August 20, Colombo (LNW): The Ceylon Electricity Board (CEB) has reported a strong financial performance, achieving a net profit after taxes of Rs. 34.53 billion in the April-June quarter of 2024.

This marks a 67.2 per cent increase from the Rs. 20.65 billion profit recorded during the same period in 2023.

The recent profit comes despite the payment of Rs. 34.53 billion in taxes.

Earlier this year, the CEB reported an impressive net profit of Rs. 84.67 billion for the January-March quarter.

Consequently, the total profit for the first half of 2024 stands at Rs. 119.20 billion, reflecting the utility’s sustained financial growth amidst operational challenges.

This substantial improvement in profitability is attributed to enhanced efficiency measures, better management of resources, and strategic adjustments in the energy sector.

The CEB’s financial turnaround demonstrates resilience, especially following a period marked by revenue deficits and increased operational costs in recent years.

Industry analysts suggest that the growth trajectory is likely to continue if current policies are maintained, with potential benefits for both the organisation and its consumers.

August 20, Colombo (LNW): The Kaduwela Magistrate’s Court has extended the remand of 11 suspects, including a female, until 2 September in connection with the fatal shooting of businessman Surendra Wasantha Perera, known as ‘Club Wasantha,’ and another individual in Athurugiriya.

The incident occurred on July 08, 2024 during the opening of a tattoo studio, where six people were injured, two fatally.

During the court proceedings, the Kaduwela Magistrate ordered the case investigation to be transferred to the Western Province (South) Crimes Division.

The decision followed concerns raised by defence attorneys regarding threats to their clients’ lives, prompting the Magistrate to order enhanced security for the accused.

The Athurugiriya Police revealed that significant leads have emerged regarding the gunmen involved in the attack.

Additionally, postmortem reports have been submitted, and further examination has been scheduled for 2 September.

Among those arrested is the tattoo studio owner, who reportedly received Rs. 1 million over time, suspected to be connected to the incident.

A 21-year-old woman is also in custody for allegedly aiding and abetting the crime.

The suspects were apprehended following the discovery of the getaway vehicles used in the attack, found abandoned in Bulathsinhala and Kaduwela.

The high-profile shooting also left four others injured, including popular singer K. Sujeewa and Wasantha’s wife.

August 20, Colombo (LNW): The Commissioner General of Elections, Saman Sri Ratnayake, has revealed that 736,589 applications for postal voting have been received for the upcoming 2024 Presidential Election.

Of these, 24,268 applications were rejected, leaving 712,321 voters eligible for postal voting. The distribution of postal ballots is scheduled to begin on 26 August.

The Election Commission has allocated three days in early September—4, 5, and 6 September—for the marking of postal votes, with 4 September specifically designated for District Secretariats, Election Offices, and Police personnel.

Chairman of the Election Commission, R.M.A.L. Rathnayake, confirmed that the postal voting process has been finalised and the ballots are prepared for distribution.

For voters unable to cast their postal vote on the scheduled dates, additional opportunities have been arranged for 11 and 12 September.

These provisions aim to ensure maximum voter participation in the 2024 Presidential Election, which will see 39 candidates contesting on 21 September.

1. President Ranil Wickremesinghe warns economic recovery could be undone if essential reforms are not completed, urging voters to prioritise long-term stability over short-term gains in the upcoming election: Running as an Independent with the ‘Gas Cylinder’ symbol, Wickremesinghe emphasised the need for global economic integration and reforms in public administration and anti-corruption efforts, while addressing challenges like AI regulation and resource utilisation.
   
2. The Election Commission will soon issue a Gazette notification setting a Rs. 109 per voter spending cap for candidates in the upcoming presidential election: This measure is part of broader campaign finance reforms to ensure fairness: The new regulations, discussed with stakeholders, aim to regulate spending for all future elections, promoting transparency and aligning with global standards.
   
3. The Election Commission has received 631 complaints about the presidential election from 31 July to 18 August, with 65 lodged on 18 August alone: Most complaints involve legal violations, with only one report of violence: The surge in concerns underscores the need for stringent monitoring to ensure a fair process, with authorities urging public vigilance and reporting of irregularities.
   
4. Pope Francis has accepted the resignation of Bishop Joseph Ponnaiah of Batticaloa and appointed Rt. Rev. Dr. Anton Ranjith, Auxiliary Bishop of Colombo, as the Apostolic Administrator of the diocese: This change, following standard Church practice, ensures continuity and stability while a permanent successor is sought: Bishop Ranjith’s appointment reflects the Vatican’s response to evolving needs within Sri Lanka’s Catholic community.
   
5. Former Minister Harin Fernando has been appointed Presidential Advisor on Sports, Lands, and Tourism by President Ranil Wickremesinghe under Article 41/1 of the Constitution: Originally an MP from the SJB, Fernando aligned with the Government, leading to his ministerial role in Tourism, Lands, Sports, and Youth Affairs: His shift in allegiance resulted in his expulsion from the SJB and the loss of his parliamentary seat: Despite these political challenges, Fernando’s new role allows him to utilise his expertise in key sectors: This appointment underscores President Wickremesinghe’s strategy to leverage Fernando’s experience amidst ongoing political tensions.
   
6. The Central Bank’s 2024 Monetary Policy Report forecasts continued short-term growth driven by supportive policies and large-scale infrastructure projects: A quicker recovery in tourism could further bolster economic momentum: Energy price reductions have helped lower headline inflation, expected to remain under target until early 2025, with a temporary rise anticipated later in 2025 before stabilising around 5%: Risks include wage demands, global food and energy price fluctuations, adverse weather, and rupee depreciation: The Central Bank has reduced key policy rates by 75 basis points this year, following a 650 basis point cut in 2023, to support growth: The report also addresses challenges like brain drain and political instability.
   
7. The committee overseeing candidate security for the upcoming Presidential election has granted police protection to 22 of the 39 contenders, with ongoing evaluations to adjust security levels as needed: Led by Viyani Gunathilaka, the committee aims to align protection with individual risks, extending additional security to Opposition Leader Sajith Premadasa due to election sensitivity: This reflects heightened concerns over candidate safety amid a politically charged environment.
   
8. The luxury shuttle service connecting Bandaranaike International Airport with Colombo Fort Railway Station and Makumbura Multimodal Transport Centre was suspended on 19 August, just four days after its launch: Resistance from transport unions, particularly a strike by the Airport-Fort Bus Employees’ Union, and support from taxi associations led to the suspension: Plans are underway to replace the shuttles with ten union-operated buses, highlighting the challenges of new transport initiatives amid existing industry resistance.
   
9. The revived passenger ferry service between Nagapattinam and Kankesanthurai, operated by IndSri Ferry Services, has received substantial financial support from both India and Sri Lanka: The Indian government is providing over LKR 25 million monthly for operational costs, while Sri Lanka has reduced passenger taxes: The service, crucial for enhancing connectivity and bilateral ties, had faced previous disruptions but aims to strengthen regional cooperation as outlined in the July 2023 economic partnership agreement.
   
10. The Sri Lanka Sports Fiesta 2024, powered by Dialog Axiata PLC, successfully concluded with a landmark celebration of sports: Over three days, the event showcased 3,000 athletes across seven sports disciplines, including cricket, rugby, and volleyball: Highlights included the send-off of Sri Lanka’s Paralympic team for Paris 2024 and various tournaments like the Air Force Commander’s Cup and Dialog President’s Gold Cup.

August 20, Colombo (LNW): The Central Bank of Sri Lanka’s Monetary Policy Report 2024 anticipates continued short-term growth supported by favourable policies, with a gradual alignment to its potential in the medium term.

The revival of import-dependent industries and a boost from large-scale infrastructure projects are expected to sustain this growth.

Additionally, a faster-than-expected recovery in tourism could further enhance economic momentum.

Recent reductions in energy prices have contributed to a decline in headline inflation, which is projected to remain below target through early 2025.

However, a temporary rise in inflation may occur in the latter half of 2025 before stabilising around the 5% target.

The report highlights potential risks, including increased wage demands, global food and energy price fluctuations, adverse weather affecting agricultural output, and depreciation of the rupee.

These factors could undermine inflation targets and overall economic stability.

The Central Bank has been actively adjusting its key policy rates, reducing them by 75 basis points this year, following a substantial 650 basis point cut in 2023.

This reflects an accommodative monetary stance aimed at fostering economic growth.

The report, aligned with Sections 27 and 80 of the Central Bank Act, serves to clarify the rationale behind recent monetary policy decisions and provide guidance on inflation and economic prospects.

It also notes potential challenges such as a high brain drain leading to labour shortages and decreased productivity, as well as the impact of political instability on economic recovery and growth.

August 20, Colombo (LNW): The passenger ferry service between India and Sri Lanka, recently revived between Nagapattinam and Kankesanthurai, has received significant financial backing and concessions from both governments to ensure its sustainability.

The service, operated by IndSri Ferry Services’ vessel Sivagangai, completed its first voyage last week with around 50 passengers on board.

To make the service more accessible, the Indian government has committed over LKR 25 million in monthly financial assistance for a year to cover operational costs and port charges at Nagapattinam.

Simultaneously, Sri Lanka has eased the deviation tax typically imposed on passengers departing by sea.

The ferry service had faced several interruptions since its launch in October 2023 due to adverse weather and logistical issues.

However, the recent revival aims to enhance connectivity between the two nations, further reinforcing the bilateral ties emphasised during President Ranil Wickremesinghe’s visit to India in July 2023.

Consul General Sai Murali personally welcomed passengers at Kankesanthurai port, underscoring the ferry’s role in strengthening economic and cultural ties.

The service is seen as a step towards realising the shared vision for deeper regional cooperation outlined in the July 2023 economic partnership agreement.

August 20, Colombo (LNW): The recently introduced luxury shuttle service connecting Bandaranaike International Airport (BIA) with Colombo Fort Railway Station and the Makumbura Multimodal Transport Centre (MMC) has been temporarily halted as of 19th August.

Launched on 15th August, the service immediately faced resistance from transport unions, leading to a bus strike by the Airport-Fort Bus Employees’ Union on 16th August.

Union leaders expressed discontent, arguing that the luxury shuttle undermined their operations.

The protest quickly gained momentum with support from BIA taxi associations and formal complaints lodged with both the Ministry of Transport and the Election Commission.

In light of these pressures, the decision was made to suspend the service after just four days of operation.

Indika Gunasekara, President of the Airport-Fort Bus Employees’ Union, announced plans to replace the luxury shuttles with ten of the union’s own buses, ensuring continued service from BIA to Colombo Fort and Makumbura MMC.

The situation underscores the complexities of introducing new transport initiatives in the face of existing industry resistance and labour union influence.

August 20, Colombo (LNW): Former Minister Harin Fernando has been named Presidential Advisor on Sports, Lands, and Tourism by President Ranil Wickremesinghe, exercising powers under Article 41/1 of the Constitution.

Fernando, originally an MP from the Samagi Jana Balawegaya (SJB), aligned with the Government to back President Wickremesinghe, leading to his appointment as Minister for Tourism, Lands, Sports, and Youth Affairs.

However, his decision to side with the Government resulted in the SJB terminating his party membership. The Supreme Court later upheld the party’s move, leading to the loss of both his parliamentary seat and ministerial post.

Despite this setback, the new advisory role marks Fernando’s continued influence within the Government, allowing him to contribute to key sectors where he held prior ministerial experience.

The appointment signals an effort by the President to leverage Fernando’s expertise, even as political tensions continue within the broader opposition landscape.