October 08, Colombo (LNW): The Intertropical Convergence Zone (where winds from the Northern Hemisphere and Southern Hemisphere converge) further affects the island’s weather, and as a result showers or thundershowers will occur at times in Western, Sabaragamuwa and North-western provinces and in Galle and Matara districts, the Department of Meteorology said in its daily weather forecast today (08).
Showers or thundershowers will occur elsewhere at several places in the island during the afternoon or night.
Heavy showers above 100 mm are likely at some places in Western, Sabaragamuwa, Central, Uva and Eastern provinces and in Galle, Matara and Puttalam districts.
The general public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Condition of Rain:
Showers or thundershowers will occur at several places in the sea areas around the island.
Winds:
Winds will be South-westerly in direction and wind speed will be (25-35) kmph. Wind speed can increase up to (45-50) kmph at times in the sea areas off the coasts extending fromKankasanthurai to Hambanthota via Mannar, Colombo and Galle.
State of Sea:
The sea areas around the island can be slight to moderate. The sea areas off the coasts extending from Kankasanthurai to Hambanthota via Mannar, Colombo and Galle can be fairly rough at times. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
Asian Development Bank (ADB) Country Director Takafumi Kadono and a delegation met President Anura Kumara Dissanayake, reaffirming ADB’s commitment to Sri Lanka’s economic recovery: discuss projects in tourism, particularly the Northern Region, energy, small-scale entrepreneurship, and the financial sector: emphasise its focus on developing tourism infrastructure and sectors critical for sustainable growth and long-term recovery.
SJB Leader Sajith Premadasa issues a statement criticising the recent arrest of YouTuber Kalpa Gunaratne at the Colombo International Bookfair on 3 October: questions the police’s actions and calls for an impartial investigation: emphasises citizens have the right to engage in citizen journalism, which should not be suppressed by authorities.
UNP Deputy Leader Ruwan Wijewardene refutes allegations against former President Ranil Wickremesinghe, denying claims about foreign chefs, food, and security changes: condemns the social media smear campaign and affirms that Wickremesinghe’s security remains intact: clarifies Wickremesinghe and his wife did not misuse the President’s House and urges critics to focus on governing responsibly, rather than spreading false information.
The World Bank and Sri Lanka sign the Second Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation (DPO) for $200 million, supporting reforms to boost economic governance, growth, and protect vulnerable groups: This builds on a previous $500 million operation: Key measures include improving public debt management, tax reforms, enhancing services, export competitiveness, and revitalising social protection systems.
The Director General of the Commission to Investigate Allegations against Bribery or Corruption (CIABOC), Kanishka Wijeratne, agrees to resign following the Supreme Court’s decision to allow three Fundamental Rights applications challenging his appointment to proceed.
Elephant deaths in Sri Lanka decrease this year, with 277 fatalities reported up to October, compared to 488 last year: The Department of Wildlife Conservation attributes many deaths to illegal electric fences erected by farmers: Removing illegal fences and improving standards for legal ones reduced electrocutions to 35, down from 70 last year: A journal was developed to reduce fatalities further.
The All Island Poultry Farmers’ Association urges for the stabilisation of poultry feed prices, as excess egg supply and reduced demand, partly due to declining tourist arrivals, have caused market prices to drop below production costs: Association President Ajith Gunasekera warns without price stabilisation, poultry farmers may stop supplying eggs.
Sri Lanka’s Computer Emergency Readiness Team (SLCERT) reports over 9,000 cybercrime incidents between August and September, with 80% involving social media: Engineer Charuka Damunupola highlights increasing cyber threats, including 1,400 online fraud cases, 85 involving child cyber-bullying, and 40 cases of online sexual abuse: The data underscores the urgent need for stronger protective measures and public awareness to combat rising cybercrime.
Tragedy befalls an 18-year-old student from an international school as she tragically fell to her death from the 29th floor observation deck of the Lotus Tower in Colombo: Police confirm that the student, in civilian clothes, jumped from the tower: Support services, including the National Mental Health Helpline and Sumithrayo, are available for those in crisis.
The ICC announces the nominees for September’s Player of the Month awards: For the men, Sri Lanka’s Prabath Jayasuriya and Kamindu Mendis, along with Australia’s Travis Head, are shortlisted: England’s Tammy Beaumont, Ireland’s Aimee Maguire, and UAE’s Esha Oza are the women’s nominees: The awards celebrate top performances in international cricket, with winners decided by the ICC Voting Academy and fans.
October 07, Colombo (LNW): Sri Lanka’s automotive component manufacturers have faced significant challenges since 2020, grappling with the economic crisis and the toughest business cycles in recent history.
While many manufacturers have managed to survive, some are still navigating the effects of reduced market demand and difficulties in sourcing raw materials, partially mitigated by the temporary suspension of imported brands.
In light of these challenges, the Sri Lanka Automobile Component Manufacturers Association (SLACMA) has expressed optimism about the National People’s Power (NPP) party’s policies aimed at revitalizing the industry.
According to SLACMA President Dimantha Jayawardena, the inclusion of automobile assembly and component manufacturing in the NPP’s policy framework is a positive step for the sector’s growth.
Jayawardena emphasized that the Standard Operating Procedure (SOP) for promoting local industry has been crucial in integrating Sri Lankan manufacturers into global supply chains.
The SOP mandates the use of locally manufactured components, requiring stringent adherence to quality standards set by Original Equipment Manufacturers (OEMs). This initiative has paved the way for local manufacturers to meet international standards and tap into global markets.
The presence of global automobile brands assembling vehicles in Sri Lanka is a testament to the progress made. This initiative is overseen by the Industries Ministry, supported by a Cabinet-appointed committee with representatives from various government bodies to ensure compliance with regulations.
Currently, Sri Lanka exports approximately $800 million worth of automotive components, including $200 million in auto components, $200 million in automobile wire harnesses and electric items, and $400 million in rubber components, tires, and solid tyres.
The Industries Ministry has also laid out a 20-year master plan to enhance the country’s position in electric vehicle (EV) manufacturing, aiming to turn Sri Lanka into a hub for wire harness and electric component production for EVs.
SLACMA’s 60-member manufacturers are optimistic about the industry’s future, particularly with the NPP’s clear focus on developing automobile manufacturing and component production. They are committed to collaborating with stakeholders and policymakers to increase export-oriented revenue through global supply chains.
The government’s long-term vision, supported by the Industries Ministry, the Export Development Board, and the Board of Investment (BOI), is to achieve $3 billion in export revenue from the automotive sector within the next decade.
Jayawardena expressed confidence in meeting this target, highlighting the association’s efforts to certify manufacturers to international standards such as the IATF 16949. This initiative is partly funded by the Ministry of Industries to enhance competitiveness in the global market.
SLACMA’s short-term goals include fostering joint ventures and technical collaborations with regional and local partners to fast-track local manufacturers’ entry into global supply chains.
By securing financial support and upgrading infrastructure, SLACMA aims to strengthen Sri Lanka’s position as a competitive player in the global automotive component industry.
October 07, Colombo (LNW): Recent trends in Sri Lanka show an increase in both the use of credit cards and the rates of default on credit card payments, according to a local study.
The research highlights that improper management of credit card spending has led to significant changes in consumption patterns and buyer behavior among cardholders.
This has resulted in a surge in compulsive purchases, unrealistic optimism about financial capacity, and eventually unmanageable credit card debt levels. The consequences of these patterns include economic burdens and stress that are difficult to control.
The study suggests that while compulsive buying and unrealistic optimism play significant roles, other factors also influence credit card use, debt accumulation, and related stress.
These include social pressures, situational factors, depression, guilt, and family conflicts. The researchers emphasized the need to explore these additional elements to gain a deeper understanding of their impact on credit card behavior and financial wellbeing.
Consumer spending via credit cards is on the rise in Sri Lanka, with outstanding credit card debt in licensed commercial banks increasing by nearly one billion rupees in August 2024.
The total credit card debt now stands at Rs. 150.6 billion, reflecting a rise of Rs. 942 million compared to the previous month. However, this amount is still Rs. 736 million below the total credit card debt recorded at the end of the previous year.
In August, licensed commercial banks provided Rs. 135.2 billion in net credit to the private sector, more than double the amount extended in July.
Although credit card debt grew during this period, it accounted for only a small portion of the total increase in private sector credit.
There are currently fewer than 2.0 million active credit cards in Sri Lanka, which suggests limited recovery in credit card spending since the rates were dramatically increased in 2022, a move that almost halted consumer spending.
Following the rate hike to as high as 36%, many banks tightened their credit conditions, particularly on credit cards.
Although rates have since fallen by about 10 percentage points, they remain relatively high, limiting the resurgence of credit card-based spending when compared to other loan rates.
Despite these constraints, recent data from August 2024 indicates the beginning of a new credit cycle, hinting at a potential increase in credit card debt.
Promotional offers, discounts, and installment payment schemes are gradually returning after a two-year gap, potentially driving higher credit card use in the coming months.
The approaching festive season and recent decreases in energy, utility, and food prices may also encourage people to increase discretionary spending, further raising credit card debt levels.
As consumer confidence grows, credit card usage in Sri Lanka could see a significant uptick, leading to a complex balance between financial growth and the risk of rising debt.
Credit Card Usage and Debt Rising in Sri Lanka Create new Implications.
October 07, Colombo (LNW): The UN Global Compact’s regional flagship event, ‘Forward Faster Now | Asia & Oceania,’ held in Kuala Lumpur on August 5-6, was a milestone in advancing sustainable business practices across Asia and Oceania.
The event brought together top executives, government leaders, and sustainability experts to drive meaningful progress on the Sustainable Development Goals (SDGs). It emphasized collaboration, knowledge sharing, and the commitment of businesses to integrate sustainability into their operations.
Sri Lanka’s business community played a prominent role in shaping the narrative at this landmark event.
Organized by the United Nations Global Compact, in collaboration with 16 Global Compact Country Networks and Country Offices, the event aimed to accelerate the adoption of sustainable business practices and highlight impactful stories from across the region.
It provided a platform for Sri Lankan corporate leaders to showcase their influence beyond national boundaries, demonstrating their dedication to sustainable development and positioning themselves as champions of change.
Prominent Sri Lankan speakers delivered strong messages, reinforcing the country’s leadership in sustainability. They participated in dynamic sessions alongside their regional counterparts, discussing critical issues such as sustainable finance, food security, gender equality, and corporate governance.
The insights shared by Sri Lankan leaders not only highlighted their expertise but also contributed to advancing sustainable development throughout Asia and Oceania.
Sharhan Muhseen, Chairman of Commercial Bank of Ceylon PLC, served as a speaker at the session titled ‘investing for SDG Impact: Financial Decisions Driving Sustainability Transformation.’
He underscored the significance of sustainable finance in promoting economic growth and a more equitable society, sharing Commercial Bank’s approach to sustainable investing through green bonds and ESG initiatives.
CBL Group Managing Director Sheamalee Wickramasingha participated in the session ‘Food Systems Sustainability: Business Strategies to Future-Proof Food Security,’ emphasizing sustainable practices in the food industry to combat climate change’s effects on food security. Her insights highlighted the private sector’s crucial role in safeguarding food systems.
Jetwing Travels Ltd. Chairman Shiromal Cooray contributed to the session on gender equality, sharing strategies on achieving gender balance in leadership roles within the organization. UN Global Compact Network Sri Lanka’s Executive Director, Rathika de Silva, reinforced the need for regional cooperation and sustainable practices in his closing remarks.
Additionally, Dr. Ravi A. Fernando, Chairman of Global Strategic Corporate Sustainability Ltd., represented Sri Lanka in discussions on SDG engagement within the wider business community. He emphasized aligning business strategies with global climate goals, urging regional businesses to embrace sustainable development as part of their core mission.
MAS Holdings’ Head of Social Sustainability, Amanthi Perera, shared valuable insights during the discussion on the SDG Stocktake Report, stressing the need for leadership education on the urgency of the SDGs and fostering a stronger commitment to these goals.
Sri Lanka’s active participation at ‘Forward Faster Now | Asia & Oceania’ showcased its leadership in sustainable development and highlighted its growing influence in shaping regional sustainability practices. Through their engagement, Sri Lankan business leaders demonstrated their commitment to advancing sustainability and contributing to a diverse dialogue on global challenges.
October 07, Colombo (LNW): Sri Lanka’s tourism industry is steadily recovering from the setbacks caused by the COVID-19 pandemic, the economic crisis of 2020-2021, and the impact of the Easter Sunday attacks in 2019.
The sector’s resurgence has been driven by the concerted efforts of the former leadership in the Ministry of Tourism, led by experienced professionals, including the former head of the Sri Lanka Tourism Development Authority (SLTDA), Priyantha Fernando, who has over 50 years of experience in the field.
The focus on revitalizing tourism highlights its crucial role in supporting Sri Lanka’s economy, especially in generating the much-needed foreign exchange.
In a recent shift in leadership, President Anura Kumara Dissanayake has appointed new chairpersons to the four major tourism bodies in the country.
Buddhika Hewawasam now leads both the Sri Lanka Tourism Development Authority (SLTDA) and the Sri Lanka Tourism Promotion Bureau (SLTPB), while Dheera Hettiarachchi has been appointed as the chairman of the Sri Lanka Institute of Tourism and Hotel Management (SLITHM) and the Sri Lanka Convention Bureau (SLCB).
These new leaders bring valuable experience from the travel and tourism sectors, aiming to introduce innovative strategies to further develop Sri Lanka’s tourism infrastructure and enhance its global reputation as a tourist destination.
Despite the challenges, Sri Lanka’s tourism industry has made significant progress in the past nine months. The country earned $181 million from tourism in September 2024, which is a noticeable increase from the previous year’s earnings.
However, this figure was lower than August’s earnings, reflecting a dip in visitor arrivals. From January to September 2024, Sri Lanka welcomed nearly 1.5 million tourists, a substantial increase from the 1.02 million arrivals during the same period in 2023.
The country’s tourism sector aims to attract over 2 million visitors in 2024, with an expected revenue of $3 to $3.5 billion. Achieving these goals would significantly contribute to the country’s economic recovery, especially as tourism is a major foreign exchange earner with minimal outflows compared to other sectors.
Sri Lanka’s tourism earnings have already reached $2.34 billion in the first nine months of 2024, marking a 61.2% increase from the previous year.
One of the key challenges that affected tourism growth recently was the implementation of a new visa system, which made it more costly and complicated for visitors to travel to Sri Lanka. This issue led to a decline in arrivals and a subsequent drop in earnings.
However, with the government’s decision to restore the Electronic Travel Authorization (ETA) system, there is renewed optimism among tourism stakeholders.
The industry is also reflecting on its performance relative to the benchmark year of 2018, where earnings from tourism were significantly higher.
Although current revenues show a 28% decline from the 2018 levels, the progress made in 2024 indicates a steady recovery trajectory. Tourism remains a vital sector for Sri Lanka’s economy, contributing around 10% to the GDP and possessing the potential to expand significantly in the coming years.
Sri Lanka Tourism has set ambitious targets for 2024, aiming to attract 2.3 million visitors and generate over $4 billion in revenue. With just a few months left in the year, the industry will need to intensify its efforts to achieve these goals.
Industry leaders, including The Hotels Association of Sri Lanka (THASL) and the Sri Lanka Association of Inbound Tour Operators (SLAITO), have urged the new administration to prioritize global promotional campaigns to boost awareness ahead of the upcoming winter tourist season.
October 07, Colombo (LNW): Rohana Hettiarachchi, Executive Director of the election monitor People’s Action for Free and Fair Elections (PAFFREL), has called on political parties and candidates to uphold peace and integrity during the upcoming parliamentary elections.
Speaking as the nomination process nears its conclusion, Hettiarachchi stressed the significance of continuing the peaceful environment observed during the recent presidential election.
“The nomination period for parliamentary elections is currently ongoing and will wrap up by the end of this week. We firmly believe it is possible to conduct these elections in a peaceful manner,” he said.
Hettiarachchi highlighted that the last presidential election was one of the most tranquil in the nation’s electoral history, setting a precedent that should be emulated during this next phase.
He further urged all political parties, independent candidates, and their supporters to act responsibly and avoid any form of violence or unrest, ensuring the parliamentary election reflects the same calm and civility as the presidential race.
He pointed out that the peaceful nature of the last election is a testament to what can be achieved when political figures and their supporters commit to respecting democratic processes.
Beyond this appeal for peaceful conduct, PAFFREL also emphasised the importance of maintaining transparency and fairness throughout the election process.
October 07, Colombo (LNW): Former Chief of State Intelligence Nilantha Jayawardena issued a formal apology to the Supreme Court this (07) afternoon for his delay in paying the compensation related to the 2019 Easter Sunday terror attacks.
His apology came during a personal appearance before the court, following the failure to meet the originally stipulated deadline.
Jayawardena’s legal counsel, President’s Counsel Chandaka Jayasundara, confirmed to the court that his client has now fully settled the outstanding Rs. 65 million.
This final payment concludes the total compensation of Rs. 75 million, which was ordered by the court due to Jayawardena’s failure to act on prior intelligence warnings regarding the attacks.
An initial payment of Rs. 10 million had already been made earlier, leaving the Rs. 65 million now cleared.
The court’s ruling stems from multiple fundamental rights petitions filed by victims and families affected by the Easter Sunday bombings, which occurred on April 21, 2019 and claimed over 270 lives.
These petitions sought accountability for the failure to act on intelligence that could have potentially prevented the attacks.
The case was heard before a distinguished seven-member bench, including Chief Justice Jayantha Jayasuriya and Justices Murdu Fernando, S. Thurairaja, A.H.M.D. Nawaz, Kumuduni Wickramasinghe, Shiran Gunaratne, and Achala Wengappuli.
Jayawardena’s failure to respond to critical intelligence prior to the attacks was highlighted as a key lapse, with the court mandating this substantial compensation as a form of redress for the victims.
With this final payment, Jayawardena’s legal obligations in relation to this case are now fulfilled.
October 07, Colombo (LNW): President Anura Kumara Dissanayake met with Takafumi Kadono, the Permanent Representative of the Asian Development Bank (ADB) to Sri Lanka, today (07) at the Presidential Secretariat.
The meeting reaffirmed ADB’s commitment to providing financial assistance for key sectors, aiming to bolster the country’s economic recovery.
During the discussions, Kadono confirmed that the ADB will continue its support for Sri Lanka’s tourism, energy, and small-scale enterprise sectors.
This is part of the Bank’s ongoing collaboration with the nation to drive economic growth and stability.
President Dissanayake was briefed on the status of existing agreements, with Kadono assuring him that all commitments would be upheld and implemented as planned.
A key focus of the discussions was enhancing the tourism industry, with Kadono expressing the ADB’s readiness to allocate resources to improve infrastructure within this sector.
The President specifically requested support for developing tourism in the Northern region, which Kadono agreed to assist.
This initiative is seen as crucial for promoting regional growth and attracting more visitors to less explored areas of the country.
In addition to tourism, the ADB also committed to offering financial aid for energy projects, recognising the need to bolster Sri Lanka’s renewable energy capabilities to meet future demands.
Kadono emphasised that the Bank is equally focused on providing resources to support small-scale entrepreneurs, further contributing to the country’s broader economic development.
The ADB’s willingness to support these key areas reflects its ongoing partnership with Sri Lanka, particularly at a time when the country is striving to stabilise its economy and create a sustainable growth model.
This renewed collaboration is expected to inject much-needed momentum into several industries, laying the groundwork for long-term development.
October 07, Colombo (LNW): Kanishka Wijeratne, the Director General of the Commission to Investigate Allegations of Bribery or Corruption (CIABOC), has agreed to resign from his position, following a Supreme Court hearing today (07).
This decision comes after the court granted leave to proceed with three Fundamental Rights (FR) applications challenging his appointment to the role.
The applications, filed by various parties, raised concerns regarding the legality and appropriateness of Wijeratne’s appointment.
As a result, the Supreme Court deemed it necessary to consider these challenges, permitting the cases to move forward.
During the proceedings, Wijeratne offered an undertaking to step down from his post, thereby addressing one of the key demands raised in the petitions.
