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CSE to take part in a roadshow to Japan

Aug 3 (ST) In a last ditch attempt to turn the stock market -in doldrums- around, Colombo Stock Exchange (CSE) is gearing to go on a roadshow – this time to East Asia. CSE’s Japanese counterparts are organising this roadshow in August and but there is a catch for stockbrokers interested in taking part. Stockbrokers have to pay their airfares and other costs unlike earlier when the CSE somewhat pitched in with funds. Story has it that brokers are in two minds with this latest turn of events. more..

Prez to solve issues of Samurdhi Managers

Aug 3 (PMD) All Island Samurdhi Managers’ Association met President Sirisena today (2) at the Presidential Secretariat. The discussion between the President and the office bearers of the Association focused on the vocational issues faced by Samurdhi Managers. They stated that the former dictatorial rule did not appreciate the Samurdhi Movement which was the best and a leading financial institute in the country. more..

Sri Lanka: Reliability of IMF’s judgments and programme efficacy

Aug 3 (Island) In two recent feature stories published in The Island, some important issues were raised by this writer questioning the current IMF program assisting Sri Lanka and raising related issues for the govt to consider. More specifically, the above-mentioned articles raised the critical issue whether any kind of structural economic shift like a lift-off of the economy, as forecast by the IMF, could even be conceived in the county's dire economic and fiscal circumstances with such more..

Melstacorp to be holding Co, of Distilleries Company of Sri Lanka

Aug 3 (EN) In a complex share swap, Distilleries Corporation of Sri Lanka is expected to be made a subsidiary of Melstacorp, which will then be a listed holding company of all former investments of the alcohol firm. Distilleries will become a pure alcohol firm, which also issue shares additional shares to maintain a public float and raise cash. Under a plan that will be subject to approval of courts, all existing shareholders of Distilleries will be made shareholders of Melstacorp more..

Jala jolts Sri Lanka Inc.

Aug 3 (FT) Top public policy makers and private sector representatives should be locked up together for eight weeks to hammer out investment plans to their finest details to boost confidence on both sides and lock in investment deals, a top Malaysian bureaucrat advised yesterday as the solution to Sri Lanka’s public-private trust gap. Performance Management and Delivery Unit (PERMANDU) Malaysia more..

Sampath Bank ups profit by 41% to Rs. 4.2b

Aug 3 (FT) Sampath Bank posted a profit after tax of Rs. 4.2 b for the first half of 2016, a 41% growth over the corresponding period in 2015. The bank also managed to cross the Rs. 5 b mark in pre-tax profit to reach Rs. 5.7 b by the end of the period, recording a growth of 29.4% against Rs. 4.4 b achieved in the corresponding period in the previous financial year. The main reason for the higher post-tax profit growth compared to the pre-tax profit growth is the reversal of more..

Holland's topsy-turvy journey to Galle

Aug 3 (CI) An expired passport, replaced in a hurried 24 hours before flying to Sri Lanka, says a lot about how much Jon Holland has thought about playing for Australia in a Test match lately. But canny displays in training for the tourists, ahead of a game they must win, spoke equally loudly for a level of ability the selectors have always rated. The call from chairman of selectors Rod Marsh to tell Holland he needed to travel to Galle to replace Steve O'Keefe and partner Nathan Lyon more..

RTI signed into law

Aug 3 (CT) The Right to Information (RTI) Bill had been approved and signed by the Speaker on Monday, Minister Gayantha Karunatileke said. He stated that the Speaker Karu Jayasuriya had signed the Bill to the RTI upon his return from abroad. "There is no delay in the RTI. Speaker, upon his return from a foreign trip, signed the Bill on Monday and it has now been gazetted. Adhering to the proposals made within the Bill itself, more..

Late arrival: Chief invigilator sacked

Aug 3 (DN) The service of the chief invigilator, who came late to the A/L examination centre at Henegama Central College, Kelaniya (Hall No 1 of the Examination Centre Number 340) was terminated by Examinations Commissioner General W.M.N.J. Pushpakumara yesterday. Owing to the late attendance of the chief invigilator, it has been reported that the A/L Exam candidates of Henegama Central College received the Combined-maths question paper 1, after about an hours delay. more..

SINGER Sri Lanka ‘records excellent growth’

Aug 3 (Island) Singer (Sri Lanka) PLC Group’s second quarter financial results continued to display excellent growth fuelled by an increase in Revenue and Net Income. In the 2nd Quarter of 2016, the Group’s revenue increased 23% to Rs. 11.6 Billion, while net profit improved 60% to Rs 613.4 Million, when compared with the previous year. This included consolidation of new acquisitions. Group Revenue for the first six months of the year also increased by 23% to Rs. 22.1 Billion, more..

Sri Lanka open for business: PM tells World Islamic Economic Forum

Aug 3 (DN) Sri Lanka was the first country in the region to introduce open economic reforms in 1977 which inspired other countries in the region to fellow, PM Ranil Wickremesinghe said. He was delivering the keynote address at the opening session of the 12th World Islamic Economic Forum at Jakarta Convention Centre, in Jakarta. PM, who arrived in Indonesia on a two-day official visit to participate in the forum, said that this novel more..

Noritake unveils its latest range of fine porcelain-ware, stoneware and cutlery

Aug 3 (ST) Noritake Lanka Porcelain recently unveiled its latest range of fine porcelain, bone china, stoneware and cutlery at the Hilton Colombo. The theme of the evening revolved around the Nil Manel – the blue lotus – which symbolises many of the aspects that are shared by the creed of Noritake, such as Harmonious Co-existence, Mutual prosperity, Social contribution, Trust first and Cooperation with integrity. Invitations encompassed the synergy between Japan & SL, more..

Court order against JO: A verdict by Sathara Waram Deviyo: Kiriella

Aug 3 (DN) Those who threatened the Malwathu Chapter Chief Prelate in 2010 have no moral right to enter the Mahamaluwa at the Dalada Maligawa in Kandy to start the Paada Yathra, Highways and Higher Education Minister and Leader of the House Lakshman Kiriella said. He was addressing a press conference at Sirikotha yesterday. He termed the court verdict on the Paada Yathra of the Joint Opposition in Kandy as a verdict by the Sathara Waram Deviyo (four guardian deities). more..

Yahapalana crook's office rental scam

Govt proactive on elder care: PM’s Office

Aug 3 (FT) The need for quality care for eldersis growing internationally, with demand increasing significantly in the developed world. With the largest ageing population in South Asia. Sri Lanka too will be faced with urgent demand for elder care. In anticipation of this need the Govt is taking action to ensure quality elder care throughout the country. Currently, demand for elder care services is inadequately fulfilled or fulfilled in an unstructured manner. more..

Strongest will survive: Hashim

Aug 3 (CT) Even if there are winners and losers due to regional trade agreements, there are always opportunities for the most competitive businesses in a country to survive and exploit opportunities in other countries, Minister of Public Enterprises Development Kabir Hashim said. He was addressing the 12th World Islamic Economic Forum in Jakarta, Indonesia yesterday. "We are discussing how we can facilitate regional cooperation through bilateral and multilateral agreements. more..

SL - TN land bridge most likely

Aug 3 (CT) There is a strong possibility of a land bridge being built linking SL and India (TN), Minister Kabir Hashim said addressing the WIEF in Indonesia. He added there had been discussions at the highest political levels on implementing the project. "We had a plan to build a bridge and there is a good possibility that it will be built. Discussions have been held at the highest levels regarding this," more..

Docs take their ETCA case to Cardinal

Aug 3 (Island) GMOA met Archbishop Malcolm Cardinal Ranjith to brief him on the importance of formulating a National Policy before entering into international trade agreements. GMOA Secretary Dr. Naveen de Zoysa said GMOA President, Dr. Anuruddha Padeniya, accompanied by a group of executive committee members, had met the Cardinal at the Bishop’s House, Borella. During the meeting the Cardinal agreed with the unionists on the need to formulate a national policy. more..

STC breaks Rs. 3000 Mn sales barrier, launches SL’s first nano-tech lubricant

Aug 3 (AT) Partnering with a leading Korean lubricant maker, Sri Lanka’s official supply giant to the state sector has launched the first ever nano-tech powered automotive coolant for SL lubricant market on 1 August-and despite stiff competition from the private sector, State Trading Corporation is now reporting a whopping sales figure of Rs 3000 Mn! “Despite stiff competition from private sector giants in the market, STC has increased its revenues five times over the last 5 years” more..

Sri Lanka needs structural reforms for sustained growth: CB Governor

Aug 3 (EN) Sri Lanka needs structural reforms for sustained growth and monetary policy has to play a stabilization role to allow private businesses to aggressively invest, CB Governor Indrajith Coomaraswamy said. Sri Lanka saw growth spikes of up to 8% of GDP (the system of national accounts have since been revised to make the GDP number even bigger) after 2009, but it could not be sustained, he said. more..

Indian textile shop worker found dead

Aug 3 (TOI) Worker of a textile shop Abhay Agrawal (56) was found dead in a Sanskrit School along Ravindrapuri-Bhogavir road under Lanka police station on Tuesday morning. Police are suspecting it to be a murder case. According to reports, Agrawal worked at a shop in Bansphatak market and dwelt in a rented accommodation in Bhogavir with wife Richa and daughter Naman. On Monday evening, when he did not reach home, his family searched for him. Later, his brother-in-law lodged a report more..

PRECIFAC sixth report handed over to Prez

Aug 3 (DN) The PRECIFAC has handed over its sixth interim report to President Maithripala Sirisena, Commission's Secretary H. W. Gunadasa said. He said the report has given a detailed account about the progress achieved by the Commission as regards its role. The report had informed the President about five important investigations currently carried out by the Commission. He said public complaints received by the Commission totaled 1,595. more..

Video: Port City: Indian pressure forced SL to suspend and revisit project: Rajitha

Aug 3 (DM) Minister Rajitha Senaratne revealed that Chinese funded Port City Project initiated by Rajapaksa govt had to be suspended and re-visited under pressure from India. He said that a new tripartite contract would be signed shortly with all clauses in the original agreement inimical or unfavourable to SL being removed with new conditions included. “There was opposition to project from several quarters more..

Wimal too fatigued to appear before Corruption Commission

Aug 3 (DN) MP and former Minister Wimal Weerawansa has cited extreme fatigue as the reason for his non-appearance before the PRECIFAC for a second consecutive day, yesterday. Weerawansa after being summoned failed to appear before the Commission yesterday as well. The NFF leader who telephoned the Commission Secretary had informed him that he was unable to appear due to extreme fatigue after participating in JO Paada Yathra more..

Video: SLFP to decide on disciplinary action at CC meeting

Aug 3 (DM) The SLFP Central Committee will take disciplinary action against members of the party who participated at the paada yathra organized by the joint opposition. SLFP General Secretary and Minister Duminda Dissanayake said that action would also be taken against “those who hooted at the headquarters”. “We will take action against the people who participated in this march at our next Central Committee meeting. Behavior of those who participated was deplorable” he said. more..

Yahapalana Crook in action: BC urged to probe nearly Rs. 1 bn transaction

Aug 3 (Island) MP Jayantha Samaraweera alleged that CIABOC hadn’t initiated an inquiry into his complaint in respect of the Agriculture Ministry renting a building for a 5-year period at a staggering cost of about Rs 1bn. MP said that in accordance with an agreement between Agriculture Ministry and Upali Jayasinghe, proprietor of the building at No 288, Rajagiriya-Kotte, J'pura road, govt had paid him rent for 2 years amounting to Rs. 570 mn. more..

Paada Yatra and bread and circus: The simple logic of distraction

Aug 3 (DM) Paradoxically though, protests in this country have become something akin to a Roman circus.They are no better than reality television and celebrity gossips and at times, vintage pornography. Of course, they may be truly boring and increasingly banal, yet they give you a break from your equally mundane life. That was exactly what the ancient Roman strategy was intended to be; a distraction and diversion from the hassles of everyday existence. “… Already long ago, from when more..

Examine the cancer of self-interest in education

Aug 3 (DM) Excessive privatization, commercialization or marketization of vital areas such as healthcare, education and public transport have led to crises within crises, conflicts within conflicts and a self-destructive decline in quality standards and the spirit of public service. At present, one major crisis involves both education and healthcare with widespread protests and allegations of corruption over the controversial SAITM which most analysts and civic action groups see more..

We don’t serve goals of politicians: Def Sec

Aug 3 (DM) Q: To start off with, can you introduce yourself to our readers? A: Born in Polonnaruwa, I schooled at the Kuliyapitiya Central College and Veyangoda Central College. I entered the Engineering Faculty in 1973 and graduated with an honours degree in Civil Engineering. Later, I went to Belgium for my Masters degree. I am a Chartered Engineer and a Fellow of Institute of Engineers & Inst. of Management. more..

Whodunnit drama continues at police hospital

Aug 3 (SL) Following CID investigation into repeated medical negligence at Police Hospital, Narahenpita, where CID has recommended suspension of Chief Medical Officer’s services until investigation is concluded, speculation is rife as to who is preventing CID’s recommendation from being implemented. After the death of former Senior DIG Leo Perera on Oct 28, 2015 due to medical negligence at Police Hospital, more..

SAITM gives its side of story, Kiriella says suspension of new intake only a discussion

Aug 3 (ST) Ten days after a high-powered delegation of medical professors issued a strong report on the SAITM including a call to immediately suspend new intakes of students, the future of the controversy-ridden institution remained in the balance. As to-and-fro arguments were dished out by defenders of SAITM (mainly its management, students and parents), others urged the SAITM authorities and the Govt to separate the two more..

Sri Lanka-China rapprochement rolls on

Aug 3 (Nikkei) After deteriorating during the early part of President Maithripala Sirisena's tenure, Sri Lanka's relations with China appear to be on firmer footing as both sides continue to iron out differences over Chinese investments in the island country. "In most of the cases, we found we got better terms," Minister Kabir Hashim said. He added that a few more Beijing-backed projects are currently under review. more..

'Sri Lanka proving life after cricket legends'

Aug 3 (AFP) Sri Lanka's first win over Australia in two decades proves the islanders have the talent to step into the boots of their recently retired greats, according to Test cricket's most successful bowler Muttiah Muralitharan. Speaking to AFP ahead of the second Test in Galle which begins Thursday, Muralitharan reflected in glowing terms on batsman Kusal Mendis and spin bowler Lakshan Sandakan's key roles in more..

Kiriella lambasts JO protest march as futile exercise

Aug 3 (Island) Minister Lakshman Kiriella said the Pada Yathra organised by the Joint Opposition was a damp squib and it would have no effect on the govt as the ruling party would be in power for the next five years. Kiriella addressing a news conference at the UNP headquarters Sirikotha at Pita Kotte said the Pada Yathra had been a futile exercise by a group of bankrupt politicians, some of whom were corrupt. more..

Alleged abuse of female students at Kandy private institute

Aug 3 (DN) A private institute in Hantana, Kandy called the Leadership Training Academy is being embroiled in a scandal for allegedly having subjected its female students, aged 15,16 and 17 to abuse. Women’s and Children’s Desk of the Kandy Police are conducting investigations. They suspect the owner and his associates to be the main perpetrators. Police had taken all 17 students at institute into custody more..

BOI chief says his life at risk

Aug 3 (Island) BOI chairman Upul Jayasuriya said that there was so much pressure from special interest groups all out to twist his arm to get certain BOI projects approved which are inconsistent with the policies of institutions. "Pressure is so overbearing that you need to be steely-nerved to resist it and go ahead doing the right thing. Sometimes, I feel my life could be at greater risk than it was when I was BASL president," more..

CA chairman pushes ICC reforms in SL

Aug 3 (CI) David Peever, the Cricket Australia chairman, has delivered a pointed message to nations opposing proposed changes to the structure of international cricket - tradition must not stand in the way of progress. Speaking at the official banquet to mark Australia's series in Sri Lanka on Tuesday night, Peever stressed the importance of keeping the game relevant and balancing tradition with progress. more..

Indonesia to help build railway system in SL

Aug 3 (JP) Indonesian President Joko Widodo has announced that Indonesia was ready to participate in developing the railway system in SL. During a bilateral meeting with PM Ranil Wickremesinghe at the Merdeka Palace complex in Jakarta, Jokowi said the countries needed to boost their economic cooperation in the transportation sector, among others. "Indonesia is ready to participate in developing railway system" more..

United National Govt

Aug 3 (CT) Yesterday's inauguration of Ceylon Chamber of Commerce (CCC) organized annual Economic Summit complemented the openness of the economy ushered in by the J.R. Jayewardene regime 30 years ago in 1977 and Mao Zedong's (Mao Tse-tung's) brief flirtation with democracy, vis-ŕ-vis his Let a hundred flowers bloom philosophy of 1956. Minister Ravi Karunanayake, the first speaker at the summit, spoke of fiscal consolidation and enhancing tax revenue by getting more tax more..

Top spot at stake as Australia await another trial by spin

Aug 3 (CI) Galled by their own performance in Pallekele, here Australia might be just be Galled full stop. Rod Marsh, the national selector, spoke after the loss in the first Test of Australia's excellent preparation. What else can we do, really? he wondered out loud. He sounded like an exasperated parent whose wayward kids can only be guided so far. But Australia will need to do something different when the second Test starts in Galle. They enter the match 1-0 down in three-Test series more..