Aug 2 (Island) As the 3rd and 4th quarters of the Year 2022 are also likely to gravitate towards a tough time, the Bank of Ceylon needs to continue to focus on efficient handling of its resources and finances, BOC Chairman Kanchana Ratwatte said. He made these remarks when the Bank marked its 83rd Anniversary at BOC headquarters, where a large number of key employees of the Bank were present whose work interfaces with accounts, transactions, remittances, Export Circle, more..

Aug 2 (CT) It is no surprise that prices of food items have been rising at an alarming rate in the recent months, exacerbated by the twin curse of dollar crisis and fuel crisis. Meanwhile, CSD data, showed that Colombo’s food inflation accelerated to a record 90.9% year-on-year (YoY) to this month. Subsequently, overall inflation accelerated to a record high 60.8%, beating its previous record of 50.46%, established only last month. Overall inflation has also accelerated for more..

Aug 2 (TM) Ministry of Agriculture has planned to suspend the importation of rice until Dece 2022, as there is a risk of farmers not getting a sufficient price for paddy due to the excessive import of rice, and the existence of sufficient stocks of rice in the country. Noting that the harvesting of the Yala cultivation season has commenced now, an official of the Ministry said that due to the further importation of rice, more..

Aug 2 (Island) SJB MP Sarath Fonseka has undertaken to hold a continuous protest to oust Prez Wickremesinghe and govt. He has apparently read the public mood accurately; the people are resentful beyond measure. They are experiencing what is popularly known as the interval in hell. Relief they have received from the govt by way of fuel price decreases, etc., is not sustainable. If any more money is printed for politically-motivated welfare measures such as distribution of cash, more..

Aug 2 (TM) It is well known by now that SL’s ongoing economic crisis carries immense risk of affecting the country in the long term, and that even if the necessary steps are taken to alleviate these impacts, people cannot expect to regain the quality of life they used to enjoy until considerable time has passed for these measures to take effect. As part of its economic revival, among other things, SL has to ensure by any means necessary that some sectors remain operational despite economic crisis, more..

Aug 2 (FT) Private sector borrowing had declined for the first time in two years in June signalling the waning appetite amidst high rates of interest, economic crisis and business uncertainty. Outstanding credit extended to the private sector declined by Rs. 40.6 billion in June to Rs. 7.714 trillion from Rs. 7.754 trillion in May. Analysts said this is the first dip since May 2020 at the height of COVID-pandemic. In May 2020 credit extended to the private sector decreased by Rs. 69.6 bil more..

Aug 2 (ST) SL is continuing to spend a substantial amount of its earnings on interest payment on public debt this year, Finance Ministry data shows. This will be a burden for the interim budget 2022 which will be presented in parliament next month in which the total expenditure is estimated to be more than double that of the income. Interest expenditure on public debt will be the largest item now and in all previous budgets presented in parliament during the past several decades, Ministry official said. more..

Aug 2 (ST) The junior national athletics team, who were stranded in Colombo due to an administrative mishap were finally able to take wings to Cali, Columbia after a timely intervention by the Minister of Sports. The seven athletes were to leave for the World Under-20 Athletic Championship 2022 in Colombia, but were kept in the dark by the Sri Lanka Athletics (SLA), who failed to purchase the air tickets due to lack of funds. more..

Aug 2 (DM) South Asia Gateway Terminals (Pvt.) Ltd (SAGT), Sri Lanka’s first public-private partnership (PPP) container terminal, commissioned a new Reach Stacker (RS) recently, enhancing its total RS fleet. The new RS boosts SAGT’s yard container handling capability with load capacity of 45 tonnes per lift. The timely investment of the RS allows for SAGT to better handle containers during times of high yard density, resulting from the post-pandemic global trade landscape. more..

Aug 2 (EN) Stocks gained for the third consecutive session on Monday on hopes of an IMF staff level agreement in place by the end of August. ASPI rose 0.48% or 37.42 points to 7,768.57 from its lowest since July 18. “Bourse extended the bull rally for the third straight session with strengthened investor sentiment over country’s economic and political environment with possible indications on an all-party govt while the Prez revealed he expects an IMF staff level agreement by end of August,” more..

Aug 2 (FT) Govt called on local and foreign donors to help tackle the fast-spreading malnutrition among children, noting the undernourishment rate could be well over 20% given the ongoing economic crisis. Women and Child Affairs Ministry pointed out that there are 127,000 malnourished children among a total of 570,000 kids below the age of five as of mid-2021. “At the peak of the COVID-19 pandemic, situation was bad, more..

Aug 2 (TM) Union Bank stated that it recorded an improved core banking performance despite the challenges of a tough operating environment, and posted an overall income of Rs. 7,426 million for the first half of financial year 2022 (1H22), an increase of 31% over the comparative period. Net Interest Income (NII) increased by 19% as a result of improved yields from the re-pricing of the asset portfolio and prudent management of interest expenses which lead to an increase in more..

Aug 2 (TOI) India has discussed with Sri Lankan authorities the proposed visit next week by a Chinese spy ship to the Hambantota port in the southern part of the island nation. The govt is learnt to have expressed concerns about the likely docking of Yuan Wan 5 class tracking vessel. Asked about reports last week that the research vessel was likely to reach Hambantota on Aug 11, the govt had said it monitors closely all developments that have a bearing on India’s security. more..

Aug 2 (IPS) Ahead of the presentation of the Interim Budget, the Institute of Policy Studies of SL (IPS) has recommended policy proposals for inclusion in the forthcoming Budget. Some key policy issues and recommendations follow. Despite strict import controls, SL’s trade deficit in merchandise goods widened in 2021. The slight increase was mainly due to the sharp price movements in the world market, with the import reduction patterns across categories being consistent with post-pandemic controls. more..

Aug 2 (TM) Sri Lanka should focus on ways of earning more dollars at the moment rather than putting regulations on foreign exchange in order to bring down the premiums offered by unlicensed money transfer channels, known as hawala or undiyal, said University of Colombo Professor in Economics Sirimal Abeyratne. He said that the main reason why people have resorted to uch informal channels to send money to Sri Lanka is that they have lost confidence in the country. more..

Aug 2 (FT) The number of people receiving direct State hand-outs has almost doubled in the past year with over 90% of the population now relying on the Govt for financial help, a top official said. “It is safe to say that nine out of 10 people are dependent on State handouts at present following the economic crisis,” Women and Child Affairs Ministry Secretary Neil Bandara Hapuhinne said. He said around 5.5 million people of the 22 mil more..

Aug 2 (TM) Taking into account the rainy weather in many parts of the island yesterday (1), NBRO has issued level one (yellow) landslide warnings for the Galle, Hambantota, Kandy, Kegalle, Matara, Nuwara Eliya and Ratnapura districts, until 11 a.m. today (2). Accordingly, the NBRO has issued landslide warnings to the Nagoda Divisional Secretariat (DS) Division in the Galle District, the Walasmulla DS Division in the Hambantota District, Pasbage Korale DS Division in the Kandy District, more..

Aug 2 (DM) Five Under-19 hockey players of S. Thomas’ College, Mt. Lavinia were sent to hospital for treatment, with at least one having to be admitted, after a group of individuals physically assaulted the team at the conclusion of a friendly match contested with Ananda College, Colombo, yesterday, at the Astro Turf field in Colombo 7. S. Thomas’ College had won the friendly match 3-0, and the incident is said to have occurred fifteen to twenty minutes after the game where more..

Aug 2 (FT) CHEC Port City Colombo Ltd, is representing SL at the World Cities Summit 2022 to be held at the Marina Bay Sands, Singapore from 31 July to 3 Aug. This biennial global event unites city leaders and associates from across 90 countries under this year’s theme, Liveable and Sustainable Cities: Emerging Stronger. Port City Colombo envisions itself as most liveable city in South Asia imbuing technology & sustainability with its Smart City concept to enhance living convenience. more..

Aug 2 (DM) Whilst claiming that the risk of COVID transmission has increased exponentially, SL College of Pediatricians (SLCP) called for proper health precautions including wearing masks. “Amidst the political and economic crisis while the country was still looking for answers, the world is now facing a re-emergence of Covid with higher mortality and morbidity. With the relaxation of health safety precautions and overcrowding, especially in public transport, risk of Covid transmission has more..

Aug 2 (AD) TNA announced that it will support Prez Ranil Wickremesinghe’s efforts to form an all-party national govt to help the country to recover from the worst economic crisis. TNA leader R Sampanthan said that the move to form an all-party govt is the best step to be taken right now and his party will support the move. Another TNA spokesman said that the party has decided that the formation of an all-party govt more..

Aug 2 (CT) Athletic events at the Commonwealth Games 2022 starts today, and two SL athletes will be seen in action at the Alexander Stadium, Birmingham. 100m South Asian record holder and Olympian Yupun Abeykoon will be in action in the 100m men’s heats, starting from 3.10 p.m. SL time. Middle distance runner Gayanthika Abeyrathne will be in action in the 800m heats at 4.20 p.m. Team’s male flag bearer Indika Dissanayaka’s desperate attempt for a medal fell short in the Men’s more..

Aug 2 (DM) UK govt said that it is closely monitoring the fast-moving situation, including the recent appointment of PM Ranil Wickremesinghe as Prez in SL. “UK Govt encourages all sides to find a peaceful, democratic, and inclusive approach to resolving the current political and economic challenges in SL. We are closely monitoring the fast-moving situation, including the recent appointment of PM Wickremesinghe as President. We call on all parties to respect the rule of law, and more..

Aug 2 (TM) Urgent efforts are being made to reassure the Govt of India that the docking of China’s Yuan Wang 5 vessel at the Hambantota Port would not impact India’s national security, While former Foreign Minister Rohitha Bogollagama, referring to statements made by the Defence Ministry on this matter, said that all communication in this regard should have been led by the Foreign Ministry. Amidst reports from Indian media this week that more..

Aug 2 (FT) Much ink has been spilled over the people’s struggle movement (Aragalaya) that has brought popular sovereignty to the fore like never before perhaps. Most of it has focused on political personages, legal loopholes and parliamentary or constitutional wrangling, and the role of law/law enforcement/the military. But in my book, precious little investigation has been exercised into the psyche of the nation per se. And I suspect that if you scratch beneath surface of struggles’ form, more..

Aug 2 (FT) By promoting himself as the guardian angel of Buddhism and the Sasana, former prez Rajapaksa fooled the Sangha and the Buddhist community, surrounded himself with a bunch of military strongmen, self-promoting pseudo-experts and advisers, and led the country along a destructive path of development, which produced at the end a failed state with a bankrupt treasury and a paralysed economy. Yet, the end of that tumultuous Gotaucracy, thanks to Aragalaya generation, more..

Aug 2 (AD) Commercial Bank of Ceylon has been adjudged the The Best Engaging Overall Cards Base for the third consecutive year at the Payment Partner Performance Awards 2022 hosted by Daraz, South Asia’s largest ecommerce platform. The Bank was presented this prestigious award for supporting the Daraz platform by generating the highest number of transactions by both credit and debit card bases and the highest number of unique buyers’ engagements during financial year 2021-22. more..

Aug 2 (Island) Islamic scholarly clergy group, the All Ceylon Jammiyathul Ulama said may Almighty Allah resolve the crisis situation in our country and restore peoples’ lives with normalcy, happiness and prosperity in this Islamic New Year of Hijri 1444. Mufti M.I.M. Rizwe, President and ACJU General Secretary, Ash Shaikh Arkam Nooramith, said that the Islamic Hijri calendar, which is used for chronological purposes, is based on the Quran and Sunnah and plays an important role in more..

Aug 2 (EN) State sector workers, who had been given Friday off due to an ongoing fuel crisis, are required to resume working on Fridays as the crisis is nearing its end, according to cabinet spokesman Minister Bandula Gunawardena. The decision that was valid for three months has been cancelled with immediate effect based on a proposal by PM Dinesh Gunawardena, the minister told reporters at the weekly cabinet press briefing on Tuesday (2). more..

Aug 2 (AD) The person, who was arrested on suspicion of being the first to forcibly enter the Presidential Secretariat when the protesters took over the premises on July 09, has been remanded until Aug 5. He was produced before the Colombo Fort Magistrate’s Court today (Aug 2). Further, Fort Magistrate Thilina Gamage ordered the suspect to be referred to an identification parade on 05 August. The Fort police arrested the 38-year-old male from Pannipitiya yesterday (Aug 1). more..

Aug 2 (DM) SL sprinter Yupun Abeykoon produced an excellent performance to win Heat 6 of the Men’s 100m event at the 22nd Commonwealth Games in Birmingham, England today. The fastest athlete in the South Asian region returned a superb time of 10.06s and qualified to compete in tomorrow’s semi-finals, scheduled for 11.40 p.m. SL time with the fastest time in the Heats. Third placed Godson Oke Oghenebrume (10.36s) of Nigeria and second placed Kion Benjamin (10.34s) of the Trinidad more..

Aug 2 (EN) Cabinet of ministers has approved a proposal to provide an additional duty concession and electric vehicle import allowance to migrant workers based on the amount they remit to the country through official channels, Minister of Labour and Foreign Employment Manusha Nanayakkara said. The proposal was presented in accordance with recommendations by a committee that was appointed to find ways to more..

Aug 2 (AD) Former Minister Nimal Siripala de Silva has been acquitted of bribery charges levelled against him by Opposition Leader Sajith Premadasa during a recent parliamentary session. On July 22, a three-member committee was recently appointed by Prez Ranil Wickremesinghe, upon the request of the former minister, to probe the allegations. The committee is chaired by Retired HC Judge, Kusala Sarojini Weerawardena, PC. Meanwhile, Retired Senior DIG of Police S.M. Wickremasinghe more..

Aug 2 (NR) The Esala Perahera of the Temple of the Tooth Relic in Kandy will parade the streets at the auspicious time of 6:01pm today (2). The first Kumbal Perahera of this year’s Kandy Esala festival will get underway in pomp and pride. Speaking to media in Kandy, Diyawadana Nilame Pradeep Nilanga Dela Bandara said the Randoli Perahera will parade the streets of Kandy from the 7th of Aug. Grand Randoli procession will be held on the 11th of Aug with the Esala festivities set to conclude more..