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Aitken Spence Shows Strong Financial Growth in 2024 Half-Year Report

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By: Staff Writer

November 18, Colombo (LNW): Billionaire Businessman Harry Jayawardena led Aitken Spence PLC, the regional leader among leading conglomerates under the guidance of billionaire businessman Harry Jayawardena, has recorded an EBITDA of Rs. 8.9 billion for the first half of 2024, a growth of 10.4% from last year.

Profit from operations excluding foreign exchange impacts for the period surged appreciably by 38.7% to Rs. 3.5 billion from Rs. 2.5 billion.

Maritime and Freight Logistics had a more challenging year, with a PBT of Rs. 2.3 billion, owing to lower business volumes and rupee volatility.

The Strategic Investment sector reported a PBT of Rs. 728 million, more than a two-fold increase from last year’s value. This was due to strong returns from its hydropower investments and the rollover of interest from renewable energy investments.

Aitken Spence’s Tourism sector reflected an improvement, with losses reducing by 36.9%, principally due to improved occupancies and higher room rates.

 The destination management arm, however, faced challenges emanating from macroeconomic pressures: an 18% VAT introduction that could not be factored into existing tour packages, and disruptions in the Red Sea affecting cruise tourism.

The Services business booked a loss of Rs 52.1 million due to increasing costs in the elevator business and lower average exchange that negatively affected money transfer services.

 However, the consolidated PBT for the Group, before foreign exchange effects, had an excellent turnaround from a previous period loss of Rs 1.2 billion to a profit of Rs 1.5 billion.

Aitken Spence continues to focus on ensuring sustainability through a Sustainability Council spearheaded by its Executive Director Dr. Rohan Fernando.

The council, comprising senior management, oversees environmental and social objectives. In the quarter under review, the Council worked towards mapping onto IFRS S 1 and S 2 standards.

In line with the Disaster Risk Management Strategy of the Company, Aitken Spence carried out its first earthquake and night-time fire drills at Aitken Spence Towers.

The environmental monitoring by the Group increased by 16% in total energy usage, due to the expanded scale of operations in Tourism and Strategic Investments; water consumption was reduced by 34%, reflecting strict conservation measures.

Aitken Spence also contributes to broader climate actions through hosting meetings of the UN Global Compact’s Climate Emergency Task Force in its efforts to drive business-led climate action.

To develop professional growth, the HR team initiated a mentoring program, ‘Spence Luminary,’ at Aitken Spence and trained 50 senior leaders on mentorship skills. An online platform was given to connect the employees with their mentors.

As part of its Diversity, Equity, and Inclusion objectives for the representation of women in leadership positions to reach 30% by 2030, 40 female managers underwent a mini-MBA-type leadership program.

Listed on the Colombo Stock Exchange since 1983, Aitken Spence has a history running for over 150 years, employing more than 13,000 people in 16 industries across 11 countries, including Sri Lanka, Maldives, India, and UAE.

Tensions rise within UNP as National List nomination for Ravi K sparks conflict

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November 18, Colombo (LNW): A dispute within the United National Party (UNP) has emerged following an attempt by party leader Ranil Wickremesinghe to influence the nomination of national list MPs of the New Democratic Front (NDF), LNW learned.

This morning (18), Wickremesinghe reportedly contacted Shyamala Perera, Secretary of the NDF, the political alliance through which most UNP candidates contested the 2024 parliamentary polls under the ‘gas cylinder’ symbol, seeking approval to submit two names for the party’s national list slots to the Election Commission.

However, Perera is said to have refused his request.

In a swift turn of events, Ravi Karunanayake, a prominent UNP member and one of the party’s national list candidates, personally met with Perera shortly after learning of the exchange, sources said.

Karunanayake reportedly urged Perera to formally submit his name for one of the national list MP positions. Acting in her capacity as secretary, Perera subsequently wrote to the Election Commission, officially nominating Karunanayake for one of the posts.

In her correspondence, Perera also indicated that the party would notify the commission of the second nominee in the coming days.

Consequently, the Election Commission accepted her letter, and Karunanayake’s name is now expected to be gazetted as a Member of Parliament.

Wickremesinghe is reportedly displeased with the outcome, viewing it as a challenge to his authority within the party, sources close to the matter revealed.

This development has fuelled speculation about internal divisions within the UNP, as the party navigates the aftermath of the recent general election.

Supreme Court seeks clarification on distribution of Easter Sunday victim compensation

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By: Isuru Parakrama

November 18, Colombo (LNW): The Attorney General’s office has disclosed that the Office for Reparations has collected Rs. 311 million in compensation for victims of the 2019 Easter Sunday terror attacks, in accordance with a previous Supreme Court ruling on petitions filed concerning the tragedy.

This update was presented to the Supreme Court by the Additional Solicitor General representing the Attorney General during the hearing of Fundamental Rights petitions linked to the attacks.

The court was informed that the funds have been secured, but details about the allocation and disbursement process remain pending.

Responding to this, the bench, comprising Justices Murdu Fernando, S. Thurairaja, and A.H.M.D. Nawaz, instructed the Additional Solicitor General to provide a comprehensive report detailing the mechanisms and status of compensation distribution to victims.

The court emphasised the importance of ensuring transparency and equity in disbursing these funds.

The report is to be submitted at the next hearing, scheduled for February 27, 2025.

The petitions under review were filed in pursuit of accountability and restitution for the victims of the coordinated bombings that targeted churches and hotels on 21 April 2019, claiming over 270 lives.

Dept enforces strict measures ahead of AL Examinations

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By: Isuru Parakrama

November 18, Colombo (LNW): The Department of Examinations has announced that all lectures, tuition classes, workshops, and seminars related to the 2024 GCE Advanced-Level Examination will be strictly prohibited from midnight tomorrow (19).

This regulation is part of heightened measures to ensure the integrity of the upcoming examination process.

Officials have warned that any individuals or institutions failing to comply with this directive will face legal repercussions.

The department has emphasised its commitment to maintaining strict oversight this year, expanding its monitoring efforts to include personnel from both provincial and zonal offices in addition to its own officials.

To ensure comprehensive monitoring, one officer will be assigned to oversee activities at 20 examination centres within a 15-day period.

This approach aims to safeguard the examination process and uphold fairness across the board.

The 2024 GCE Advanced-Level Examination is set to take place from November 25 to December 20 at 2,312 centres nationwide.

A total of 333,185 candidates are registered to sit for the examination, marking it as one of the largest academic events in the country.

With great power comes great responsibility: President pledges end to divisive politics

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By: Isuru Parakrama

November 18, Colombo (LNW): President Anura Kumara Dissanayake has declared that Sri Lanka has turned a significant page in its political history, marking the end of divisive politics.

Speaking after appointing the new Cabinet, the President highlighted the transformative nature of the recent election, which he described as a watershed moment for the nation.

For decades, Sri Lankan politics have been mired in regional and ethnic divisions, often fostering discord between the North and South.

Addressing this historical rift, the President remarked, “The political culture in Sri Lanka has long been defined by efforts to pit the North against the South and vice versa. However, this election has shown that divisive politics no longer hold sway. It has successfully brought the aspirations of all people to the centre.”

Dissanayake emphasised that with great power comes great responsibility, and acknowledged how power had led to disaster in the past in the island nation’s political landscape.

The President credited the electorate for rejecting outdated and polarising ideologies, embracing a new era of inclusivity and unity.

He added that the election outcome reflects the collective will of Sri Lankans from all walks of life to build a harmonious and progressive society.

In his address, the President extended heartfelt gratitude to all supporters who rallied behind the vision of the new government. He paid special tribute to Sri Lankan expatriates, recognising their unwavering commitment to the country’s future despite living abroad.

Additionally, he commended the energy and influence of young social media activists, who played a pivotal role in galvanising public support and shaping the discourse during the election campaign.

Ex-Minister Lohan Ratwatte and wife further remanded over unregistered luxury vehicle case

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By: Isuru Parakrama

November 18, Colombo (LNW): Former minister Lohan Ratwatte and his wife remain in remand custody following their involvement in a case concerning an illegally assembled and unregistered luxury vehicle.

The Nugegoda Magistrate’s Court extended Ratwatte’s remand until December 02, while his wife will remain in custody until November 22.

The couple was apprehended after police uncovered a luxury vehicle without a number plate at a property in Mirihana, reportedly owned by Ratwatte’s wife.

The discovery was made during a police operation initiated on a tip-off from the Mirihana Police. Authorities only established the connection to Ratwatte’s wife after locating the vehicle on the premises.

During initial questioning, Ratwatte asserted that his Coordinating Secretary, who had recently died by suicide in Kandy, had transported the car to the property without his knowledge.

He claimed he was unaware of both the vehicle’s presence and its ownership. Despite these statements, both Ratwatte and his wife were arrested and later produced in court, leading to their remand.

Official exchange rates in SL today (Nov 18)

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By: Isuru Parakrama

November 18, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates further appreciation against the US Dollar today (18) in comparison to last week, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).

Accordingly, the buying price of the US Dollar has decreased to Rs. 287.49 from Rs. 287.72, and the selling price to Rs. 296.47 from Rs. 296.72.

Meanwhile, the LKR indicates appreciation against several other foreign currencies as well.

EC to reconvene on Local Government and Provincial Council Polls

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By: Isuru Parakrama

November 18, Colombo (LNW): The Election Commission of Sri Lanka is set to hold a significant meeting on 27 November to discuss critical issues related to the pending Local Government and Provincial Council elections.

This will mark the commission’s first formal gathering since the conclusion of the parliamentary elections, underscoring its focus on addressing pressing electoral matters.

A key item on the agenda will be the implementation of a court order regarding the Local Government elections. The commission aims to align its strategies with the judicial directive while addressing logistical and administrative challenges that have delayed the electoral process.

In parallel, financial provisions for these elections are expected to be included in the Vote on Account, which is scheduled to be tabled in Parliament in December.

Despite these preparatory steps, the exact dates for the polls have not yet been decided, and this issue is likely to dominate discussions during the upcoming meeting.

In a related development, the commission has reiterated its call for political parties to submit their National List MP nominees without delay. This follows the gazetting of nominees from several parties, although some have yet to comply.

IMF Delegation engages with CBSL officials on economic recovery

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By: Isuru Parakrama

November 18, Colombo (LNW): The International Monetary Fund (IMF) team, arrived yesterday (17) led by Senior Mission Chief Peter Breuer, began its programme today (18) with discussions at the Central Bank of Sri Lanka (CBSL).

The meetings come at a pivotal time for Sri Lanka, as the nation seeks to stabilise its economy after a debilitating financial crisis.

Following the discussions with CBSL, the IMF team is scheduled to meet President Anura Kumara Dissanayake and key ministers from the newly-formed government.

These high-level talks aim to assess the progress of reforms under the IMF’s Extended Fund Facility (EFF) and chart the next steps in the recovery process.

At the conclusion of their visit, the IMF delegation is expected to host a press briefing, providing updates on the third review of Sri Lanka’s economic reform programme.

If the review is deemed successful, the IMF is poised to release the next tranche of its bailout package, further bolstering the nation’s recovery.

The IMF had approved a $2.9 billion EFF for Sri Lanka in 2023, disbursing funds in tranches over a 48-month period. The programme aims to address deep-seated economic vulnerabilities through structural reforms and financial stabilisation.

To date, Sri Lanka has received over $1 billion under the arrangement.

NPP’s new Cabinet sworn in, pledges progressive governance

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By: Isuru Parakrama

November 18, Colombo (LNW): The newly formed Cabinet under the National People’s Power (NPP) government took their oaths before President Anura Kumara Dissanayake today (18), marking the beginning of a new political chapter in Sri Lanka.

The swearing-in ceremony is currently being held at the Presidential Secretariat in Colombo, reflecting the NPP’s commitment to establishing a streamlined and inclusive government.

The Cabinet includes 21 members, amongst them Prime Minister Dr Harini Amarasuriya, who also holds the portfolio for Education, Higher Education, and Vocational Training. The appointment of Deputy Ministers is expected in the coming days.

  • Prime Minister Dr. Harini Amarasuriya: Minister of Education, Higher Education, and Vocational Training
  • Vijitha Herath: Minister of Foreign Affairs, Foreign Employment, and Tourism
  • Prof Chandana Abeyrathna: Minister of State Administration, Provincial Councils, and Local Government
  • Harshana Nanayakkara: Minister of Justice and National Coalition
  • K.D. Lal Kantha: Minister of Agriculture, Lands, Irrigation and Livestock
  • Ramalingam Chandrasekaran: Minister of Fisheries, Aquatic and Oceanic Resources
  • Saroja Savithri Polraj: Minister of Women and Child’s Affairs
  • Sunil Handunnetti: Minister of Industries and Entrepreneurship Development
  • Prof. Hiniduma Sunil Senevi: Minister of Buddhist, Religious and Cultural Affairs
  • Prof. Upali Pannilage: Minister of Rural Development, Social Security and Community Empowerment
  • Anura Karunathilake: Minister of Urban Development, Construction and Housing
  • Bimal Ratnayake: Minister of Transport, Highways, Ports and Civil Aviation Services
  • Ananda Wijepala: Minister of Public Security and Parliamentary Affairs
  • Dr. Nalinda Jayatissa: Minister of Health and Mass Media
  • Samantha Vidyaratna: Minister of Plantation and Community Infrastructure Development
  • Sunil Kumara Gamage: Minister of Youth and Sports Affairs
  • Wasantha Samarasinghe: Minister of Trade, Commercial, Food Security and Corporate Development
  • Prof. Krishantha Abeysena: Minister of Science and Technology
  • Prof. Anil Jayantha Fernando: Minister of Labour
  • Eng. Kumara Jayakody: Minister of Energy
  • Dr. Dhammika Patambedi: Minister of Environment

Meanwhile, President Anura Kumara Dissanayake continues to retain the Ministries of Defence, Finance, Economic Development and Digital Economy.