Jun 3 (FT) There was cheer for investors yesterday as the Colombo stock market gained after suffering a 7-day loss and foreigners remained net buyers though local activity levels were moderate. The active S&P SL20 gained by 0.6% and the benchmark ASPI by 0.4%. Turnover was only Rs. 1.4 billion involving 70 million shares. Asia Securities said following seven sessions of losses, the indices returned to positive territory on Thursday supported by price gains in JKH (+2.6), EXPO (+1.5%), more..

Jun 3 (ST) The official Paper Plane World Championship, Red Bull Paper Wings, was concluded in Salzburg, Austria recently. The World Final was participated by three competitors representing Sri Lanka who emerged winners of Northern, Central and Western provinces at the local qualifiers. The sixth edition of the World Final in 2022 at Hangar 7 in Salzburg saw a record number of pilots competing in 3 categories — Distance, Airtime and Aerobatics. more..

Jun 3 (ST) With Australia’s Labor party coming into power and ending a nine-year long conservative party rule, the change of govt has given fresh hope to Sri Lankans who are trying to flee the country due to the economic crisis. Within days after new PM Anthony Albanese’s Labor Party defeated former PM Scott Morrison’s Liberal-National coalition in the country’s federal election, at least 100 people are known to have made bookings for more..

Jun 3 (ST) The lives of thousands of workers generating millions of dollars to SL is hanging in the balance as apparel buyers both large and small are concerned about the future economic and political climate as they draw mitigation plans to overcome future challenges. Buyers said on Thursday that they are currently watching the evolving situation in the country with concerns of how they can overcome future challenges and are worried that if they pull out it would directly impact the 350,00 workforce. more..

Jun 3 (Island) SJB urged the govt to put its draft 21st amendment to vote in Parliament. SJB MP Lakshman Kiriella said the govt too had made proposals for constitutional reforms. “They have said a draft has been made and submitted to various people and organisations. But we have not seen it yet. It has not yet been submittted even to the Cabinet of Ministers. They are talking about a proposal which has not yet been finalised. Suppose they will submit it to the next Cabinet meeting more..

Jun 3 (FT) Port of Colombo has been ranked as the most efficient port in South Asia and the Indian Sub-Continent, third in the Indian Ocean rim and 22nd among 370 ports globally, in the second edition of the Global Container Port Performance Index (CPPI) 2021, ranking developed by the World Bank and S&P Global Market Intelligence and Financial Services. Summarising the report, the authors said: more..

Jun 3 (FT) Bullish on the prospects for the export apparel sector, Browns Group is investing Rs. 15.3 billion to put up the country’s most modern and the largest textiles plant in the Kurunegala District. The Board of Investment (BOI) agreement to this effect was signed recently between Brown and Company PLC Group CEO T. Sanakan and BOI Director General Renuka Weerakone. Sanakan, along with new Project Division Heads Dulip Samaraweera and Charitha Jayasingha has taken the initiative more..

Jun 3 (DN) Luxman Wijesuriya the former National Chess Champion was re-elected as the President of the Chess Federation of SL (CFSL) at their AGM held at CFSL Headquarters on Wednesday. Luxman Wijesuriya is a keen chess promoter in Sri Lanka having National and International experience as a former player winning several medals at the South Asian and Asian level. As an administrator, Luxman was a former Secretary of the CFSL while he is currently serving as the General Secretary of more..

Jun 3 (DN) The total revenue earned by all 14 BOI zones and other BOI related companies last year was around USD 1,400 million in the first three months of 2021 and this year it has increased to around USD 1,650 million. This is a 11% growth as against the previous year. Secretary Free Trade Zone Manufactures’ Association Dhammika Fernando said that the big BOI based companies have not witnessed major drop in orders and this trend is expected to continue. more..

Jun 3 (FT) A high-net-worth Malaysian investor yesterday picked up a controlling 52% stake in Ramboda Falls PLC for Rs. 279 million giving a boost for forex-strapped SL via the Colombo stock market. The investor Yeoh Kim Leng bought 10.40 million shares at Rs. 26.80 each via a crossing. Sellers were founder shareholders L.S. Sigera and I.J.A. Karunarathna in equal quantities of 5.2 million shares (26%) each. Post-deal Ramboda Falls share price gained by 54% to close at Rs. 23.40. more..

Jun 3 (FT) A storm is brewing over the Govt’s decision to grant Indian giant Adani a 500MW wind power project and also at favourable terms ignoring local developers. Recently, based on a Cabinet approval, the Govt has signed a MoU with Adani Green Energy Ltd., to offer 500MW of wind plants. Adani has been offered the two best wind sites in SL, namely Mannar and Poonarine, at a lucrative tariff of 7.55 US cents per kWh. more..

Jun 3 (DN) Mahindra & Mahindra, together with Ideal Motors, will create SL automobile history when they will start exporting Made in SL Diesel (AMT) vehicles to the African market from Nov 2022. Chairman Ideal Motors, NalinW elgama said that they have commended the assembly of KUV100 Diesel vehicle and the vehicle is available in SL market. The vehicle with around 25% value addition in SL is 1200cc and does around 20 KM per liter making it a very economical vehicle for more..

Jun 3 (Island) Sri Lanka will lose about USD 240,000 per month from an agreement the Health Ministry has made with an Indian Company using the money received from the Indian credit line, President of the College of Medical Laboratory Science, Ravi Kumudesh said. Ministry has ordered 22,331 packets of Atorvastatin 20 mg, a widely used cholesterol lowering drug at USD 141,360. “One packet costs USD 6.33. The previous stock was purchased at USD 1.33. more..

Jun 3 (Island) The Hambantota International Port Group (HIPG) marked the symbolic beginning of their flagship community development project, ‘Hope Village.’ This venture which has a budget of over Rs. 60 million, will in its initial stage include a community centre, health centre, agriculture centre, playground facilities as well as financial assistance to the village temple in Kandagasmankada, a village in the Lunugamwehera Division of the Hambantota District. Ambassador for China to SL more..

Jun 3 (DM) Former Kegalle SSP K.B. Keerthiratne and three other police officers have filed a writ petition in the Court of Appeal challenging the Kegalle Magistrate's order to arrest them in connection with the recent Rambukkana shooting incident. Court of Appeal today issued notices on the respondents including the AG returnable for June 27, when this petition came up before Court of Appeal two-judge-bench comprising Justices Sobhitha Rajakaruna & Dhammika Ganepola. more..

Jun 3 (TM) Although the Sapugaskanda Oil Refinery has resumed operations after receiving 90,000 metric tonnes (MT) of crude oil, the PTUC has warned that the refinery would have to be closed again, as no crude oil has been ordered to be delivered to SL by the time the said stock is utilised. PTUC Convener said: “Sapugaskanda Oil Refinery has now resumed operations after receiving 90000MT crude oil more..

Jun 3 (DN) PM said the govt is targeting US$ 5 billion this year for repayments and another US$ 1 billion to bolster the foreign reserves in SL. PM, during a meeting with representatives from the Joint Chambers, explained that the Govt was targeting US$ 5 bn this year for repayments, plus a further US$ 1 bn to bolster the country’s reserves. He elaborated that discussions with the IMF are proceeding and he was hopeful that negotiations would conclude by the end of the month. more..

Jun 3 (TM) CID arrested Colombo Municipal Councillor Mahinda Kahandagama yesterday and appointed two CID teams to arrest SLPP MP Johnston Fernando, with regard to the incidents of peaceful protestors being attacked by a group of SLPP supporters in Colombo on 9 May on Wednesday (1). This followed AG’s Dept informing the Colombo Fort Magistrate’s Court that Fernando and Kahandagama and two others have been named as suspects in the case more..

Jun 3 (AD) Sri Lanka can’t tap a $1.5 billion credit line from China as the Chinese are concerned the IMF may force delays in repayment, a former Governor of the Central Bank said. “There is a condition in relation to the months of import cover that we need to have in order to be able to draw on that money,” Dr. Indrajit Coomaraswamy, who is advising the SL govt, said at an event organized by the CB Thursday. more..

Jun 3 (FT) The readiness of the Prez and PM to open the doors for a public-participatory reform program for a profound and positive change in the system can be considered as a unique revolution likely to take place in the context of the youth uprising. At a time when the heat of the youth uprising was on the rise, I had a strong curiosity to know what the President was thinking about it. How does he feel about having a reform program? Is he in favour of a reform program? more..

Jun 3 (FT) We stay in a queue to prove that I came before you. Queues are there because there is a supply shortage. Almost 20 years ago this was the situation at private hospitals. To get an appointment from well-known doctors one had to stay in the queue from very early in the morning. Then came echanneling.com, and the rest is history. Just imagine applying the same platform. Equate a petrol shed to a hospital, fuel pump to a doctor and register with your phone number and more..

Jun 3 (ENS) At a time when Lankan Tamils have been illegally reaching Indian shores to escape from the unprecedented economic crisis in the island nation, the Q-Branch police on Wednesday arrested a SL man for allegedly planning to illegally migrate back to his homeland. A Rameswaram fisherman, who had allegedly taken money from the suspect and agreed to ferry him, has also been arrested. Q-Branch personnel, who were patrolling near the Rameswaram Railway Station, more..

Jun 3 (CT) PM Wickremesinghe, by Gazette No. 2282/24, dated Tuesday (31), has removed the 15% import duty on sanitary pads, effective Wednesday (1). However, VAT on such items which was previously 8% has been increased to 12% with immediate effect, ie from Tuesday (31). Further, other import taxes on sanitary pads such as PAL (10%) and Cess (15%) remain unchanged. In other developments, Customs duty of 15% each, on baby and adult diapers however remain, more..

Jun 3 (DM) Microsoft recently announced that Team Nana Shilpa emerged as the Runner-Up following an intense finale against Team V Bionic and Team Melodic at Imagine Cup World Championship 2022, in Seattle, Washington. Team from SL won a cash prize of US $ 10,000 and with this win, SL technology got recognised as one of the top three novel solutions at the global competition. Microsoft Imagine Cup is designed to more..

Jun 3 (EN) Sri Lanka stocks slipped 0.55% on Friday (5) to its lowest close in more than three weeks as the government announcement on tax hike coupled with past interest rate increase dented investor sentiment, stockbrokers said. The All Share Price Index (ASPI) closed 0.55% or 44.74 points down at 8,054.77, its lowest close since May 12. “There is nothing to boost the sentiment. Higher interest rate is the main reason for the market fall,” a stockbroker said. more..

Jun 3 (EN) PM Wickremesinghe has said the govt has planned to maintain supply of fuel for three wheelers in a manner that will not be create a shortage, his office said on Friday. SL has nearly more than 1 million three wheels and it has become a source of self employments for nearly 1 million people, official data show. Many three wheel drivers lost their usual earnings while some lost their livelihoods due to fuel shortage and long queues for fuel amid price sharply increased to record more..

Jun 3 (AD) Prez Rajapaksa has instructed given directives to release Rs. 1.8 billion from the COVID-19 Healthcare and Social Security Fund to import essential medicines. These funds were received from donors to control the coronavirus disease. Prez said that the money could be used for health needs as the COVID-19 epidemic is now under control. A total of 234 types of medicines required for hospitals are manufactured more..

Jun 3 (AD) Nine army intelligence officers accused in the case filed over the abduction and disappearance of journalist Pradeep Ekneligoda have been remanded until the 13th of June. The case was called before the Colombo Trial-at-Bar today. In Nov 2019, nine accused had been served indictment over the abduction of Eknaligoda and released on previous bail. Eknaligoda, who was a cartoonist, political analyst and journalist, was reported missing on Jan 24, 2010, more..

Jun 3 (DM) Refuting claims that more than Rs. 600 million has been spent for a software for an inventory of medicine for the Medical Supply Division (MSD), EWIS SL said only Rs. 83 million was spent on the Software made for the MSD and the cost for the total project was Rs. 223 million. Chairman of EWIS SL Sanjeewa Wickramanayake said that 45,000 purchasing orders have been placed through this system since 2015 and that a total of 950 purchase orders have been more..

Jun 3 (AD) Former Minister Basil Rajapaksa and Thirukumar Nadesan, the husband of former Minister Nirupama Rajapaksa who was named in Pandora Papers, have been acquitted in the Malwana property case. The verdict was delivered by the Gampaha High Court today (3). The case was filed against Basil Rajapaksa and Thirukumar Nadesan under three charges for misappropriating state funds by purchasing a 16-acre land in Dompe, Malwana and building a luxury house more..

Jun 3 (AD) The life of an individual was claimed in a shooting incident reported in the area of Panadura this afternoon. Two unidentified gunmen on a motorcycle had opened fire at the victim near the Nirmala Mawatha in Panadura. The deceased was identified as a 30-year-old father of two named Randika Madhushan from Thalpitiya in Wadduwa. He worked as a vegetable vendor in Panadura town. He was gunned down while he was moving towards the Galle Road on a motorcycle along more..

Jun 3 (EN) PM Ranil Wickremesinghe on Friday briefed the representatives of FAO and UNDP over possible food shortage and the plans to overcome the production gap, the PM’s office said. The meetings come as the island nation’s agricultural experts have warned of a possible shortage of rice and other essential foods possibly in September because of lower production due to the impacts of chemical fertilizer ban more..

Jun 3 (Island) Dept of Forest Conservation yesterday commenced issuing of free licences to the public to harvest jakfruit in its reserves on a directive given by Agriculture, Wildlife and Forest Conservation Minister Mahinda Amaraweera. A Department official said that the yield from jackfruit trees in protected lands belonging to the Forest Department had increased this year. Forest Department revealed the new licence scheme during discussion with the Minister at the Dept. more..

Jun 3 (AD) Board of Investment of SL (BOI) presented a five-year strategic plan with the expectation of attracting sustainable foreign direct investment (FDI) to SL. A virtual round table titled Investment Facilitation for Development: How Asian and Pacific Economies will Benefit was held on 19 May in Bangkok, Thailand, jointly implemented by the International Trade Centre (ITC) and the German Development Institute/Deutsches Institut für Entwicklungspolitik (DIE), more..

Jun 3 (TM) Bar Association of SL (BASL), in a letter addressed to the AG, has raised concerns over the alleged indiscriminate arrests by Police in relation to the violence which occurred in the wake of the incidents of 9th of May 2022 and thereafter. The letter stated that concerns have been raised over the partiality of the Police Dept, in carrying out investigations and making arrests over incidents of violence across the country. more..

Jun 3 (FT) SJB Colombo District MP S.M. Marikkar yesterday said that the new tax proposals announced by PM Ranil Wickremesinghe are “disproportionate” and alleged that donor countries do not have confidence on the interim-Govt. “We agree that tax policies need to be revised upwards and that Govt revenue must be enhanced. But this must be done in a proportional manner, and the same cannot apply to rich and poor segments. Where is the promised $ 3 billion in relief? more..