Jun 28 (FT) Country Managing Partner EY SL & Maldives, Manil Jayesinghe will retire from the Partnership effective 30 June 2023. Throughout his distinguished career, Manil has made significant contributions to the Firm’s growth, reputation, and excelled in client service. With over 41 years of dedicated service, he has illustrated leadership, integrity, and a commitment to the highest standards of professionalism. His strategic vision and unwavering dedication have solidified EY’s more..

Jun 28 (FT) Rayynor Silva proved his strong intent to make a mark in the financial services industry by upping his stake to 10% and becoming the second largest shareholder in third biggest private sector player Sampath Bank. Yesterday and Monday, Rayynor picked up a further 12 million shares between Rs 56 and Rs 58 per share investing around Rs. 700 million. As at yesterday Rayynor via his venture Phantom Investments Ltd, held 117.27 million shares in Sampath Bank (10% stake). more..

Jun 28 (ST) About 2,000 drivers will undergo random narcotic detection tests from July 1 in another leading province, after police found an alarming number of drivers using drugs while on the road in the Western Province. Police tested 1,781 drivers in Western Province as a pilot project last week and found that about 100 were users of dangerous drugs. The majority were crystal methamphetamine, or ice users. more..

Jun 28 (FT) Daraz Group CEO Bjarke Mikkelson is in Sri Lanka as part of his commitment to the organisation’s new financial year plans. During his visit, he will be meeting local state officials and policymakers to discuss plans Daraz has for the Sri Lankan market this year. Daraz is dedicated to pushing for a better policy framework for e-commerce to be a better enabler for retail growth, SME development, and also cross-border trade for SL, amongst other activities in the region. more..

Jun 28 (EN) SL’s Foreign Minister Ali Sabry said he had met China’s Finance Minister Liu Kun and Exim Bank Chairman Wu Fulin over restructuring the island’s debt following a sovereign default in 2022. “I thanked #China for the steadfast support provided to SL throughout this challenging period & sought the support of China in stabilizing #SriLanka’s debt,” Sabry said. “I provided him with a detailed briefing on Sri Lanka’s plans to stabilize the economy & our evident and steady recovery.” more..

Jun 28 (EN) SL’s next election will be a battle of ideologies and the SJB will hopefully appeal to voters as a party that did not scuttle ongoing reform efforts and put the national interest ahead of political considerations, MP Harsha de Silva said. In a wide-ranging interview, de Silva spoke extensively about his and the his party’s sometimes seemingly competing views on domestic debt restructuring, the president’s reform agenda, more..

Jun 28 (Island) ICC announced the dates and venues for the upcoming World Cup and SL are set to play two games each in Delhi, Lucknow and Bangalore but in the southern state of Madras, they remain persona-non-grata. National cricket team has not played a game in Madras since 2005. However, following the heroics of Matheesha Pathirana and Maheesh Theekshana during Chennai Super Kings victory during the IPL there were suggestions that TN Cricket Association had requested one SL more..

Jun 28 (DN) Thisal Dinsara and Lakindu Gunaratne, two talented archers from SL, have been selected by the SL Archery Association to represent the country at the World Archery Youth Championships 2023 to be held in Limerick, Ireland, from July 3 to 9. This is an important opportunity for both Thisal Dinsara and Lakindu Gunaratne to showcase their skills on an international stage and improve their world rankings. This will be SL's first overseas archery tour since 2017, making it a significant event more..

Jun 28 (Island) 80 Club in Independence Avenue Colombo 7, an exclusive clubhouse whose doors were open only for a select group of elite members of society, was officially declared public property following its full acquisition by the Urban Development Authority (UDA) on 23rd June 2023. Before the acquisition by UDA, 80 Club used to foster a sense of exclusivity among the country’s so-called elite on a legacy management system with only its tenants changing from time to time. more..

Jun 28 (DM) In a letter to Prez Ranil Wickremesinghe, Bar Association of SL (BASL) has urged that it is of utmost importance that the next IGP should be an officer whose service in the police force has been exemplary and unblemished and able to restore public confidence in the SL Police. BASL also stated that it is of utmost importance that the best possible appointment be made to the office of IGP since public confidence in Police is vital for the administration of justice & rule of law. more..

Jun 28 (FT) Prez Ranil Wickremesinghe yesterday assured that the restructuring of domestic debt will have no impact on the membership balance of any public funds, including the EPF. Prez also said that the restructuring of domestic debt will not pose any threat to the stability of the country’s banking system, whether it be public or private banks. He specifically mentioned that the deposits of over 50 million bank depositors will remain more..

Jun 28 (Island) SLPP MP Namal Rajapaksa has found fault with the Wickremesinghe-Rajapaksa govt for the selection of Aswesuma beneficiaries. The former minister has, issuing a statement on behalf of the SLPP parliamentary group, alleged that those who deserved the Aswesuma benefits have been excluded. Those who don’t require such assistance have been accommodated in the programme, Rajapaksa has said, demanding remedial action. State Finance Minister Shehan Semasinghe more..

Jun 28 (FT) The Ceylon Chamber of Commerce yesterday called for political and public support to the upcoming domestic debt restructuring (DDR) initiative by the Govt. In a statement the Chamber stresses the importance of patience and trust in the domestic debt restructuring process. “As emphasised by the Central Bank of Sri Lanka, priority focus will be on maintaining financial system stability and ensuring that depositors will not be adversely impacted. more..

Jun 28 (TM) Ceylon Bank Employees’ Union (CBEU) said that the Govt should work to protect the confidence of domestic depositors in the process of restructuring domestic debt. CBEU General Secretary Ranjan Senanayake said that through the domestic debt restructuring process, bank deposits and depositors will not be harmed in any way and that therefore, people should not have undue fear about it. “Domestic debt is the debt given to the Govt by various banks and companies. more..

Jun 28 (TM) Health Ministry, responding to COPA Chairman, State Minister Lasantha Alagiyawanna’s statement that Auditor General's report shows that 1,794 vehicles of the Ministry have gone missing, claimed that the Ministry’s relevant field officers are allowed to take the vehicles given to them home upon retirement if they have a minimum of five-years of service in the Ministry. Ministry of Health Secretary Janaka Sri Chandraguptha said that there are 679 cars and 1,115 motorcycles more..

Jun 28 (TM) The country is currently seeing a series of protests in many areas against the method by which beneficiaries have been selected for the Aswesuma Social Welfare Programme. Under the Aswesuma programme, monthly allowances varying from Rs. 2,500 to Rs. 15,000 will be provided to four categories of families, namely transitional, vulnerable, poor, and extremely poor, for a specific period of time. more..

Jun 28 (AD) Speaker Mahinda Yapa Abeywardene has issued a special Gazette notification convening the Parliament at 9.30 a.m. on Saturday (01). Earlier on Sunday (25), the ruling party MPs had reportedly been notified to remain in Colombo by cancelling all other visits outside Colombo including overseas travel, since the debt restructuring proposal is scheduled to be tabled in the Parliament for adoption this week, as per the political sources. However, Prez Wickremesinghe had also mentioned more..

Jun 28 (DM) A bizarre yet innovative way to smuggle gold out of the country was thwarted when Customs officers at the BIA nabbed five Sri Lankans trying to carry over five kilos of gold in a gel form inserted in their rectums. Officials of the Customs Narcotic Control Unit, on a tipoff, searched five local men at the departure terminal who were bound for Chennai, India on IndiGo Airline SE 1176 around 1.30 pm. The suspects who had been identified as traders from Colombo and its suburbs more..

Jun 28 (AD) Prez Ranil Wickremesinghe assured that the restructuring of domestic debt will have no impact on the membership balance of any public funds, including the EPF. He emphasized that the rate of return for superannuation funds will not be affected in any way. Furthermore, Prez stated that the restructuring of domestic debt will not pose any threat to the stability of the country’s banking system, whether it be public or private banks. more..

Jun 28 (FT) The cold-blooded killing of former ACTC leader and well-known lawyer Kumar Ponnambalam in Colombo on 5 Jan 2000 sent shock waves throughout Sri Lanka and the Sri Lankan Diaspora when it happened 23 years ago. Gaasinather Gangesar Ponnambalam known popularly as Kumar Ponnambalam was killed in his car at Ramakrishna Terrace, a lane that links Ramakrishna and Vivekananda roads on the sea side in Wellawatte. His body with fatal gunshot wounds more..

Jun 28 (FT) Govt will most likely announce a Domestic Debt Restructuring on Wednesday. Declaring a bank holiday on Friday is the right thing to do because it gives time for market players to digest the ramifications. It is likely it will be in the form of a swap of existing bonds for longer dated bonds (maturity extension) and a bond with a coupon computed based on med inflation rate + real rate + term spread. Let’s take a moment to reflect as to why a domestic debt restructuring more..

Jun 28 (AD) Minister of Foreign Affairs Ali Sabry has stated that it is good to have multiple big players in the world, as opposed to a single monopoly-like player, and has called for the West to come to terms with this. During an interview with CGTN reporter Zhou Yiqiu in Beijing about China’s role in global economic growth, Sabry said people are getting tired of only one big player in the world. “The West should come to terms that the unipolar world has come to an end, and now more..

Jun 28 (EN) Shares closed higher on Tuesday, with more foreign participation seeing in the market due to positive macro economic sentiments, an analyst said. ASPI was up 0.79% or 74.04 points at 9,442.95, this is the highest the market has been since March 22, while the most liquid index S&P SL20 was up 0.7% or 18.73 points at 2,713.65. The market generated a sizable net foreign inflow of 336 million rupees, this is the highest net foreign inflows have been since Feb 14, more..

Jun 28 (TM) Banks are overloading their Automatic Teller Machines (ATMs) to avoid customer panic due to various comments made on Domestic Debt Optimisation (DDO) and banks are concerned about absorbing losses after DDO rather than stability. Speaking to us, a senior banker from a leading private bank said that banks are worried not because of the DDO but about some of the comments made by the MPs creating more..

Jun 28 (DM) A nineteen-year-old girl who was returning home from work was stabbed with a knife by a 40-year-old man in Piliyandala. Police said the victim had been admitted to the Homagama hospital and then transferred to the National Hospital in Colombo. It was revealed that the suspect had stabbed the girl over a dispute with her father. The suspect who is addicted to alcohol has been arrested by by Piliyandala Police over the incident. more..

Jun 28 (DM) New Zealand has assured to provide expertise for SL’s public sector reforms programme, PM Dinesh Gunawardena said today. The assurance was given during a meeting between PM Gunawardena and New Zealand HC Michael Appleton at Temple Trees today. A team headed by the former Public Service Commissioner of NZ will visit SL shortly to assist in this process. PM also asked the HC to share NZ’s experience in solving the land-holding issues of indigenous people more..

Jun 28 (EN) Merchandise exports fell 5.59% in May 2023 from a year earlier to US$ 989.7 million, due to a drop in apparel, textile and coconut exports, data showed. In the first five months to May, merchandise exports fell 8.29% US$ 4,835.99 million from a year earlier. Export earnings from Apparel & Textiles fell by 14.55% from a year earlier to US$ 412.43 million in May 2023. Demand from Western nations are falling as more..

Jun 28 (Island) President of the Appellate Court, Justice Nissanka Karunaratne and Justice A. Marikkar yesterday said that the petitions pertaining to contempt of court charges filed against State Minister Sanath Nishantha (SLPP) will be heard before the Court of Appeal on 13 July. The order was issued when the matter was taken up in court yesterday. Appearing on behalf of Attorney General, Deputy Solicitor General Lakmini Girihagama said a notice has been filed before more..

Jun 28 (AD) Court of Appeal today granted time until July 21 for former Minister Rishad Bathiudeen to file objections related to a petition accusing him of contempt of court. The petition has been filed against the former minister for failing to implement an order issued by the Court of Appeal, directing him to take measures for the re-plantation of the deforested forest area of the Marichchukaddi and Karadikkuli forest reserves located near the Wilpattu National Park, more..

Jun 28 (AD) Bruno Divakara, who recently found himself in hot water after stand-up comedian Nathasha Edirisooriya went viral for certain remarks she had made, has been summoned before the Illegal Assets Investigation Division of the CID. Divakara was summoned this morning in connection with an ongoing investigation. Divakara said “It is evident that someone wants us to keep our mouth shut. If this is their way of doing that, we too will maximize our efforts to continue with our more..

Jun 28 (EN) CoPF has summoned key agencies linked to debt re-structuring, over a debt restructuring plan, its chair Harsha de Silva said. Central Bank, Ministry of Finance, Banks and EPF has been summoned to for a meeting on June 29. “On Friday (30) we will meet again together to resolve outstanding issues,” de Silva said in twitter.com messages. “Looking forward to constructive sessions.” Cabinet of ministers are due to meet on the debt plan later on Wednesday. more..

Jun 28 (TM) In a positive development for Sri Lanka’s tourism industry, necessary funds have been cleared for the repairs and renovations of national tourist holiday resorts, and over the next six months, significant development is expected to take place, attracting both domestic and foreign tourists to visit these national resorts, according to SL Tourism Development Authority (SLTDA). more..

Jun 28 (CT) A group of villagers held a protest in the Nedunkerni town on Sunday demanding that the President intervenes to confirm the ownership of two temples: the Kurudumale Temple in Mullaithivu and the Lingeswara Hindu Temple in Nedunkerni, Vavuniya. During the protest, the villagers voiced their concerns regarding the division of land believed to belong to the Kurundumale Temple urging the Prez to order the use of boundary stones to demarcate the boundaries accurately. more..

Jun 28 (CT) Minister Nimal Siripala de Silva expressed SL’s strong commitment to becoming a prominent hub for seafarer training and employment, with a target of increasing the number of trained seafarers to over 50,000 in the coming years. He said this during his speech at the Seafarer 2050 Conference in Manila. The conference brought together govt ministers, regulators, financiers, NGOs, ship owners, industry CEOs, and technology and infrastructure providers. more..

Jun 28 (DM) SL banks which took little interest towards deposits when interest rates were going up appear to have suddenly woken up to aggressively cut rates on such deposits when the rates are on their way down, leaving the hapless savers devastated from still red-hot prices in the economy. Banks have disproportionately cut their deposit rates since the announcement of 250 basis points cut in the policy rates earlier this month more..