May 23, Colombo (LNW): President Ranil Wickremesinghe has conveyed a poignant message for Vesak, highlighting the festival’s deep spiritual significance for Buddhists worldwide.

Vesak, which commemorates the birth, enlightenment, and passing of the Buddha, is celebrated with profound devotion by Buddhists in Sri Lanka and across the globe.

During this sacred period, they engage in religious observances and venerate the Buddha with fervent devotion.

In his message, the President emphasised the importance of embodying the same great zeal for enlightenment that the Buddha exemplified.

He cited the Buddha’s sermon, “Maththasukha parichchaga- passé che vipulan sukhan,” which encourages sacrificing today for a better tomorrow.

This, he suggested, is particularly pertinent in the current challenging times the nation faces.

The President reminded the nation of the Buddha’s advice, “Sabbattha Sammanaso,” urging everyone to treat each other equally.

He called for this principle to be actively practised, stating that it is the greatest offering that can be presented to the Buddha on Vesak.

The President underscored the need for unity, regardless of race, religion, caste, or political affiliation, to heal and rebuild the country. He invoked the principles of Lichchavi Raja Dharmaya as a guiding framework for this endeavour.

Full Statement:

“The Vesak festival is a profoundly sacred day for Buddhists worldwide, commemorating the Buddha’s birth, enlightenment, and passing. Buddhists in Sri Lanka, along with their brethren around the globe, celebrate Vesak with deep devotion. They spend this period engaging in religious observances and venerating the Buddha with fervent devotion.

At this challenging moment, we as a nation should cultivate the same great zeal for enlightenment that Buddha exemplified, inspired by his sermon, “Maththasukha parichchaga- passé che vipulan sukhan” – to sacrifice today for a better tomorrow.

We must remember the advice of Lord Buddha, “Sabbattha Sammanaso,” to treat everyone equally and ensure we put it into practice as a country. This is the greatest offering we can present to the Buddha on this Vesak day. Regardless of race, religion, caste, or political affiliation, we must all unite to heal and rebuild our country. The principles of Lichchavi Raja Dharmaya will guide us in this endeavour.

Let us keep in mind that the primary aim of the Vesak festival is to foster spiritual growth and character development in a world rapidly advancing physically. I wish everyone a blessed Vesak festival.”

May 23, Colombo (LNW): The Ceylon Electricity Board (CEB) has reported over 36,900 power breakdowns affecting more than 300,000 consumers over the past three days due to inclement weather.

Additional service staff have been deployed to address the breakdowns, Minister of Power and Energy Kanchana Wijesekara

In a post on ‘X’, the Minister confirmed that the CEB management and service staff are working around the clock to restore power to the affected consumers.

Minister Wijesekara also advised consumers who are unable to report power interruptions via the CEB hotline 1987 to use the SMS option by texting ‘breakdown’ followed by the electricity consumer number to 1987.

Alternatively, consumers can report issues through the CEB Care app or by visiting http://cebcare.ceb.lk.

By: Isuru Parakrama

May 23, Colombo (LNW): Due to the south-west monsoon that has established over the island, the prevailing rain and wind conditions are expected to continue further, the Department of Meteorology said in a ‘Red Notice’ statement in its weather forecast today (23).

Very heavy showers about 150 mm are likely at some places in Sabaragamuwa province and in Kandy and Nuwara-Eliya districts, the statement added.

Heavy showers above 100 mm are likely at some places in Western and North-western provinces and in Mannar, Galle and Matara districts.

Meanwhile, the sea areas extending from Colombo to Pottuvil via Galle and Hambantota will be very rough at times with very strong gusty winds up to (60-70) kmph.

Naval and fishing communities are advised not to venture into the sea areas extending from Colombo to Pottuvil via Galle and Hambantota, until further notice.

The sea areas extending from Kalpitiya to Colombo will be rough at times with strong gusty winds up to 60 kmph. The naval and fishing communities who are engaged in fishing and naval activities in the above sea areas are requested to be vigilant in this regard.

Showers or thundershowers will occur at times in these sea areas and heavy showers may occur at some places.

The swell waves (about 2.5 m – 3.0 m) height (This is not for land area) may increase in the sea areas off the coast extending from Kalpitiya to Pottuvil via Colombo, Galle, and Hambantota.

There is a possibility that near shore sea areas off the coast extending from Colombo to Matara via Galle, may experience surges due to swell waves.

Naval and fishing communities are also requested to be attentive to future forecasts issued by the Department in this regard.

A low-level atmospheric disturbance in the south west Bay of Bengal area has intensified in to a low-pressure area. It is very likely to move northeastward and concentrate into a depression over the central parts of the Bay of Bengal by May 24, 2024. Then it would continue to move northeastward and intensify further.

Very strong winds (60-70) kmph, accompanied with heavy rainfalls and very rough seas are likely over the sea areas around the country and over the South-eastern Arabian Sea areas and southwestern Bay of Bengal Sea areas. Naval and fishing communities are advised not to venture into the sea areas marked by RED colour on the map below until further notice. Those who are out at aforementioned sea regions are advised to return to coasts or moved safer areas immediately.

Naval and fishing communities are also requested to be attentive to future forecasts issued by the Department in this regard.

May 22, Colombo (LNW):Major Indian companies are to enter critical mineral mining in Sri Lanka taking advantage of the new national policy on mineral resources aimed at attracting foreign investors and/or technology holders to establish joint ventures with Sri Lankan partners

Moreover, India and Pakistan have been provided market access to the mineral deposits with duty concession under Indo-Sri Lanka Free Trade Agreement (ISLFTA) and Pakistan-Sri Lanka Free Trade Agreement (PSLFTA) with 100 percent duty free for any machinery related to the business.

Several overseas companies mainly India and Australia have applied for mining licenses after the change in awarding criteria, State Investment Minister Dilum Amunugama disclosed. 

Measures have been taken to promote foreign and local investment in the country’s mineral resources sector to enhance revenues, he said adding that the previous procedure of issuing mineral mining licences has been tainted with corruption. 

The Geological Survey and Mines Bureau (GSMB) is drafting necessary policy and regulatory changes to sell the valuable mineral deposit to foreign companies for mineral explorations.

The new regulation gazetted under number 2313/37 in January 2023 and under 9(e) the mineral rights of the state have been changed by giving priority to the landowner to explore minerals or sell it to another party for exploration.

This sudden decision to promote widespread mining with foreign investment, may lead to unsustainable consequences, several environmentalists said. 

Several Indian companies including Ola Electric, Hindalco Industries, and Gujarat Mineral Development Corporation are exploring the prospects of graphite mining in Sri Lanka, informed sources said. 

Sri Lanka is the only country to mine ultra-pure highly crystalline vein graphite with more than 98 percent of carbon purity in the world over the last 100+ years, and it is world renowned for its superior quality and uniqueness.

Graphite is a critical mineral that is extensively used as the anode material in lithium-ion batteries dor electric vehicles. 

The country has exported around 2,500 tonnes of graphite in 2023 valuing at around US $6 million. Sri Lanka has graphite reserves of around 1.3 million tonnes, GSMB data showed. 

Sri Lanka is exploring the optimal utilisation of its mineral resources to boost the nation’s economic growth, and the potential for creating value-added products from these resources, State Minister Dilum Amunugama said. 

According to the Board of Investment (BOI)  data, Sri Lanka possessed 7.5 million metric tons (MT) of Ilmanite/Rutile/Zircon deposits in both Eastern coastal town of Pulmudai in Trincomalee district and Puttalam which also has 45,000 MT of graphite, and 60 million MT of Apatite.  

Sri Lanka exports the minerals to the United States, United Kingdom, China, India, and Pakistan. The island nation earns around $30 million annually with 200,000 mt of production, BOI data showed

May 22, Colombo (LNW):People’s Bank continues to set industry benchmarks with its cutting-edge digital initiatives designed to enhance customer experiences and cater to their evolving needs. 

As part of its robust digitalisation strategy, People’s Bank has already introduced several innovative solutions that focus on enhancing the accessibility and convenience afforded to customers across the country.

People’s Bank has revolutionised digital onboarding with its “People’s Wiz” Account Opening system, becoming the first bank in the region to offer real-time digital customer onboarding. 

This comprehensive platform allows customers to open accounts instantly across any of their branches, along with value added features and facilities such as mobile app registration, SMS alert activation, e-statement access, debit card enrolment, and cardless cash withdrawals.

Building on this innovation, “People’s eZE Accounts” is another recently introduced services that enables virtual account opening through E-KYC and V-KYC processes which is integrated in real-time with the Department for Registration of Persons and eliminating the necessity for physical visits to bank branches.

Taking the virtual account opening one step further, the bank recently introduced “People’s eZE Credit” which enables the customers to apply for personal loans online. This solution allows customers to apply for loans remotely via the People’s bank corporate website, without the need for in-person visits.

In addition, the Retail Loan Origination System (RLOS) allows for rapid processing of personal loans, significantly enhancing client satisfaction by reducing wait times. Similarly, the Corporate Loan Origination System (CLOS) has been tailored to efficiently structure and disburse business loans.

The People’s Wave Mobile app, with over 2.3 million registered users, is a clear leader in digital Banking in Sri Lanka, providing over 50 banking features and achieving significant financial inclusivity with more than 80% of its users located outside the Western Province.

Further enhancing the digital payment landscape, the People’s Pay Wallet App and People’s Pay-Merchant Module have been instrumental in promoting cashless transactions. These platforms support multiple QR standards including LankaQR, Visa QR, and UPI QR, ensuring broad comatibility and security.

People’s Bank is offering multiple digital banking solutions to business users as well. People’s WYN Mobile app and People’s Web Corporate internet banking cater to corporate clients, providing remote banking services and ensuring efficiency and security. 

 People’s Bank Chairman Sujeewa Rajapakse commenting on the digital initiatives said: “In line with the Government’s drive to leverage digital technology to enhance financial inclusivity and economic prosperity, we have made a serious commitment to be the undisputed leader in digital banking in Sri Lanka.” People’s Bank CEO/GM Clive Fonseka commenting on the bank’s digital banking achievements said: “The adoption of digital technologies has greatly revolutionised accessibility and convenience for Sri Lankan consumers

May 22, Colombo (LNW): The Central Bank of Sri Lanka identifies a significant gap between satisfactory financial knowledge and lacking financial behavior among Sri Lankans, as highlighted in the Annual Economic Review of the Central Bank 

To address this, the Central Bank initiates a collaborative effort, resulting in the development of a comprehensive five-year Financial Literacy Roadmap 2024-2028 involving over 40 stakeholders.

Data from the recently launched Multidimensional Vulnerability Report (in collaboration with Oxford University) reveals that over half of Sri Lankans are multidimensionally vulnerable.

Azusa Kubota, the Resident Representative of the United Nations Development Programme (UNDP), addressing a gathering at the launch of the Financial Literacy Roadmap by the Central Bank of Sri Lanka said that approximately 70% of Sri Lankans have had to reduce at least one meal per day due to economic strain.

The report also revealed that 33.4% of the population experiences vulnerability related to household debt, often incurring debt for essential needs like food, medical care, and education, she added.

Roadmap, a cornerstone of Sri Lanka’s National Financial Inclusion Strategy (NFIS), offers evidencebased guidance to all stakeholders engaged in financial literacy initiatives, aligning them towards a common objective: improving the financial behaviour of Sri Lankans and bolstering their financial resilience.

 Developed through collaborative efforts among various stakeholders, led by the Central Bank through the NFIS Secretariat under the Regional Development Department, the Roadmap sets out to foster financial inclusion, enhance consumer protection, and fortify financial stability.

With a focus on nurturing better financial habits and enhancing overall financial capability among Sri Lankans, the Roadmap seeks to encourage informed and responsible usage of the diverse range of financial products available in the local market.

 It also emphasizes the cultivation of prudent and responsible financial behaviors, recognizing the significance of shaping the financial mindset of futuregenerations amidst today’s economic landscape.

Complementing the Roadmap is a comprehensive action plan, comprising sequenced actions collectively agreed upon by Financial Literacy Stakeholders. 

The Action Plan delineates their respective institutional roles and responsibilities, ensuring the effective implementation of the Roadmap.

 Furthermore, the United Nations Development Programme stands as a vital partner, providing both technical expertise and financial support for the realization of this initiative.

Resident Representative of the UNDP Kubota stressed that the economic crisis likely exacerbates these debt situations, with many individuals, especially women-headed households, lacking basic financial literacy.

“Women often sign agreements in languages they do not understand, unaware of their rights and responsibilities, leading to poor financial decisions,” she explained.

She advocated for financial literacy programs, debt management strategies, and livelihood diversification to mitigate these acute vulnerabilities.

“Financial literacy is crucial in alleviating the challenges faced by many communities in Sri Lanka,” Kubota asserted.

May 22, Colombo (LNW): Sri Lanka has taken a big step towards implementing the current world fuel standard after 22 years  to reduce carbon dioxide emissions and improve public health as the use of cars in the country is on the rise along with the average engine capacity.

The current world fuel standard is”Euro”-4 or Euro 6 -and Sri Lanka is still using “Euro”-2 quality petrol introduced to the country almost 22 years ago. 92 Octane and 90 Octane petrol are below the “Euro”-2 standard.  

Former Chairman of Ceylon Motor Traders Association (CMTA). Reeza Rauf said that in order to control air pollutants from the country’s vehicle fleet, there is an urgent need of traffic management measures, new emission standards, effective vehicle inspection and maintenance programmes encouraging public transport, and cleaner fuel as well as road user charges, etc.   

According to latest statistics, the active vehicle fleet in the country is over 4.5 million, annual fuel consumption more than 2.7 million tons and average fuel economy higher than 0.025 litre/passenger-km, he disclosed. 

 The data shows that there is an urgent need to implement world fuel standards to control air pollution in Sri Lanka, he suggested. 

Sri Lanka is about to receive 100 Octane premium petrol, known as XP100 rating fuel, which helps enhance the performance of vehicles, particularly high-end luxury cars and bikes.

A senior official from the Indian Oil Corporation (IOC) said the fuel stock is about to be received and the price of a litre of fuel will be much higher than that of ordinary fuel products. 

This will be the first ever fuel produced with the highest Octane rating to be released to Sri Lanka by the IOC.

It is reported that the high-Octane fuel stock has been shipped to Sri Lanka from the Jawaharlal Nehru Port Trust (JNPT) in Mumbai on May 18.It is special that this type of petrol, named XP100, has been developed locally in India.

It is designed for high-efficiency engine performance, fast acceleration, smooth drivability and improved fuel economy in premium vehicles.

According to the IOC official website, the XP100 provides faster acceleration, smoother drivability, enhanced fuel economy, lower engine deposits and a significant reduction in emissions in the high compression ratio engine.

 It results in boosting vehicle performance and longer engine life, hence lower maintenance.

The XP100 enhances the performance of vehicles, particularly high-end luxury cars and bikes. It is produced using high-Octane gasoline produced through Octamax, an indigenously developed technology by Indian Oil’s R&D Centre.

• Sri Lanka Insurance secures 1^st place as the Most Loved Life Insurance Brand for the 7^th Consecutive Year 

Sri Lanka Insurance Life (SLICLL) has once again been recognized as the Most Loved Life Insurance Brand in the country, according to LMD’s latest Brand Finance Most Loved Brand edition. This marks the seventh consecutive year that SLICLL has secured this prestigious position, highlighting the company’s unwavering commitment to serving the people of Sri Lanka.

SLICLL has consistently connected with customers and the broader community by customizing its products and services to address the unique needs of all Sri Lankans. To meet the growing demand for convenience and transparency, SLICLL has continuously upgraded and innovated its offerings. The reintroduced ‘Sri Lanka Insurance Life Wealth Plus’ is a short-term investment plan with long-term protection, now featuring new benefits to better serve customers. Additionally, ‘Sri Lanka Insurance Life Early Cash’ was launched online to cater to today’s digital-savvy consumers. The D+ insurance product for diabetics and the School Fee Protector, which ensures children’s uninterrupted education in the event of a parent’s demise, further highlight SLICLL’s commitment to evolving customer needs.

The brand’s promise, ‘Like a Father, Like a Mother,’ reflects its empathetic approach to customer service and community engagement. SLICLL’s CSR initiatives are a testament to its dedication to child education, community development, and cultural preservation. The ‘Suba Pathum Scholarship’ program, which has awarded 1800 scholarships worth Rs. 200 million, supports children excelling in national exams. The company also commemorates World Children’s Day by offering a Rs. 1 million life insurance cover to parents of children born on October 1st. The ‘Pasal Piriyatha’ project has improved infrastructure in 3265 less-privileged schools, ensuring a better learning environment. Cultural heritage preservation is another key focus for SLICLL, with long-standing support for traditional Peraheras and assistance to pilgrims visiting Anuradhapura during the Poson season for over 30 years.

Internally, SLICLL is committed to diversity, inclusivity, and employee welfare. The company supports its staff with comprehensive medical benefits, fair treatment, and empowerment initiatives, particularly for women. 

This enduring dedication to its stakeholders and market presence has solidified SLICLL’s reputation, culminating in its recognition as the Most Loved Life Insurance Brand of the year. The company boasts the largest asset base in the industry at Rs. 220.5 billion and the largest life fund of Rs. 180.8 billion, underscoring its position as the strongest insurer in the country.

LMD’s Most Loved Brands Awards, organized annually by Lanka Monthly Digest (LMD), reflect consumer preferences and sentiments across Sri Lanka. These awards recognize excellence based on exhaustive surveys, consumer feedback, brand perception, and market performance.

May 22, Colombo (LNW): The Economic Transformation Bill and the Public Financial Management Bill are scheduled to be tabled in Parliament on Wednesday (22).

State Minister of Finance Shehan Semasinghe stated that the bills include many provisions designed to create a favorable environment for investors. The bills aim to prevent Sri Lanka from facing another economic crisis by introducing several laws and regulations regarding public financial management and accountability.

The State Minister highlighted that the Economic Transformation Bill will pave the way to establish five new institutions, expediting the investment process in Sri Lanka. The bills will also include stringent laws to achieve expected economic growth, balance of trade, and debt repayment.

However, employees of the Board of Investment of Sri Lanka (BOI) have expressed concerns that the Economic Transformation Bill includes attempts to privatize certain BOI resources. On Tuesday (21), BOI employees launched protests in several areas across the island against the bill.

Ajith Hegoda Arachchi, Convener of the BOI Trade Union Collective, stated that the bill does not provide concessions for investors or solutions to their issues. He also expressed concerns over the bill’s failure to ensure job security for the 1,100 BOI employees.