July 18, Colombo (LNW): Maheesh Theekshana of Galle Marvels has offered his Man-of-the-Match Award for the Indira Cancer Trust, an entity engaged in creating awareness about breast cancer.
Theekshana donated the US$1,500 he won during the Lanka Premier League game between the Dambulla Sixers and the Galle Marvels on July 14, 2024.
His offer was made on LPL Pink Day, which was conducted on `Sunday, July 14, to help raise awareness about ‘breast cancer.’
The campaign titled “Strike with Hope: LPL Goes Pink for Breast Cancer Awareness’, saw all the players and supporters wearing ‘Pink’ colored clothing to support the cause on ‘Pink Day.’
July 18, Colombo (LNW): Sri Lanka’s economic performance in the first quarter of 2024 has outperformed the projections made in the April 2024 Asian Development Outlook (ADO), the Asian Development Bank (ADB) reported.
The report indicates that inflation expectations for South Asia have been adjusted upwards to 7.1 per cent for 2024, while the forecast for 2025 remains at 5.8 per cent.
Although inflation predictions for Bhutan, India, and Pakistan for the financial years 2024 and 2025 remain unchanged from the April 2024 ADO, the projections for Bangladesh and Maldives have been revised upwards to double digits and 3 per cent, respectively.
In Nepal, average inflation has eased to 5.8 per cent. Pakistan continues to experience the highest inflation rate in South Asia at 23.06 per cent.
Conversely, Sri Lanka’s inflation forecast for 2024 has been significantly revised down to below 2 per cent, a remarkable improvement from 70 per cent two years ago, attributed to better supply-side conditions, enhanced external buffers, and increased availability of foreign currency.
However, the growth forecasts for Sri Lanka for 2024 and 2025 remain unchanged due to uncertainties associated with the upcoming election cycle.
Economic growth in developing Asia accelerated at the beginning of the year, buoyed by a relatively stable global economy. The region experienced robust growth in the first quarter of 2024, driven by strong export growth and solid domestic demand.
For the forecast period, GDP growth reductions in Bangladesh and Maldives are balanced by upward revisions for Bhutan, Nepal, and Pakistan, maintaining the region’s 2024 growth forecast at 6.3 per cent. The Maldives’ growth forecasts for 2024 and 2025 have been lowered due to underperformance in the construction sector and lower-than-expected growth in the fisheries sector.
Bhutan’s GDP growth forecast for 2024 has been revised upwards due to a larger-than-expected government budget and improved tourism prospects.
Nepal’s GDP projection for the financial year ending in mid-July 2024 has also been revised upwards, thanks to stronger-than-anticipated growth in agriculture and services.
Pakistan’s provisional government estimate of GDP growth for the financial year ending 30 June 2024 stands at 2.4 per cent, driven by robust agricultural output due to favourable weather conditions and government subsidies.
Afghanistan’s economy shows signs of recovery, but it remains fragile due to a weak investment climate, tight fiscal constraints, and declining international humanitarian support.
India’s economy is on track to grow by 7.0 per cent in the financial year 2024 and 7.2 per cent in 2025, as predicted in the April 2024 ADO.
The service sector continues to expand robustly, with the industrial sector expected to grow driven by manufacturing and strong demand for construction.
The growth forecast for South Asia remains steady at 6.3 per cent for 2024, with a slight decrease to 6.5 per cent for 2025.
Despite individual country changes, growth forecasts for Southeast Asia remain at 4.6 per cent in 2024 and 4.7 per cent in 2025, while the Pacific is expected to grow by 3.3 per cent in 2024 and 4.0 per cent in 2025.
East Asia’s 2024 growth projection is revised upwards to 4.6 per cent, driven by strong semiconductor exports and the artificial intelligence boom, with the 2025 projection remaining at 4.2 per cent.
The Caucasus and Central Asia’s growth outlook is revised up to 4.5 per cent from 4.3 per cent for 2024, and to 5.1 per cent from 5.0 per cent for 2025.
Interest rates in the United States and other advanced economies continue to influence the outlook, which faces several downside risks.
These include uncertainty regarding the United States election outcome, elevated geopolitical tensions, trade fragmentation, property market vulnerabilities in the People’s Republic of China, and weather-related events.
July 18, Colombo (LNW): Dilshan Madushanka has been fined 10 per cent of his match fee and given a demerit point.
This is following the player breaching Article 2.5 of the LPL Code of Conduct, which is a Level 1 offense, during a game between the Dambulla Sixers and Galle Marvels played on July 14th.
He was reported by on-field umpires for using language, actions, or gestures that disparage or could provoke an aggressive reaction from a batter upon his dismissal.
July 18, Colombo (LNW): The Minister of Agriculture and Plantation Industries, Mahinda Amaraweera, has directed the State Fertiliser Company to significantly reduce the prices of fertilisers used for plantation crops such as cinnamon, tea, and coconut.
Dr. Jagath Perera, Chairman of the State Fertilizer Company, announced that the prices of five types of fertiliser—APM, YPM, urea (for cinnamon), SA (for cinnamon), and TDM—will be reduced by Rs. 1,500 to Rs. 2,000 with immediate effect.
Additionally, the price of each type of fertiliser produced by the State Fertiliser Company will be reduced by Rs. 5,000 per metric tonne.
This decision was made during a discussion at the Ministry of Agriculture and Plantation Industries yesterday (17).
Minister Amaraweera stated that the aim of this price reduction is to encourage the increased use of fertilisers to boost the production of cinnamon, tea, and coconut.
The meeting was attended by Janaka Dharmakeerthi, Secretary to the Ministry of Agriculture and Plantation Industries, A.M.H.L. Abeyratne, Commissioner General of Agrarian Development, and officials from the National Fertilizer Secretariat.
July 18, Colombo (LNW): The Department of Immigration and Emigration has introduced a new, streamlined process for applying for passports, effective from yesterday (17).
As part of this new system, applicants must complete prior registration through the provided link: https://www.immigration.gov.lk.
After registration, applicants will be given priority access to obtain their passports, applicable for both standard and one-day services.
The following details outline the new methodology introduced by the Department:
From 1 January 2025, Sri Lankans will have access to new, efficient, and secure e-passports. To facilitate this, a new application process has been implemented starting 16 July 2024.
Applicants must register in advance using the specified link. This new process commenced on 19 July 2024 for registrations made on 16 July 2024, and will remain effective until 18 July 2024.
After registration, priority will be given to applicants for passport issuance.
Both existing passport holders and new applicants can register for passport services. Priority will be given based on:
Current possession of a valid passport.
Validity period of the current passport being less than six months.
Urgent need for the passport for imminent foreign travel.
Required documents for registration include:
A valid National Identity Card (one per applicant, including children under 16).
A valid mobile phone number (one number can be used for up to two registrations).
Applicants meeting the above criteria can visit the website and complete registration after obtaining a photograph receipt from an approved photo studio.
Successful registrations will be notified via SMS, including a date for application submission. It is mandatory to visit the designated office before noon on the assigned date.
The prior registration process is valid for both one-day and normal services.
Current passport holders can continue to use their passports until they switch to the e-passport, provided there are blank visa pages available.
Passports cannot be obtained without an assigned date and time.
For further details and to complete the registration process, visit the Department’s official website.
July 18, Colombo (LNW): President Ranil Wickremesinghe has introduced a Cabinet paper to establish a committee dedicated to conducting threat assessments on Presidential candidates and former Presidents.
This initiative aims to ensure the safety of candidates during the forthcoming Presidential elections.
The proposal includes the appointment of a Deputy Inspector General of Police to manage security arrangements, according to the President’s Media Division (PMD).
July 18, Colombo (LNW): The Wildlife Department announced today that unlawful fishing methods, such as bottom trawling, have led to the deaths of marine creatures, including turtles and dolphins, in the nation’s coastal waters.
Officials reported that bottom trawling, an illegal fishing technique, indiscriminately kills marine life, including protected species like dolphins and turtles.
In the past week alone, the Department has discovered ten dead turtles along the western coast.
Postmortem examinations by wildlife veterinarians indicated that these turtles succumbed to breathing difficulties, injuries, and damaged flippers.
Some turtle carcasses were found in advanced stages of decomposition upon reaching the shore, complicating postmortem efforts.
These illegal fishing practices not only harm sea turtles but also pose a significant threat to dolphins and other marine mammals.
The Wildlife Department urges the public to stay vigilant against illegal fishing activities and report any suspicious behaviour to the relevant authorities to help safeguard marine life.
July 18, Colombo (LNW): Sri Lanka’s Ambassador, Kana Kananathan, held a significant meeting with Liberian President Joseph Boakai at the Executive Mansion in Monrovia on Tuesday (16).
This event marked the first official bilateral engagement by a Sri Lankan diplomat in Liberia, highlighting a commitment to strengthening political, trade, and investment relations.
President Boakai noted the historic nature of the meeting, which coincides with 15 years of diplomatic relations between Liberia and Sri Lanka.
He praised President Ranil Wickremesinghe for his effective efforts in stabilising Sri Lanka’s economy after the 2022 crisis, commending his leadership and strategic measures that have been pivotal in the country’s recovery and the restoration of public trust.
Boakai expressed that Wickremesinghe’s actions serve as a commendable example for other nations facing similar challenges.
Ambassador Kananathan reaffirmed his dedication to boosting economic cooperation, promoting trade and investment, and enhancing people-to-people connections between the two countries.
The meeting aimed to deepen the friendship and collaboration between Sri Lanka and Liberia. Both President Boakai and Ambassador Kananathan agreed on the importance of building mutual trust and cooperation.
President Boakai also recalled the invitation extended to Ambassador Kananathan by the Liberian Government to serve as an election observer for the Presidential Elections in October 2023, noting that such engagements further strengthen the ties between the two nations.
July 18, Colombo (LNW): Fitch Ratings on Tuesday (16) announced it has chosen to withdraw the rating of SriLankan Airlines for commercial reasons and therefore will no longer provide ratings or analytical coverage for the national carrier.
It also withdrew the rating on the US$ 175 million government guaranteed 7 percent unsecured bonds of SriLankan Airlines, due 25 June 2024, which was affirmed at ‘C’.
The rating on the bonds was driven by the unconditional and irrevocable guarantee of the government of Sri Lanka (Long-Term Foreign-Currency Issuer Default Rating (IDR): RD). SriLankan Airlines did not pay the bonds’ principal and interest due 25 June 2024, and is currently within the 30-day grace period.
The previous defaults of the airline on the bond’s coupon payments due 25 December 2023, 25 June 2023, and 25 December 2022 are continuing, with grace periods having expired.
Another event of default was triggered due to the 12 April 2022 announcement by the Sri Lankan government of a debt moratorium on several categories of sovereign and public-sector entities’ external debt, as well as the ensuing non-payment of interest on the government’s external debt.
SriLankan Airlines bonds are rated ‘C’, factoring in Fitch’s view of average- to below-average recovery prospects following a default, in line with the agency’s Corporates Recovery Ratings and Instrument Ratings Criteria, and Country-Specific Treatment of Recovery Ratings Criteria.
“The bonds of issuers that are very close to default show little distinction between ‘RR4’ and’RR6’ recoveries. Therefore, Fitch has not assigned a Recovery Rating to the bond,” the rating agency said.
Earlier this month, the Ministry of Ports and Aviation affirmed there are no suitable investors for the debt-heavy national carrier. Since there was minimal global interest in the airline, the government is looking to restructure the airline instead of going ahead with the plan of selling it outright.
July 18, Colombo (LNW): In the wake of an oil tanker capsising off the coast of Oman, search and rescue efforts have successfully saved nine crew members, including a Sri Lankan national, the Indian Express reported citing sources.
The rescue operation, carried out by the Indian warship INS Teg, also saved eight Indian crew members.
Efforts to locate the remaining crew members are ongoing.
The Indian Navy spokesperson posted on X, asserting that the search and rescue mission, involving both Indian and Omani resources, is being conducted under challenging weather conditions, including rough seas and strong winds.
In addition to INS Teg, the Indian Navy has deployed a P-18 long-range maritime surveillance aircraft to search for the 16 missing crew members, which includes 13 Indians.
The oil tanker, named MT Prestige Falcon, capsised around 25 nautical miles southeast of Ras Madrakah, near the port town of Duqm, on Monday.
The Indian Embassy in Muscat is actively coordinating with Omani authorities in the ongoing search and rescue operations.
Oman’s Maritime Security Centre reported that the vessel, a Comoros-flagged oil tanker, remains submerged and inverted.
The centre did not confirm whether there has been any oil leakage from the tanker or if the vessel has stabilised following the capsising.
According to shipping data from LSEG, the tanker was en route to the Yemeni port of Aden when it capsised off the coast of Duqm, an industrial port located on Oman’s southwest coast.
