June 05, Colombo (LNW): Multiple spells of showers are expected in the Western, Sabaragamuwa, Central, Southern, and North-western provinces.
Showers or thundershowers may also occur in a few other areas of the island during the evening or night.
The general public is kindly requested to take adequate precautions to minimize damage caused by temporary localized strong winds and lightning during thundershowers.
By: Staff Writer
June 04, Colombo (LNW): Sri Lanka Leads the Region in Recruiting More Women in the Banking Industry but Barriers Remain for Progression: IFC Report
A new International Finance Corporation (IFC) report reveals that Sri Lanka surpasses regional counterparts in recruiting women at the entry-level in the banking sector, with women comprising 46 percent of new recruits.
The report, supported by the Women in Work program—a partnership between IFC and the Australian government—also highlights Sri Lanka’s leadership in board-level gender diversity, with women holding 27 percent of board positions, compared to 20 percent in Nepal and 14 percent in Bangladesh.
The pioneering report, Women’s Advancement in Banking in Emerging South Asian Countries, aims to optimize opportunities that enable women to advance to senior roles in the banking industry across South Asia.
This multi-country study, among the first of its kind in the region, focuses on private-sector commercial banks in Bangladesh, Nepal, and Sri Lanka, where women constitute 30 percent of the banking workforce compared to the global average of 52 percent.
Research conducted across seven leading private commercial banks in Sri Lanka, representing 41 percent of the market share, forms the basis of insights on Sri Lanka.
While Sri Lanka’s banking industry is close to achieving parity in hiring women and is considerably ahead of other countries in terms of women’s share in the workforce, women’s progression does not match their career aspirations or progression rates for men. Representation drops from 40 percent at entry-level to 27 percent in middle management and further to 20 percent in senior management roles.
“Investing in the potential of women leaders isn’t just about equality, it’s about unlocking the full spectrum of talent and driving sustainable growth–exactly what Sri Lanka needs for a resilient economic recovery,” said Imad N. Fakhoury, IFC’s Regional Director for South Asia.
“Addressing the multifaceted challenges faced by female bankers requires comprehensive and collective action, rather than isolated interventions. We must tackle these barriers—whether policy, process, or culture–related—in a targeted manner, creating an inclusive banking sector and driving greater economic growth.”
The report underlines how barriers such as lack of fair evaluations, sociocultural constraints and non-conducive work environments curtail women’s growth prospects in the Sri Lankan banking industry.
While banks and policymakers have initiated several steps to improve women’s participation and career progression, stronger commitment from leadership is essential to create inclusive workplaces.
The report reveals skepticism among many employees, including senior leaders and more than 50 percent of middle managers, regarding the importance of female leadership for businesses to be competitive.
By: Staff Writer
June 04, Colombo (LNW): In a significant step towards sustainable energy solutions, Regen Solar, specialists in the solar PV sector, has inaugurated a ground-breaking project.
The installation consisted of 1893 Nos. DAS Solar 570Wp solar panels are projected to yield 1,425 MWh of solar energy annually into the national grid.
The St. Jones Fish Market, once nestled in the bustling heart of Pettah before relocating to Peliyagoda in 2011, embodies a rich history. Established in 1894 by the Colombo Municipal Council along St. Johns Road, Pettah, initially catered to residents but evolved into a wholesale trade hub over time.
Today, the Peliyagoda Fish Market (PFM) boasts modern amenities, including 148 stalls for wholesale transactions, 20 stalls for retail operations, banking facilities, shops for fishing paraphernalia, a contemporary eatery, and two flake ice plants capable of producing 25 tons of ice daily.
The agreement, a milestone event, was formally endorsed by Fisheries Ministry Secretary K.N. Kumari Somarathna, and Regen Renewables Ltd., Managing Director and CEO Dr. Lakmal Fernado.
Regen Renewables, represents some of the globe’s premier brands within Sri Lanka. The panels installed at the CFM are from DAS Solar – world’s leading manufacturer of N-type solar modules and with Inverters from Sunways – another leading brand. Regen Solar with a track record of installing over 75 MW of systems and ongoing projects exceeding 10 MW, maintains a firm commitment to engineering excellence and product quality.
Both entities share a profound dedication towards sustainable development, envisioning a greener future for generations to come. This collaboration is poised to offset over 1,566,000kg of CO₂ emissions, marking the Colombo Fish Market Project as an environmentally conscious undertaking.
The entire project was proposed and lead by Fisheries and Aquatic Resources’ Minister Douglas Devananda and the ministry officials and financed and owned by Regen Renewables Ltd., on a revenue sharing basis.
This is the 8th such project financed and owned by Regen Renewables. With the pressing need for low-cost energy for businesses and energy wheeling being legalised Regen Solar is fast expanding its wingspan into similar market opportunities.
By: Staff Writer
June 04, Colombo (LNW): As the digital landscape evolves and cybercriminals adapt their tactics to exploit individuals and businesses, WhatsApp has become a prime target for scammers using deceptive techniques to defraud users.
In response, SLASSCOM, Sri Lanka’s leading IT/BPM industry body, has taken a lead role in championing awareness, education and Industry collaboration to combat these scams.
CSCx Forum at SLASSCOM Head Sithira Wanniarachchi, said that common tactics scammers deploy include the impersonation of renowned brands or individuals, and in manufacturing fake emergencies to induce immediate responses, tempting users with unbelievable offers or prizes and utilising links to pilfer personal information.
He explained that while WhatsApp scams can target any sector, industries such as financial services, online shopping, and tech support are particularly vulnerable due to the potential for financial gain.
He emphasised that recognising the tell-tale signs of a WhatsApp scam is paramount. ‘Red flags include unsolicited messages from unknown numbers, requests for personal or financial information and offers that appear too good to be true.
When faced with such instances verifying the sender’s identity, exercising caution when encountering suspicious links or attachments, enabling two-factor authentication and staying informed about prevalent scam tactics and only allowing only your contacts to add you to groups are essential steps in safeguarding against these fraudulent activities.
It is important to report such encountered fraudulent behaviour on WhatsApp to relevant authorities, agencies, or WhatsApp itself. Many countries offer dedicated platforms, such as consumer protection agencies, cybercrime units, and online fraud reporting platforms, to address such incidents. In Sri Lanka these include the CCID, SL CERT, National Child Protection Authority, Ministry of Women and Child Affairs and Women In Need.’
Sithira also expressed the imperative of fostering collaborative efforts to counter these scams effectively.
‘Cyber security is not merely a concern for individual users or specific organisations; it is a shared responsibility that demands collective action and necessitates a united front fostering alliances between industry players, Government agencies, and law enforcement. Together, we can build a resilient cyber security ecosystem that protects the integrity, privacy, and security of all digital stakeholders. By embracing our collective responsibility and working together, we can effectively thwart WhatsApp scams and uphold the trust and safety of our digital communities,” he affirmed.
By: Isuru Parakrama
June 04, World (LNW): In India’s latest election showdown, early trends suggest that the Bharatiya Janata Party (BJP)-led alliance is leading in just under 300 seats, whilst opposition parties are gaining ground in about 200, foreign reports claim.
Prime Minister Narendra Modi, eyeing an unprecedented third consecutive term for himself and his BJP, faces a closely watched battle as the results unfold.
The lower house of India’s parliament, known as the Lok Sabha, comprises 543 seats, and to form a government, a party or coalition needs to secure at least 272 seats.
The BJP-led alliance initially aimed for a sweeping victory, setting an ambitious target of 400 seats.
However, current trends indicate they may fall short of that goal, with the alliance currently leading in approximately 295 seats.
This election, touted as the world’s largest, unfolded over seven phases across six weeks, engaging almost a billion eligible voters.
As results trickle in, the nation eagerly anticipates the official announcement from the Election Commission of India, which will declare the winners.
Whilst the BJP has made significant strides in several regions, including the north and west, their performance in the south has raised eyebrows.
K Annamalai, a prominent BJP candidate in Tamil Nadu’s Coimbatore constituency, trails by over 23,000 votes.
Annamalai, a former police officer, was seen as a strong contender to bolster the BJP’s presence in a state traditionally resistant to the party’s influence.
However, leading in Coimbatore is Ganapathy P Rajkumar, a former mayor representing the regional DMK party.
Surprisingly, the BJP is not leading in any seat in Tamil Nadu, as per current trends, while the INDIA alliance, consisting of various regional parties, is making significant gains.
As the counting continues and final results are awaited, the political landscape in India remains in flux, with each constituency’s outcome crucial in determining the country’s future leadership.
*With inputs from BBC
By: Staff Writer
June 04, Colombo (LNW): In the wake of government’s decision to dissolve the Board of Investment in accordance with economic transformation act, State Minister for Investment Promotion, Dilum Amunugama says the Sri Lanka has attracted over USD 1 billion Foreign Direct Investments (FDI) to the country in the first quarter of 2024.
“This fulfills our first quarter target and we hope to touch the USD 4 billion investment target by year end,” he said during conversations with investors who signed investment agreements with the Board of Investment in the first quarter of this year and followed up on their business progress.
The investment objective of one billion dollars was met in the first quarter of this year, with the Adani Solar project investing USD 800 million and other enterprises contracting for another USD 320 million with the Board of Investment.
However these FDI’s are still to be realized as Adani Solar power project Sri Lankan officials said adding that the project has been facing some delays as a Cabinet Appointed Negotiation Committee (CANC) raising concerns over the project components including tariff.
Therefore accounting the FDI in the pipeline which is yet to be realized and publishing it as first quarter foreign investment attracted by Sri Lanka was an inaccurate statement, several high officials said.
The progress review meeting was primarily arranged to analyze the progress of signed projects, resolve any outstanding issues, and provide necessary support to projects signed in the first quarter of 2024.
Another main accounting practice of the BOI was the inclusion of foreign loans to Direct Investment Enterprises in annual FDI while publicising dollar earnings of existing free trade zone enterprises. This was against the proper accunting practices
The New Economic Commission is to be set up under this act replacing BOI and its control over free trade zones will be consolidated under its purview.
Furthermore, control over trade zones under the Board of Investment and newly established trade zones will be consolidated under this commission.
The commission will be empowered to oversee economic activities and international trade and govern both existing and newly established trade zones, ensuring cohesive and effective management of economic initiatives and investment infrastructure.
However minister Amunugama highlighted that the BOI’s position will be aligned with worldwide marketing, and that current zones will stay under the BOI’s control, strengthening its role and preserving all employee rights.
Furthermore he stated that the statements made by all of the investors demonstrate that they were able to carry out their projects without issue. As a result, it serves as an excellent illustration of the Board of Investment’s efficiency.
June 04, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight depreciation against the US Dollar today (04) in comparison to yesterday, as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 296.40 from Rs. 296.50, and the selling price to Rs. 306.44 from Rs. 306.54
But at Commercial Bank, the buying price of the US Dollar has increased to Rs. 295.84 from Rs. 295.59, and the selling price to Rs. 306 from Rs. 305.75.
At Sampath Bank, the buying and selling prices of the US Dollar have increased to Rs. 297.50 from Rs. 297 and Rs. 306.50 from Rs. 306, respectively.
June 04, Colombo (LNW): Chairperson of the University Grants Commission (UGC) Prof. Sampath Amaratunge has issued a plea to the public, urging them to abstain from sharing the outcomes of the 2023 (2024) GCE Advanced Level Examinations on social media platforms.
Amaratunge cautioned that disseminating such information on social media channels could potentially hinder students’ chances of securing university placements.
He highlighted the risk associated with divulging personal details like index numbers and National Identity Card (NIC) numbers, as this data could be misused by unauthorised individuals for university admission purposes.
Emphasising the repercussions of such actions, Prof. Amaratunge noted that if an unauthorised application is submitted using these details, the genuine applicant may face delays and challenges in rectifying the situation, leading to prolonged waiting periods.
In light of these risks, Amaratunge reiterated the importance of refraining from sharing A/Level results, particularly on platforms like Facebook, and urged students and their families to exercise caution in this regard.
The results of the 2023 (2024) GCE Advanced Level Examinations were unveiled on May 31.
According to the Department of Examinations, out of the total 269,613 candidates, 173,444 applicants (equivalent to 64.33 per cent) qualified for university admission.
June 04, Colombo (LNW): Sri Lanka holds a leading position amongst its South Asian counterparts in recruiting women at the entry level within the banking sector, a recent report by the International Finance Corporation (IFC) disclosed.
According to the report titled ‘Women’s Advancement in Banking in Emerging South Asian Countries’, conducted in collaboration with the Australian government, Sri Lanka stands out with women comprising 46 per cent of new recruits and holding 27 percent of board positions.
This positions the country as the leader in board-level gender diversity among the assessed nations.
The research, focusing on private sector commercial banks in Bangladesh, Nepal, and Sri Lanka, examined seven prominent private commercial banks in Sri Lanka, collectively representing 41 per cent of the market share.
It revealed that 38 per cent of the workforce in these banks comprises women, with 70 per cent expressing aspirations for senior roles.
However, the report uncovered disparities between women’s career aspirations and their actual progression within the sector.
Despite Sri Lanka’s proximity to gender parity in recruitment and workforce representation, the data revealed a decline in women’s representation from entry-level positions (40 per cent) to middle management (27 per cent) and further to senior management roles (20 per cent).
Numerous barriers were identified, including sociocultural constraints, lack of fair evaluations, and non-conducive work environments, impeding women’s advancement in the sector.
Sociocultural norms, which often burden women with unpaid care work and lead to career interruptions post-marriage and parenthood, were highlighted as a significant challenge.
Additionally, the absence of objective performance assessment criteria and prevalent biases in evaluation processes hindered women’s progress.
Furthermore, less than half of female respondents reported feeling confident at work, citing micro-aggressions such as frequent interruptions during communication.
Whilst efforts have been initiated by banks and policymakers to address these challenges, the report emphasised the need for stronger commitment from banking industry leaders to create inclusive workspaces.
IFC Regional Director for South Asia, Imad N. Fakhoury, stressed the importance of comprehensive and collective action to overcome these barriers, advocating for targeted efforts such as commitment to gender diversity, equitable workplaces, and supportive ecosystems.
The report concluded by recommending specific measures to bolster women’s advancement in commercial banking, including enhanced commitment and accountability for gender diversity and the creation of equitable and safe work environments.
