Aug 16 (FT) Commercial Bank of Ceylon has continued its growth momentum into the second quarter of 2018, despite having to pay in excess of Rs. 7 billion in taxes and being compelled to make significant provisions for impairment charges for the six months ending 30 June. The Bank has posted profit before VAT and NBT of Rs. 15.647 billion for the period, reflecting growth of 23.33% over the corresponding six months of last year. Profit before tax grew 23.73% to Rs. 12.898 billion more..

Aug 16 (DN) Dhananjaya de Silva said that he missed his late dad Ranjan de Silva very much after winning his first Man of the Match award in the one-off T20 International against South Africa at the R Premadasa Stadium on Tuesday. De Silva’s all-round contribution saw Sri Lanka pull of an exciting three-wicket win chasing 99 for victory. “My father used to watch almost every match. I am really sad but I believe, he might be looking at more..

Aug 16 (Island) Nations Trust Bank American Express and Nations Inner Circle have partnered with Cinnamon Life to bring the experience of an international music festival to Sri Lanka. This partnership entails Nations Trust Bank American Express Cardmembers to an exclusive savings of 10% on the purchase of tickets for the Colombo Music Festival 2018. The Colombo Music Festival 2018 will come to life at the Havelock Sports Club Grounds on August 18 from 3pm to midnight more..

Aug 16 (FT) Hemas Holdings PLC (HHL) has recorded a consolidated revenue of Rs. 13.5 billion for the first quarter ended 30 June 2018, a year-on-year (YoY) growth of 21.3%, led by higher contributions in consumer and healthcare sectors. The Group operating profit at Rs. 895.7 million in the first quarter of the financial year is an increase of 3.5% over the previous financial year. “Overall we have had a satisfactory start to the year in a difficult macro environment. more..

Aug 16 (DN) The Colombo Stock Exchange (CSE) will introduce the proposed Multi Currency Board which will enable overseas companies to list and raise capital in US dollars in three months. The CSE is currently working with the regulator to obtain necessary approvals, Chief Executive Officer of CSE Rajeeva Bandaranaike said in an interview with the Daily News Business. “Once that is done, we hope it can be launched in another three months,” he said. more..

Aug 16 (FT) PM Ranil Wickremesinghe yesterday said the Unity Govt is working to deliver long-term peace to the island nation, and that religious festivals are important to promote peace and reconciliation. PM made this observation while participating in the annual festival of the historic Shrine of Our Lady of Madhu in Mannar, presided over by the Archbishop Cardinal Malcolm Ranjith and Bishop of Mannar Emmanuel Fernando. PM said the Madhu feast is a symbol of reconciliation in the country. more..

Aug 16 (DN) The All Ceylon Private Bus Workers Association were expected to launch a strike as of midnight yesterday to express their opposition against the new fines imposed for violating road rules. Convenor of the Association, Kumara Rathna Renuka said that owners of bowsers, containers and three wheelers of Colombo will support their strike. However, other private bus owners associations will not take part in this strike. “We have requested for a meeting with the Prez to discuss this matter. more..

Aug 16 (CT) The onset of the rainy weather might give rise to the deadly Dengue mosquitos and in this regard the National Dengue Control Unit, of the Ministry of Health, will conduct a mosquito control programme in five Districts today and tomorrow. The inspections would be carried out in 45 high risk Medical Offices of Health (MOH) areas in the Districts of Colombo, Gampaha, Kalutara, Jaffna and Mannar, more..

Aug 16 (Island) UNP General Secretary and Minister Akila Viraj Kariyawasam, said his would certainly win the next presidential election. Addressing a meeting of UNP Trade Unions, Kariyawasam said the party would take steps to solve the problems not only of party members but their children as well. "Those members sacrificed a lot for the party during our difficult times," he added. He said a special programme had been launched to identify the problems faced by the party members. more..

Aug 16 (DN) Railway trade unions agreed to give time until next Tuesday for the govt to come up with a solution to their salary anomalies yesterday. Unions threatened trade union action if the govt failed to provide a viable solution within a week. Leaders of all railway trade unions who met yesterday, made this decision considering requests and requirements of the relevant authorities. The railway trade union collective spokesman said unions will discuss the issue with Prez at more..

Aug 16 (DM) President Maithripala Sirisena in his discussion with railway TUs had stated that a Special Commission would be appointed to review the salaries in the entire Public Sector, not just the Railways Department, Minister Rajitha Senaratne said yesterday. Accordingly, the proposal made to President Sirisena by Minister Mangala Samaraweera to appoint a Commission, which includes experts of each sector, more..

Aug 16 (Island) The govt said yesterday that it would announce the exact allowance and fuel allocation that would be given to the 55 identified Monitoring MPs, shortly. Health Minster Rajitha Senaratne and Lands and Parliamentary Affairs Minister Gayantha Karunathillake answering questions at the Weekly Cabinet Press Briefing in Colombo, reiterated that a proposal for an all round salary increase for Ministers and parliamentarians was not presented to Cabinet. more..

Aug 16 (DM) Joint Opposition (JO) yesterday said it was ready to take legal action against UPFA Secretary and Minister Mahinda Amaraweera for giving his 'personal' opinion on the Opposition Leader's post claiming it as the party's opinion. MP C.B. Ratnayake said Minister Amaraweera had given his personal opinion to Speaker Karu Jayasuriya on the matter of Opposition Leader's post without consulting the UPFA’s Executive Council. “This is a personal opinion of the UPFA more..

Aug 16 (Island) Director General of the CIABOC Sarath Jayamanne, PC, has said that certain regulations could be arbitrarily adopted by lawmakers without hindrance. Even if such regulations were arbitrary, they could have been endorsed at the Cabinet but the CIABOC, on its own couldn’t do anything about it, DG asserted. However, the public could move the Court of Appeal against such regulations, Jayamanne, who is also the more..

Aug 16 (Island) The govt said yesterday that it would soon address the issues of salary anomalies in the public sector and landlessness among the poor. The process of distributing land deeds to the poor in various districts had been accelerated, Lands and Parliamentary Affairs Minister Gayantha Karunathillake told the weekly Cabinet Press Briefing in Colombo. He said that several deed distributing ceremonies will be held in the South and other parts of the country this month." more..

Aug 16 (DM) Seven additional vehicles had been allocated to Industry and Commerce Minister Rishad Bathiudeen, violating the circular by the President's Secretary specifying that the maximum amount of vehicles that can be allocated to a minister was three. Accordingly, it was learnt that the total amount of vehicles that had been allocated to Minister Bathiudeen is ten. It was further learnt that the number of drivers allocated to the minister was eight. more..

Aug 16 (Island) SriLankan Airlines had to spend an additional USD 90,261 on 128 passengers in 2014 January, who missed their connecting flights as Chairman Nishantha Wickramasinghe changed a decision made by highly trained professionals, the Presidential Commission of Inquiry probing irregularities at SriLankan Airlines, SriLankan Catering and Mihin Air was told yesterday. more..

Aug 16 (DN) The decision regarding the post of Opposition Leader was taken by the Speaker after extensive study and probing ideas and views of local and foreign experts and traditions followed by other democratic countries in the Commonwealth, the Speaker's office in a press release stated yesterday. Letters sent by former General Secretary late Prof. Viswa Warnapala and incumbent UPFA General Secretary Mahinda Amaraweera dated 01-09-2015 and 06-08-2018 as well as more..

Aug 16 (DN) Motor Racing icon Dilantha Malagamuwa had given a statement regarding death threats on him at the Western Province (North) DIG’s office yesterday. Police protection has been provided for Malagamuwa. Police Spokesman SP Ruwan Gunasekara said that the IGP had ordered a full investigation into the threat on Malagamuwa’s life. The Kelaniya SSP Division has begun a probe into the incident under the supervision of the Western Province (North) DIG. more..

Aug 16 (DM) Some legal experts are of the opinion that there former President Mahinda Rajapaksa is not debarred from contesting the Presidential Election for the third time, it is learnt. These legal experts believe though the 19th Amendment barred anyone from seeking the Presidency for the third time, it did not have retrospective effect. That they believed, it did not apply to the past Prezs, who served 2 terms. more..

Aug 17 (CT) Integrisme is a French term for an ideology originated in the 19th and early 20th centuries which rejected the values of secular modernism and wanted the state and govt subjected to the Church as it was in the days of medieval Christendom. This ideology rejects the idea of separation of state and church as advanced by the philosophers of Enlightenment. One who believes and works to achieve this objective is therefore an integrist. Sayeeda Warsi, a British Muslim more..

Aug 17 (CT) The Play is the Thing contains more anecdotes, comments, and character portraits from and by Henry Jayasena than any article or essay written about the man. It is at once full of wit and sobriety, particularly because it is not just about the theatre, the medium through which he prospered. Full of sketches about the men and women he encountered, some friendly, others indifferent, a few antagonistic, the book harbours no anger or malice. There are very few artists, who have departed more..

Aug 17 (SO) Court of Appeal sentences controversial monk to 19 years rigorous imprisonment for contempt of court over his conduct at the Homagama Magistrate’s Court in 2016; four sentences to be served concurrently, for a total of 6 years To say that no one is above the law is elementary and Galagoda Atthe Gnanasara Thera learnt this the hard way last week. The controversial Ven. Galagoda Atthe Gnanasara Thera, more..

Aug 17 (DN) August 15 was India’s day of Independence. The Consulate General in Jaffna organised a function at India House. The programme was simple and elegant. The Indian flag was raised promptly at 9:00 am – something that we in Jaffna can learn from. A speech by the President read out by the Consul General S. Balachandran, followed by the latter’s own separate speech. Then a dance-drama by Jaffna University’s Ramanathan College, and the vote of thanks. more..

Aug 17 (DN) The destiny of SL is being wrought by its households and school rooms even though insufficient attention is being paid to this important fact. The PM has stated that the govt is intent on providing a basket of goodies that could be covered by the family budget of working-class families. It is indeed laudable that a Family Budget Unit will be of help in the sphere of the home economy of families to ‘look into solving the economic issues faced by families in the country and more..

Aug 17 (DN) On the playground of Tharmapuram Tamil Vidyalayam, a govt school some 20 km from Kilinochchi town, 12-year-old Sankavi was avoiding her grandmother. The grandmother, Prasanna, sat off to the side, silently watching Sankavi and the other students playing. Prasanna contrasted sharply with her granddaughter: Sankavi was dressed in a tidy skirt and blouse and Prasanna wore a tattered nightgown. more..

Aug 17 (Hindu) There are under-construction skyscrapers across Colombo The soon-to-be opened 1,150-feet Lotus Tower and the Colombo Port City, being built by China on an enormous portion of land reclaimed from the sea, are the new symbols of the island country that desperately wants to rise from a past marred by conflicts. In a nation with a rich history and culture, its capital Colombo, has become a melting pot of old and new, where the old nevertheless continues to define more..

Aug 17 (Hindu) Ritigala, situated deep inside dense forests (Strict Nature Reserve, announces a signboard), ringed by the high Ritigala mountain range, is not the most accessible of places. In fact, the modern name Ritigala is derived from the ancient name Ariṭṭha Pabbata or Dreadful Mountain. The forest contains powerful medicinal herbs that are believed to be guarded by supernatural beings called yakkas. The other legend is that when Hanuman was flying over this place he dropped more..

Aug 17 (FT) A number of changes proposed to the Finance Act will impose new levies to several sectors including telecommunications, vehicle importation and tourism. The amendment bill outlines a number of changes to taxes and levies currently in operation while introducing new ones. The amendments gazetted on 10 August, subject to approval by Parliament, propose a new levy called the Annual Company Registration Levy on companies registered under Companies Act more..

Aug 15 (PTI) Former SL skipper Kumar Sangakkara feels it is unfair to label India as over-dependent on Virat Kohli and attributes the team’s debacle in the first two Tests against England to lack of preparation. England won the first two of the five Tests in Birmingham and Lord’s, with a worrying point about India’s batting being that Kohli was the only batsman to score any runs of substance. “It is almost unfair to the other batsmen because we have seen Virat batting like he has for the last more..

Aug 15 (ST) Tata Nano, touted as the people’s budget car, is no more following the discontinuation of manufacturing of this car by India’s Tata Motors, just after a decade since its launch in Sri Lanka. Confirming the non-availability of Tata Nano in the market the Chairman and Managing Director of DIMO, Ranjith Pandithage said that this situation has arisen owing to the auto model change of the Indian company with more..

Aug 15 (Island) The govt is apparently desperate to sign as many free trade agreements as possible like a drowning man clutching at floating straws. It is labouring under the delusion that it will be able to shore up the crumbling economy with the help of such pacts, without getting its act together on the economic front. The govt has demonstrated its willingness to take leaps of faith. That it plunges feet first into signing free trade agreements at the whims and fancies of some ruling party bigwigs, more..

Aug 15 (Hindu) There are under-construction skyscrapers across Colombo The soon-to-be opened 1,150-feet Lotus Tower and the Colombo Port City, being built by China on an enormous portion of land reclaimed from the sea, are the new symbols of the island country that desperately wants to rise from a past marred by conflicts. In a nation with a rich history and culture, its capital Colombo, has become a melting pot of old and new, where the old nevertheless continues to define city’s ethos. more..

Aug 15 (FT) A host of investment opportunities exist for SL corporates in Bangladesh, top officials from both countries said yesterday, calling for local businesses with long-term ambitions to venture into the nation of 160 million people. At a forum organised by NDB and titled Ayubowan Bangladesh participants, which included the Bangladesh Investment Development Authority (BIDA) Executive Chairman Kazi Islam and more..

Aug 17 (Island) We ordinary plebs of this land, lower and middle classes, have been compelled to tighten our belts to suffocation point but we hear of the govt and its various departments dipping into almost empty kitties to splash on this, that and the other. The merciless railway strikers, some earning more than 200,000 a month said one person who seems to know, has had the Prez buckling down to them. How much increase has he promised? We near-starving can say: more..

Aug 17 (FT) The preparation work for Japan and Korea funded Light Rail Transit (LRT) projects are steaming ahead as pre-feasibility studies near completion, with plans by UDA to call for investment proposals soon. “There are two different sets of LRT projects on five different lines. The one supported by Japanese International Cooperation Agency (JICA) is nearing the completion of feasibility study and the Environmental Impact Assessment (EIA) process has also been completed now. more..

Aug 17 (DN) A pre fabricated terminal will be set up at the BIA soon, an official from the Ministry of Transport and Civil Aviation said. He said there was a mega plan to build a terminal at BIA but it had to be suspended due to many reasons. Due to the high cost of a permanent terminal and time duration it takes to built it, the authorities opted for a pre fabricated terminal which would be around Rs. 400 million. more..

Aug 17 (LBO) Department of Trade & Investment Policy has not yet published the extraordinary gazette pertaining to the revenue protection order which deals with the preferential rates applicable to the Singapore – SL Free Trade Agreement. A preferential rate is leviable and payable under the Singapore – Sri Lanka Free Trade Agreement but the order has not yet published in the official website of the Department of Govt Printing which has the authority to publish gazettes. more..

Aug 17 (LBO) Sri Lanka has proposed to charge 7% value added style-tax from banks and finance companies, in changes proposed to the Finance Act as a so-called Debt Repayment Levy. The proposed tax will be calculated applying the attributable method referred in the value added tax act 14 of 2002, the bill said. It is not clear whether customers who take loans can recover the tax, through their VAT payments. Banks already pay a non-recoverable value added tax which falls more..