Jul 29 (FT) The CEB insisted on a full cost recovery tariff hike, noting its accumulated revenue shortfall is nearly a thumping Rs. 500 billion. “The revenue generated currently by the CEB is insufficient and the financial position is not healthy. At present, the accumulated revenue shortfall is at Rs. 477 billion as of May 2022. The Govt cannot afford subsidies anymore and therefore a full cost recovery tariff is inevitable,” more..

Jul 29 (CT) With the country facing unprecedented challenges from the scarcity of essentials and economic meltdown, LIOC and Indian CEO Forum (ICF) continue their endeavour and belief of giving back to the society through numerous CSR activities. Education is the biggest tool that goes a long way for eradication of poverty. At the same time, nourishment of the school children attains the topmost priority for the society, especially for those from lower-income families. more..

Jul 29 (DM) Colombo Muncipal Council (CMC) is to launch a pilot program to allocate a separate lane for bicycle users today, as there is a considerable increase in the use of push bicycles due to the current fuel and transport issues. A senior CMC official said that the pilot program will be launched today opposite the Bank Avenue, Colombo, at 11.00 am. Separate lanes have been allocated for bicycles on the Bank Mawatha and slots have been allocated for the safe parking of bicycles, he said. more..

Jul 29 (FT) A range of stakeholders called on the Govt to reconsider the decision to hike electricity tariff amidst multiple challenges emanating from the ongoing economic crisis, though implying a preference to shift toward cost-effective renewable energy sources. These recommendations were echoed at a seven-hour stakeholder consultation on proposed tariff revision, convened by the electricity regulator – PUCSL yesterday more..

Jul 29 (EN) Sri Lanka’s merchandise exports in June 2022 grew 20% from a year earlier to US$ 1,208 million, driven by apparel and rubber products the island’s export promotion office said. Sri Lanka is currently in the worst currency crisis in the history of the island’s soft-pegged central bank with the rupee collapsing from 200 to 360 in a failed attempt to float the currency (suspend convertibility) with a surrender rule in place. At 360 the surrender rule and dollars sales continue. more..

Jul 29 (DM) On the invitation extended by Dr. D. Venkateshwaran, the Deputy High Commissioner of SL to Chennai, famous South Indian Cinema actor Kamal Haasan and director, visited the SL Deputy High Commission of Chennai for the first time in the Mission’s History on July 24. In this visit, Mr. Haasan had a discussion with Deputy High Commissioner where they discussed the natural beauty of SL as well as the cinema industry. In his speech, Deputy HC requested Mr. Kamal Haasan to visit SL more..

Jul 29 (ET) China's unproductive projects in Sri Lanka, including the Hambantota port, which Beijing took over on a 99-year lease as a debt swap, has come under sharp criticism. The unprecedented economic crisis faced by Sri Lanka has led to severe shortages of fuel, cooking gas and medicine and long lines for essential supplies, which led to massive anti-govt protests and the ouster of Prez Rajapaksa this month. more..

Jul 29 (CT) Health Ministry has initiated investigations into a pharmaceutical company, which allegedly tampered with an injection given to cancer patients in 2013 and has submitted its prices to procure more injections for State hospitals recently. An official said that this particular pharmaceutical company had been blacklisted following a probe in 2013 when it was revealed that it allegedly filled water into the phials containing a drug administered to young leukaemia patients being treated more..

Jul 29 (Xinhua) SL's official reserves were US$ 1.85 billion by the end of June 2022, central bank said on Friday. SL's reserves stood at US$ 7.6 billion at the end of 2019 but had been falling ever since. Reserves fell to US$ 5.7 billion by the end of 2020. According to central bank statistics, reserves fell to US$ 3.1 billion by the end of 2021, and to US$ 1.9 billion by the end of March 2022. The decline in reserves has meant that SL has trouble in importing essential items like fuel and medicine. more..

Jul 29 (Reuters) China said on Friday it hoped relevant parties would refrain from interfering with its legitimate maritime activities, after New Delhi voiced concern over a Chinese military ship's planned visit to a port in India's southern neighbour SL. India worries that the Chinese-built and leased port of Hambantota will be used by China as a military base in India's backyard. The $1.5 billion port is near the main shipping route from Asia to Europe. more..

Jul 29 (TM) In a bid to curtail excess expenditure and facilitate customer touchpoints, the host of digitised and paperless services adopted by the Information Technology (IT) Department in collaboration with other departments of the Board of Investment (BOI) has a proven track record of success as evidenced through the experience of a local investor, the BOI noted, issuing a statement. MAS Intimates (Pvt) Ltd. Senior Consultant Prasantha Chandralal articulated: more..

Jul 29 (EN) Sri Lanka inflation in the 12-months to July 2022 accelerated to 60.8% in the wake of failed float of the currency after two year of money printing. The widely watched Colombo Consumer Price Index rose to 4.5% during the month, after climbing 12.8% in June. The food index 90.9% over 12 months. Sri Lanka printed money for two years in monetary and fiscal stimulus to close an output gap in the third currency crisis since 2015. In March an attempt was made to float the currency more..

Jul 30 (DM) In SL and all over the world, we have divided ourselves in terms of race, religion, caste and social status. But we overlook the fact that we are essentially human beings though scientifically our blood groups may be different. So we need to gradually let go of these myths though we need to practise the great virtue that to err is human and to forgive is divine. Indian’s great philosopher Rabindranath Tagore once wrote a famous book on the so-called low caste if not untouchable more..

Jul 30 (DM) SLPP which had almost gone underground for the past 5 months due to protests against its govt have reestablished its authority over SL politics, with the help of Prez Wickremesinghe. The party has managed to get reappointed the same Cabinet that had been appointed in May by Prez Rajapaksa who resigned on July 14 from Singapore, amidst a massive uprising by the people. As if they have forgotten the circumstances that forced them to go underground more..

Jul 30 (DM) Last week’s article was about the guerilla war fought by the JVP against the Indian Army in the Trincomalee district. The JVP campaign in Trinco was then led by Kumar Gunaratnam alias Gemunu. Gunaratnam later split from the JVP and co-founded the Frontline Socialist Party (FSP). Kumar Gunaratnam alias Kumar/Kumara is currently the leader and general secretary of the FSP. more..

Jul 30 (GV) Despite widespread condemnation of the arrests, intimidation and harassment of peaceful protesters by the state, activists and journalists continued to be targeted for reprisals for their part in the aragalaya. The repressive emergency regulations that give the police the right to detain a person for up to 72 hours were unprecedented, National People’s Power MP Harini Amarasuriya told parliament, adding that even simple offences could mean imprisonment of 20 years or life. more..

Jul 30 (CT) Nothing symbolizes more clearly the content of the current moment we are living through than the dual facts of: (I) The Presidency of a political leader whose name was associated with the Central Bank bond scam (maha banku hora!) which the Auditor-General of the day said had caused an incalculably large drain of finances over an incalculable period of time and (II) The arrest of the Aragalaya youngsters who discovered, counted, videoed and handed-over to the Police, more..

Jul 30 (CT) Prez Ranil Wickremesinghe is all set to unveil his policy statement to the country. Hence, he spent most of the past week assessing and discussing what should be incorporated when compiling the policy statement. Meanwhile, Prez Wickremesinghe advised both PM Dinesh Gunawardena and Leader of the House, Minister Susil Premajayantha to allocate an earlier date to make the Policy Statement. more..

Jul 30 (CT) Two matters of political and socioeconomic interest to the country took place on Thursday. The first was UNP leader and Prez Ranil Wickremesinghe proroguing Parliament and the other, the World Bank (WB) announcing a few hours later, either by chance or design, that they will be suspending aid to Sri Lanka. Wickremesinghe has prorogued Parliament till next Wednesday (3), on which date Parliament will start its new sessions, beginning with the Prez’s policy statement. more..

Jul 30 (TM) It is clear to us all that Sri Lanka is in a state of crisis – you just need to see the queue at your local gas station for evidence of that. The core reasons for the crisis, however, are a more contentious debate. Many put the blame on the billions of rupees spent on vanity projects or on the corruption of successive regimes. It is true that these played a role – but one of the true hidden killers in our economy is the bloated public sector and excessive Govt expenditure to support it. more..

Jul 30 (FT) SL Human Rights Commission (SLHRC) former member Ambika Satkunanathan has filed a fundamental rights petition challenging the declaration of the state of emergency by Prez Ranil Wickremesinghe and the emergency regulations. In her petition (SCFR 246/2022), Satkunananthan has stated that emergency regulations have the effect of restricting the fundamental rights of the people, and are constitutionally overbroad. She also goes on to claim that the regulations are vague, more..

Jul 30 (Island) The hunt for anti-govt protesters continues apace. Police are all out to net them. A cook finds himself in the soup, having stolen two television sets from Temple Trees while the place was being occupied by the anti-govt protesters recently. He has been remanded. Another person has been taken into custody for removing an electric iron from the Prez’s House. But those who stole billions of rupees from the state coffers are going places, having others arrested for lesser more..

Jul 30 (CT) The most serious tragedy of the economic crisis is the scores of people unable to procure their daily meals. Health professionals warn that pregnant women, breastfeeding mothers and children are suffering from malnutrition because they cannot get a balanced meal owing to the rapid increase in food prices. However, by reviving humanity and unity among us, it is possible to find some solution to this issue. more..

Jul 30 (ST) Ceylinco Life has received 70,000 entries for its Sihina Sithuwam country-wide children’s art and essay competition, in the form of inspirational words, colourful brushstrokes and pencil shadings that reflects the dreams of children. Each drawing and essay was submitted under the theme Your dream when you grow up via the exclusive Sihina Sithuwam web portal or to a Ceylinco Life branch. Although the participant children were mostly confined to their homes more..

Jul 30 (FT) Socialist Equality Party (SEP), the Sri Lankan section of the International Committee of the Fourth International (ICFI), announces with great sorrow the loss of party chairman and veteran Trotskyist, comrade Wije Dias. He was a leader of the ICFI and a member of the International Editorial Board of the World Socialist Web Site. He died in Jayewardenepura Hospital after being rushed there following a massive heart attack. He would have celebrated his 81st birthday on 27 August. more..

Jul 30 (FT) SL’s merchandise exports have soared by 20% to $ 1.21 billion in June, whilst pushing to $ 6.41 billion in the first half of 2022, appearing to be the sole silver lining for SL to avert partly a direr foreign exchange crisis. Previously, the highest for the month was recorded 7 months ago with $ 1.16 billion in Oct 2021. In the first half of 2022, merchandise exports exceeded the $ 6 billion mark, up by 12.4% year-on-year. more..

Jul 30 (FT) Minister Kanchana Wijesekera said the CEB will be restructured, insisting that renewable energy is the way forward. He claimed that the CEB has not initiated or commissioned any new major power plants since 2014. “CEB needs restructuring. I hope to get the approval of the Cabinet to commence the unbinding of the CEB with the generation, transmission, and supply to be separated,” Wijesekera opined via a tweet following a progress review meeting of power sector more..

Jul 30 (DM) National carrier SriLankan Airlines recently bagged the prestigious 50 years of Tourism award by MATI, in recognition of its remarkable service for over half a century. The award was bestowed at an event celebrating the golden jubilee of tourism in the Maldives. SriLankan was the first int'l commercial airline to launch operations to the Maldives under its predecessor Air Ceylon, in 1960 and has continued to break new ground since then and become the only international airline more..

Jul 30 (CT) Bodyline (Pvt) Ltd., a subsidiary of MAS Holdings, will be the official clothing partner for Sri Lanka Athletics (SLA) from 2022 till the Paris Olympics in 2024. At an event held on 28 July, Dinesh de Silva, CEO of Bodyline, officially handed over the athletic kits designed by MAS to Major General Palitha Fernando, President of SLA. MAS is South Asia’s largest apparel manufacturer, designing and developing high-quality products for international sportswear brands. more..

Jul 30 (Island) Sri Lankahave made significant improvements since Chris Silverwood took over as Head Coach in February this year and speaking to journalists after the two match Test series against Pakistan he said an area that he wanted the team to do well was first innings batting. Often, Sri Lanka have collapsed in the first innings when conditions were ideal for batting. They have been bailed out constantly by the tail or some spectacular knock in the second innings. more..

Jul 30 (CT) Climate change and global warming are causing havoc worldwide, and SL is no exception. According to the World Bank’s Climate Risk Country profile on SL in 2020, “temperatures are expected to rise by 2.9°C – 3.5°C by the 2090s, over the 1986-2005 baselines.” On the other hand, Founding President of the Solar Industries Association of SL and Accredited Consultant for the SL Sustainable Energy Authority (SLSEA), more..

Jul 30 (DM) Following the launch of the application process for Best Corporate Citizen Sustainability Awards 2022, the Ceylon Chamber of Commerce (CCC) announced the appointment of the panel of evaluators, chaired by Dr. Ananda Mallawatantri, Sri Lanka Country Representative of the International Union for the Conservation of Nature and Natural Resources (IUCN). An acclaimed expert in the field of sustainability, with vast experience in the national and international arenas, more..

Jul 30 (EN) Stocks gained for the second session for the week on Friday pushed by energy and plantation shares while the index gained 4.6% in the month, the data showed. ASPI edged up 0.67% or 51.51 points to 7,731.15 from its lowest since July 18. Analysts said the bourse bounced back to the green territory as investors confidently rallied predominantly in the plantation shares while the Prez Ranil Wickremesinghe’s call to establish an all-party govt boosted the sentiment. more..

Jul 30 (DM) The long-delayed Mannar basin M2 block tender and commencement of exploration work by the selected bidder for the M1 and C1 July 2019 tender could cost Sri Lanka over a billion dollars in foreign direct investment (FDI). Moreover, the delays conducting a marketing campaign to attract further investment while the oil and gas prices have been at historically high levels could be foregoing billions more. more..

Jul 30 (ANI) Newly-elected Prez Droupadi Murmu while extending felicitations to SL Prez Ranil Wickremesinghe said that India has been committed to assist the people of SL in overcoming the challenges posed by the economic crises. Prez Murmu in a letter to SL Prez Wickremesinghe emphasized on India's neighbourhood first policy. "As a close neighbour, India has been committed to assist the people of SL in overcoming the challenges posed by the economic crisis, guided by more..

Jul 30 (DM) Consequent to the recent criticism on punishments meted out to convicts on the offence, the govt has decided to amend the law related to Contempt of Court, Minister Bandula Gunawardana said. He said the offence of contempt of court has not been defined in SL and there is no clear and uniform procedure for hearing and adjudicating such cases. “As a result it is difficult to identify the limits of interference in the justice process and the limits on the right to freedom of expression. more..