Nov 15 (FT) National Development Bank announced moderate performance in the first nine months of 2022 but stressed it navigated challenges with agility and stability. It said financial performance continued to be challenged by the prevailing macro-economic conditions, adversely impacting profitability for a continued third quarter, as seen across the entire banking industry. “We are navigating through a set of unique challenges hitherto not experienced by SL or the banking sector. more..

Nov 15 (NR) MP Sudarshini Fernandopulle has issued a clarification pertaining to reports of her joining hands with the SJB. MP taking to her Facebook page said, she resigned as a State Minister in April 2022 and decided to stand independent in Parliament after considering the hardships the public was faced with. MP said she has always acted true to her conscience, and as a public representative, has not hesitated to support people friendly proposals tabled by the govt more..

Nov 15 (TM) Political parties representing the upcountry estate sector Tamil community, such as TPA, those representing Tamils in the N&E, such as TNA, and those representing the Muslim community, such as SLMC, have expressed disappointment regarding the proposed 2023 Budget. TPA Leader and SJB MP Mano Ganesan expressed disappointment in yesterday’s (Budget 2023 speech by Prez and Finance Minister more..

Nov 15 (ST) Commonwealth Chess Championships 2022 will be held in SL from Nov 14 to 22 at the Citrus Hotel in Waskaduwa. On behalf of Commonwealth Chess Association, Chess Federation of SL (CFSL) is organising the event. A total of 275 players from eight countries have confirmed their participation at the 9-day event. So far India, Maldives, South Africa, England, Australia, Bangladesh, Pakistan and Sri Lanka will take part in the event where 13 Grand Masters, more..

Nov 15 (DM) All Island Egg Producers Association (AIEPA) said that 50% of the workers have begun to leave the industry and as a result, the industry is on the verge of collapse. AIEPA Prez Ajith Gunasekara told media that the fertilizer ban and the price ceiling for eggs in August have contributed to the collapse of the industry. "Due to the reasons mentioned above, the poultry industry's output has dwindled. We are unable to release sufficient eggs to the market, and it will affect the people more..

Nov 15 (ST) The nine-member Expert Committee that was appointed to draft the new constitution had failed to compile the report within the specific deadline, while millions of taxpayers’ funds were spent for the proceedings and as allowances for the committee without securing proper approvals, an audit report has found. The report noted that drafting and submitting the constitution was not completed even by more..

Nov 15 (ST) Coconut production is set to come down by at least 20% this year, gradually go down further and drop by another 30% in three years as a result of the current bad trends of inadequate fertiliser and the spread of a killer leaf disease. Emeritus Prof. Deepal Matthew, Executive Committee Member of the Coconut Growers Association, said that today the coconut industry is in a bad way and that more problems for the sector might surface in a couple of years time. more..

Nov 15 (MFA) The Deputy Board Chairman of Ajlan Group and the President of the Saudi Chinese Business Council in Saudi Arabia, Sheikh Mohamed Al-Ajlan, who is on a fact finding mission on investments in SL, met with the Minister of Foreign Affairs M.U.M. Ali Sabry at the Ministry of Foreign Affairs on 13 Nov. Minister Sabry briefed him on SL’s economic resilience and potential investment opportunities at the Port City and in the areas of hospitality and renewable energy sector. more..

Nov 15 (DM) With an IMF deal yet to be sealed, Budget 2023 presented to Parliament yesterday stuck with the reform path Sri Lanka had embarked upon after the economy crashed in April, as a result of bad economic policies followed for decades. In his preamble to the budget proposals, President and Finance Minister Ranil Wickremesinghe outlined the need for massive economic reforms and restructuring to lay the foundation for a new economy based on social market principles. more..

Nov 15 (DM) State Minister Diana Gamage said she was extremely happy about the proposal made by Prez Ranil Wickremesinghe to grow Cannabis in SL. “I am very happy that the Prez has realized the value of this medicinal herb. It is an industry which can provide many employment opportunities. This is why I promoted it. I am hoping to bring in investments worth over two billion dollars through cannabis plantation next year,” Gamage said. “I made this proposal some time back,” more..

Nov 15 (Island) Auditor General W.P.C. Wickremaratne said that it was the responsibility of relevant political authorities to act on the findings/queries made by the National Audit Office. AG said so in response to a query with regard to the appointment of retired Judicial Officer Lalith Ekanayake, by North Western Province Governor Admiral of the Fleet Wasantha Karannagoda to conduct inquiry into allegations of corruption more..

Nov 15 (FT) Women’s Wing of SLFP has condemned the recent incidents of harassment against women by the SL Police. Referring to the recent incident where two female activists were blocked from engaging in a protest march on Galle Road, Kaduwela Municipal Councillor from SLFP, Kumarari Pathirage said the country is now turning into a Police state. “The two women were blocked by a host of Police personnel and attempts were made to arrest them. more..

Nov 15 (Island) U.S. Federal Reserve’s aggressive interest rate hikes are having an adverse effect on SL’s economy, Prof Samitha Hettige, an int'l relations analyst, has said. Fed’s latest increase brings the federal funds rate to between 3.75% and 4% after sitting at 0% for more than a year during the coronavirus pandemic. This is not only affecting developing countries but other developed nations as well. “The US interest rate hikes have applied strong pressure on the European economy, more..

Nov 15 (DM) Despite the sharp electricity tariff revision in August, it would not be enough to cover the CEB's operating costs, according to Fitch Ratings. The govt increased the average electricity tariff by 75 percent in August 2022, amid higher feedstock costs, resulting in large losses for the CEB. “We do not believe the new tariff will be sufficient to cover the CEB’s operating costs at current feedstock prices but it should help to reduce losses,” Fitch Ratings said. more..

Nov 15 (FT) The Cabinet of Ministers at its meeting on Sunday has approved the cancellation of the spot and term tender for the procurement of coal. Power and Energy Minister Kanchana Wijesekera said the decision was taken on the recommendation of the technical committee and the procurement committee. He also said both were cancelled, as the bidders had failed to meet the qualification criteria and failed to comply with the tender guidelines, which are major deviations. more..

Nov 15 (Island) JJB MP Dr. Harini Amarasuriya said that the maiden Budget presented by Prez Ranil Wickremesinghe in his capacity as the Finance Minister didn’t address the daunting challenges faced by the country in the wake of unprecedented post-independence economic crisis. Dr. Amarasuriya asserted that Prez Wickremesinghe had failed to respond to the growing political-economic-social crisis. more..

Nov 15 (FT) W.M. Mendis & Co. Ltd., a SL heritage brand with a unique footprint in the industry for over 70 years, recommenced operations recently with an outreach that provides immediate economic empowerment for over 15,000 farmers in the country. The company commenced operations in 1947 with a wide array of products that showcased the growth and expertise of SL blending. With the potential to showcase truly SL products to the world, company has already entered export market. more..

Nov 15 (AD) Governor of the Central Bank says the Budget 2023 concentrates on recovering the economy and how to stabilize it moving forward. Dr. Nandalal Weerasinghe stated that since the beginning of the economic crisis, the focus had been on the short-term measures that would help regain macroeconomic stability and a medium- to long-term economic recovery. As the economy contracted due to certain policies in the past, the govt was compelled to take quick decisions to get out more..

Nov 15 (FT) Prez Ranil Wickremesinghe yesterday appealed to all political parties and other stakeholders to support the national effort to bring positive change to the country with the 2023 Budget unveiling slew of proposals to restructure and modernise the economy for the benefit of youth – the real wealth of the country. Analysts described the 2023 Budget as overly ambitious when it came to revenue and more..

Nov 15 (AD) A small child has died after being attacked with a sharp weapon at home in the Ranabimagama area of Matale Police Division yesterday. A neighbour had attacked the mother, daughter and two sons of the same family this way. Four individuals who were seriously injured during the attack, have been admitted to Matale Hospital, where the 03-year-old boy had succumbed to his injuries later. Injured mother (38), daughter (19) and the other son (15) are still receiving treatment more..

Nov 15 (FT) Ayubowan, Vanakkam, Annyonghasimnikka (Korean greeting) I am the Ambassador of the Republic of Korea to SL, Santhush Woonjin Jeong. 14 November marks the 45th anniversary of the establishment of diplomatic ties between Korea and SL. I would like to celebrate the meaningful day together with SL and Sri Lankan people. Since the establishment of diplomatic relations in 1977, our relationship has been robust. Korea and SL have many common factors more..

Nov 15 (DM) Former MP Hirunika Premachandra and 14 others have been granted bail by the Colombo Chief Magistrate’s court. They were arrested in relation to participating in a demonstration near the President’s House and interfering in police duties yesterday. Accordingly, Colombo Chief Magistrate Nandana Amarasinghe ordered each suspect including Hirunika Premachandra to be released on a cash bail of Rs. 10,000 and a surety bail of Rs. 5 million each. more..

Nov 15 (FT) Whilst many interpretations are made on the Budget 2023, if one analyses the media today, tourism has become the only saviour that can save Sri Lanka from the liquidity crunch. But many have forgotten that for a brand to perform in the market place we need to invest and give purpose to a brand. The world must understand that only with input we can expect an output. Let me capture a best practice that might help Sri Lanka. Whilst the macro data tells us that more..

Nov 15 (EN) Central Bank will take action to ease a liquidity shortage in banks, which may lead a to fall in short term market rates, CB Governor Nandalal Weerasinghe said. The interbank market is short by around 300 billion rupees, which falls when the central bank buys some govt securities outright from auctions. Following the correction in rates banks have use outright money to settle overnight borrowings instead of giving new loans. more..

Nov 15 (EN) President and the finance Minister Ranil Wickeremesinghe said military personnel will be given the opportunity to retire early after completing 18 years of service. Presenting the 2023 budget, Prez Wickremesinghe said military personnel who completed 18 years of service may retire early. They will also be given the necessary training to engage in economically productive activities after retirement, he said. Currently retirement in military is after 24 yrs of service. more..

Nov 15 (TM) UNP has decided to initiate disciplinary action against UNP Seethawaka PS Member Shashi Hettiarachchi, who took part in a protest in front of the Chinese Embassy on 12 Nov, demanding that the creditor nation restructure the debts owed by SL. UNP General Secretary Palitha Range Bandara said that the party’s disciplinary committee has decided to take disciplinary action against Hettiarachchi. “There is no involvement of the UNP in the protest that took place in front of Chinese Embassy. more..

Nov 15 (EN) Prez Ranil Wickramasinghe has announced tax changes in an effort boost revenues and also make external trade easier, according to a budget presented for 2023. Border Taxes: Sri Lanka will phase out CESS, a para tariff in three years starting from January 2023. Ports and Airports Levy, another border tax will be phased out in five years. Instead standard import duty will be raised from 0, 10 and 15% to 0, 15 and 20%. more..

Nov 15 (Island) The International Organization for Migration (IOM) yesterday announced that it will provide humanitarian assistance to the 303 SL illegal migrants who were rescued off the coast of Vietnam. Responding to a request received from the Sri Lankan Embassy in Hanoi, IOM in coordination with the Govts of Vietnam and Sri Lanka, its missions in the two countries and relevant UN agencies, are providing necessary assistance and protection, the IOM said in a statement. more..

Nov 15 (AD) Several MPs have been appointed as the Chairpersons of Regional Development Committees. The relevant appointment letters have been handed over to the respective MPs by PM Dinesh Gunawardene. Accordingly, Chief Government Whip, Minister Prasanna Ranatunga, Ministers Mahinda Amaraweera, Vidura Wickramanayake and Naseer Ahamed, State Minister Jagath Pushpakumara have been appointed as the Chairmen of more..

Nov 15 (EN) Shares slipped on Tuesday led by stocks that may likely to be impacted by the 2023 budget presented this week, but turnover improved as markets and investors are gradually absorbing the impacts of the policies. Prez Ranil Wickremesinghe in his capacity as the finance minister presented 2023 budget in the parliament which aimed at raising taxes by 63% year-on-year, while showing some signals on fiscal consolidation. ASPI closed 0.86% or 71.77 points lower. more..

Nov 15 (DM) SL abstained in the UN General Assembly on a draft resolution calling for Russia to be held accountable for violations of international law by its invasion of Ukraine and requiring Moscow to pay reparations to Kyiv for damages, loss and injury resulting from the war. The draft resolution, Furtherance of remedy and reparation for aggression against Ukraine, introduced by Ukraine was adopted Monday in the 193-member UNGA by a recorded vote of 94 in favour, 14 against more..

Nov 15 (EN) SL has to rationalize state spending, reduce the size of govt, not just raise taxes, Treasury Secretary Mahinda Siriwardene said making a case for spending-based consolidation. “Increase of the revenue and also the reduction of expenditure has to go hand in hand,” he said. “Other-wise there is no point in generating revenue if there is no control on the expenditure side.” SL went on an IMF backed Western anti-austerity more..

Nov 15 (MJ) Japanese govt informed Nagoya District Court on Nov 14 that it will submit security camera footage as evidence in a lawsuit over the death of a SL woman at an immigration facility here, a legal representative of her bereaved family revealed. Wishma Sandamali died at Nagoya Regional Immigration Services Bureau in March 2021 at age 33. The video to be submitted is approximately five hours of footage that was disclosed to the bereaved family during more..

Nov 15 (Island) Executive Director of the Centre of Policy Alternatives (CPA) Dr. Paikiasothy Saravanamuttu said at a workshop held in Kandy that China’s unwillingness to accept the proposed debt restructuring might deprive Sri Lanka of the US$ 2.9 billion credit facility, from the IMF. The staff-level agreement is to be implemented only after the countries that Sri Lanka are indebted to, namely Japan, China, India and the European Union, agree on how the debt is to be restructured. more..

Nov 15 (TM) The Rally for Animal Rights and Environment (RARE) SL organisation Directors in collaboration with the Centre for Environmental Justice (CEJ) have filed a writ application in the Court of Appeal (CoA) challenging the extraordinary gazette notification issued in August 2021, for the adoption of safety measures for elephants. Animal rights activists claim that the Protection, Wellbeing and Regularisation of more..