July 05, Colombo (LNW): The funeral of former Opposition Leader and Tamil National Alliance (TNA) leader, R. Sampanthan, will take place in Trincomalee on Sunday (07).
Sampanthan, aged 91, passed away on Sunday.
The final rites will be performed according to Hindu customs at the Trincomalee Public Cemetery.
Originally scheduled for yesterday (04), the funeral has been postponed to allow the public additional time to pay their respects.
July 05, Colombo (LNW): A five-judge panel of the Supreme Court, presided over by the Chief Justice, is scheduled to deliberate on a Fundamental Rights petition filed by businessman C.D. Lenawa on Monday (08).
Lenawa’s petition seeks an interim order to postpone the announcement of the presidential election.
He requests that this delay remain in effect until the Supreme Court provides a definitive interpretation of the appropriate date for the election.
Previously, President Ranil Wickremesinghe remarked that he stands by the Election Commission’s declaration on the holding of the election, and that he was not consulted on such judicial affair.
July 05, Colombo (LNW): State Minister for Power and Energy, Indika Anuruddha, announced that the successful restructuring of national debt has paved the way for the resumption of previously halted energy sector projects, aiding in the resolution of the power crisis.
Addressing a media briefing at the Presidential Media Centre (PMC) under the theme “Collective Path to a Stable Country”, Minister Anuruddha highlighted attempts by opposition factions to undermine government initiatives aimed at national development.
The Minister detailed the following points:
“Several energy sector projects were suspended during the recent economic crisis. However, the signing of debt restructuring agreements with bilateral creditor nations has resolved legal impediments, enabling the restart of these foreign-funded initiatives. This achievement in debt restructuring is crucial in addressing the energy crisis.
Moreover, the Ceylon Electricity Board (CEB), the Public Utilities Commission of Sri Lanka (PUCSL), and the Ministry of Power and Energy have assessed the costs of generating electricity using rooftop solar panels. As a result, prices have been reduced, and a related cabinet proposal was submitted last week. This measure allows for the application of electricity purchase agreements at a lower cost, positioning the CEB to operate without incurring losses.
Additionally, feasibility studies and environmental reports for the Adani project are ongoing. Upon their completion, discussions will determine the project’s viability under current pricing conditions.
It has come to our attention that certain opposition parties are engaging in acts of sabotage to weaken the government’s development agenda, including spreading misinformation about the construction of power plants like Uma Oya and Sampur.”
By: Staff Writer
July 04, Colombo (LNW): Sri Lanka’s world-famous Ministry of Crab is opening in Singapore on Jul 3 to a welcome carpet rolled out by seafood-loving foodies.
After a couple of sporadic pop-ups held here over the years, the crab-focused restaurant by global superstar chef and restaurateur Dharshan Munidasa, which already has outposts in Shanghai, Chengdu, Bangkok and the Maldives, has found a space at Dempsey Hill to make its own.
“Singapore made Sri Lankan crab famous for us. So, it was always our intention to come here,” Munidasa, 53,said “Coming here was always going to be a lot of fun. Scary, too. Singapore has the biggest consumption of mud crabs in the world, I think, per capita.
“But, we are not the same as the restaurants that you see in Singapore. We are not a Chinese restaurant; we are not a Sri Lankan restaurant, either. We are a Sri Lankan crab restaurant in Sri Lanka,” he said.
Munidasa, the son of a Sri Lankan father and Japanese mother, showcases the produce of Sri Lanka using techniques that stem from Japanese culinary ideas and practices. “Having a Japanese upbringing and Japanese blood in me, I think I look at it in a very different way, and the dishes we cook have certain philosophies, methods and techniques stemming from that. We are unique,” he said.
“And, also, the restaurant had its own amazing journey from being in Sri Lanka to becoming a world renowned Asia’s 50 Best restaurant, and I think I’m proud to be the only crab restaurant that got on that list.” (His other restaurant, Nihonbashi in Sri Lanka, has also featured on the list, by the way. And, he has a steakhouse called Carne Diem Grill in the Maldives.)
Consistently pictured brandishing a crustacean in each hand, anything Munidasa doesn’t know about crabs is not worth knowing. On top of that, he even had the patience to show us the best way to break the crab legs apart. A minister of crabs, indeed.
Ministry of Crab, consecutively listed on the Asia’s 50 Best Restaurants list from 2015 to 2022, takes its governance seriously. Because it is committed to serving the freshest seafood, the restaurant has a no-freezer policy. Working with its network of crab fishermen all around Sri Lanka, live, wild-caught crabs are flown in directly three times a week.
“That’s different from what other restaurants do,” Munidasa said, and, he added with full disclosure, “it will be a little bit more pricey because of that.”
July 04, Colombo (LNW): The Colombo High Court today (04) has mandated the freezing of 16 fixed deposit accounts and three insurance policies linked to the family of ex Health Minister Keheliya Rambukwella, following an application by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).
These assets, which belong to Rambukwella’s spouse, three daughters, and son-in-law, have a combined value of approximately Rs. 93.125 million.
The freeze will remain in effect for seven days.
The former Minister is currently in remand custody over allegations related to the procurement of substandard immunoglobulin injections.
The Bribery Commission secured the freezing order under Section 53(1) of the Anti-Corruption Act No. 09 of 2023, as part of an ongoing investigation under Section 42, which also extends scrutiny to the spouse and family members of the accused.
By: Staff Writer
July 04, Colombo (LNW): Sri Lanka and Singapore explored the possibility to strengthen cooperation in maritime, port development and aviation sectors between the two countries.
High Commissioner of Sri Lanka to Singapore Senarath Dissanayake met with Minister for Transport and Second Minister for Finance of Singapore Chee Hong Tat, recently and discussed potential collaboration between the two countries on shared initiatives.
During the meeting, High Commissioner Dissanayake provided an overview of the opportunities in Sri Lanka, particularly in the maritime and port development sectors.
He detailed the Sri Lankan government’s plans to transform Colombo Port into a green and eco-friendly port by 2030, focusing on renewable energy sources and in line with the principles of a blue ocean economy.
Minister Chee Hong Tat highlighted Singapore’s efforts in maritime decarbonization and digitalization, aimed at enhancing efficiency, resilience, and sustainability in international shipping.
He emphasized the importance of a global network of ports using cleaner fuels to achieve these goals. The Minister added that ports in several countries, including China, Japan and Australia, are already part of the Green-Digital Shipping Corridor programme.
In response, the High Commissioner expressed interest in joining Colombo Port in Singapore’s Green-Digital Shipping Corridor initiative and acknowledged the potential for collaboration.
The Minister assured that he would explore the feasibility of a partnership between Sri Lanka and Singapore ports.
In addition, Minister Chee suggested that Sri Lanka could explore the possibility of producing Sustainable Aviation Fuel (SAF), leveraging its renewable energy potential. SAF represents a promising opportunity for the aviation industry, aligning with global sustainability goals.
High Commissioner Dissanayake, acknowledging Singapore’s advanced technological capabilities and innovative standards, requested support for training and knowledge transfer for Sri Lankan officials in the port and aviation sectors.
Recognizing the importance of exchanging expertise and fostering stronger ties in these key areas, the Minister mentioned that Sri Lanka could benefit from training programmes offered by various Singaporean authorities, including the Singapore Aviation Academy, the Maritime Training Facility and the Maritime Port Authority.
By: Staff Writer
July 04, Colombo (LNW): Sri Lanka’s leading digital company, PickMe, has achieved a remarkable performance in FY24 as it marks its 10th anniversary.
The company saw its user base reach a new high, with the gross transaction value facilitated by the app increasing by 118% to Rs. 39 billion, reflecting the economic value generated for independent third-party drivers and merchants. Revenue doubled to Rs. 3.9 billion, driven by the growing adoption of PickMe Flash for on-demand delivery and PickMe bikes, showcasing significant interest and growth potential.
The company’s rigorous cost management coupled with strong top-line trends resulted in a pre-tax profit surge to Rs. 993 million from Rs. 69 million. Cash reserves exceeded Rs. 1 billion, with plans for strategic allocation to fuel future growth and ensure long-term shareholder returns. PickMe Chairman Ajit Gunewardene highlighted the company’s achievement of strong, profitable growth at scale, marking a pivotal inflection point.
Platform movements increased by 164% to 58 million in FY24, driven by a larger user base and higher engagement. Despite inflation, the platform’s innovative technology reduced average ride-hailing fares per kilometer by 11% year-over-year (YoY). Gunewardene attributed these efficiency gains to optimized resource allocation and streamlined experiences for both drivers and consumers.
Independent third-party driver utilization rates increased by 14% YoY, and average wait times for consumers decreased by 9% due to enhanced matching algorithms and optimized route planning. The logistics and parcel delivery segment also saw a 115% YoY growth, enhancing operational efficiency for small and medium businesses in Sri Lanka.
Playing a significant role in the nation’s economic recovery, PickMe’s two-wheeler trips grew from 0.7% to 5% of ride-hailing volume, becoming the fastest-growing segment and offering cost-effective mobility and earnings opportunities for bike owners.
Founder and CEO Jiffry Zulfer emphasized the central role of innovation, technology, and engineering excellence in PickMe’s mission to revolutionize mobility and delivery. As the digital ecosystem grows in importance, PickMe is positioned at the forefront of Sri Lanka’s digital economy, with plans to capitalize on mobility sector opportunities to ensure optimal stakeholder returns.
Chairman Gunewardene expressed confidence in the sustainability and profitability of last year’s momentum, supported by macroeconomic stability and the need for efficient resource allocation. The company is committed to continuous investment in innovation, maintaining agility, relevance, and technological advancement as its core strengths.
PickMe’s future is seen as integral to Sri Lanka’s digital progress, leveraging digitization to drive national development and ensuring the company’s people, engineering capabilities, and intellectual property remain unparalleled. The company aims to seize future opportunities and play a key role in the country’s digital transformation.
By: Staff Writer
July 04, Colombo (LNW): Sri Lanka struck a deal to restructure $12.6 billion of bonds with its creditors, bringing the South Asian nation closer to completing its debt overhaul two years after it defaulted.
Investors agreed to take a 28% nominal reduction on the bonds, according to a statement released Wednesday at the conclusion of the second round of talks. The deal included the issuance of notes whose payouts are linked to economic growth and a governance-linked bond.
Sri Lanka has secured a deal to move forward on restructuring about $12.5 billion of international bonds, finance ministry said adding that this was a major step in the island nation’s fragile recovery from a severe financial crisis.
The deal with selected bondholders, who cover about 50% of Sri Lanka’s bonds, is contingent on confirmation by the Official Creditor Committee (OCC) made up of bilateral creditors and the IMF to ensure it is in line with the global lender’s debt sustainability analysis for the country.
The latest agreement comes after Sri Lanka held a second round of formal talks with bondholders this week.
“Sri Lanka … looks forward to further constructive interaction to finalise the ISB (International Sovereign Bonds) restructuring,” the government said in a regulatory statement.
The framework proposes a 28% haircut on face value and 11% reduction on past interest with payments on the interest component to start from September.
The outline proposes to swap four existing dollar-denominated bonds for a bundle of three fixed income instruments.
One is a standard or so-called “plain vanilla” bond that has a coupon of 4% and matures in 2028. The second is a series of macro-linked bonds, where payouts and principal will be adjusted according to the country’s economic performance – downwards in case the economy fails to hit the IMF baseline projections, and upwards if the economy outperforms.
A third instrument would be a so-called governance linked bond. While the statement did not detail the parameters to which the payout was linked, a source familiar with the situation said the country would have to pay investors less if it managed to achieve reforms demanded by the IMF and hit tax revenue targets.
Sri Lankan sovereign dollar bonds were marginally up in price on Wednesday, still trading around 57 or 58 cents on the dollar. The bonds were up nearly 15% year to date at the index level up to Tuesday’s close, according to JPMorgan data.
Sri Lanka signed in late June an agreement with creditor nations including Japan, India and China to restructure about $10 billion in bilateral debt.
Sri Lanka now needs to present the proposal to all its bondholders who need to agree to the deal for the restructuring to be finalised.
The country, whose total external debt is $37 billion, also has to finalise arrangements with China Development Bank to restructure debt of $2.2 billion, according to the latest finance ministry data.
By: Staff Writer
July 04, Colombo (LNW): Sri Lanka Ports Authority (SLPA) is poised to improve its operations with cutting edge technology while entering into an agreement with Virginia Ports Authority (VPA) in the United States of America for the first time in history.
The two sides have agreed to enter into a cooperative agreement for the mutual exchange of expertise and technical collaboration between the two US and Sri Lanka ports.
It is anticipated that the large-scale current development projects, such as the operations of the Colombo West International Terminal (CWIT) and the East Container Terminal (ECT), will raise the bar for operations using cutting-edge technology and improve the index’s ratings in the medium term.
SLPA achieved a 35 percent increase in container volumes in the first four months of 2024, compared to the same period of 2023.
The numbers increased to 837,052 TEUs in the first four months of 2024, compared to 619,934 TEUs in the same period of 2023 due to various factors, including the Red Sea crisis and its ramifications.
SLPA officials travelled to the United States as part of the Port of Colombo Capacity Building Project, supported by the US Embassy in Sri Lanka and implemented by The Colombo Plan.
The Port of Colombo operates under SLPA, which is the primary transshipment hub for South Asia. Additionally, the Port of Virginia, under VPA, is one of the largest ports on the East Coast of the United States and runs an automated SMART port, which is a major international gateway for US trade bound for overseas markets.
The Memoredum of Cooperations (MOC) was agreed upon on 15 May in Portsmouth, VA when the SLPA delegation visited the United States on a study tour through The Colombo Plan.
The MOC came into effect with the approval by the Cabinet of Ministers in Sri Lanka on 19 June. Minister of Ports, Shipping and Aviation Nimal Siripala De Silva submitted the details to cabinet under the Sri Lankan Government’s “Ports prosperity expertise development” theme.
It covers the subject areas through 10 articles consisting of information and knowledge sharing, exchange visits, sharing best practices, cooperation on general logistics, exchange of technical expertise, supporting initiatives in maritime security, liaising between parties, dispute settlement and entry into force, validity and renewal, and termination.
This MOC has a validity period of five years. SLPA Chairman Keith Bernard, and VPA General Council Sarah J. McCoy signed the MOC on behalf of each organisation while Ministry of Ports, Shipping and Aviation Sri Lanka Secretary K.D.S. Ruwanchandra,
US Ambassador to Sri Lanka Julie Chung lauded the historic port agreement between Sri Lanka and Virginia ports authorities, noting, “Sri Lanka has a vital role to play in facilitating global trade and ensuring the world’s cargo efficiently traverses the Indian Ocean.
This agreement is a testament to the shared vision of both our nations to bolster maritime security, enhance logistical efficiency, and drive economic growth. The United States recognises the importance of a robust and resilient maritime sector in Sri Lanka and is dedicated to providing ongoing support and cooperation.”
July 04, Colombo (LNW): Currently, the TEJC mango variety is widely cultivated domestically and abroad, but its quality is being compromised by unregulated and informal farming practices.
The proliferation of TEJC mango cultivation for local consumption in large quantities has led to a decline in cultivation standards, resulting in mangoes appearing in markets without the characteristic bright yellow hue, often with a mouldy black appearance on the surface.
While this does not pose immediate health risks, adhering to proper standards is crucial for export purposes.
Minister of Agriculture and Plantation Industry Mahinda Amaraweera, expressed concerns that continued neglect of quality standards could jeopardise future sales of this mango variety.
In response, the Minister has directed the Department of Agriculture to draft an expansion plan that prioritises improving the cultivation practices of TEJC mangoes, particularly for export purposes.
This directive came during a recent ministry meeting held two days ago (02).
