the Human Peoples’ Alliance.
3. National Peoples’ Power (NPP) Leader MP Anura Kumara Dissanayake says the party will not work according to the agendas of certain media. He alleged that some media institutions were spreading misinformation by making false statements about the NPP and urging provincial reporters to raise such questions from party representatives.
4. A total of 36 candidates have made cash deposits for the upcoming Presidential election, according to the Elections Commission. This includes 19 candidates representing recognized political parties, one candidate from another political party, and 16 independent candidates who have been nominated by their respective representatives. Among the nominations handed over today is another candidate named Namal Rajapaksa from the Samabima party.
5. The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) has officially issued a Telecommunications Service Provider License to Elon Musk’s Starlink, the satellite unit of SpaceX, to provide satellite broadband services in Sri Lanka.
6. The Cabinet of Ministers has granted approval for the proposed salary revisions across all sectors of the public service. An expert committee, chaired by former Presidential Secretary Udaya Seneviratne, was previously appointed to prepare a report with recommendations for implementing these proposals in the 2025 budget.
7. The National Election Commission of Sri Lanka has reported a surge in election-related complaints, with a total of 29 incidents being filed within the last 24 hours. This recent increase brings the cumulative number of grievances since July 31st to 366.
8. The Cabinet of Ministers has granted approval for the National Water Supply and Drainage Board (NWSDB) to reduce the water tariffs based on the tariff formula. Accordingly, the water tariff of domestic users is to be reduced by 7%, government hospitals by 4.5%, schools and religious places of worship by 6.3%.
9. The nominations for the upcoming Presidential Election will be accepted from 9.00 a.m. to 11.00 a.m. on August 15 at the Election Secretariat in Rajagiriya. Accordingly, the police announced that a special traffic plan would be implemented from 8.00 a.m. to 2.00 p.m. on that day.
10. Sri Lanka Cricket (SLC) has appointed the former England batsman Ian Bell as the ‘Batting Coach’ of the national team for the ongoing tour.

August 14, Colombo (LNW): High Commissioner of Sri Lanka to Malaysia, Air Chief Marshal (Rtd.) Sumangala Dias, recently held a meeting with the Small and Medium Enterprises Association (SAMENTA) of Malaysia at the Sri Lankan High Commission. This meeting marks an important step in enhancing collaboration and networking between Sri Lankan businesses and Malaysian entrepreneurs.

SAMENTA, a key organization established in 1986, represents the interests of small and medium-sized enterprises (SMEs) in Malaysia, which constitute 98.5 percent of all Malaysian enterprises. Given the vital role SMEs play in Malaysia’s economic growth and development, fostering international partnerships with Sri Lankan entities is of significant importance.

National President of SAMENTA, William Ng, expressed enthusiasm for the growing presence of Sri Lankan businesses in Malaysia and reaffirmed the Association’s commitment to assisting these enterprises in increasing their market visibility.

During the meeting, High Commissioner Dias emphasized the importance of collaborative efforts to address the trade imbalance between Sri Lanka and Malaysia. He stressed the need to boost Sri Lankan exports to Malaysia and to promote Sri Lanka as a key outbound tourism destination for Malaysians.

William Ng also extended an invitation to Sri Lankan chambers of commerce and entrepreneurs to participate in the upcoming Small and Medium Enterprise Forum, scheduled for October in Malaysia. This forum is expected to create significant opportunities for Sri Lankan SMEs and the export sector to penetrate the Malaysian market.

August 14, Colombo (LNW): The Cabinet of Ministers has approved a joint proposal by the Ministers of Agriculture and Plantation Industries, and Trade, Commerce, and Food Security to import 3,000 metric tonnes of raw ginger over the next three months. This decision aims to stabilize the retail price of ginger and make it more affordable for local consumers.

The announcement was made by Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardhana during the weekly Cabinet media briefing at the Government Information Department.

The proposal follows a Cabinet meeting held on July 15, where instructions were given to the relevant ministry secretaries to explore ways to reduce the retail price of ginger by boosting local production. The secretaries were directed to submit a report with recommendations on this matter.

Based on the recommendations in the submitted report, Cabinet approval was granted to proceed with the importation of raw ginger.

August 14, Colombo (LNW): In celebration of the 78th anniversary of India’s independence from Britain, the Government of India has gifted 20 cultural centres to the Sabaragamuwa Province in Sri Lanka. These centres, known as “India Corners,” will be established in the Kegalle and Ratnapura districts.

The initiative was undertaken at the request of Sabaragamuwa Province Governor Navin Dissanayake. The first “India Corner” was inaugurated at the Ratnapura Central Library on August 9, with Governor Dissanayake and Indian Assistant High Commissioner Dr. S. Athira in attendance.

The India Corners are designed to serve school and university students, scholars, language learners, and the general public. These centres will offer books on a variety of subjects, including Indian culture, and studies in Hindi and English languages. The Indian Government also plans to introduce e-library facilities to these India Corners in the future.

Following the inauguration, Dr. S. Athira visited the historic Sabaragamuwa Maha Saman Devalaya in Ratnapura, where she invoked blessings.

August 14, Colombo (LNW): The Cabinet has approved a reduction in water tariffs, resulting in decreased rates for various sectors. Domestic users will see a 7% reduction in their water tariffs, government hospitals will benefit from a 4.5% reduction, and schools and religious places of worship will experience a 6.3% decrease.

Cabinet Spokesman and Mass Media Minister, Dr. Bandula Gunawardhana, announced the decision during a media briefing at the Government Information Department. He stated that the tariff reduction aligns with the agreement reached with the International Monetary Fund (IMF).

The National Water Supply and Drainage Board has been using the current water billing system since January 8, 2023. The Cabinet of Ministers granted approval on July 15, 2024, to implement a new charges policy and matrix to review these tariffs.

The decision to reduce water tariffs comes after the Ceylon Electricity Board lowered electricity charges on July 16, 2024, and in light of declining costs for fuel, chemicals, and interest. As a result, the Water Supply and Estate Infrastructure Facilities Minister proposed the resolution to revise the water charges, which received Cabinet approval.

August 14, Colombo (LNW): Showers or thundershowers will occur at times in Western and Sabaragamuwa provinces and in Galle and Matara districts.

Showers or thundershowers will occur at several places elsewhere of the island during the evening or night. Fairly heavy showers above 50 mm are likely at some places.

Fairly strong winds of about (30-40) kmph can be expected at times over Western slopes of the central hills and in North-western province and in Ampara, Monaragala and Hambantota districts.

General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

August 13, Colombo (LNW): Chief of Staff to the President and Senior Advisor on National Security, Sagala Ratnayaka, has reaffirmed Sri Lanka’s commitment to nature conservation and sustainable development. Speaking at the recent launch of the “Sri Lanka 30×30 – Conservation and Prosperity: for Nature and People” initiative at Cinnamon Lakeside, Colombo, Ratnayaka emphasized the nation’s dedication to ensuring a healthy planet for future generations through sustainable practices and environmental stewardship.

Ratnayaka highlighted the success of Sri Lanka’s internationally acclaimed mangrove restoration program and the government’s ongoing efforts to protect sensitive ecosystems. He stressed that the “Sri Lanka 30×30” program demonstrates the country’s commitment to supporting local communities while contributing to global conservation efforts. He also underscored the importance of cooperation and partnerships in protecting Sri Lanka’s unique ecosystems and achieving the ambitious goals of the initiative.

The “Sri Lanka 30×30” initiative, overseen by Sagala Ratnayaka and coordinated by the Presidential Secretariat Climate Change Office, is considered a top national priority. Key government departments, including the Department of Wildlife Conservation, Forest Department, and the Department of Fisheries and Aquatic Resources, were instrumental in designing the projects that balance conservation with sustainable development.

The initiative aims to conserve Sri Lanka’s unique biodiversity while promoting sustainable economic prosperity. It represents a significant step towards the country’s commitment to sustainable development and green economic revival, with a projected investment of over USD 1.5 billion between 2025 and 2030.

The launch event brought together over 95 government entities, local and international non-governmental organizations, and corporate representatives, all unified in their support for the ambitious program. The “Sri Lanka 30×30” initiative aligns with the Kunming-Montreal Global Biodiversity Framework (GBF), which Sri Lanka adopted alongside 195 other countries in 2022 at the COP15 biodiversity conference. The GBF outlines 23 targets focused on biodiversity conservation and sustainable development.

As part of the “Sri Lanka 30×30” initiative, the government has identified nine national priority conservation programs. These include improving the protection and connectivity of wet zone ecosystems, halting forest loss in the dry zone, restoring degraded forest and mangrove habitats, and sustainably developing protected area tourism to fund conservation efforts. Other key goals include enhancing human-elephant coexistence, improving the health and productivity of river systems, strengthening marine ecosystem conservation, and promoting sustainable fishery management practices.

Sri Lanka’s rich natural capital presents immense potential for a green economic revival. By conserving its biodiversity and promoting sustainable resource management, the country aims to build a resilient economy that will benefit future generations.