August 17, Colombo (LNW): Prevailing showery conditions are expected to continue in the south-western part of the island due to the low-level atmospheric disturbance in the vicinity of Sri Lanka during today.

Showers or thundershowers will occur at times in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara-Eliya, Galle, Matara and Mannar districts. Heavy showers above 100 mm are likely at some places in Western and Sabaragamuwa provinces and in Galle and Matara districts.

Showers or thundershowers will occur at several places elsewhere over the island during the evening or night.

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

August 16, Colombo (LNW): To meet the rising demand for nonstop flights, Jetstar Asia has introduced a new route connecting Singapore and Colombo, Sri Lanka’s largest city and financial hub. Starting in November, 

Jetstar Asia will be the sole low-cost airline offering direct flights on this route, making it easier for passengers to access the broader Jetstar network, including one-stop connections to Australia. 

The airline will operate five weekly round trips using Airbus A320 aircraft, adding over 90,000 affordable seats annually between the two cities.

Jetstar Asia is providing customers with greater flexibility by offering both morning and evening departures from Singapore’s Changi Airport. This schedule allows smooth connections to Jetstar Airways’ daily Boeing 787 flights to Melbourne and up to six weekly flights to Perth.

John Simeone, CEO of Jetstar Asia, highlighted Colombo as a gateway to Sri Lanka and an ideal destination for adventurers, couples, and families alike. He emphasized that the new route is part of the airline’s strategy to introduce exciting new destinations. 

Simeone expressed enthusiasm about making Sri Lanka more accessible, noting its stunning landscapes, welcoming hospitality, beautiful beaches, delicious cuisine, and rich cultural history.

Sri Lanka has seen a robust recovery in tourism following the pandemic, making it an increasingly popular destination. The new route will provide travelers from Sri Lanka with direct access to Singapore and the opportunity to connect through Changi Airport to various destinations across Southeast Asia, Australia, and the Asia-Pacific region.

The service will operate on Mondays, Wednesdays, Thursdays, Saturdays, and Sundays. Jetstar Asia flight 3K331 will depart Singapore Changi at 21:00 on Monday, Wednesday, and Saturday, arriving at Colombo’s Bandaranaike International Airport at 22:30. 

The return flight, 3K332, will leave Colombo at 23:30, arriving back in Singapore at 06:00 the following day. On Thursdays and Sundays, flight 3K333 will leave Singapore at 08:55, arriving in Colombo at 10:30, with the return flight 3K334 departing at 11:30 and landing in Singapore at 18:00.

Jetstar Asia, based in Singapore, is part of the Jetstar Group, which includes Jetstar Airways, Jetstar Asia, and Jetstar Japan. The airline operates a fleet of 11 Airbus A320-200 aircraft, all configured in an all-economy layout with 180 seats. 

Jetstar Airways, based in Australia, uses a fleet of 11 Boeing 787-8 Dreamliners for widebody services and operates 53 Airbus A320-200s and 21 Airbus A321 LRs for both domestic and international routes.

Bookings for the new Singapore-Colombo route are now available on the Jetstar website, with promotional one-way fares starting at SG$149 (around $113) for standard bookings, and SG$139 (approximately $105) for Club Jetstar members. 

These introductory fares are available until 23:59 SGT on August 20, 2024, or until sold out, with terms and conditions applying.

August 16, Colombo (LNW): The Colombo Marina Development Ltd has been declarered.as a key project with strategic development status, under the Colombo Port City Economic Commission Act No. 11 of 2021. This status grants the company access to specific incentives and support relevant to the project.

The Cabinet of Ministers on Monday endorsed the nomination of Colombo Marina Development as primary venture in Port City

As part of this initiative, four plots of land in the Colombo Port City area have been leased to Colombo Marina Development. The company, a subsidiary of Browns Investment Private Company, is tasked with executing the ‘Recreation Port’ (MARINA) development project.

This project aims to build a cutting-edge facility capable of accommodating 243 marine vessels. Besides serving as a marina, the development will also include exclusive guest clubs, dining options, retail spaces, recreation areas, event venues, and ample parking.

The project is anticipated to significantly enhance Colombo Port City’s appeal as a top destination for marine tourism and recreation, thereby contributing to the region’s overall economic growth.

Additionally, the Cabinet of Ministers approved entering into agreements to lease land within Colombo Port City for the development of hospitals, schools, and universities, in accordance with Section 6(1)(C) of the Colombo Port City Economic Commission Act No. 11 of 2021.

 This section empowers the Colombo Port City Economic Commission to lease marketable state lands under its control.

Meanwhile the Commission has invited proposals from investors for the development of educational and healthcare facilities within Port City. Among the proposals submitted are plans by Asiri Port City Hospital Ltd., Gateway International School Ltd., and Gateway International University Ltd. 

These plans include a US $100 million investment for a hospital and $25 million each for a school and a university.

The proposal, submitted by President Ranil Wickremesinghe in his role as Investment Promotion Minister, received approval from the Cabinet of Ministers.

August 16, Colombo (LNW):WindForce PLC, a leading player in Sri Lanka’s renewable energy sector, has demonstrated remarkable financial growth in the first quarter of the 2024/25 fiscal year.

 The company reported a significant 87% increase in EBITDA, reaching LKR 1.95 billion, up from LKR 1 billion in the same period last year. This growth underscores WindForce’s strategic advancements and strong market presence.

The company’s consolidated revenue for the quarter ending June 30, 2024, rose by 28% to LKR 1.56 billion, compared to LKR 1.22 billion in the previous year. Net profits also saw a notable increase of 27%, climbing to LKR 652 million from LKR 514 million recorded in the first quarter of the prior year.

A key driver of this success was the commissioning of the Hiruras 15 MW wind power plant in June/July 2023. This project significantly boosted WindForce’s production capacity and revenue. The wind energy sector, in particular, experienced a 37% increase in revenue. 

The hydro sector also performed well, with a 67% rise in electricity generation revenue, supported by the addition of the Mahoma plant as a subsidiary in January 2024, which contributed an extra LKR 74 million to the group’s earnings.

WindForce’s commitment to renewable energy was further recognized when its subsidiary, Solar Universe (PVT) Ltd, won the Gold trophy for outstanding solar power initiatives, and the Bulathwatte mini hydro power plant received the Bronze trophy in the mini hydro power category.

The company is focused on consolidating its projects within Sri Lanka over the next two years, according to Managing Director Manjula Perera. Despite economic challenges, 

WindForce managed to develop two power plants: a 10 MW solar power plant in Vavunathivu, Batticaloa, and a 15 MW wind power plant in Mannar district. 

This commitment was recognized by the Ministry of Power, which awarded WindForce two additional renewable energy projects—a 10 MW solar and a 15 MW wind project in the same locations.

WindForce, in partnership with LTL Holdings’ subsidiary Lakdhanavi and Singapore’s renewable energy company The Blue Circle, secured a major contract from the Ceylon Electricity Board (CEB) on August 16, 2023. 

This project involves the construction of a US$ 152 million solar power plant with a transmission facility in Siyambalanduwa, Moneragala district, which will increase Sri Lanka’s installed renewable energy capacity by one-third.

 Overseas, WindForce’s projects are progressing smoothly, with two solar power plants in Pakistan and Uganda, and additional hydro and solar plants in Uganda. 

The company’s 10 MW solar power plant in Ukraine has continued to operate despite the ongoing conflict, generating power steadily.

Mr. Perera also expressed support for the new Electricity Act, which aims to restructure the energy sector and introduce power wheeling. 

This restructuring would allow power generators to directly contract with customers, potentially transforming the market dynamics in Sri Lanka’s energy sector.

August 16, Colombo (LNW):The Free Trade Zone Manufacturers’ Association (FTZMA) has called on the Sri Lankan government to expedite the implementation of an Asian Development Bank (ADB)-funded container-clearing yard in Kerawalapitiya, aimed at reducing the cargo delays currently plaguing the Colombo Port. 

The proposed facility, with a capacity to handle 3,000 containers, was recommended in a 2020 ADB study but is still awaiting approval from the Finance Ministry.

During a recent meeting between FTZMA representatives and senior officials of Sri Lanka Customs (SLC), it was revealed that the Colombo Port releases around 1,400 to 1,500 containers daily. 

However, due to limited capacity, SLC manages to clear only 600 containers, or about 45% of the total, which are then distributed across three existing yards: Grayline 1 Yard, Rank Container Terminal Yard in Orugodawatta, and Grayline 2 Yard in Grandpass. 

FTZMA has emphasized that the new facility, once approved, could offer five times the capacity of these current yards, potentially solving a problem that costs millions of rupees each day and causes significant delays in production schedules for exporters under the Board of Investment.

Sri Lanka Customs has expressed concerns over the Finance Ministry’s hesitation to approve the Kerawalapitiya container-clearing yard, which could alleviate the severe congestion that has been costly and time-consuming. 

The ADB, responding to a request from SLC, conducted a comprehensive feasibility study in 2020 on using a 25-acre land in Kerawalapitiya owned by the Urban Development Authority for this purpose. 

The proposed Rs. 7 billion yard, once completed, would significantly exceed the current capacity of all three private container yards and the Colombo Port itself.

The existing yards—Grayline 1, Rank Container Terminal, and Grayline 2—currently occupy a total of 17 acres and have limited capacity, accommodating up to 600 containers combined. 

The proposed ADB-funded yard, on the other hand, could hold up to 3,000 containers, dramatically improving the efficiency of cargo handling in the region.

A recent 24-hour strike by Customs officials against the proposed Sri Lanka Revenue Authority Bill exacerbated the problem, with over 1,000 containers left unloaded at the Colombo Port, in yards, and even along roads.

 A senior Customs official noted that while some trade union actions are inevitable due to government decisions, the establishment of the new yard in Kerawalapitiya could address many of these issues, including time wastage and financial losses.

FTZMA Chairman Dhammika Fernando pointed out that the ongoing delays in cargo clearance have caused vessels to bypass Sri Lanka, threatening delivery commitments to international brands and further tarnishing the country’s economic reputation. 

He expressed concerns that interference by owners of private cargo clearing yards may have influenced the Finance Ministry’s reluctance to approve the project.

 Fernando urged the government to prioritize the commissioning of the new yard to reduce congestion and improve the efficiency of container examination, which currently lacks a proper priority management system.

1. Sri Lankan President Ranil Wickremesinghe emphasized the importance of maintaining the current momentum in the nation’s economic programs. Speaking to a gathering of supporters outside the Election Commission in Rajagiriya, after submitting his nomination paper, the President urged the citizens to support the ongoing initiatives for at least another two to three years to ensure the creation of a robust economy.
2. The All Ceylon Makkal Congress (ACMC), led by MP Rishad Bathiudeen, has signed an agreement with the ‘Samagi Jana Sandhanaya’ to support Opposition Leader Sajith Premadasa in the upcoming Presidential Election.
3. The Chairman and the Secretary of the “United Lanka Podujana Party” (Eksath Lanka Podujana Pakshaya), who were arrested for allegedly soliciting a bribe from the party’s presidential candidate, former PUCSL chairman Janaka Ratnayake, have been ordered to be remanded until August 27. Meanwhile, six other suspects arrested in connection with the incident have been ordered released on personal bails of Rs. 2 million each.
4. The Central Bank of Sri Lanka (CBSL) has released its second Monetary Policy Report for 2024 in keeping with the requirements of the Central Bank of Sri Lanka Act, No. 16 of 2023. According to the CBSL, the content of this Report is based on information that the Monetary Policy Board of the Central Bank considered in formulating the monetary policy decision during the July 2024 review.
5. The Chairman of the Sectoral Oversight Committee on Open and Accountable Government, Member of Parliament Jagath Kumara Sumitraarachchi, recently informed the Controller General of Immigration and Emigration to take immediate action to issue passports in a way that does not inconvenience the public.
6. The Consumer Affairs Authority has managed to reveal the details of a sugar smuggling business known as Indian brown sugar. Accordingly, it has been revealed that brown sugar produced in Sri Lanka is mixed with white sugar imported from India and released to the Sri Lankan market.
7. Following an invitation by the Election Commission of Sri Lanka, the European Union has decided to deploy an Election Observation Mission (EOM) to Sri Lanka to observe the Presidential Election scheduled for 21 September 2024. The EU has a long history of accompanying electoral processes in Sri Lanka and has deployed EOMs on six occasions, the last in 2019, reflecting the EU’s commitment and partnership with the country.
8. Twenty (20) Sri Lankans, who were trafficked for forced criminal activities in cyber scamming compounds in Myanmar, have been rescued, Sri Lanka’s Ministry of Foreign Affairs said. Issuing a statement, the Foreign Ministry said following repeated appeals to the Government of Myanmar and neighbouring countries, 20 Sri Lankans who were victims of human trafficking and stranded in Myanmar had been rescued and had safely arrived in Mae Sot, Thailand
9. The holding of election processions has been banned until the conclusion of the presidential election. The police have instructed all stations to enforce this law strictly to ensure compliance. Senior Deputy Inspector General of Police Asanka Karavita announced that the removal of illegally displayed posters, banners, and cutouts used for presidential election campaigns will also begin today.
10. WHO Director-General Dr Tedros Adhanom Ghebreyesus has determined that the upsurge of mpox in the Democratic Republic of the Congo (DRC) and a growing number of countries in Africa constitutes a public health emergency of international concern (PHEIC) under the International Health Regulations (2005) (IHR).

August 16, Colombo (LNW):India is on track to potentially transform into a $55 trillion economy by 2047, contingent upon the aggressive implementation of growth-oriented policies by both state and central governments. This bold vision was outlined by Krishnamurthy V. Subramanian, Executive Director of the International Monetary Fund (IMF), during the launch of his book India @100 at the Indian School of Business (ISB).

Subramanian, who previously served as India’s Chief Economic Advisor, emphasized that while this target may seem ambitious, it is achievable if India maintains its current growth trajectory. Presently, the Indian economy is valued at approximately $3.25 trillion. Subramanian presented a roadmap to reach the $55 trillion goal, emphasizing the power of compounding growth.

Utilizing the “rule of 72,” which estimates the time required for an investment to double based on its annual growth rate, Subramanian explained how India’s GDP could double every six years with an 8 percent growth rate, a 5 percent inflation rate, and a 1 percent annual depreciation of the rupee against the dollar. This compounding effect could propel the Indian economy to nearly $52 trillion by 2047.

Subramanian drew parallels to Japan’s economic rise, noting Japan’s expansion from $215 billion in 1970 to $5.1 trillion in 1995—a 25-fold increase over 25 years. He argued that such rapid economic growth is feasible under the right conditions.

Despite India’s current private credit-to-GDP ratio of 58 percent in 2020, which lags behind advanced economies with ratios exceeding 200 percent, Subramanian highlighted the country’s progress in financial inclusion through initiatives like the ‘Pradhan Mantri Jan-Dhan Yojana.’ However, he stressed that achieving the $55 trillion economic vision requires more than just high growth rates.

Effective utilization of government borrowings, investments in physical infrastructure, enhancement of human capital, improvements in healthcare, and building digital capital are all critical components of sustained economic growth. Subramanian urged that government borrowings should be used to create long-term assets rather than funding subsidies or revenue expenditures.

As India approaches this potential new economic era, the journey towards becoming a $55 trillion economy will require strategic planning, robust policy implementation, and a collective effort from all sectors of society.

August 16, Colombo (LNW):Following persistent appeals by the Ministry of Foreign Affairs, 20 Sri Lankans who were victims of human trafficking and stranded in Myanmar have been rescued and safely arrived in Mae Sot, Thailand, on Wednesday (14th). Sri Lanka’s Ambassador to Thailand, Wijayanthi Edirisinghe, visited Mae Sot to meet the rescued individuals and inquire about their welfare. The Sri Lankan Missions in Yangon and Bangkok have been working closely to secure their safe release and ensure their well-being.

All 20 rescued Sri Lankans are reported to be in good health. Thai authorities are providing Consular assistance, and the Sri Lankan Embassy in Bangkok is coordinating with them to facilitate the repatriation process.

The Ministry of Foreign Affairs is also actively working to rescue the remaining 34 Sri Lankans currently stranded in the Myawaddy area of Myanmar, with the cooperation of the relevant governments.

These individuals had traveled to Myanmar seeking foreign employment without following the proper procedures, using tourist visas, and were subsequently lured into cybercriminal operations, becoming victims of human trafficking.

The Ministry of Foreign Affairs has issued a warning, urging the public to be cautious and to adhere to proper procedures when seeking employment abroad to avoid falling prey to human trafficking.

August 16, Colombo (LNW):Transport, Highways, and Mass Media Minister Dr. Bandula Gunawardhana has emphasized the importance of revealing the work accomplished by seven former Cabinet Ministers who are running in this year’s Presidential Election. Speaking at a joint forum of former Local Government representatives from various parties, including Sri Lanka Podujana Peramuna, United National Party, Sri Lanka Freedom Party, and Mahajana Eksath Peramuna in Homagama, Dr. Gunawardhana highlighted the need for voters to be informed about the candidates’ past achievements.

Minister Gunawardhana shared his own contributions as a Cabinet Minister under multiple governments. He mentioned the establishment of special Economic Centres across the country, aimed at creating markets for agricultural products, and the revival of the cooperative business model through the implementation of Coop City and Mini-Coop City. He also noted the creation of a nationwide network of Lak Sathosa branches.

As the Minister of Education, Dr. Gunawardhana introduced technology streams into the national curriculum, established Technology Faculties in universities, and oversaw the construction of Mahindodaya technology labs and faculties across the country.

The Minister asserted that the past performance of these former Cabinet Ministers is crucial for evaluating their ability to fulfill future responsibilities. He called for the public to be informed of their achievements, which he believes will help voters make an informed decision in the upcoming Presidential Election.