On November 1, the Sri Lankan Rupee maintained its stability against the US Dollar at commercial banks in Sri Lanka, compared to the rates observed on the previous day.

Here are the exchange rates at some of the prominent banks:

1. Peoples Bank: The buying rate for the US Dollar increased from Rs. 320.91 to Rs. 321.15, while the selling rate rose from Rs. 332.67 to Rs. 332.92.
2. Commercial Bank: The buying and selling rates of the US Dollar remained unchanged at Rs. 321.15 and Rs. 331.50, respectively.
3. Sampath Bank: The buying and selling rates of the US Dollar remained steady at Rs. 322 and Rs. 332, respectively.

2023-11-01

Sri Lanka Police are set to reintroduce bus priority lanes in Colombo starting from November 1. This pilot project will be implemented on various roads in the city and will run until November 14.

The bus priority lane will be in operation during the hours of 6 am to 9 am. It will span from the Savoy Cinema in Wellawatte to Fort along the Galle Road, as well as along Maradana Road from the Borella junction to Olcott Mawatha in Pettah.

Police have clarified that only CTB (Ceylon Transport Board), private buses, staff buses, and school transport buses will be allowed to utilize these designated bus lanes.

Indian Finance Minister Nirmala Sitharaman has arrived in Sri Lanka for a three-day official visit. During her visit, Minister Sitharaman is scheduled to partake in significant events and engage in bilateral discussions with Sri Lankan officials.

One of the highlights of her visit is the keynote address she will deliver as the Guest of Honour at the ‘NAAM 200’ event, organized by the Sri Lankan government to commemorate the 200th anniversary of the arrival of India-origin Tamils (IOTs) to Sri Lanka. The event will take place at the Sugathadasa Indoor Stadium in Colombo on November 2.

She will also provide the keynote address at the India Sri Lanka Business Summit, with the theme ‘Enhancing Connectivity: Partnering for Prosperity,’ jointly organized by the Confederation of Indian Industries (CII), the Indo-Lanka Chamber of Commerce & Industry, and the Ceylon Chamber of Commerce, to be held in Colombo on the same day.

As part of her visit, Minister Sitharaman will hold bilateral discussions with Sri Lankan President Ranil Wickremesinghe and Prime Minister Dinesh Gunawardena. She is set to witness the signing of a Memorandum of Understanding (MoU) for Solar Electrification of Religious Places in Sri Lanka, with India allocating INR 82.40 crores out of the Indian government’s grant assistance of INR 107.47 crores earmarked for the promotion of Buddhist ties.

The Finance Minister will also inaugurate State Bank of India (SBI) branches in Trincomalee and Jaffna on November 2 and 3, respectively.

During her visit to Sri Lanka, Minister Sitharaman will visit several cultural and religious sites, including the Sri Dalada Maligawa (The Temple of the Sacred Tooth Relic) in Kandy, Jaya Sri Maha Bodhi in Anuradhapura, Thirukoneswaram Temple in Trincomalee, and Nallur Kandaswamy Temple in Jaffna. She will also explore the Lanka IOC Oil Tank Farms, Jaffna Cultural Centre, and Jaffna Public Library.

1. CPC says Fuel prices have been revised from today: Petrol 92 down by Rs.9 per litre to Rs.356: Petrol 95 up by Rs.3 to Rs.423: Auto Diesel up by Rs.5 to Rs.356: Super Diesel up by Rs.10 to Rs.431: Kerosene up by Rs.7 to Rs.249: LIOC to also match the revised prices of the CPC.
2. Cabinet Spokesman Minister Bandula Gunawardana says the Cabinet has approved the increase of the Value Added Tax to 18% from 1st January’24 onwards
3. Former IMF staffer and President’s Debt Advisor Dr Sharmini Coorey says the IMF should be “a lot tougher” on SL’s structural reforms: also says the IMF must protect debtor countries “more strongly”: laments the IMF took 6 months after finalizing the Programme with SL to disburse the funds, and that such delay was “very painful for SL”.
4. A US-backed Think-tank alleges the Govt’s transparency & accountability have taken a turn for the worse over the past year: says the country will be setting itself up for failure if it doesn’t address these issues.
5. Court of Appeal in a split decision of a 3-Judge Bench dismisses the Writ petition that was filed seeking an order abolishing the Parliamentary seat of State Minister Diana Gamage.
6. The 5-member Experts’ Committee of Judicial Medical Officers submits its report on the post-mortems of Dinesh Schafter to Colombo Additional Magistrate’s Court: Court to announce its decision today.
7. Dept of Census & Statistics says the rate of Inflation measured by CCPI on a YoY basis increased to 1.5% in October’23 from 1.3% in September’23; Food inflation unchanged at -5.2% in October’23 as in September’23; Non food inflation increased to 4.9% in October’23 from 4.7% in September’23.
8. Representatives from WB, ADB, IMF, AIIB, IFCA, MIGA, JICA, USAID, EU, & UN meet with President, PM & Govt Officials to discuss the Govt’s reform programmes: discussion aimed at moving from crisis to recovery & sustainable growth.
9. Cabinet grants approval for the proposal to revise the Electricity Tariff every 3 months: Minister of Power and Energy Kanchana Wijesekera says the next electricity tariff revision will be done on 1st April’24.
10. Govt invites bids for the sale of state-run carrier SriLankan Airlines in keeping with its commitments to obtain the USD 2.9 bn loan facility from the IMF over 4 years.

The owner of the company accused of importing substandard immunoglobulin vials has been apprehended by the Criminal Investigations Department (CID). This comes as part of a broader investigation into the alleged importation of substandard medicines, with serious implications for high-ranking government officials in Sri Lanka.

On a recent Monday, the Maligakanda Magistrate’s Court took action by imposing overseas travel bans on three individuals involved in the case. The bans were ordered after the CID presented a motion, expressing concerns that the suspects were planning to leave the country. Those affected by the travel bans include the company’s owner, known as ‘Aruna Deepthi’ but officially registered as Sugath Janaka Fernando, as well as Dr. Vijith Gunasekara, the Chief Executive Officer of the National Medicines Regulatory Authority (NMRA), and Dr. Kapila Wickramanayake, the Director of the Supplies Division within the Ministry of Health.

The case revolves around allegations of utilizing forged documents to import a batch of human intravenous immunoglobulin (IVIG) from India, which was in violation of established procedures. The NMRA suspended the usage of this imported IVIG after it failed quality tests. The product, purportedly manufactured by Livealth Biopharma Pvt Ltd. in India, was imported by a local medicine supplier named Isolez Biotech Pharma AG (Pvt) Ltd. The illicit importation of 22,500 vials of IVIG has reportedly resulted in a misappropriation of funds amounting to Rs. 130 million.

The suspicions came to light following reports of allergic reactions observed in patients who had received the drug at the Colombo National Hospital and the Matale District Hospital on August 22 and September 16, respectively. Meanwhile, a sub-committee appointed by the Committee on Public Accounts (COPA) has instructed the University of Moratuwa to conduct a comprehensive study of the Ministry of Health’s information management system and submit a report, adding another layer of scrutiny to the ongoing investigation.

In October 2023, the inflation rate in Sri Lanka increased to 1.5%, up from 1.3% in September of the same year. This data was released by the Department of Census and Statistics along with the Colombo Consumer Price Index report for October 2023. Notably, food inflation remained at -5.2%, indicating stability in food prices during this period.

 Adstudio.Cloud, the foremost 100% local programmatic advertising company in Sri Lanka, proudly announces a groundbreaking achievement that marks a new era in digital advertising. For the very first time in Sri Lanka, Adstudio.Cloud has introduced Video Programmatic Advertising, taking a bold step into the future of digital advertising.

Programmatic video advertising, often hailed as the future of the advertising industry, represents a game-changing development in the world of digital marketing. This innovative technology has the power to revolutionize advertising, empowering both advertisers and publishers with advanced tools for creating highly effective and efficient advertising campaigns. By harnessing the power of data and algorithms, Video Programmatic Advertising automates the buying and selling of video ad space, offering unparalleled precision in targeting specific audience segments and optimizing ad placements.

Video advertising, known for its captivating and engaging nature, remains one of the most potent forms of digital advertising. Its effectiveness is underscored by statistics revealing that 89% of people have been convinced to purchase a product or service after watching a video (wyzowl.com-2023). Furthermore, the global video advertising market is poised for remarkable growth, with an expected annual growth rate of 10.97%.

Adstudio.Cloud is on the forefront of this digital transformation by introducing Video Programmatic Advertising with a focus on Instream videos, Outstream videos, and various display formats, including rich media, in-banner, and in-feed videos. Ad bidding in this new programmatic landscape ensures a higher CPM (Cost Per Mille), promising more substantial revenues for publishers.

The introduction of Programmatic Video Advertising is a game-changer for both publishers and advertisers. Publishers are set to reap substantial benefits from this innovative approach, with enhanced revenues and a more sophisticated and efficient way of managing ad placements. Advertisers, on the other hand, gain access to unparalleled tools for reaching their target audience precisely and optimizing their ad campaigns for maximum impact.

Adstudio.Cloud’s esteemed publisher base has already enthusiastically welcomed this new feature, as they anticipate increased revenues and a higher level of sophistication afforded by this new programmatic technology. This pioneering step into Video Programmatic Advertising comes at the perfect time, just ahead of the upcoming festive season, providing advertisers with a unique opportunity to leverage this cutting-edge technology to stand out during this key marketing period.

To put it simply, Adstudio.Cloud’s introduction of Video Programmatic Advertising in Sri Lanka is a milestone that underscores its commitment to pushing the boundaries of innovation in the digital advertising landscape. By embracing this technology, Adstudio.Cloud is setting the stage for a brighter and more engaging future for advertisers, publishers, and consumers alike. The message is clear: it’s high time for advertisers to seize the unique advantages offered by Video Programmatic Advertising as they gear up for the festive season and beyond.

The Ceylon Petroleum Corporation (CPC) has made adjustments to fuel prices, which will come into effect from midnight on October 31. The revised prices are as follows:

1. Octane 92 Petrol: Reduced by Rs. 9 to Rs. 356 per litre.
2. Octane 95 Petrol: Increased by Rs. 3 to Rs. 423 per litre.
3. Auto Diesel: Increased by Rs. 5 to Rs. 356 per litre.
4. Super Diesel: Increased by Rs. 10 to Rs. 431 per litre.
5. Kerosene: Increased by Rs. 7 to Rs. 249 per litre.

Showers or thundershowers will occur at several places in the most provinces of the island after 02.00 p.m.

Heavy showers about 100mm are likely at some places in Western, Sabaragamuwa, and Uva provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts.

Showers will occur in Eastern, North-Central and Northwestern provinces and in Matale and Badulla districts during the morning too.

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