Home Blog Page 626

The Power of Digital Advertising on Open Web Platforms in Sri Lanka’s 2024 Presidential Election

0

As Sri Lanka approaches its 2024 presidential election, the importance of a robust digital advertising strategy cannot be overstated. While social media platforms have become a popular choice for political campaigns, it is essential to recognize the significant role that open web platforms play in creating a strong share of voice. The open web offers unique advantages, particularly in reaching diverse audiences and ensuring a broad and impactful presence in the digital sphere.

Web Audience Perception and Share of Voice

According to social listening stats (source: Locobuzz) derived from web audience data and show the performance of SJB with 146.6k total mentions and 6.7k average mentions per day, NPP with 180k total social mentions and 8.2k average mentions per day and current president Ranil Wickramasinghe with total social mentions 114.1k and average 5.2k mentions per day who are the main candidates in the upcoming presidential election in Sri Lanka 2024.

Beyond Walled Gardens: The Open Web Advantage

Social media platforms, often referred to as “walled gardens,” provide a controlled environment for advertising where content is primarily viewed by users within the platform. While these platforms offer targeted advertising, they also come with limitations, including restricted access to broader audiences and data. In contrast, the open web encompasses a vast network of websites, news portals, and blogs, offering a more comprehensive reach. Advertising on open web platforms allows campaigns to engage with a diverse and extensive audience, ensuring that their message is not confined to the echo chambers often found on social media.

Aggregated Local Audiences and Language Support

One of the significant benefits of using a local open web platform for digital advertising in Sri Lanka’s 2024 presidential election is the ability to aggregate local audiences on a common platform. By leveraging local websites and news portals, campaigns can ensure that their message reaches a broad spectrum of the electorate, including those who may not be active on social media. This is particularly important in a country like Sri Lanka, where internet usage patterns vary across regions and demographics.

In addition, a local open web platform offers robust support for local language advertising, a crucial factor in a multilingual nation. By delivering ads in Sinhala, Tamil, and English, campaigns can effectively communicate with voters in their preferred language, enhancing the impact of their message. This level of localization is often more challenging to achieve on social media platforms, where language options and audience segmentation can be limited.

The Strategic Importance of Open Web Advertising

As political campaigns strategize for the 2024 presidential election, it is essential to prioritize a strong presence on open web platforms. By doing so, they can achieve a balanced digital advertising strategy that goes beyond the confines of social media and taps into the full potential of the internet. 

Therefore, the advertising arms of the candidates in presidential election battle in Sri Lanka should embrace the cutting edge features of local open platforms which offer a powerful means of reaching a wide and diverse audience, fostering trust through credible placements, and ensuring that the campaign message resonates across different languages and regions.

Colombo Port City Special Economic Zone emerges as a Business Hub in South Asia

0

The Colombo Port City Special Economic Zone (SEZ) is swiftly emerging as a major business center in South Asia, offering a legal framework and investor-friendly environment that attracts international businesses and promotes economic growth in Sri Lanka. Its competitive advantages and strategic incentives are positioning Colombo as a key regional player, rivaling established financial centers like Dubai and Singapore.

Colombo Port City aims to attract international businesses that have historically favored locations like Dubai and Singapore due to benefits such as paying employees in USD, tax incentives, and political stability.

Recognizing this, Colombo Port City has developed regulations that provide similar conditions, making it an appealing alternative for global businesses seeking to expand in South Asia. Sri Lankan businesses also benefit, using the SEZ to grow regionally or globally.

A recent development in the Port City’s regulatory framework includes banking regulations that safeguard capital flows, ensuring a secure environment for investors. These regulations are designed to attract foreign direct investments (FDI), contributing to Sri Lanka’s economic growth and creating new business opportunities.

The Colombo Port City Economic Commission (CPCEC) maintains a public registry of Authorized Persons (APs), featuring primary and secondary investors from countries like India, Singapore, the United Arab Emirates, and the United Kingdom. This highlights the SEZ’s global appeal. With over 100 companies already considering operations in the zone, the Port City is gaining traction as a regional hub for services.

A key distinction of the Colombo Port City SEZ is its policy design, which directly links incentives to foreign earnings and new business ventures. This differs from other zones in Sri Lanka, ensuring that only companies committed to new investments can access SEZ benefits. The zone’s tax advantages and regulatory framework are aimed at attracting high-value investments, promoting innovation, and fostering sustainable economic growth.

To ensure alignment with Sri Lanka’s broader economic goals, the CPCEC has established stringent criteria for secondary investors. These include generating global revenue of at least USD 50 million, employing at least 100 people within five years, or achieving a start-up valuation of USD 500,000. Additionally, companies must demonstrate contributions to Sri Lanka’s economic and social development through innovation, research, and the creation of an international financial hub.

Companies seeking SEZ incentives must submit comprehensive business plans, with annual compliance reviews conducted by the CPCEC. If companies fail to meet the standards, their licenses may not be renewed. This structured approach ensures that the Colombo Port City continues to align with national development goals, creating a dynamic and thriving business environment.

With its focus on facilitating investments, offering competitive incentives, and fostering a secure and modern environment, Colombo Port City is positioned to become South Asia’s premier business and financial hub. The SEZ offers significant growth opportunities for both local and international investors looking to expand their global footprint.

Gem and Jewellery Industry Shines with FACETS Sri Lanka 2025

0

Sri Lanka’s renowned gem and jewellery sector is set to shine once more as the 31st edition of FACETS Sri Lanka, South Asia’s premier gem and jewellery exhibition, prepares to take place in early 2025. 

Known for its rich history in gemstone mining and expert craftsmanship, Sri Lanka’s jewellery market continues to attract international buyers. In 2024, the country’s jewellery market revenue hit US$199.30 million, and the market is expected to grow at an annual rate of 4.96% (CAGR 2024-2029).

Interestingly, 86% of the sales in this market are projected to come from non-luxury segments by 2024.

Scheduled from January 4-6, 2025, at Cinnamon Grand Colombo, FACETS Sri Lanka promises a dazzling showcase of the best the global gem and jewellery industry has to offer. Traders, wholesalers, manufacturers, lapidarists, retailers, and collectors will come together for this highly anticipated event.

Sri Lanka, celebrated for its rich legacy as one of the world’s oldest and most prestigious sources of coloured gemstones, continues to be a global leader in the trade.

 The island is famous for its stunning selection of precious stones, from the brilliant blue sapphires to vibrant rubies. The country’s rich tradition of jewellery making is enhanced by its remarkable craftsmanship, which blends contemporary designs with cultural heritage to create timeless pieces.

The 2025 edition of FACETS Sri Lanka will include several key events, such as Sapphire Night, a networking and exhibition event focused on Sri Lanka’s signature sapphires, and a Story Corner to explore the historical and cultural significance of the gem and jewellery industry. 

Additional highlights include a Power Breakfast designed to inspire women in the field, a Mine Tour that will offer visitors a firsthand look at the gem mining process, and a visit to Port City, Colombo’s emerging investment hub. A VIP golf tournament is also planned for high-profile guests.

Chairman of FACETS Sri Lanka 2025, Armil Sammoon, revealed that all exhibitor booths for the event have already sold out. He emphasized the event’s importance by stating, “It’s an order-taking show. This is where supply chains are built.

 The SME pavilion, which started many years ago, has allowed smaller companies to become large exporters. This event has been a stepping stone for many.”

Since its inception in 1991, FACETS Sri Lanka has been a beacon for the global gem and jewellery industry, showcasing the island’s extraordinary treasures and artistry to the world. 

With each edition, it further cements Sri Lanka’s status as a leading destination for fine gemstones and jewellery, making this event a must-attend for industry professionals.

SL’s Economy Shows Signs of Recovery with Increased Tax Revenue 

0

The Sri Lankan economy has displayed clear signs of recovery in 2024, with notable growth in real Gross Domestic Product (GDP) during the first half of the year, higher tax revenues, lower inflation, and increased foreign currency reserves. 

The Sri Lankan rupee strengthened, recording an overall appreciation of 8.2percent up to the end September 2024, finance ministry sources said . 

The reforms implemented under the Extended Fund Facility arrangement of the International Monetary Fund (IMFEFF) supported the economic recovery benefiting the living conditions ofthe people. 

Maintaining macro stability and restoring debt sustainability has been a cornerstone for improving fiscal operations in 2025 and beyond to reach medium term primary balance target of 2.3 percent of GDP by end 2025

Government revenue, including grants, rose by 40.5% (or Rs. 739.3 billion) in the first eight months of 2024 compared to the same period in 2023, driven largely by a 41.4% increase in tax revenue.

Tax revenue from goods and services, which constitute 60.5% of the total tax revenue, surged by 59.8% (Rs. 531.9 billion), totaling Rs. 1,421.3 billion by August 2024, up from Rs. 889.5 billion in the previous year. 

The increase is partly attributable to Sri Lanka’s commitment under the IMF’s Extended Fund Facility (EFF), which aims to raise tax revenue to 15.1% of GDP by 2025.

Despite these gains, the country still faces challenges due to its persistent tax gap, which is the difference between potential and actual tax collections, finance ministry claimed .

 This gap is caused by outdated tax policies, weak enforcement, and a lack of data necessary for evaluating tax performance accurately.

 To address these issues, the Ministry of Finance acknowledges the importance of conducting a comprehensive tax gap analysis to refine tax policies and enforcement, focusing on personal income tax, corporate income tax, and value-added tax (VAT).

Revenue from income taxes grew by 16.3% to Rs. 624.7 billion during the first eight months of 2024, largely driven by changes in tax policies and improved administration.

 Personal and corporate income taxes also saw a 16.3% rise compared to the same period in 2023, with revenue from the Advance Personal Income Tax (APIT) increasing by 32.6% to Rs. 31.7 billion. 

These improvements reflect a combination of better enforcement measures, including mandatory electronic tax filing and enhanced information-sharing between financial institutions and the Inland Revenue Department.

Australia Donates Surveillance Aircraft to Sri Lanka Air Force to Enhance Maritime Security

0

October 25, Colombo (LNW): The Australian Government has donated a Royal Australian Air Force Beechcraft King Air 350 surveillance aircraft to the Sri Lanka Air Force (SLAF) on a gratis basis. This aircraft will bolster SLAF’s maritime surveillance and reconnaissance capabilities, supporting Sri Lanka’s efforts to ensure a peaceful and secure Indian Ocean region.

The SLAF noted that this donation highlights the strong partnership between Australia and Sri Lanka, reinforcing their shared commitment to combating human smuggling and enhancing regional stability.

Supreme Court to Hear Petition on Alleged Exam Leak of 2024 Grade 05 Scholarship on November 18

0

October 25, Colombo (LNW): The Supreme Court has scheduled the hearing of the Fundamental Rights (FR) petition, which seeks to prevent the release of the 2024 Grade 05 Scholarship Examination results and cut-off marks, for November 18. The petitioners, who are parents of students who took the exam on September 15, 2024, allege that certain questions from Paper 01 were leaked and have requested the court to invalidate the paper and order a re-examination.

The case was taken up before Supreme Court Justice Arjuna Obeysekera yesterday (24). The court has instructed the respondents to submit their objections by November 5, with any additional objections to be filed by November 12. The court will review the facts of the case during the next hearing on November 18.

The petition aims to address concerns over the integrity of the exam process following the alleged leak.

Sri Lanka Original Narrative Summary: 25/10

0
  1. President Anura Kumara Dissanayake has stated that the government has taken all necessary measures in response to recent intelligence reports and assures the security of all citizens. The President made these remarks while addressing a public meeting held in Puttalam
  2. Public Security Minister Vijitha Herath says that the travel advisories issued by several foreign countries for Sri Lanka could be lifted within the next two to three days.Minister Herath stated this during a special press conference held in Colombo, to brief on the steps taken following information received on possible attacks targeting foreign tourists in Sri Lanka.
  3. The Ceylon Electricity Board (CEB) said it submitted a proposal to the Public Utilities Commission of Sri Lanka (PUCSL) to reduce electricity tariffs. According to the CEB, the proposal has been formulated based on the current pricing formula. The PUCSL will review the proposal and, upon approval, will announce the percentage reductions in electricity tariffs.
  4. Samagi Jana Balawegaya (SJB) Leader Sajith Premadasa has criticized the current government’s inability to control the rising cost of living. He emphasized that the government’s mismanagement of economic policies has led to shortages of food and other essential items, making it difficult for the public to afford basic necessities.
  5. Prime Minister Harini Amarasuriya engaged in a discussion with the heads of Sri Lanka’s defence forces at the Prime Minister’s Office in Colombo today. Chief of Defense Staff, General Shavendra Silva, Commander of the Army, Lieutenant General Vikum Liyanage, and Commander of the Navy Vice Admiral Priyantha Perera participated in the meeting.
  6. The Supreme Court has ordered for the Fundamental Rights (FR) petition filed seeking an order preventing the release of the 2024 Grade 05 Scholarship Examination results and the cut-off marks, to be taken up for consideration on November 18. The petitioners have requested the Supreme Court through their FR petition that an order be issued invalidating question paper 01 of the 2024 Grade 05 Scholarship Examination of which certain questions are alleged to have been leaked, and that the exam be held again.
  7. The National Election Commission has announced the finger-marking process of voters at the upcoming 2024 General Election. Issuing a statement, the Election Commission said that the Index finger on the left hand will be marked for the Parliamentary Election.
  8. High Court Judge Sujeewa Nishshanka is set to issue a ruling on the 29th of November on whether or not to release two defendants without calling for evidence from the plaintiff, namely Former Health Minister Rajitha Senaratne and Former Chairman of the State Pharmaceutical Corporation Mohammad Tasim Mohammad Rumi.
  9. The Australian Government provided a Royal Australian Air Force surveillance aircraft, Beechcraft King Air 350, to the Sri Lanka Air Force (SLAF) on a gratis basis. The aircraft will expand SLAF’s aerial maritime surveillance and reconnaissance capabilities and contribute to Sri Lanka’s ongoing efforts in maintaining a peaceful and secure Indian Ocean region.
  10. Reshan Algama, who made a stunning comeback to claim victory by four strokes at the PRIMA Sunrise Bread Hambantota Regional Junior Golf Championship, propelled him to the top of Sri Lanka’s amateur golf rankings. The 16-year-old climbed an impressive 75 places in the World Amateur Golf Ranking (WAGR) to become Sri Lanka’s highest-ranked golfer, now positioned at 535th in the world. Reshan Algama has had an outstanding year in junior golf, displaying his talent in multiple tournaments.

Indian PM Modi Thanks for Celebrating Recognition of Pali as a Classical Language

0

October 25, Colombo (LNW): India’s Prime Minister Narendra Modi expressed his gratitude to the scholars and monks in Colombo for participating in the celebration organized by the Indian High Commission in Colombo to mark the Indian Government’s recognition of Pali as a Classical Language. In a post on ‘X’ (formerly Twitter), Modi shared his appreciation, saying, “Glad that the Indian Government’s decision of conferring Classical Language status on Pali has ignited a spirit of joy among those who believe in the thoughts of Bhagwan Buddha. Grateful to the scholars and monks from different nations who took part in this programme in Colombo.”

The celebration, held on Wednesday (23) at the Swami Vivekananda Cultural Centre (SVCC), the cultural arm of the Indian High Commission, featured a panel discussion on “Pali as a Classical Language.” India’s Deputy High Commissioner, Dr. Satyanjal Pandey, attended the event, with Ranjith Ariyaratne, Secretary to the Ministry of Buddha Sasana, Religious and Cultural Affairs, National Integration, Social Security, and Mass Media, serving as the Chief Guest. Dr. Ven. Kirinde Assaji Thera, Chief Incumbent of the Gangaramaya Temple, delivered the inaugural address, followed by a panel discussion involving prominent scholars.

The panel included experts such as Prof. Anand Singh from the Central University of South Bihar, Bodhgaya (via video presentation), and several renowned Sri Lankan scholars: Ven. Prof. Miriswaththe Wimalagnana Thera, Ven. Prof. Gonadeniye Pannarathana Thera, Ven. Dr. Deniyaye Pannaloka Buddharakkitha Thera, and Ven. Dr. M. Sugathasiri Thera. The Sri Lankan scholars praised the Indian Government’s decision, emphasizing it as a significant milestone in India’s commitment to preserving and promoting Buddhist heritage and culture.

EC Announces Changes in Finger Marking Procedure for November 14 Parliamentary Election

0

October 25, Colombo (LNW): The Election Commission (EC) has issued a statement regarding the finger marking process for the upcoming Parliamentary Election on November 14. EC Chairman R. M. A. L. Rathnayake announced that voters will have their left index finger marked, instead of the usual left little finger, during the 2024 Parliamentary Election.

For voters who do not have a left index finger, the marking will be done on the thumb or any other finger on the right hand. This adjustment, made under Section 38(3)(b) of the Parliamentary Elections Act 1 of 1981, aims to prevent confusion, as the left little finger was already marked for the 2024 Presidential Election. Additionally, the left thumb will be used for marking at the Elpitiya Pradeshiya Sabha Election, scheduled for tomorrow (26).

In related news, Elections Commissioner General Saman Sri Ratnayake stated that the expenditure reports of the candidates who ran for the 2024 Presidential Election have been made public as of yesterday (24). The income and expenditure reports of the 35 candidates who submitted them on time will be available for public viewing at all District Secretariat offices nationwide.

Showers or thundershowers will occur at times in Western province

0

October 25, Colombo (LNW): Showers or thundershowers will occur at times in Western, Sabaragamuwa, North-western and Northern provinces and in Galle and Matara districts. Fairly heavy showers above 75 mm are likely at some places in Puttalam, Mannar, Jaffna and Kilinochchi districts.

Showers or thundershowers will occur at several places in the other areas of the island during the evening or night.

Strong winds about (40-45)kmph can be expected at times over Northern, North-central and North-western provinces and in Trincomalee and Hambantota districts.

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