Aug 28 (FT) The Central Bank in a directive on Friday fixed caps on maximum interest rates on customers to ensure the banking sector conforms to improving macroeconomic fundamentals to warrant a downward revision. The directive issued under Section 104(1)(b) of the Monetary Law Act, No. 58 of 1949, was following the August monetary policy review by the Monetary Board. CBSL said it has adopted several policy measures in the recent past such as reduction of policy interest rates more..

Aug 28 (DN) Nadeesha Ramanayaka of Southern Province and K.M.D Dharshana of Central Province were adjudged the Best Women’s and Men’s Athletes at the 47th National Sports Games (NSG) which ended at Sugathadasa Stadium on Saturday. The three-day event was conducted by the Sports Ministry and Sports Development Department with the Justice Prisons Affairs and Constitutional Reforms Minister Wijeyadasa Rajapakshe as the chief guest while a notable absentee was Sports Minister Roshan Ranasinghe on the final day. more..

Aug 28 (FT) Dept of Commerce under the Ministry of Trade, Commerce and Food Security successfully organised the participation of 58 SL companies at the China-South Asia Exposition held for five days in Kunming. This was an ideal opportunity for SL companies to showcase their products to the Chinese market and find new buyers. Minister Nalin Fernando visited the Kunming Expo and encouraged SL companies to promote SL products in the lucrative consumer market in China. more..

Aug 28 (TM) EDB of SL is in the process of introducing the first geographical indication (GI)-certified (Ceylon) cinnamon products to the market by this October. EDB Director - Export Agriculture Janak Badugama said: “Hopefully, by around October or the end of this year, our target is to introduce the first GI (cinnamon) products to the int'l market. Right now, we (EDB) are complying with the process.” He noted that achieving the certificate was a Herculean task in order to find the traceability, more..

Aug 28 (FT) The grand finale of SPARK 2023, a national competition celebrating young entrepreneurs in Sri Lanka, was held on 21 August where industry experts highlighted the necessity of cultivating innovation and enterprising skills among the youth of the country. The finale coincided with World Entrepreneurship Day and was aimed at empowering Sri Lankan entrepreneurs between the ages of 15 and 24 in and outside of school as they ventured into the private sector. more..

Aug 28 (TM) SL Medical Council (SLMC) has decided to extend the suspension imposed on controversial JMO Dr. Ruhul Haq, who was recently sent on compulsory leave by the Ministry of Health. Sources close to the matter within the SLMC said that the professional body may even impose an indefinite suspension until all inquiries against the troubled medical officer have ended. Haq sparked controversy as it was revealed that he had continued to function as a JMO, more..

Aug 28 (ST) Treasury with line ministries are gearing to create an Asset Management Company (Bad Loans Bank) or non-performing loan (NPL) bank to take over the toxic assets of the banks, and ring-fence these assets for the banks to move forward. Ministry of Finance officials said that this was approved by the last budget, but progress was very slow. Now the discussions are at the initial stages and the bad bank is envisioned with supporting recovery powers legislated by Parliament, and with all conceivable powers, more..

Aug 28 (DN) The Hambantota International Port (HIP) has joined hands with the Ministry of Youth Affairs, Small Enterprises Development Division to bring about progressive change for entrepreneurs in the Hambantota District. “As a forward thinking organisation, committed to the wellbeing of the community, HIPG is dedicated to creating meaningful opportunities for small-scale entrepreneurs in our region,” says Johnson Liu, CEO of Hambantota International Port Group of HIP. more..

Aug 28 (ST) Sri Lankans need to now start assessing the only wealth they have in the form of land, buildings, investments, shares and even the cost of inheriting parent’s property or the only provident funds that once realised could be taxed when the next budget comes around! Authorities in line with the IMF recommendations will be readying to impose a set of new taxes namely Wealth Tax, Inheritance Tax, Gift Tax and Capital Gains Tax that has already received Cabinet approval, more..

Aug 28 (DN) Minister Wijeyadasa Rajapakshe said that the insurance company has expressed its willingness to provide close to Rs. 291 million as an interim compensation without prejudice to the case related to the X-Press Pearl incident. He said the insurance company has already expressed its willingness to pay US$ 878,000 for the damage caused by the fire on the X-Press Pearl ship. Amount is approximately Rs. 285 million, and in addition, the insurance company has agreed to pay Rs. 16 million. more..

Aug 28 (SO) Defence authorities ordered a crackdown on those responsible for causing deliberate forest fires adding that fire belts will be set up at the earliest to prevent further infernos, State Minister of Defence, Premitha Bandara Tennakoon said. He said officials of the Wild Life and Forest Conservation Departments, Disaster Management Centre and other State agencies including the police and military that action should be taken at the earliest before the situation spirals out of control. more..

Aug 28 (FT) SJB Deputy General Secretary Mujibur Rahman accused ‘bankrupt’ politicians of attempting to consolidate their power by reigniting ethnic and communal tensions in the country. “They are attempting to use the Kurundi Vihara issue and a land dispute in Batticaloa to stoke racial and religious disharmony,” he alleged. Listing out recent incidents of concern including a statement by Govt MP Wajira Abeywardana of a possible terror attack and the siege on the residence more..

Aug 28 (AD) The State Minister Ranjith Siyambalapitiya says that legal action will be taken under the Penal Code against the organizations and individuals who are carrying out or involved in Pyramid schemes. Meanwhile on Thursday, CBSL had banned 09 entities that have conducted pyramid schemes which are prohibited in the country. In a post published on social media platform X, formerly known as Twitter, CBSL warned against participating in pyramid schemes, deeming it a punishable offence. more..

Aug 28 (AD) The Archbishop of Colombo, Cardinal Malcolm Ranjith says that if a bridge is to be constructed connecting Sri Lanka and India, a referendum should be held in order to seek the people’s consent for such a move. Joining the Sunday Mass held at the National Basilica Church in Thewatte, Ragama today (27), Cardinal Ranjith emphasized that it is the rulers who have betrayed the country to foreigners throughout history. Commenting further, more..

Aug 28 (AD) Dept of Meteorology announced that on the apparent southward relative motion of the sun, it is going to be directly over the latitudes of SL during Aug 28 to Sept 7 this year. The nearest towns of SL over which the sun is overhead tomorrow (28) are Kovilan point and Mallakam in Jaffna District at around 12.11 noon, it said. Meanwhile, the showery condition is expected to enhance to some extent in the south-western part of the island in the next few days starting from Aug 28, more..

Aug 28 (Island) Amidst the ongoing controversy over a proposed survey to be undertaken in terms of a project initiated in late 2014 to locate the wrecks of vessels belonging to Admiral Zheng He’s fleet off the southern coast, govt has granted permission for the docking of Chinese research vessel Shi Yan 6 in the Colombo harbour later this year. Shi Yan 6 is expected to undertake research jointly with the National Aquatic Resources Research and Development Agency (NARA). more..

Aug 28 (AD) Ministry of Defence has granted approval for the Chinese geophysical and seismic survey vessel Shi Yan 6 to carry out research on Sri Lankan waters with the NARA. A Spokesman of the Ministry of Defence stated that the approval was granted on request by NARA and the Foreign Ministry. China had requested permission for a research ship to dock in SL, following a visit by a spacecraft-tracking vessel last year that sparked security concerns from neighbouring India. more..

Aug 28 (ST) Some twenty public officials are reported to have flouted a Presidential Secretariat directive to travel on Economy class instead of Business class for their official visits overseas. A Treasury circular will be issued soon to secure the reimbursements of the difference in fare if it has been out of state funds while a fresh reminder will be issued to those intending to travel. The original circular was issued four months ago to cut down state expenses in view of the ongoing economic crisis. more..

Aug 28 (TM) Sri Lanka is looking at demand, domestic substitutes, and its foreign exchange position in relaxing the country’s import restrictions which have been in place since March 2020, as the country phases out control measures under the EFF of the IMF, according to State Minister Ranjith Siyambalapitiya. He said that the five-point approach to the relaxation of import restrictions had brought down the imposed restrictions on over 3,000 HS codes to about 300 HS codes. more..

Aug 28 (BP) Thailand and SL expect to sign a free trade agreement (FTA) in early 2024 as the two parties aim for three more rounds of talks this year to conclude the negotiations, according to the chief of the Trade Negotiations Department. Auramon Supthaweethum, director-general of the department, speaking at the sixth round of negotiations for the Thailand-SL FTA held from Aug 21-23 in Bangkok, said the talks have advanced beyond the halfway point. Both sides aim to conclude negotiations in 2023, more..

Aug 28 (CT) In response to the allegation levelled by the FSP, that JVP has invested in an European island, JVP Leader Anura Kumara Dissanayake challenged the FSP to prove the allegation. Dissanayake said the gravity of the situation was that the allegation wasn’t merely a simple accusation but a potentially complex political attack with broader implications. Dissanayake highlighted that the allegations seemed to be driven by a need to associate the JVP with corrupt practices, more..

Aug 28 (EN) A legislator has called for support from politicians of both sides of the house to solve the issue of landless non-workers living in commercial plantations, after an incident involving the dismantling of a make-shift dwelling in an estate in Matale. Plantations officials had ordered the dwelling to be dismantled amid protests and to the sounds of crying children, in a video footage shared over social media, that drew a sympathetic response. more..

Aug 29 (DM) If the Indian moon probe Chandrayaan 3 was an unqualified success, it was due not only to the scientists who toiled on the project resolutely against odds but also due to Jawaharlal Nehru, the man who built, brick by brick as it were, India’s scientific and technical infrastructure from the day the country became independent. In his 17-year stint as Prime Minister from 1947 to 1964, Nehru gave India a national policy on science and built research and educational institutions more..

Aug 29 (GV) It is in these months of Esala and Nikini, when the drought reaches its maxim that the first rain making festivals began. Rituals to appease the rain gods were initiated by the Yakkha, Rakusa and Naga, who were ancient tribes of SL. It is they who have now evolved into the hybrid, modern races of the island and carried forward their ancient cultural practices. In time, framed by new philosophies and faiths, these ancient rituals were adapted from the practices of those ancient more..

Aug 29 (TM) In a world where every sentient being is granted equal rights and autonomy, the pursuit of animal rights and environmental conservation takes on an imperative significance. This is the driving vision behind Rally for Animal Rights and Environment (RARE), a trailblazing animal rights advocacy organisation that emerged in 2019. As a registered non-profit association, RARE’s mission extends far beyond conventional more..

Aug 29 (ST) The demonic curse of alleged corruption, made so often by the JVP against their foes, seems to have boomeranged and landed right in the heart of their Marxist nest. Its leader Anura Kumara Dissanayake found the boot on the other foot when the clichéd reply he had received ‘prove it, prove it’ from the SLPP whenever he charged them of fraud, was also now his first resort to fend off the corruption charges hurled at him. Last Sunday in response to a corruption charge made, more..

Aug 29 (CT) Last week, India landed Chandrayaan 3 on the moon becoming the fourth country to successfully land on the moon and the first ever to make it near the south pole of the moon. India can pat themselves on the back for not just reaching new heights, both figuratively and literally but also for accomplishing this major feat on what one would call a shoestring budget of USD 75 million, for a space mission. Meanwhile, we, cash-strapped, economically burdened & running-on prayers, more..

Aug 29 (TM) Sri Lanka is diverse, there is no doubting that. But, there are also segments in the society which are marginalised, simply based on looks. While most genres of persons with disabilities are now recognised and included in the diversity spectrum, there are some who are yet not that fortunate. People with achondroplasia stand tall and proud but they are just a little little. more..

Aug 29 (DM) According to statistics that has been revealed to the media by the police, 40 people have been killed in shootings so far this year in the country while several more have been injured. Against this backdrop the Daily Mirror on Aug 25 reported quoting Western Province Senior DIG Deshabandu Tennakoon that the police, in collaboration with the STF, have launched special operations to crack down on organised criminals and individuals associated with them, more..

Aug 29 (TM) A number of media reports on the string of shootings that the country witnessed during the past few months have raised common concerns, which are shared by the public as well. They question, as to how safe the public are, and the extent to which they could expect the law enforcement authorities to protect them. Although most of these shootings have been carried out by members of organised criminal gangs against members of similar groups, more..

Aug 29 (FT) The Central Bank said yesterday that representatives of anti-Domestic Debt Optimisation (DDO) protestors failed to show up at a meeting granted to allay their fears over the initiative. CBSL in a statement said during a protest held by a group of persons, who claimed themselves as representatives of the members of the Employees’ Provident Fund (EPF), yesterday near Colombo Fort Railway Station against the potential impact to EPF due to the implementation of the DDO, more..

Aug 29 (FT) The United Federation of Labour (UFL) President Swasthika Arulingam has filed a Special Determination Action on behalf of her Union challenging the constitutionality of the Inland Revenue Amendment Bill which was placed in the order paper of Parliament on 8 August 2023. The Petitioner states that the Parliament has no mandate to levy taxation on the income of the EPF/ETF funds, particularly taxation as high as 30%. In her petition the Petitioner has submitted to Court that more..

Aug 29 (FT) Global leader Visa yesterday revealed that digital payments in SL would double to $ 14 billion by 2027 and vowed to support greater adoption including in the public sector as it celebrates 35 years of excellence in the country. Visa estimates digital payments to grow to $ 7 billion by end 2023 and expects a Compound Annual Growth Rate (CAGR) of 20% in the next four years propelling the value to $ 14 billion. more..

Aug 29 (Island) Prez Ranil Wickremesinghe’s recent statements on devolution show that he has realised that the granting of Police Powers (PPs) to the Provincial Councils (PCs) is too sensitive an issue and wants to keep it on the back burner. He seems to think the 13th Amendment (13A) even minus PPs will grant him some relief vis-a-vis pressure from the TNA and the Indians, whose policy on devolution has remained consistent as pointed out in a previous article by me more..

Aug 29 (Island) Has SL, which was once known as the Granary of the East become the Poison Dump of the East? A study carried out by the Centre for Environmental Justice (CEJ) has revealed that 40 out of 139 pesticides used in this country are highly hazardous and cause serious diseases such as cancer besides reducing fertility in humans. SL has become a dumping ground for substandard medicines and harmful food products. Hardly a day passes without a death or two allegedly more..