Aug 16 (FT) TCommercial Bank Group said it has reported a six-month financial performance that mirrors the impacts of the country’s macro-economic variables, with solid operational gains negated by extraordinary provisioning in the second quarter for impairment charges and other losses. Comprising of the Commercial Bank of Ceylon, its subsidiaries and an associate, the Group posted a gross income of Rs. 119.517 billion for the six months ended 30 June and Rs. 64.944 billion more..

Aug 16 (FT) National Development Bank said it recorded a moderate yet resilient performance in the first half against a highly challenged socio-economic backdrop that prevailed. “With our strategy recalibrated to match external developments well on track, NDB was able to achieve its core banking revenue targets,” CEO Dimantha Seneviratne said in a statement. He said the unprecedented depreciation in the exchange rate together with severe macro-stresses that resulted in more..

Aug 16 (CT) Sri Lanka has decided to further tighten its non-essential imports from this week, a top Ministry of Finance (MoF) official said. In order to curb the foreign exchange grey market it also decided to completely ban all open account transactions temporarily from this week, he said. Accordingly, Central Bank of SL (CBSL) has sent three lists of more than 2,500 non-essential items of which imports should be restricted to MoF. more..

Aug 16 (EN) Stocks gained for the 12th consecutive session on Monday (15) ending at their highest in more than four months pushed by retail shares amid signs of political stability after months of protests, dealers said. The market generated 5.8 billion rupees in turnover, nearly twice of this year’s average daily turnover of 3.11 billion rupees. The ASPI rose 1.82% or 164.04 points to 9,191.52, its highest since March 30. The index has risen 19.6% in the last 12 sessions. more..

Aug 16 (FT) SJB MP Lakshman Kiriella said the party will support all commendable efforts of the Govt through the working Committees in Parliament. This has been communicated by the party leader to the Prez, Kiriella added. Over two years ago, party had requested the then-Govt to present the Chairmanship of the Finance Committee to the Opposition as per standing orders in Parliament, he said. But the Speaker and the then-Leader of the House suspended standing orders and more..

Aug 16 (TM) Unit One of the Lakvijaya Coal Power Plant in Norochcholai has faced a breakdown, for which the entire repair process including the determination of the exact cause will take about three weeks, thus extending ongoing power cuts to up to 3 hours in the coming days. “We suspect that there is a leak in one of the pipes that conveys steam. However, it will take us about two weeks to determine more..

Aug 16 (ST) SL authorities have been struggling for 24 years since 1998 to restructure the debt-laden CEB and many efforts over the years to push through much-needed reforms have failed due to stiff opposition from workers and other quarters. Now, another effort is being made and whether it would succeed is anybody’s guess. Energy Ministry has been directed by Prez Wickremesinghe to expedite the restructuring process of unbundling the CEB by setting up state-owned companies more..

Aug 16 (FT) Court of Appeal has last week dismissed the action filed by 20 Regional Plantation Companies (RPCs) seeking to challenge a decision made by the Wages Board for the Tea Growing and Manufacturing Trade and the Wages Board for rubber growing and manufacturing trade which entitled plantation workers to a daily minimum wage of Rs. 1,000. RPCs contended that such a wage increase would cause significant losses to them and impact the overall industry adversely, more..

Aug 16 (TM) Dept of Immigration and Emigration claims that the Scottish national and activist Kayleigh Fraser, who took part in the aragalaya protests recently, had engaged in business purposes in addition to several other visa violations. The writ petition filed by Scottish national and activist Kayleigh Fraser following the decision taken by the Dept of Immigration and Emigration to deport her over alleged visa violations, is to be taken up for hearing in the Court of Appeal today (16). more..

Aug 16 (TM) The suspended Terminal II project at the BIA will be recommenced by the same contractor after Sri Lanka successfully restructures its debt, according to the Airport and Aviation Services Sri Lanka (AASL). AASL Chairman Maj. Gen. (Retd) G.A. Chandrasiri stated that the contractor, Japan’s Taisei Corporation, was not abandoning the project but only temporarily suspending work. “Once our IMF restructuring work is completed, it will start the project once again. more..

Aug 16 (TM) Minister Prasanna Ranatunga alleged that there is a conspiracy being orchestrated by NGOs, affiliated to the political Opposition and the Tamil diaspora, to isolate the politicians of the Govt and to oust them from politics under the guise of conducting an aragalaya (struggle). He alleged that representatives of NGOs associated with the SJB, as well as JVP, FSP and the Tamil diaspora are behind this conspiracy. more..

Aug 16 (Island) Tamil Nadu Bharatiya Janata Party will continue to pressurise the Union govt to retrieve the Katchatheevu island, from Sri Lanka, as it would facilitate the fishermen in TN to engage in fishing activities, along the Palk Straits, without any insecurity and threat from the SL Navy personnel, said its state President, K Annamalai, in Rameswaram, on Sunday, BJP Ramanathapuram district functionaries organised a series of events, on the visit of their state leader. more..

Aug 16 (Island) The govt now only spent about US$ 230 million, a month, to import fuel, following rationing, a senior officer of the CPC said. Earlier, CPC had spent about US$ 500 million, a month, on fuel imports, he said. “Now, we issue fuel according to the QR system. So we only need about three shiploads of petrol (35,000 tonnes each) and three shiploads of diesel (40,000 tonnes each). LIOC imported one shipload each of petrol and diesel month, & CPC had to import only 2 shiploads more..

Aug 16 (Island) Opposition and SJB Leader, Sajith Premadasa, says that the current economic crisis shouldn’t be exploited to form a jumbo Cabinet, under any circumstances. “The national economy is in such a pathetic state that those struggling to make ends meet shouldn’t be burdened further,” he said. The growing opposition to further expansion of the Cabinet-of-Ministers is quite understandable, the MP said, more..

Aug 16 (DM) Claiming that former Prez Gotabaya Rajapaksa failed because he did not heed expert opinion, NMSJ said they have identified about 2500 academics and professionals who have experience in relevant fields to advise the government. Its Chairman Karu Jayasuriya said their movement has sought the opinions of intellectuals around the world about every process of national importance and held about 98 Zoom discussions as well as issued valuable publications focused on various more..

Aug 16 (DM) The current president, Ranil Wickremesinghe, was appointed to the post for the sake of the Aragalaya and it seems he has not learned anything from the past, Ven. Dr. Omalpe Sobitha Thera said. He emphasized that the people who stole the national wealth should be brought to justice and that corrupt people should not be appointed as ministers. Instead of new procedures, the Prez is seen continuing with the old practices. He used to continue with this same selfish more..

Aug 16 (FT) TNA Spokesman MP M.A. Sumanthiran says the party welcomes the delisting of some diaspora organisations and individuals from the terrorism list. Ministry of Defence on Saturday announced it has decided to lift the ban imposed on six international Tamil organisations, namely the Australian Tamil Congress, Global Tamil Forum, World Dravidian Coordination Committee, more..

Aug 16 (FT) SL’s current economic woes are a result of successive governments spending beyond their means without a priority of purpose and with no consideration of affordability, viability and sustainability, and citizens making hay while the sun shone by enjoying import-heavy lifestyles which were beyond the country’s means. Governance models which bred corruption and nepotism, ignored the pressing need for equal opportunity, disregarded meritocracy and permitted an unlevelled application of laws more..

Aug 16 (FT) This article is dedicated to the interests and toils of the courageous Sri Lankans’ sacrifice, unswervingly united and bound by the exacerbating unheeded mounting people’s dire needs – unmet or inordinately delayed – exceeding limits of endurance, erupting the Aragalaya, the people’s struggle fervently clamouring for systems change and renouncement of the Prez and the PM. Furthermore, aims to clarify the people’s obscurity of the precise constitution of more..

Aug 16 (MFA) The Deputy Regional Director for Asia and the Pacific of the United Nations Development Programme (UNDP) Christophe Bahuet who is presently on a visit to SL, called on the Minister of Foreign Affairs Ali Sabry, on 12 Aug. Foreign Minister Ali Sabry appreciated the consistent support extended by the UNDP to SL for over five decades and in particular, during difficult times. SL is keen to continue its close cooperation with the UNDP and Deputy Regional Director Bahuet affirmed the continued support and cooperation of the UNDP to SL, more..

Aug 16 (USE) The U.S. govt, through its development agency, the USAID, is committed to accelerating clean energy to drive social and economic sustainable growth in SL. On August 16, SL’s Minister of Power and Energy, Kanchana Wijesekera and U.S. Ambassador to SL, Julie Chung attended a signing ceremony for a MoU between the USAID Sri Lanka Energy Program and David Pieris Motor Company (DPMC) that will facilitate the electrification of three-wheelers, commonly known as tuk tuks. more..

Aug 16 (EN) The participation of a group of independent members of parliament at a ceremony marking the controversial arrival of a Chinese tracking vessel at the Hambantota Port has been criticised by a prominent govt MP. The Yuan Wang 5 vessel, at the centre of an apparent geopolitical standoff between India, SL and China, was finally docked at the Chinese-built Hambantota Port in SL’s deep south Tuesday (16) morning after much toing and froing in the midst of raging controversy more..

Aug 16 (MFA) Minister Ali Sabry met the Colombo-based Ambassadors and High Commissioners on Monday (15) at the Ministry of Foreign Affairs for a briefing on current developments ahead of the 51st session of the UNHRC. Attorney General Sanjay Rajaratnam, Foreign Secretary Aruni Wijewardane and Finance Secretary Mahinda Siriwardana also contributed to the briefing. Minister Sabry outlined the current developments in SL, including the democratic transition of office in accordance with the Constitution. more..

Aug 16 (EN) SL plans to draft a bill seeking to establish a Chartered Institute of Professional Journalists, cabinet spokesman Bandula Gunawardana said. On Oct 5, 2021, cabinet of ministers at the time greenlit a proposal to establish an institute to be named Chartered Institute of Journalists and a committee was appointed under the supervision of the Secretary to the Media Ministry to take the necessary measures. On Monday (15) the cabinet approved a proposal to draft a bill based more..

Aug 16 (FT) Lanka Confectionery Manufacturers Association justified the recent price hikes of their products, citing the cost of raw materials have soared in multiples comparatively. “The price of the raw materials used in the production of confectionery has increased by almost 200%,” LCMA President S.D. Suriyakumar said during a media briefing yesterday, adding that the industry comprises entirely by local entrepreneurs. more..

Aug 16 (DM) Minister Bandula Gunawardana today admitted that the SL govt footed the bill to provide former Pre Rajapaksa to fly to Thailand from Singapore in a chartered flight last week. He said the SL govt paid the bill as it was the responsibility of the govt. “Each and every executive president retired and widows of those passed away enjoy benefits, privileges and special facilities and they are also paid an allowance under the President Entitlement Act No. 4 of 1986. more..

Aug 16 (AD) Prez Ranil Wickremesinghe has appointed a committee to oversee and grant prior approval for new appointments or changes to the existing positions of chairpersons and directors of state corporations, statutory boards and state-owned enterprises. Prez’s Secretary Saman Ekanayake will chair the committee which also includes PM’s Secretary Anura Dissanayake and Cabinet Secretary W.M.D.J. Fernando. Prez’s Additional Secretary Chaminda Kularatne will serve as the Secretary of this committee. more..

Aug 16 (ANI) As India celebrated its 76th Independence Day on Monday, several young celebrities from SL extended their warm greetings to the nation. A video was posted on Youth Celebrity Forum's YouTube account in which young musicians, actors and filmmakers from SL could be seen marking the 75 years of India's independence by hailing the relationship between the two counties. "We together fought against the British empire for our freedom and we won. I feel we (SL and India) are one, we share the same roots, more..

Aug 16 (CT) SLPP MP Namal Rajapaksa has written to Minister of Environment Naseer Ahamed proposing two individuals for the post of CEO of GSMB Technical Services (Pvt) Ltd. that comes under the Geological Survey and Mines Bureau (GSMB). Accordingly, Rajapaksa has proposed names of M.H.D.P. Karunaratne and G.G.M. Ishara Hemantha for the CEO post of the company. Ishara Hemantha is a member of a Pradeshiya Sabha and had acted as the Private Secretary of MP D.V Chanaka from 2015 to 2019. more..

Aug 16 (TM) Sri Lanka is presently experiencing a sharp rise in robberies taking place in broad daylight, with The Morning investigation team receiving several complaints from the general public who have recently become victims of robbery. Speaking to The Morning, one victim from Kelaniya said that his mobile phone and motorcycle were robbed on the same day, and that he is unable to trace them as of yet. Sharing his experience, another from Koggala said: more..

Aug 16 (TM) Prez Ranil Wickremesinghe emphasised the importance of the relations between India and SL yesterday on the 75th Independence Day of India, calling it symbiotic and referring to the two nations as two sides of the same coin. “Our relationship is not merely one between two countries; we’ve gone beyond that, having a common heritage. I’ve always said that we are two sides of a single coin – it is not possible to split a coin for one side to fall one way and the other to fall on the other way. more..

Aug 16 (ANI) China will seek preferential treatment on debt restructuring in Sri Lanka which will mostly cater to Beijing's own self-interests and amid this Colombo must avoid these kinds of debt distress efforts at all costs, media reports said. China's role in SL's debt restructuring efforts needs to be observed with utmost caution as the island nation begins its negotiations with major lenders. Concerns are that China's debt relief and restructuring in different nations suffering economic trouble more..

Aug 16 (AD) The Chinese research vessel Yuan Wang 5 has arrived at the port of Hambantota in SL this morning. The Yuan Wang 5 survey vessel is described by security analysts as the latest generation of China’s space-tracking ships capable of monitoring satellites, rockets and intercontinental ballistic missiles. The vessel with some 2,000 sailors on board has facilities to track satellites and intercontinental missiles and is slated to remain at the port till Aug 22. more..

Aug 16 (DM) While claiming that 316 individuals and 06 organizations have been delisted since they are no longer continue to fund terrorist activities, the govt today said that relevant authorities remain to be vigilant on the activities of the delisted individuals and organizations. “Relevant authorities remain to be vigilant on the activities of the delisted individuals and organizations and will ban them again, if raising of funds for financing terrorism is resumed,” Ministry of Defence said. more..

Aug 16 (DM) Sri Lanka is included in the UK's new Developing Countries Trading Scheme (DCTS) which replaces the UK’s Generalized Scheme of Preferences (GSP), accessing to the UK market for over 80% of Sri Lankan export products. “The UK's new Developing Countries Trading Scheme (DCTS) is one of the most generous sets of trading preferences of any country in the world and will benefit Sri Lanka by boosting the economy and supporting jobs,” British High Commissioner Sarah Hulton said. more..

Aug 16 (EN) SL’s manufacturing Purchasing Managers’ Index fell in July compared to June, while services contracted mainly in transportation, real estate and accommodation, food and beverage sectors as the fuel crisis peaked in the country, the central bank said. The manufacturing PMI declined to 41.4 from 44.1 with the contraction of manufacturing activities due to a drop in consumer demand as prices rose in the country while the fuel shortage affected people’s purchasing power. more..