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Cinnamon Life at City of Dreams to open doors Today 

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By: Staff Writer

October 15, Colombo (LNW): The John Keells Group is set to open doors to Cinnamon Life at City of Dreams Sri Lanka, on 15th October 15, 2024.

Developed at an investment of over USD 1.2 billion by the John Keells Group, this is the largest and most ambitious private investment in the country which will redefine our tourism landscape, catering to a diverse clientele creating South Asia’s most dynamic destination for business, leisure, and entertainment.

This Complex boasts state-of-the-art ballrooms, event spaces, and conference facilities, positioning Colombo as a key destination for global Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism

This ambitious development is expected to transform Sri Lanka’s tourism and entertainment sectors.

Cinnamon Life will feature 687 luxury rooms and Colombo’s largest event venue, capable of accommodating over 5,000 guests. The complex boasts state-of-the-art ballrooms, event spaces, and conference facilities, positioning Colombo as a key destination for global Meetings, Incentives, Conferences, and Exhibitions (MICE) tourism.

With a dedicated staff of over 1,500, including 250 chefs, Cinnamon Life offers an extensive range of dining experiences, from a French bistro to an American grill and a top-tier wine bar. Additional culinary outlets are set to open in the coming months. The resort is also designed as an ideal venue for destination weddings, combining modern elegance with local charm.

While the primary resort opens tomorrow, other elements of the project—including a luxury shopping mall, entertainment spaces, a gaming facility, and the ultra-luxury 113-room Nuwa hotel—will be completed by mid-2025, marking the final phase of this landmark development.

John Keells Chairperson Krishan Balendra called the project “transformational,” adding that it will elevate Colombo as a top destination for leisure and entertainment in the region. Once fully operational, City of Dreams Sri Lanka is expected to generate over 20,000 direct and indirect jobs, boosting both tourism revenue and foreign exchange earnings for the country.

“The Group is confident that the convergence of all elements in the launch of ‘City of Dreams Sri Lanka’ will unlock its full potential as a transformative development in South Asia and be a catalyst in creating tourism demand, foreign exchange earnings for Sri Lanka and generating employment,” said Balendra in a statement to the media.

Located in Colombo’s urban core, Cinnamon Life will also feature over 1,000 museum-grade artworks by Sri Lankan artists, further celebrating the country’s cultural heritage. The development aims to become a vibrant hub for art, music, fashion, and entertainment, offering both locals and visitors a dynamic new experience.

Schools in Western, Southern Provinces to reopen following temporary closure amidst adverse weather

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By: Isuru Parakrama

October 15, Colombo (LNW): The Provincial Secretaries have confirmed that schools in the Western and Southern provinces, which were closed on October 14 and 15 due to severe weather conditions, will resume classes tomorrow (16).

This decision comes as the situation in these regions improves following heavy rainfall and adverse weather that forced authorities to temporarily halt educational activities.

The reopening is expected to provide relief for students and families affected by the disruptions, allowing them to return to their normal routines.

In light of the recent flooding, the Provincial Directors of Education have been given the authority to make individual decisions regarding the reopening of schools that have been particularly impacted.

This includes institutions that have served as temporary shelters for those displaced by the floods. The directors will assess the safety and readiness of these schools before making announcements about their reopening.

Meanwhile, parents are encouraged to stay informed through official channels regarding any further developments that may affect their children’s education.

Mangala Wijesinghe appointed Chairman and CEO of Export Development Board

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October 15, Colombo (LNW): The Export Development Board (EDB) has announced the appointment of Mangala Wijesinghe as its new Chairman and Chief Executive Officer.

This strategic leadership change aims to enhance the board’s effectiveness in driving Sri Lanka’s export growth and development initiatives.

Prior to his new role at the EDB, Wijesinghe held the position of Chief Operating Officer at Brown and Company PLC, where he gained extensive experience in operational management and strategic planning.

His background in the private sector, coupled with his expertise in trade and commerce, positions him well to spearhead the EDB’s efforts in promoting Sri Lankan exports on a global scale.

Wijesinghe succeeds Dr. Kingsley Jayasinghe, who has served the organisation with distinction and has been instrumental in advancing various initiatives during his tenure.

Under Dr. Jayasinghe’s leadership, the EDB made significant strides in enhancing the country’s export capabilities and fostering partnerships with international markets.

Ex-President RW to address Nation ahead of General Election

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October 15, Colombo (LNW): Ranil Wickremesinghe, the leader of the United National Party (UNP) and former President, has announced that he will deliver a significant public address on Thursday (17).

This forthcoming statement marks Wickremesinghe’s first public engagement since the 2024 Presidential Election.

In this much-anticipated announcement, Wickremesinghe is expected to discuss the current political landscape in Sri Lanka, shedding light on what he describes as the “political behaviour of the country.”

Furthermore, he will outline his future strategies and vision in light of recent electoral developments.

Since the declaration of the General Election, Wickremesinghe has made it clear that he will not be a candidate in the election and has no intentions of entering Parliament through the National List.

This decision has prompted speculation regarding his next steps and the direction he envisions for his party and supporters.

In a noteworthy shift, various political factions that rallied behind Wickremesinghe during the recent Presidential Election have chosen to contest the upcoming General Election under the banner of the New Democratic Front (NDF), adopting the “Gas Cylinder” as their electoral symbol.

This coalition is a strategic move aimed at consolidating support and maximising their chances in the upcoming polls.

Interestingly, Wickremesinghe himself contested the presidential election under the same “Gas Cylinder” symbol, although he ran as an independent candidate.

SL enhances public debt mgmt with new software adoption

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By: Isuru Parakrama

October 15, Colombo (LNW): The Sri Lankan government is set to strengthen its public debt management framework following the recent implementation of the Public Debt Management Act No. 33 of 2024.

This legislation mandates the creation of a Public Debt Management Office (PDMO), designed to ensure that public debt data is recorded accurately, comprehensively, and in a timely manner through a robust system.

Presently, Sri Lanka relies on the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS) for the management of its foreign debt, a tool overseen by the Department of Foreign Resources.

However, the Commonwealth Secretariat has halted updates and annual licensing for the CS-DRMS, highlighting the urgent need for an upgraded system that meets contemporary requirements.

In light of this situation, the government has engaged in discussions with technical experts from the International Monetary Fund (IMF) and the World Bank to explore the establishment of the PDMO.

Two promising software alternatives have emerged: the Commonwealth Meridian software, provided by the Commonwealth Secretariat, and the Debt Management and Financial Analysis System (DMFAS) from the United Nations Conference on Trade and Development (UNCTAD).

After thorough evaluation, the government has favoured the Commonwealth Meridian software for adoption.

This choice is underpinned by several considerations, including its cost-effectiveness, streamlined data transmission capabilities, assurance of data integrity, and compatibility with existing systems, as detailed by the Cabinet Office.

In a meeting held on Monday, 14 October, the Cabinet of Ministers endorsed the proposal put forth by President Anura Kumara Dissanayake, who serves as the Minister of Finance, to procure the Commonwealth Meridian software.

Furthermore, the Cabinet plans to solicit recommendations from a procurement committee appointed specifically for this purpose to facilitate the acquisition process.

The Cabinet Office has emphasised that this initiative is expected to substantially enhance Sri Lanka’s capacity to manage its public debt more effectively, thereby ensuring increased transparency and accuracy in reporting debt-related information.

As the country faces various economic challenges, these improvements in debt management are seen as essential for maintaining fiscal stability and fostering investor confidence.

By implementing a more efficient system, Sri Lanka aims to better navigate its financial obligations whilst promoting sound economic governance.

Official exchange rates in SL today (Oct 15)

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By: Isuru Parakrama

October 15, Colombo (LNW): The Sri Lankan Rupee (LKR) further indicates the trend of depreciation against the US Dollar today (15) in comparison to yesterday, maintaining, however, below the Rs. 300 threshold, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).

Accordingly, the buying price of the US Dollar has increased to Rs. 289.17 from Rs. 288.50, and the selling price to Rs. 298.17 from Rs. 297.49.

The LKR has also depreciated largely against several other foreign currencies, including Gulf currencies.

High-level committees formed to oversee grand celebrations for SL’s 77th Independence Day

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By: Isuru Parakrama

October 15, Colombo (LNW): The government has established two key committees tasked with overseeing the planning and execution of the 77th Independence Day celebrations, scheduled for February 04, 2025.

This initiative aims to ensure that the event is conducted with the utmost dignity and grandeur, reflecting the nation’s pride in its sovereignty.

The announcement was made by Cabinet Spokesman Minister Vijitha Herath, who confirmed that the committees will consist of senior Cabinet Ministers, including the President, Prime Minister, and the Minister of Buddhism, Religious and Cultural Affairs, alongside representatives from various sectors including National Integration, Social Security, and Mass Media.

In addition to the ministerial committee, a dedicated monitoring group has been appointed, featuring chief officials from all relevant ministries and departments, as well as representatives from the tri-forces and police.

This collaborative approach is designed to streamline preparations and ensure that every aspect of the celebrations is meticulously organised.

The formation of these committees is crucial for coordinating efforts across different sectors, enabling us to celebrate our Independence Day in a manner befitting the occasion,” Minister Herath went on. “We aim to showcase our national heritage and unity while involving communities in the celebrations.”

The proposal for these committees was put forth by Prime Minister Dr. Harini Amarasuriya, who serves in multiple capacities, including Minister of Justice, Public Administration, Home Affairs, Provincial Councils, Local Government, and Labour.

Furthermore, the committees are expected to incorporate input from local communities to ensure that the celebrations resonate with citizens and strengthen national unity.

This inclusive approach aims to encourage public participation and foster a collective sense of ownership over the celebrations.

Govt to pursue recovery of Rs. 3.5 bn in unpaid VAT after Aloysius’ imprisonment

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By: Isuru Parakrama

October 15, Colombo (LNW): The government has pledged to take firm action to recover the unpaid value added tax (VAT) amounting to Rs. 3.5 billion owed by Arjun Aloysius, Director of W.M. Mendis and Company Ltd., who was recently sentenced to six months in prison for defaulting on the tax payment.

Cabinet Spokesman Vijitha Herath, speaking at the weekly briefing to announce Cabinet decisions, emphasised that while Aloysius’ imprisonment serves as a punishment for tax evasion, it does not address the immediate need to recover the outstanding funds.

Although the six-month sentence has been imposed, the government still has not received the Rs. 3.5 billion,” Herath said.

He further outlined the government’s intention to pursue legal and financial measures to reclaim the significant tax sum, which is critical for the state’s revenue.

We are committed to recovering this tax money and ensuring that this liability is met,” Herath added.

The case has garnered widespread attention due to the substantial amount involved and the high-profile nature of Aloysius, who has been entangled in several financial controversies in the past.

The defaulted VAT pertains to a period from 2016 to 2019, during which the company failed to fulfil its tax obligations.

Secretary to Opposition Leader resigns

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By: Isuru Parakrama

October 15, Colombo (LNW): The Secretary to the Leader of the Opposition in Parliament, Thisath Devapriya Bandara Wijayagunawardena, has formally stepped down from his position, with his resignation taking effect from September 10, 2024.

His decision to relinquish the role comes amidst a period of political shifts within the parliamentary landscape.

The resignation was duly accepted following a proposal put forth by the Prime Minister.

The Cabinet of Ministers, during a recent meeting, granted its consent to the proposal, signalling the official approval of Wijayagunawardena’s departure from his post.

Govt approves financial aid for pensioners, farmers, and fishermen under national budget provisions

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By: Isuru Parakrama

October 15, Colombo (LNW): The Cabinet of Ministers has approved a proposal by President Anura Kumara Dissanayake, in his capacity as the Minister of Finance, Economic Development, Policy Compilation, Planning, and Tourism, to secure necessary funds from the Department of National Budget’s development programme.

These funds will be allocated to implement several key financial assistance measures aimed at supporting vulnerable sectors of society.

One of the primary decisions includes an interim monthly allowance of Rs 3,000 for all pensioners. This additional payment is intended to provide relief amidst rising living costs and economic pressures, ensuring pensioners can maintain a basic standard of living.

This move acknowledges the financial difficulties faced by retirees, especially given the country’s broader economic challenges.

In addition, the Cabinet has agreed to increase the fertiliser subsidy for paddy farmers. The subsidy will now cover up to Rs 25,000 per hectare, with a limit set at two hectares per farmer for the upcoming 2024/25 Maha season.

This measure aims to alleviate the financial burden of farmers and promote higher productivity in rice cultivation, a crucial sector in the nation’s agriculture-based economy.

Further, the Cabinet has greenlit financial assistance for owners of fishing vessels. This aid is intended to support those involved in the fishing industry, which plays a vital role in food security and livelihoods for coastal communities.

The provision is expected to help vessel owners meet the challenges posed by fluctuating fuel prices, equipment costs, and other operational expenses, thereby sustaining the local fisheries sector.