The ruling National People’s Power (NPP) has lost the budget vote at the Colombo Municipal Council, dealing a political setback to the party despite it continuing to control the council. Although the NPP did not secure an outright majority at the local government election, it was able to form the administration of the Colombo Municipal Council with the support of smaller groups. However, the council’s budget was defeated after the joint opposition voted against it. 60 councillors voted against the budget while 57 supported it. Under Sri Lanka’s local government law, the defeat of a budget does not automatically dissolve…
Posts published in “News”
ECONOMYNEXT – Sri Lanka has suffered direct physical damage of 4.1 billion US dollars from Cyclone Ditwah, or about 4 percent of gross domestic product, a World Bank study has estimated. Damages in the Kandy district was estimated at 689 million dollars, primarily caused by flooding and to a lesser extent by landslides. Infrastructure, including roads, bridges, railways and water supply networks, accounted for estimated 1.735 billion (42 percent of total damages), disrupting connectivity and access to markets and services. Losses to residential buildings and contents have been estimated 985 million dollars. The widespread impacts on homes highlight the need…
Two unidentified gunmen opened fire at a person travelling in a three-wheeler near the Kohuwala junction in Nugegoda short while ago police said. The injured person was admitted to the Kalubowila Teaching Hospital for treatment, according to the Police Media Spokesperson. Police said the suspects fled the scene following the shooting. Investigations are underway to identify the attackers and determine the motive for the incident. (Newswire) The post Shooting incident reported in Kohuwela appeared first on Newswire.
The Inland Revenue Department has met its full-year revenue target for 2025, collecting Rs. 2,203 billion by December 19, according to an official statement issued on Monday. The revenue figure marks the highest annual collection in the department’s history and fulfills the target set by the government for the year, the statement said. Commissioner General Rukdevi P. H. Fernando said measures would be taken to further increase revenue in the coming period. She thanked taxpayers for contributing to the achievement through direct and indirect tax payments and expressed appreciation to Inland Revenue Department staff, along with officers of other public…
Cyclone Ditwah, which struck Sri Lanka in late November, has caused an estimated US$4.1 billion in direct physical damage to buildings and contents, agriculture and critical infrastructure, according to a World Bank Group Global Rapid Post-Disaster Damage Estimation (GRADE) report released today. This damage is equivalent to about 4 percent of Sri Lanka’s GDP. The cyclone, among the most intense and destructive in Sri Lanka’s recent history, severely affected close to 2 million people and 500,000 families across all 25 districts, disrupting livelihoods, essential services, and the broader economy. The Sri Lanka GRADE report provides timely and critical insights to…
The presentation of certificates and the signing of the associated Memorandum of Understanding (MoU) for the allocation of funds to nine projects selected from proposals submitted during the first three months of this year under the National Initiative for the Commercialisation of Research and Development (NIRDC), was held this morning (22), at the Presidential Secretariat. The total funding allocated for these projects exceeds LKR 227 million and the certificates were presented by Secretary to the President, Dr. Nandika Sanath Kumanayake and Senior Advisor to the President on Science and Technology, Prof. Gomika Udugamasooriya. The financial assistance will be provided by…
Fishermen who rescued a rare dugong trapped in fishing nets off the coast of the Vedithalathivu Nature Reserve were formally recognised by Sri Lanka’s wildlife authorities on Monday. The Department of Wildlife Conservation honoured five fishermen at its Colombo head office for rescuing the endangered marine mammal on November 15. The dugong had become entangled in fishing nets while the fishermen were operating in waters adjacent to the protected reserve. Environment Minister Dammika Patabendi attended the ceremony alongside the Director General of Wildlife Conservation Ranjan Marasinghe and senior wildlife officers. Officials said the fishermen made a personal sacrifice by cutting…
Indian External Affairs Minister S. Jaishankar arrived in Sri Lanka this evening. The post Indian FM arrives in Sri Lanka appeared first on Newswire.
The United States has expanded online presence reviews for all H-1B and H-4 visa applicants worldwide as part of standard visa screening, US announced. According to the advisory, the measure came into effect on December 15 and applies globally to applicants of all nationalities seeking H-1B and H-4 non-immigrant visas. The expanded screening includes additional reviews of applicants’ online presence during the visa vetting process. Online presence reviews refer to the examination of information that visa applicants have made publicly available on the internet. This may include social media activity, public posts, shared content and other online identifiers, and is…
Rahul Sharma, a 24-year-old former under-19 Hong Kong cricketer and current exercise physiologist based in Melbourne, is set to run the length of Sri Lanka in a week to raise funds for childhood cancer research. Sharma plans to start his run on December 24 from Point Pedro at the northern tip of the island and finish at Dondra Head in the south by December 30. The challenge spans 574 kilometers (356.7 miles), requiring him to cover roughly 100 kilometers per day. He arrived in Sri Lanka from Mumbai on December 18 and is undertaking the run to raise at least…
ECONOMYNEXT – Continued downward sentiment surrounding Colombo Dockyard shares dragged the Colombo Stock Exchange (CSE) All Share Price Index (ASPI) by 68.27 points to end 1.13 percent lower on Monday, brokers said. “Market was 250 points down, mostly on Dockyard shares,” Ranjan Ranatunga, Assistant Vice President – Research at First Capital said. The broader ASPI ended the session at 21,898.20, down by 250.89 points from Friday, while the more liquid S&P SL20 closed 0.70 percent, or 42.18 points lower at 6,014.36. Both the indices saw a gradual fall in the session. Low activity levels were seen in the market on…
ECONOMYNEXT – Sri Lanka’s rupee closed at 309.50/65 to the US dollar in the spot market Monday, mostly flat from Friday’s close of 309.50/60, after having depreciated over in recent weeks, dealers said, while bond yields adjusted slightly on the shorter end. Sri Lanka’s rupee has fallen from around 292 to the dollar in December 2024, amid record current account surpluses and narrowing budget deficits, as the central bank selectively denied convertibility to private importers after buying dollars and creating liquidity. A bond maturing on 15.12.2026 closed at 8.30/45 percent, up from 8.30/40 percent. A bond maturing on 15.12.2028 closed…
The Collective for Social Media Declaration (CSMD) has raised serious concerns over the proposed Protection of the State from Terrorism Act, No. of 2026 (PSTA), warning it poses significant threats to freedom of expression, privacy, and democratic accountability. Issuing a statement the CSMD criticized the bill for replicating the core elements of the existing Prevention of Terrorism Act (PTA), which has long been condemned by rights groups. These include broad administrative detention powers, enhanced executive authority, and vaguely defined speech-related offenses. The group said that while the PSTA is presented as a human rights improvement, it instead creates parallel criminal…
Sri Lanka’s railway network has partially resumed operations following the impact of Cyclonic Storm Ditwah, with nearly 70 percent of passenger rail lines now back in service, official data showed. According to figures released by the Office of the Commissioner General of Essential Services, passenger train services were operating on 1,098 kilometres of railway lines as of December 22, representing 69 percent of the country’s total rail network. Sri Lanka’s overall railway length stands at 1,593 kilometres. Several key routes, including major sections of the Northern Line up to Kankesanthurai, the Southern Line from Colombo to Matara and Beliatta, and…
The post Disaster relief new Government circular issued appeared first on Newswire.
Mr.Sanjaya Gunawardana, Managing Director/ Chief Executive Officer, Sampath Bank (Sixth from Left) andMr. Manohara Atukorala, Managing Director/ Chief Executive OfficerToyota Lanka (Private) Limited(Sixth from right) exchanged the agreement in the presence of representatives from both institutions. Sampath Bank PLC announced the signing of a Memorandum of Understanding (MoU) with Toyota Lanka (Private) Limited recently at the Toyota Lanka Head Office, marking a strategic collaboration aimed at providing enhanced financial and value-added benefits to customers purchasing Toyota vehicles across Sri Lanka. This partnership strengthens Sampath Bank’s commitment to delivering innovative financial solutions that make vehicle ownership more attainable and rewarding, while…
Photo courtesy of UNDP Forests play a crucial role far beyond simply absorbing water. For generations, people viewed them as sponges but we now understand they are sophisticated water management systems. Forests support plant growth, regulate climate, prevent soil erosion, cool the atmosphere, recycle moisture, replenish groundwater and supply water to entire ecosystems. Yet despite recognising these benefits, global freshwater demand continues to rise. It is worsened by frequent droughts. This fragile situation grows even more perilous as water has increasingly become a commodity, treated as an economic asset rather than a fundamental human right. This shift prioritises profit over…
ECONOMYNEXT – Sri Lanka’s exporters in Ditwah devastation-hit area are facing shortage in raw materials on agricultural products and spices, Export Development Board (EDB) Chairman Mangala Wijesinghe said. He said 573 at least exporters have been identified of being hit by the recent devastation. “Majority of them are from Colombo, Gampaha, Puttalum, Kurunagala, and Kandy districts,” he told reporters at a media briefing in Colombo. “They faced challenges in transport and lack of raw materials specially in export agricultural goods and spices. Still there are issues on the raw materials,” he said. “We are still assessing the damage to the…
ECONOMYNEXT – Sri Lanka should consider issuing debt with climate clauses that suspend debt service when natural disasters take place, Centre for a Smart Future, a Colombo-based think has suggested in the wake of Cyclone Ditwah. While Sri Lanka’s immediate pathway may be more or less locked in under the IMF programme, the post-cyclone reality has underscored an unavoidable truth: any future debt arrangements Sri Lanka enters must incorporate mechanisms that provide flexibility when climate shocks strike. “As Sri Lanka plans its gradual return to international capital markets post-restructuring, we must recognise the need for future debt instruments to incorporate…
Dr. Nishan de Mel, Executive Director of Verité Research has urged the government to evaluate the “hidden costs” of the IMF’s Rapid Financing Instrument (RFI) before committing to the debt.