Aug 14 (Island) Non-performing loans affecting the local banking sector amount to a whopping 1.4 trillion rupees, State Minister Ranjith Siyambalapitiya is reported to have said. The banks have been able to recover only 17 billion rupees so far, he has added, noting that they are exercising their legal right to foreclose on debtors’ assets kept as collateral. This is a very serious situation, which warrants a state intervention to ensure the stability of the banking sector and more..

Aug 14 (CT) Agriculture is a sensitive subject for many Sri Lankans. A sector where more than 30 per cent of the population is engaged in, but with a contribution of a mere 7.5% to the GDP agriculture is more than just a livelihood option, but a cultural signifier for a considerable proportion of the population. Sri Lanka’s past, its traditions, culture and folklore is shaped and nurtured around agriculture. Therefore, any attempt to alter / modernise agricultural practices, more..

Aug 14 (ST) Attorney General’s Dept has directed the Special Investigation Unit (SIU) of the Ministry of Sports to press criminal charges against former SL cricketer Sachithra Senanayake as sufficient materials have been disclosed in terms of the Prevention of Offences related to Sports Act No. 24 of 2019. Their instructions follow shortly after the ICC’s Anti-Corruption Unit (ACU) General Manager Alex Marshall held several rounds of more..

Aug 14 (DM) The winningest franchise in the LPL find themselves in a position they have not been in before, after a seven-wicket defeat to the Galle Titans yesterday left the defending champions Jaffna Kings waiting till the final day of the group stage to find out if they would progress to the play-offs. The Titans restricted the Kings to 89 and then mowed down the target with 39 balls remaining, but the contest was virtually over in the first six overs of the match when more..

Aug 14 (FT) The International Trade Centre (ITC), in partnership with the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ Sri Lanka) proudly unveiled a transformative suite of digital platforms poised to revolutionise the landscape for Sri Lankan SMEs engaged in international trade. The platforms were officially launched by Prez Ranil Wickremesinghe at an event organised by ITC and GIZ together with the Presidential Secretariat in Colombo last week. more..

Aug 14 (ST) SL Betting and Gaming Levy Bill and the Gambling Regulatory Authority (GRA) will regulate everything from lotteries, gambling, gaming, horse racing, betting shops as well as casinos, State Minister Ranjith Siyambalapitiya said. He said establishing this law cannot be done in a hurry as it should cover all gaming activities. The Casino Business (Regulation) Act, No.17 of 2010, and Betting and Gaming Levy Act, No.40 of 1988 regulate, the casino industry in the country. more..

Aug 14 (ST) SL is still struggling to attract crucial investments to the tourism sector, as a result of which the authorities eye the diaspora and local traffic to add to the numbers. It is no easy task to get investors to SL under the current circumstances, SLTDA Chairman Priantha Fernando said at the media briefing held in Colombo on Thursday. He noted that investors need to ensure if there would be a Return on Investment and incentives offered to establish their operations in SL. more..

Aug 14 (ST) There are some important takeaways from Wednesday’s special statement in Parliament by Prez Ranil Wickremesinghe — these border on pronouncements of policy on key issues related to further devolution. The execution of these aspects is bound to push back indefinitely the conduct of Provincial Council (PC) elections. These PCs were the byproduct of India’s mediation and are covered by the Indo-SL Agreement of 1987. more..

Aug 14 (DN) An Eight-member SL Junior Badminton team left for Nepal yesterday to take part in the South Asia Regional Junior Badminton Championship which will be held from August 18 to 22 at the National Sports Council in Tripureshwor, Kathmandu. Players who are Under 17 and 19 are eligible to compete separately in boys’ and girls’ categories, while this will be a good opportunity for youngsters to gain more exposure, said Sri Lanka Badminton President Rohan de Silva. more..

Aug 14 (FT) Sri Lanka Telecom has suffered a net loss of Rs. 2.1 billion at Group level in the second quarter of FY23 as against a profit of Rs. 1.96 billion a year ago. At Company level the loss was Rs. 1 billion in comparison to a profit of Rs. 4.2 billion in 2Q of FY22. For the first half, Group loss was Rs. 1.16 billion as against a profit of Rs. 4.6 billion. At Company level the loss was Rs. 401 million in comparison to a profit of Rs. 8.3 billion. more..

Aug 14 (AD) Prez Ranil Wickremesinghe underscored the imperative to fortify the nation’s economy, ensuring that forthcoming generations are spared from enduring the unfortunate period that both the country and its people have weathered in the past two years. These remarks were made during his participation in the 150th Anniversary celebration of St. Thomas College in Matale today (13). Prez highlighted that resolving the country’s economic challenges goes beyond the success more..

Aug 14 (FT) Hatton National Bank said it has continued its steady performance in Q2 2023, posting a 1H 2023 PBT of Rs. 13.6 billion, while 1H 2023 PAT stood at Rs. 8.6 billion, growing 56% YoY. Group made a consolidated PBT and PAT of Rs. 15.2 billion and Rs. 9.8 billion respectively. HNB Chairman said: “This quarter underscored the SL economy displaying signs of normalisation, with inflation moderating, interest rates gradually pulling down, and the rupee appreciating. more..

Aug 14 (FT) The Commercial Bank of Ceylon Group reported gross income of Rs. 167.668 billion including a growth in interest income to Rs. 150.812billion for the first half of 2023, achieving healthy top line growths of 40.29% and 71.15% respectively in a period of significant volatility for the banking sector. Comprising of SL’s biggest private sector bank, its subsidiaries and an associate, the Group also improved fee and commission income by 22.27% to Rs. 14.377 billion, more..

Aug 14 (DN) National Housing Development Authority (NHDA) and SL Lanka Bureau of Foreign Employment (SLBFE) has launched a joint programme to provide houses for SL migrant workers. The houses will be constructed under three categories. Under the first category assistance will be provided to build a house on one’s own land. Under the second assistance will be provided to migrant workers who do not have a land of their own to build houses in a land outside urban areas of their choice. more..

Aug 14 (Island) NPP MP Anura Kumara Dissanayake, during a recent probe by COPE, said he got 224 copies of letters sent by the Office of the Minister of Mahaweli to officials, asking them to release Mahaweli land to the cronies of the govt. “I want to know the procedure followed by the Mahaweli Authority when releasing Mahaweli lands to private individuals. I know a situation in Thambuttegama, where the Mahaweli regional officer gives away lands to his relatives, former police officers and others. more..

Aug 14 (ST) Revenue performances for this year have not been in line with expected targets and there has been a significant shortfall in the revenue performance this year, the Treasury has conceded. In a circular, Treasury Secretary Mahinda Siriwardene instructed government institutions to stick to the stringent expenditure control measures until further notice as the Govt was still struggling for various reasons amid fiscal challenges and inadequate revenue performance. more..

Aug 14 (DM) The Health authorities have been compelled to withhold the use of an antibiotic following a death of a patient at the Gampaha District Hospital. According to Director General of Health Services Dr Asela Gunawardena, the patient had died after developing an allergic reaction to the medicine which was later withheld. A spokesman from the hospital told Daily Mirror that the patient was admitted to the Gampaha District Hospital on August 6 for wound treatment. more..

Aug 14 (EN) SL’s short term market rates, the call money rate in particular and Treasuries yields in general, are determined by the net international reserve target of the IMF program, not inflation. If a reserve collecting central bank cuts rates on an inflation index number as private credit recovers, and enforces them with inflationary open market operations, forex pressure will emerge quickly and the currency will fall. It has happened repeatedly in Sri Lanka in the recent past, more..

Aug 14 (FT) Prez Ranil Wickremesinghe last week urged officials to swiftly provide comprehensive plans for achieving the country’s objective of bolstering annual export earnings through enhancements in gem and jewellery exports and re-exports. During a recent discussion held to address issues within the gem and jewellery industry, Prez highlighted the importance of promptly addressing challenges in the gem and jewellery sector to boost the country’s revenue from exports. more..

Aug 14 (TM) Minister Bandula Gunawardena has issued an order to the Chairman of the Sri Lanka Transport Board (SLTB), to immediately halt the operations of the SLTB Flying Squad. The squad is to be disbanded. Minister has mandated SLTB Chairman S.M.D.L.K. De Alwis to initiate the setting up of a new Flying Squad within the week. De Alwis said that this decision was followed when some of the officers attached to flying squads were found guilty for alleged corruption and fraud. more..

Aug 14 (TM) Govt is considering the removal of import restrictions imposed on passenger transport buses and trucks as the first phase of easing restrictions placed on the import of vehicles in 2020. State Minister of Finance Ranjith Siyambalapitiya said that the Govt was currently considering the prompt removal of restrictions imposed on the import of passenger transport buses and trucks used for various purposes. more..

Aug 14 (CT) With the water levels of the Samanalawewa Reservoir experiencing a further decline, strategies are being devised to curtail power generation at the power plant beyond 15 Aug. The CEB has outlined a plan to confine power generation to peak demand periods for electricity, postulating measures to manage the reduced water capacity. In a move aimed at optimising resources, the CEB has outlined plans to divert the water utilised for power generation to the Udawalawa Reservoir. more..

Aug 14 (DN) Life-saving surgeries including caesarean operations at the Hambantota General Hospital have been halted as the only anaesthetist at the hospital had gone abroad last Friday without formal permission from the Health Ministry. The other Specialists of the Hambantota General Hospital have had to postpone all scheduled surgeries. Although two anesthetists have been approved to the Hambanthota General Hospital, only one anesthetheist had worked in the hospital so far. more..

Aug 14 (Island) SL’s sovereignty and national security are in jeopardy as an Indian company will gain access to citizens’ personal data through a project to print digital national identity cards, JVP-led NPP leader Anura Kumara Dissanayake says. Dissanayake said on Friday (11) that the tender for the printing of digital NICs had not yet been given but the arrangements had been made to award it to the Madras Security Printing Company. more..

Aug 15 (DM) Minister Bandula Gunawardena has ordered the Chairman of Sri Lanka Transport Board (SLTB), the island-wide state-owned bus service to disband its Flying Squad and re-establish it within a strong legal framework, as the officers who are tasked with stamping out corruption in the SLTB themselves have become corrupt elements. In short, the guard has become the thief. Minister has told that he has taken this step to streamline the security checks on dispensing of tickets and more..

Aug 15 (DM) The economic downturn that eventually led to the 2022 bankruptcy commenced on August 12, 1953, when the Dudley-JRJ government reversed its policy of sustaining an extensively subsidized rice ration, a staple since World War II. The decision to withdraw the subsidy triggered widespread public discontent, climaxing in a nationwide strike (Hartal). In response to significant demonstrations, the government ultimately surrendered and abandoned its stance. more..

Aug 15 (TM) “How much more of the essential rapid reforms can the Govt carry out without having social destabilisation? That is the critical point – how the Govt manages,” asserted SJB MP Kabir Hashim. Pointing out that the people were going through a huge amount of social pressure, Hashim emphasised on the importance of communications and confidence-building amongst the people. more..

Aug 15 (TM) Sri Lanka has a rich history and traditions, which many think that regardless of cultural or other differences, should be preserved. Communities divided by cultures and beliefs can be seen striving to preserve artifacts and archaeological sites which they think are important within the ambits of their cultures and beliefs. With a Constitution that identifies Buddhism as the foremost religion that should be prioritised, successive Govts have made a great deal of efforts more..

Aug 15 (LI) Sri Lanka today exists in a no man’s land between debt restructure and default. In late June, govt released its proposed domestic debt restructure deal, which in turn also signals the terms it will seek from its external creditors. Domestic debt accounts for about half of the country’s total debt stock and external creditors insist this must be included in any debt restructuring. Govt’s proposal would cut deep into the domestic economy and SL society, yet ultimately asks too little from more..

Aug 15 (TM) Every year, internationally acclaimed artist Chandraguptha Thenuwara has a commemoration of an era that Sri Lankans prefer to forget, but, is an era that must be remembered in order to ensure that it is never repeated. Tamil pogrom of 1983 and the fallout thereafter have seen wounds that have never healed. Forty years on, the ensuing sociopolitical climate, Sinhalese chauvinism, narrow minded nationalism, more..

Aug 15 (CT) Amidst all the chaos in the medical sector, happening right now, from multiple patient deaths, as a result of allergic reactions to medications to cases of medical negligence, mass exodus of medical professionals and a worrying shortage of essential drugs in the country, this week in the news, a senior JMO came under fire for not having stepped back from his duties despite being under suspension that was imposed by SLMC and approved by Dir-Gen of Health Services. more..

Aug 15 (Island) Professional Chef’s Association SL (PCASL) made a fervent appeal over the weekend on behalf of everyone engaged in tourism. Pointing out that unfortunate instances abounded where foreign tourists faced exploitation at the hands of various persons, it stressed that the foreign guests helped boost the country’s economy and deserved to be treated fairly. Everything possible had to be done to make their stay here pleasant and memorable so that they would have more..

Aug 15 (ST) A ruling given by Speaker Mahinda Yapa Abeywardena that no court is empowered to issue orders or judgments of any nature against a resolution already passed by Parliament created uproar in the House on Friday due to protests by the opposition. Thursday’s ruling by Speaker Abeywardena was given after Tourism Minister Harin Fernando raised a privilege issue on Tuesday asking him to give a ruling on court hearings into the govt’s debt restructuring process. more..

Aug 15 (Island) Pakistan’s twisted political saga continues without the slightest deviation from a tired and predictable script. PTI chairman Imran Khan has been found guilty of corrupt practices, disqualified from representing the people of Pakistan, fined Rs100,000, and sentenced to three years in jail for good measure. Dawn, Aug 6 Editorial The only relevance to SL in the citation above is how a “twisted political saga continues without the slightest deviation from a tired and predictable script.” more..

Aug 15 (ST) As the drought conditions continue, a belated decision by the Cabinet to release the maximum amount of water from the Samanalawewa reservoir to the Udawalawa reservoir for agricultural purposes has come too little too late for some farmers. The extent of the damage to crops in the Walawa region and elsewhere in the country due to the drought is still being assessed, Minister Mahinda Amaraweera said. more..