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CSE ranks second in Asia amid impressive growth

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October 28, Colombo (LNW): As of 25 October 2024, the Colombo Stock Exchange (CSE) has earned the distinction of being the second-best performing equity index in Asia, highlighted by an exceptional year-to-date return of 29.65 per cent in US$, according to Bloomberg reports.

This remarkable achievement reflects the resilience and dynamism of Sri Lanka’s capital market, which is increasingly attracting both domestic and foreign investors eager to capitalise on its growth potential.

The trading activity over the past week has been particularly noteworthy, with a daily average turnover of Rs. 3.058 billion.

Notably, the CSE recorded two consecutive days of robust trading, with daily turnovers surpassing Rs. 4.7 billion on Thursday and Friday.

This surge in activity indicates a renewed investor confidence and a thriving market environment.

At the end of the trading week, the All Share Price Index (ASPI) closed at 12,517.58 points, just a single point shy of its highest mark for the year. In tandem, the S&P SL20 index, which encompasses the 20 largest and most liquid stocks on the exchange, also demonstrated significant growth, concluding the week at 3,759.30 points.

Such performance solidifies the CSE’s status as a compelling option for investors, fostering positive market momentum and opening avenues for further investment opportunities.

For the week ending 25 October 2024, the total weekly turnover for the CSE reached an impressive Rs. 15.3 billion. The ASPI enjoyed a weekly gain of 1.66 per cent, whilst the S&P SL20 reported an even more robust return of 3.76 per cent.

In contrast, the previous week, which ended on 18 October 2024, saw a markedly lower turnover of Rs. 7 billion, with the ASPI returning just 0.16 per cent and the S&P SL20 a modest 0.49 per cent.

Notably, the ASPI crossed the 12,500 mark for the first time since 10 May 2024, gaining 44.08 points during early trading hours on Friday.

This resurgence in trading activity suggests a growing optimism in the market, underscored by a remarkable increase in participation.

The turnover reached Rs. 4.8 billion for the second consecutive day, reflecting a staggering 95.1 per cent increase compared to the monthly average of Rs. 2.4 billion.

This positive trend within the Colombo Stock Exchange serves as a barometer for the overall economic landscape of Sri Lanka, signalling a potential recovery and growth trajectory following recent economic challenges.

Ex-Minister Lohan Ratwatte denies connection to “Mysterious Car” found at wife’s residence

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By: Isuru Parakrama

October 28, Colombo (LNW): Former Minister Lohan Ratwatte has denied any connection to an unregistered vehicle discovered at a property owned by his wife in Mirihana.

Ratwatte informed investigators that his late Coordinating Secretary had parked the vehicle on the premises, unbeknownst to him. Ratwatte’s secretary tragically died by suicide in Kandy recently, adding an unexpected twist to the investigation.

The vehicle, lacking number plates, was uncovered during a police operation following a tip-off received by the Mirihana Police.

Upon arrival at the Mirihana residence, authorities were initially unaware that the property belonged to Ratwatte’s wife, discovering this only after finding the vehicle on the premises.

Ratwatte reportedly stated during questioning that he had no prior knowledge of the car’s presence or ownership, attributing its arrival to the actions of his late secretary.

With the car’s keys currently missing, police officials have planned to obtain a court order to break into the vehicle for inspection.

Authorities aim to examine the car in detail with the support of the Government Analyst’s Department and other relevant experts to gather further insights into its origins and potential connections.

The case has also raised public interest, with questions emerging about the security and management of assets associated with prominent figures in government circles.

Easter Sunday bombings: Gammanpila outs second report in his “big reveal”

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By: Isuru Parakrama

October 28, Colombo (LNW): Pivithuru Hela Urumaya (PHU) Leader Udaya Gammanpila has urged the government to identify and investigate an individual who posed as a senior official in the 2019 Easter Sunday attack video broadcast by Britain’s Channel 4.

Addressing a media briefing this afternoon (28), Gammanpila discussed findings from an investigative report by a committee led by retired Supreme Court Justice S.I. Imam, commissioned by the previous administration to probe the documentary’s allegations.

In his address, Gammanpila called for an inquiry to uncover the identity of the individual who, in the Channel 4 video, made allegations against Sri Lanka’s intelligence agencies and military personnel while presenting himself as a top government official.

The former MP challenged the current government, insisting, “If this individual is indeed holding a senior role within the government, action must be taken against him for treason.”

Gammanpila further urged the government to address the findings related to the attacks instead of resorting to what he described as “slander.”

However, some critics have questioned his motives, citing PHU Leader’s history of capitalising on the 2019 Easter Sunday tragedy to stoke communal fears—actions some saw as instrumental in his efforts to propel former President Gotabaya Rajapaksa to power.

Previously, Gammanpila publicly threatened President Anura Kumara Dissanayake to oust him via an impeachment should he fail to apologise to the public for not disclosing the reports, despite his party having an uncertain voter base to be elected by in the upcoming General Election to bring-forth such a motion in Parliament.

This briefing marks Gammanpila’s second public address on the topic, following his earlier disclosures on the two investigation reports concerning the attacks. Last week, he claimed that the committees headed by Justices S.I. Imam and A.N.J. de Alwis, appointed by President Ranil Wickremesinghe’s administration, had withheld information from the public.

Gammanpila’s initial statements included details from Justice A.N.J. de Alwis’s report, which purportedly recommended action against former senior Police officials Ravi Seneviratne and Shani Abeysekera, who now hold prominent government roles.

Responding to Gammanpila’s statements, Government Spokesman Minister Vijitha Herath asserted that a comprehensive investigation into the Easter attacks, including the reports disclosed by Gammanpila, is underway.

Meanwhile, it is noteworthy that the Supreme Court ruling on the attacks, which imposed penalties to key state figures including ex-President Maithripala Sirisena, ex-Defence Secretary Hemasiri Fernando and ex-head of the State Intelligence Service (SIS) Nilantha Jayawardena for failing to avert the attack, made no mentioning of Seneviratne to be held accountable for, nor Abeysekara for that matter.

Official exchange rates in Sri Lanka today (Oct 28)

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By: Isuru Parakrama

October 28, Colombo (LNW): The Sri Lankan Rupee (LKR) happens to be somewhat steady against the US Dollar today (28) in comparison to last week, maintaining below the Rs. 300 threshold, the official exchange rates released by the Central Bank of Sri Lanka revealed.

Accordingly, the buying price of the US Dollar has reduced to Rs. 289.06 from Rs. 289.15 and the selling price to Rs. 298.11 from Rs. 298.20.

The LKR indicates appreciation against several other currencies, however depreciated against Gulf currencies.

Protect yourself from digital scams: Here’s how!

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By: Isuru Parakrama

October 28, Colombo (LNW): With the rise in digital transactions, cyber fraud has become an increasingly prevalent threat, catching even the most vigilant users off guard.

Recognising this, Visa has released crucial steps to help consumers respond effectively if they fall victim to online scams.

These five tips provide immediate measures to halt further loss and secure one’s finances in the face of unexpected fraud.

The first recommended step is to contact authorised customer care services at the earliest. Visa advises reaching out directly to the bank or payment provider, using only official contact numbers.

This swift action enables victims to freeze accounts, block cards or payment methods, and initiate potential refunds.

Following this, immediate reporting to both banking authorities and law enforcement is essential.

Victims should promptly notify their bank and file a report with the Police Computer Crime Investigations Division or at the nearest police station.

Documenting these steps provides a reliable paper trail in case of a dispute or refund request.

Victims are also encouraged to document every detail related to the scam. Amidst the distressing experience, recording transaction IDs, amounts, dates, and any communication with the scammer can be crucial for thorough reporting and resolution.

In addition to addressing the immediate threat, Visa suggests fortifying digital defences by updating passwords, activating two-factor authentication, and installing reliable anti-malware software.

Taking these steps can help prevent future vulnerabilities.

Lastly, Visa advises victims to share their experiences with family, friends, and on social media to raise awareness.

Proactive sharing allows others to benefit from the hard-learned lessons, helping create a safer, more informed digital community.

With these comprehensive steps, consumers can better prepare to manage and recover from online scams, promoting a safer digital environment for all.

Indian delegation arrives in SL for talks on bilateral fisheries cooperation amidst ongoing disputes

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By: Isuru Parakrama

October 28, Colombo (LNW): A 12-member Indian delegation is set to arrive in Sri Lanka today (28) for comprehensive discussions on fisheries management and cooperative development initiatives between the two nations.

These discussions will commence tomorrow (29) at the Mahaweli Ministry auditorium in Colombo, according to informed sources.

The Sri Lankan delegation will include key representatives from multiple agencies, led by Fisheries Ministry Secretary Nishantha Wickramasinghe, along with Additional Secretary Dhammika Ranatunga, Fisheries Director General Susantha Kahawatta, and officials from the National Aquatic Resources Research and Development Agency (NARA), the Aquaculture Development Authority, the Coast Guard, Foreign Ministry, Attorney General’s Department, Navy, and Police.

Primary issues on the agenda include exploring diplomatic avenues to resolve the long-standing Indo–Sri Lanka fisheries disputes and fostering a cooperative framework for sustainable fishing practices.

A significant focus will be on addressing the adverse impacts of bottom trawling—a fishing practice known for its environmental harm and depletion of marine resources—which both sides aim to mitigate.

The talks are expected to bolster collaborative efforts, enhance regulatory mechanisms, and support long-term environmental sustainability in fisheries operations.

The fisheries crisis has long been standing in creation of a rift between the two neighbour countries, affecting the fishing community and subjugating them into marginalisation for breaching the territorial waters during fishing.

These expect to reflect both nations’ commitment to preserving marine ecosystems and supporting the livelihoods dependent on this crucial sector.

CAA to submit comprehensive report on SL’s rice supply amid market shortages

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By: Isuru Parakrama

October 28, Colombo (LNW): The Consumer Affairs Authority (CAA) is set to present a comprehensive report to President Anura Kumara Dissanayake on Sri Lanka’s current rice and paddy stocks today (28), following recent market shortages affecting popular varieties such as nadu, white, and red raw rice.

This report follows the President’s directive to assess supply levels amid rising concerns about rice availability.

In response, CAA officers conducted targeted inspections over the weekend across key rice-producing districts, including Anuradhapura, Polonnaruwa, Ampara, and Hambantota.

Their investigation focused on evaluating stock levels at both large- and medium-scale mills, where they also held discussions with mill workers regarding stock and distribution flow.

The subsequent fall of rice availability in market following Dissanayake assuming office was subject to strong criticism from rival political parties and civil society.

The findings, therefore, will serve as a critical reference for the government as it seeks strategies to stabilise rice availability, addressing potential disruptions and ensuring a steady supply of staple grains for the market.

Arugam Bay tourism sees local surge despite security tightening

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By: Isuru Parakrama

October 28, Colombo (LNW): Despite heightened concerns over a possible terrorist threat in Arugam Bay, local tourism remains resilient, with a notable influx of Sri Lankan visitors.

Residents and tourism operators confirm that any decline in foreign arrivals is consistent with the annual off-season rather than an unusual dip.

Although some Israeli tourists departed following recent travel advisories, this has not deterred domestic visitors from exploring the area.

K.H. Chandrasena, a hotel owner known locally as “Sudumahattaya,” remarked that Arugam Bay tourism is experiencing a revival after the setbacks of the 2019 Easter Sunday attack and the pandemic.

He explained that off-season rates make accommodation affordable, further boosting local interest.

Business activities, including the region’s crucial fishing industry, have returned to normalcy, with no major disruptions in daily life.

In response to recent security concerns, Ampara Division Superintendent of Police J.H.M.N. Jayapathma announced enhanced security protocols for the area, prioritising the well-being of both residents and tourists.

Whilst the off-season traditionally sees a natural lull in international tourist numbers, local tourism’s upswing has brought a steady flow of visitors eager to enjoy Arugam Bay’s renowned beaches and hospitality.

President reiterates commitment to ending excessive perks for former Heads of State

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By: Isuru Parakrama

October 28, Colombo (LNW): President Anura Kumara Dissanayake reaffirmed his commitment to eliminate the costly benefits provided to former heads of state, emphasising that these perks will be removed “no matter what.”

Speaking at a rally in Baddegama, Galle, he criticised the existing system, which places the financial burden of maintaining past leaders on the public.

President Dissanayake noted that former presidents currently enjoy extensive privileges, safeguarded by parliamentary acts, constitutional provisions, and administrative circulars.

However, he revealed that the government is considering amending these provisions to drastically reduce or eliminate such entitlements.

We cannot sustain the country while catering to these requests,” he stated, highlighting the requests by former leaders for extensive security details, ambulances, luxury vehicles, and other costly benefits.

Some even demand 163 security personnel, an array of vehicles, including 17 or 18 BMWs,” he added, stressing that politics should be a service to the people, not an avenue for luxurious post-office benefits.

Dissanayake’s government aims to recalibrate the role of public service within the country’s politics, ensuring that leadership is focused on service rather than privilege.

Govt to re-launch investigation into 2021 X-Press Pearl Disaster

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October 28, Colombo (LNW): The Sri Lankan government is set to revisit the 2021 X-Press Pearl maritime disaster with a fresh investigation, announced Foreign Minister Vijitha Herath yesterday (27).

This inquiry comes amid concerns that previous administrations have yet to file claims for the substantial civil liability costs associated with the disaster.

In the aftermath of the incident, Sri Lanka is expected to receive around US$ 810,696 to cover beach cleaning and debris removal expenses, while the claims for broader environmental and economic damages have yet to be formally lodged.

The ship’s owner has agreed to cover this cleaning expenditure for the period from 1 July 2023 to 29 February 2024.

However, the government has yet to secure compensation for extensive civil liabilities, including damages to the environment, economic losses, and future restoration efforts.

The incident on 20 May 2021 involved the MV X-Press Pearl, a cargo vessel laden with hazardous chemicals, which ignited off Sri Lanka’s western coast.

The resulting spill of toxic materials, plastics, and pollutants devastated the country’s coastal ecosystems.

Efforts were made by the previous government to address this crisis legally, filing a lawsuit in Singapore with the assistance of the Attorney General’s Department, an Australian law firm, and six international experts to assess the full scope of damages.

The Marine Environment Protection Authority (MEPA) has identified an oil slick of approximately 0.51 km², stretching over 4.3 km, around the wreckage site. While the insurance company for the vessel has provided Sri Lanka with US$ 7.85 million in compensation thus far, the MEPA continues to assess the true extent of the environmental impact.

The authority is also awaiting updates from the Attorney General’s Department regarding the Singapore litigation, highlighting an ongoing lack of coordination on legal proceedings for further damages.