Enterprise: Latest News

WILMINGTON, De. - Prosecutors in Delaware announced they dismantled two large-scale drug rings that plagued to local communities. United States Attorney David Weiss and federal agents from the FBI and DEA met with the media on Thursday to discuss the operations that peddled narcotics, including fentanyl and methamphetamine in communities in Dover and Rosemont. "The drugs sold and the toxic mixture created are becoming more dangerous, the tactics deployed by the defendants are more sophisticated," Weiss said. Investigators showed pictures of the large-scale, illegal drug operation being run in Dover in which undercover agents made multiple buys of fentanyl and methamphetamine over the last five months. MORE LOCAL HEADLINESThey argue the arrests of the Fountain brothers, Dwayne, and Martin, and two other suspects, lead to a record-setting haul of 7.5 kilograms of fentanyl.

MANILA, PHILIPPINES — The Asian Development Bank (ADB) today approved a $350 million special policy-based loan to provide budget support to Sri Lanka for economic stabilization. The program is part of a broader package of financial assistance anchored by the International Monetary Fund’s Extended Fund Facility for the country, which aims to stabilize the economy and lay the foundation for economic recovery and sustained growth.Sri Lanka is facing a severe and unprecedented economic crisis.

President Ranil Wickremesinghe engaged in a pivotal business round table on “Sri Lanka’s Economic Revival & Opportunities for Japanese Enterprise,” where he presented the nation’s commitment to stabilizing and liberalizing the economy while actively inviting new foreign ventures.The event, jointly organized by JETRO, Japan-Sri Lanka Business Co-Operation, and the Embassy of Sri Lanka in Japan, aimed to strengthen economic ties between the two nations.During the round table, President Wickremesinghe fervently outlined the ongoing efforts undertaken by Sri Lanka to restore stability and openness to its economy, presenting an inviting climate for foreign investment. With a clear vision to attract Japanese enterprise, he discussed the various measures and reforms being implemented to create a conducive business environment for potential investors.Recognizing Japan’s significance as a vital economic partner, President Wickremesinghe emphasized the mutual benefits that can be derived from increased collaboration between the two nations. Sri Lanka’s strategic location and skilled workforce were highlighted as key advantages, providing a gateway for Japanese companies to expand their operations in the region and leverage the country’s emerging economic opportunities.As Sri Lanka continues its journey toward economic revival, President Wickremesinghe’s active participation in the round table, underscores the government’s unwavering commitment to attracting foreign investment and driving sustainable economic progress.Meanwhile, President Ranil Wickramasinghe also joined a meeting with the Japan-Sri Lanka Parliamentary Friendship Association.Meanwhile, a meeting took place in Tokyo between Japan’s Minister of Digitization, Mr.

₹6,480 crore in April, registering a steep fall of 68% from ₹20,534 crore-worth inflows in March, as per the Association of Mutual Funds in India (AMFI). While the large cap funds received the lowest inflows in April, inflows into midcap funds fell marginally to ₹1,782 crore from ₹2,128 crore, sequentially.

Adani Total Gas, Adani Transmission and Indus Towers from the Index. The addition into the index is expected to result in inflow of $195 million for Hindustan Aeronautics Ltd, $295 million for Max Healthcare and $175 for Sona BLW, as per Nuvama Alternative & Quantitative Research.

COLOMBO (News 1st); The Provincial Councils Elections (Amendment) Bill has been gazetted.The new bill will replace the Provincial Councils Elections (Amendment) Act No. 17 of 2017. If the bill is submitted to Parliament and passed, it will reportedly be possible to hold the Provincial Council Election under the old electoral system.The bill was recently presented as a private member's proposal by Jaffna District MP M.A.

The Chairman of the China Merchants Group (CMG), China’s largest diversified conglomerate, who was on a visit to Sri Lanka says the Group’s latest investment plans will up its accumulated investments in the island to reach nearly 2 billion US Dollars.Chairman Miao Jianmin, who is on his first visit to the country, attended a signing and ribbon cutting ceremony held at the Hambantota International Port for 15 projects. The China Merchants Group which entered the Sri Lankan market in 2008, accumulated a total investment of 1.68 billion US dollars as at the beginning of 2023.

NEW DELHI : The Ministry of Finance on Tuesday said that Micro, Small and Medium Enterprises (MSMEs) have time till 30 June to submit their claims under the scheme meant for compensating them for damages from non-execution of contracts during the covid period.  The ‘Vivad se Vishwas I - Relief to MSMEs scheme’ was announced in the Union Budget 2023-24 by Finance Minister Nirmala Sitharaman. The relief provided under this scheme is in continuation to the efforts of the government in promoting and sustaining the MSME sector.  “In cases of failure by MSMEs to execute contracts during the COVID period, 95 per cent of the forfeited amount relating to bid or performance security will be returned to them by the government.

COLOMBO (News 1st); Indian media reported that Tata Enterprises, a major industrial conglomerate in India that recently acquired Air India from the government, is being considered as a possible investor in SriLankan AirlinesTo facilitate the privatization or restructuring of Sri Lankan Airlines, the Sri Lankan government has set up a "State-Owned Enterprise Restructuring Unit".As part of its plan for economic recovery and fiscal consolidation, Sri Lanka is considering restructuring its state-owned enterprises and divesting from sectors such as airlines, hotels, and hospitals. This move is expected to create investment opportunities for Indian investors.Indian Media said that SriLankan Airlines was a highly profitable airline when it was previously privatized, with 40% of its shares sold to Emirates Airlines, who managed the airline operations.Indian media reported that as many SriLankan Airline' flights are routed through India, and it would be beneficial for Indian airlines to collaborate with the Sri Lankan service provider.The Chairman of SriLankan Airlines said that privatization would help as long as the right partner is found to help the ailing national carrier. Ashok Pathirage, the Chairman of SriLankan Airlines told the Committee on Public Enterprises "As long as there is peace in the country.

COLOMBO (News 1st); The Chairman of SriLankan Airlines said that privatization would help as long as the right partner is found to help the ailing national carrier. Ashok Pathirage, the Chairman of SriLankan Airlines told the Committee on Public Enterprises "As long as there is peace in the country. No protests and issues.

COLOMBO (News 1st); The debate on the extended fund facility granted to Sri Lanka by the International Monetary Fund will be taken up in Parliament for the second day on Thursday (27).News 1st Parliament correspondent said the debate will continue for a third day, with a vote due to be held in Parliament on Friday (28) evening.The Jathika Jana Balawegaya and the Freedom People's Alliance have decided to vote against the program.Political sources said the Samagi Jana Balawegaya Parliamentary group will convene on Thursday (27) to reach a final decision on the matter.News 1st Parliament correspondent said SriLankan Airlines has been called before the Committee On Public Enterprises (COPE) on Thursday (27).The Committee on Public Finance is due to convene in Parliament at 10.30am on Thursday (27).

EMERYVILLE, Calif. - San Francisco police arrested Nima Momeni, the founder of Expand IT in Emeryville, early Thursday morning in connection with the fatal stabbing death of Cash App founder Bob Lee earlier this month.Efforts to reach Momeni and his company were not immediately successful, but here's what we know so far. Mission Local first reported that Momeni and Lee, who was killed on April 4, knew each other and had been driving through downtown San Francisco together in Momeni's car. But Lee's former wife did not know their exact relationship and she could not explain a motive for the death.MORE: Emeryville entrepreneur arrested in connection with stabbing death of Cash App exec Bob LeeNima Momeni's name appears on the Besler building in Emeryville.  Momeni, 38, was arrested at his live/work space in Emeryville and booked on a homicide charge at San Francisco County Jail. He is being held without bail. Momeni listed himself as the founder of Expand IT, Inc in the Besler building at 4053 Harlan Street in Emeryville.

COLOMBO (News 1st); The Pelwatte and Sevanagala sugar companies were taken over by the state via the Underperforming Enterprises and Underutilized Assets Act.At present, these two companies operate under the Lanka Sugar Company (Pvt) Ltd – a fully government owned company.Following the COVID pandemic, the government decided to offer Brown Sugar, produced by the Pelwatte and Sevanagala sugar companies, to cooperative societies at a lower price than the wholesale price as a measure to provide relief to the low-income communities.Accordingly, sugar stocks were sold to private buyers at competitive prices through the tender process and to cooperative societies at lower concessional prices.However, allegations have been raised that this process had led to widespread corruption.Registered buyers with Lanka Sugar Company (Pvt) Ltd said that a sugar racket is taking place by using the names of cooperative societies.At the most recent tender process, a kilogram of Brown Sugar was sold at Rs. 340/- to private buyers, while cooperative societies were sold a kilogram of Brown Sugar at Rs.

PHILADELPHIA - Officials are vowing to beef up security after what police called an "unruly" crowd of hundreds of juveniles prompted the shutdown of a south Philadelphia carnival.Police said an officer reported a large fight involving juveniles at the Easter carnival at about 7:30 p.m. Friday, and responding officers called for more units "due to approximately 500 unruly juveniles at the location." Related A night of family fun came to an abrupt end when police say hundreds of ‘unruly’ juveniles descended on South Philadelphia Friday.Police said the carnival was shut down and the crowds were dispersed before 10 p.m.

Sri Lanka’s Development Policy Operational Program progress has been commended by the World Bank representatives.Sagala Ratnayake, Senior Adviser to the President on National Security and Chief of Presidential Staff, chaired the final discussion in a series held with World Bank representatives on Sri Lanka’s Development Policy Operational Program on Thursday (06) morning.During the meeting, the attendees discussed the next steps to complete Sri Lanka’s development policy operational pre-actions, such as the establishment of the Parliamentary budget office, restructuring of state-owned enterprises, welfare benefit payment systems, social registry, and their respective timelines.

The Asian Development Bank’s (ADB) annual flagship economic publication, the Asian Development Outlook (ADO) April 2023, forecasts Sri Lanka’s economy to contract further in 2023 before it begins a gradual recovery in 2024, as the country navigates an unprecedented economic crisis. The economy contracted by 7.8% in 2022 and is forecast to contract by 3% in 2023 as it continues to grapple with the challenge of debt restructuring and balance of payments difficulties. Reform measures, such as the reversal of the tax cuts of 2019, and the recent approval of the International Monetary Fund’s (IMF) Extended Fund Facility arrangement will support the country’s efforts to stabilize its economy. Sri Lanka’s recovery from the crisis hinges on timely progress on debt relief and steadfast implementation of reforms.Sri Lanka entered the crisis on a weak footing as pre-pandemic macroeconomic vulnerabilities, policy missteps, and shocks left the country with thin buffers on the eve of the pandemic.In 2022, foreign currency scarcity led to shortages of essentials and triggered an acute energy crisis with prolonged power cuts and transport bottlenecks due to lack of fuel, which Sri Lanka needs to import. Inflation soared and eroded living standards, pushing many into poverty.

Russia’s security service arrested an American reporter for The Wall Street Journal on espionage charges, the first time a U.S. correspondent has been detained on spying accusations since the Cold War.

COLOMBO (News 1st); Sri Lanka's President Ranil Wickremesinghe told Parliament that the government will be introducing a serious of reforms after the IMF Executive Board granted approval for a bailout package of the country.Increasing Public Revenue:– Reduce the primary deficit to 2.3% of the GDP by 2025.– Increase the government’s revenue up to 15% of the GDP by 2026 through our measures.– Raised the standard corporate income tax rate to 30% without sectoral tax holidays.– PAYE tax rate was increased from 8% to 15%.– The measures required to reduce the existing tax exemptions on Value Added Tax (VAT) will come into effect by 2025. Further, necessary measures will be taken to remove the simplified VAT system and expedite its reimbursement.–  Steps have also been taken to introduce tax on awards / substitutes and to introduce Estate Duty as a property tax by 2025, while providing an appropriate tax exemption allowance at a minimum.–  Revamping the property tax system and introducing a wealth transfer tax – Introduce a gift and inheritance taxManaging Expenditure:– Increase the allocations provided to cover the expenses through proper management of expenditure.– Adjustments in certain salary scales and pension schemes as part of the impact of inflation within the primary deficit targets.State Enterprises and Energy Cost: – Fuel prices will be determined based on the 2018 Price Formula.

COLOMBO (News 1st); Sri Lanka's Cabinet of Ministers have granted their approval in principle for the divestment of major shareholding in Lanka Hospitals Corporation PLC and Sri Lanka Telecom PLC.Sri Lanka Telecom PLC in a letter to the Colombo Stock Exchange noted that the Treasury Secretary has informed the Board of Directors of SLT that the Cabinet of Minister granted its approval in principle for the divestment of the state held by the Secretary to the Treasury in SLT.It added that the divestment will be implemented by the State-Owned Enterprise Restructuring Unit established under the Ministry of Finance.Lanka Hospitals Corporation PLC informed the Colombo Stock Exchange that the Secretary to the Treasury has conveyed that an 'Approval in Principle' was granted by the Cabinet of Ministers for the divestment of the major shareholding in Lanka Hospitals Corporation PLC.

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe said that the government has taken a principled decision to expand the distribution of fuel.He also noted that Hambantota has been identified as a primary energy hub. According to the President's Media Division, he made these comments during a discussion with the representatives of the Sinopec Group held at the President's Office in Colombo on Monday (13).Sinopec has also pledged to invest in a refinery in Hambantota, said the PMD.The representatives informed the Sri Lankan Government that their organization has adhered to the existing system and has applied accordingly. They further conveyed their readiness to fully finance the construction of a refinery in Hambantota, which has been identified as a central energy hub by the government.Moreover, the representatives stated that their company is prepared to respond to future solicitations that align with the aspirations of the country.

COLOMBO (News 1st); Top delegations from the Sinopec Group (Ranking 5th in the Fortune Global 500 list of 2022) and the China Merchants Group (152nd) are currently visiting Sri Lanka.The Chinese Embassy in Sri Lanka tweeted that the delegates are in the country to enhance cooperation and further investment on petroleum & chemicals, trade, and port & industrial park operation.China Merchants Group: China Merchants Group (CMG) is a state-owned backbone enterprise headquartered in Hong Kong. CMG was founded in the Self-strengthening Movement in the late Qing Dynasty in 1872. As the first joint-stock company in modern China, it established the first merchant fleet, the first bank and the first insurance company in China, pioneering China's modern national shipping industry and driving the development of many other modern industries, and occupying an important position in the history of China's modern economic and social development. China Merchants Group is also the parent company of the Hambantota International Port Group (HIPG).Sinopec Corp:China Petroleum & Chemical Corporation (Sinopec Corp) is a listed company on domestic and international stock exchanges with integrated upstream, midstream and downstream operations, strong oil & petrochemical core businesses and a complete marketing network. Sinopec Corp.

COLOMBO (News 1st); The IMF Mission in Sri Lanka says that the decision taken by the Central Bank of Sri Lanka to raise the policy rate is appropriate and in line with its objectives set under the inflation targeting framework.Peter Breuer, Senior Mission Chief for Sri Lanka, and Masahiro Nozaki, Mission Chief for Sri Lanka noted that it reflects CBSL’s commitment to the inflation target and is an important part of the disinflation strategy in the EFF program, which is fully committed by the Sri Lankan authorities and supported by the IMF.   Sri Lanka’s inflation is declining but remains at a very high level, which has been disproportionally hurting the poor, the statement added. "Upside inflation risks could reverse the trend and lead to persistently high inflation which is extremely costly to the economy," they further added.Therefore, CBSL’s decision to raise the policy rate shows its commitment to reduce inflation more quickly and firmly towards the single-digit target. Durable disinflation would help boost market confidence, reduce excessive risk premia and ease the financing conditions for the corporates, especially the small and medium enterprises, which supports recovery.Sri Lanka is ready to adopt the IMF program within March 2023, said Central Bank Governor Dr.

FILE - A view of shipping containers at Port Newark–Elizabeth Marine Terminal, a major component of the Port of New York and New Jersey, on Feb. 17, 2023.

Prince William and Kate Middleton’s foundation has announced a new collaboration to help create therapy allotments and gardens offering mental health support in south Wales. The Prince and Princess of Wales visited the site where the first garden will be developed at Brynawel Rehabilitation Centre, near the town of Pontyclun in Wales on Tuesday to mark the announcement of the social enterprise partnership. The royal couple’s charitable organisation is working with Life at No.27 – a horticultural therapy and mental health counselling provider – to scale up its gardening mission, with six gardens eventually being created across south Wales.

A Hamilton resident has won a prestigious Prince’s Trust award after battling her depression, anxiety, and OCD to starting her own baking business.

 COLOMBO (News 1st); Prof. Ranjith Bandara, was re-elected as the new Chair of the Committee on Public Enterprises (COPE) with a majority of votes. He was elected at the first meeting of the Committee on Public Enterprises held on Thursday (23) for the Fourth Session of the Ninth Parliament.The name of Prof.

A grumpy hermit hatches a plan to steal Christmas from the Whos of Whoville, Dec. 18, 1966.

TAMPA, Fla. - A ride designed to use momentum to keep riders in their seats without restraints suddenly shut down at the Florida State Fair in Tampa.Dubbed the "Enterprise," those at the Tampa fair were recording when the ride stalled. One fairgoer told Storyful people were getting sick, and the staff stopped the ride."Oh my God.

Consolidated net profit plunged to 1.53 billion rupees ($18.48 million) for the three months ended Dec. 31, from 2.28 billion rupees Indian healthcare group Apollo Hospitals Enterprise Ltd reported a 33% drop in the third-quarter profit on Tuesday, hurt by weakness in its digital business. Consolidated net profit plunged to 1.53 billion rupees ($18.48 million) for the three months ended Dec.

NEW DELHI : In a major relief to small suppliers, the Centre on Monday asked various ministries to refund the performance security, bid security and liquidated damages forfeited or deducted during the COVID-19 pandemic. The move gives effect to finance minister Nirmala Sitharaman’s announcement on 1 February in her budget speech that in cases of failure by micro, small and medium enterprises (MSMEs) to execute contracts during the Covid period, 95% of the forfeited amount relating to bid or performance security, will be returned to them by the government and state-owned companies. The minister said in her speech that this would provide relief to MSMEs.

COLOMBO (News 1st) – The President's Office has reserved a slot with the Government Printer to issue the Proclamation to Prorogue Parliament with effect from midnight on Friday (27).President's Secretary Saman Ekanayake confirmed to News 1st that the respective gazette was sent to the Government Printer as per a decision taken by the President to prorogue parliament with effect from midnight on Friday (27).He said that the new session of Parliament will take place on the 8th of February 2023 at 10 AM.A Senior Official at the Government Printer confirmed to News 1st that the respective gazette was received to go ahead with printing.What is prorogation?To prorogue Parliament means to prolong it,or toput it off for a later day.It is basically a temporary recess of Parliament.Parliament ordinarily functions over a series of sitting days which make up what is called a session; when Parliament is prorogued, a session comes to an end.Effect of Prorogation in Our Parliament:Constitutional ProvisionsDuring the prorogation the Speaker continues to function and the Members retain their membership even though they do not attend meetings of Parliament. The effect of a prorogation is to suspend all current Business before the House and all proceedings pending at the time are quashed except impeachments.  A Bill, motion or question of the same substance cannot be introduced for a second time during the same Session.

NEW DELHI : The pandemic-led shift to remote work, which fuelled massive demand for PCs and laptops in the last two years, is starting to fade. Analysts and IT industry experts expect sales to weaken further due to a slump in consumer demand driven by inflationary pressures. This, in turn, will force brands to cut prices of consumer laptops and offer either discounts or bundled offers for commercial deals.

NEW DELHI : The pandemic-led shift to remote work, which fuelled massive demand for PCs and laptops in the last two years, is starting to fade. Analysts and IT industry experts expect sales to weaken further due to a slump in consumer demand driven by inflationary pressures. This, in turn, will force brands to cut prices of consumer laptops and offer either discounts or bundled offers for commercial deals.

COLOMBO (News 1st) – COPE has decided to file a complaint with the Speaker against Minister of Labour and Foreign Employment Manusha Nanayakkara for criticizing the powers of COPE and the Auditor General.The Committee On Public Enterprises met in Parliament on Thursday (5).A statement from the Sri Lanka Parliament noted that Minister Manusha Nanayakkara on the 22nd of December had challenged the powers of COPE, and the tasks of the Auditor General during a national event.COPE had determined that the Minister's comment sets a wrong precedent, and such a comment bring disrepute to COPE as a whole.

COLOMBO (News 1st) – The Cabinet of Ministers granted approval to set up an entity attached to the treasury to expedite the restructuring process of State Owned Enterprises.Cabinet Spokesperson Bandula Gunawardena told reporters that this entity will facilitate the process of restructuring the SOEs.The 2023 Sri Lankan budget noted the urgency of restructuring State-Owned Enterprises, and a Unit dedicated unit was established at the Ministry of Finance with the specific task of restructuring SOEs.The Cabinet has given the green light to set up a parent company attached to the treasury, where the Treasury Secretary will hold 100% of all shares, to expedite the restructuring process of State Owned Enterprises.

₹8.33 trillion of investor wealth, driven by concerns about more aggressive rate hikes by the US Federal Reserve Indian benchmark indices saw their biggest drop in three months, wiping out ₹8.33 trillion of investor wealth, driven by concerns about more aggressive rate hikes by the US Federal Reserve and the resurgence of covid cases in China and other parts of the world. The National Stock Exchange’s Nifty index fell 1.77% to close at 17,806.8, while the Sensex plunged 1.6% to 59,845.29. This is the sharpest daily drop in the Nifty since 16 September and 23 September for the Sensex.

MUMBAI : Spooked by concerns of a possible resurgence in covid cases and ahead of the release of the latest Monetary Policy Committee meeting minutes, Indian stock indices tumbled by over a percent each, wiping off ₹4.4 trillion of investor wealth in the bargain. The Nifty fell 186.20 points to close at 18,199.10 while the Sensex tanked 635 points to end at 61,067.24 points after markets gauged the whole import of the Centre’s advisory to step up genome sequencing for identifying fresh covid strains spreading from China. The MPC minutes of its meeting on 5-7 December released after market closing showed the Reserve Bank of India governor voting against a pause in rate hikes on the ground of it being premature.

COLOMBO (News 1st) – A circular has been issued suspending the expenses incurred for various events of State Institutions by the Secretary to the Ministry of Finance, Economic Stabilization and National Policies Mahinda Siriwardena.The Cabinet had decided on the 13th of June to suspend the spending of funds for events related to their scope as well as other external events in the current limited financial space.However, the Ministry of Finance, Economic Stabilization and National Policies say that it has been reported that such expenses are still being incurred contrary to the relevant rules.Accordingly, the Secretary states state funds should not be used for opening ceremonies and other events at Ministries, Departments, State Corporations, Companies, Statutory Boards, State Enterprises, Provincial Councils, Local Government Institutions and State Banks.

COLOMBO (News 1st) – The Governor of the Central Bank of Sri Lanka Dr. P.

The owner of an equine training centre in Highland Perthshire – who spent 20 years leading mountain expeditions across the world – says her enterprise is starting to kick on after she bought the land for her business just days before the first Covid pandemic lockdown.

COLOMBO (News 1st) – Sri Lanka's Central Bank Governor stressed that State-Owned Enterprises need to be reformed so that they are not a burden on the economy."For us to come of the crisis we have to address the root causes of the imbalances. This is where the government will have to collect more revenue, curtail expenditure, and maintain a sustainable level of sovereign debt.

COLOMBO (News 1st) – The 2023 Sri Lankan budget has made significant reference to the restructuring of State-Owned Enterprises (SOEs).The budget document noted that the urgency of restructuring State-Owned Enterprises (SOEs) was reiterated several times during the last 6 months, and a Unit has now been established at the Ministry of Finance with the specific task of restructuring SOEs.Initially measures will be taken to restructure SriLankan Airlines, Sri Lanka Telecom, Colombo Hilton, Waters Edge and Sri Lanka Insurance Corporation (SLIC) along with its subsidiaries, the proceeds of which will be used to strengthen foreign exchange reserves of the country and strengthening the Rupee.In addition, the  Gem and Jewellery Research and Training Institute will be merged with the National Gem and Jewellery Authority in order to provide services with better quality and efficiency to the gem-related craftsmen to increase export revenue. The government will also explore the possibility of setting up of a Gem Emporium (Gem Zone) for the benefit of the industry participants.

COLOMBO (News 1st) – The Committee on Parliamentary Business has decided to appoint a special committee consisting of four members to further study and make recommendations regarding the establishment of three Standing Committees to be established. This was decided at the Committee on Parliamentary Business held recently.Accordingly, the Committee on Banking and Financial Services, the Committee on Ways and Means, and the Committee on Economic Stabilization are expected to be established as new standing committees.Accordingly, the Minister of Foreign Affairs Ali Sabry, Members of Parliament (Dr.) Harsha de Silva, M. A.

COLOMBO (News 1st) – The Cabinet has approved for the State-owned Enterprises Restructuring Unit to study and make recommendations on restructuring SriLankan Airlines.This Cabinet approval has been given taking into account a proposal presented by the Minister of Ports, Shipping and Aviation  Nimal Siripala Silva.It has been determined that it is appropriate to restructure the airline and its managed companies by handing over significant shares of Sri Lanka Airlines and the management of the company to select investors filtered through a transparent procurement process.

COLOMBO (News 1st) – Chairperson of the National Council Sub-Committee on Identifying Priorities in Formulating Short-, Medium- and Long- Term Policies Namal Rajapaksa, Member of Parliament instructed Anusha Gokula, Director General – Department of Manpower and Employment, to organize a preliminary discussion within two weeks in coordination with all relevant institutions in order to remove the existing barriers for entrepreneurship in Sri Lanka and quickly prepare a new policy framework.It was emphasized at the sub-committee that starting an enterprise in Sri Lanka has become a complex process, so a policy framework should be prepared to make it a very simple and easy task like in developed countries. The sub-committee also agreed to discuss and decide the necessary legal and policy changes to make this process easier and more efficient in coordination with the Divisional Secretary and District Secretariat offices and related institutions at the next committee meeting.These recommendations were given as the officials representing the Department of Manpower and Employment and the Attorney Generals Department were called before the National Council Sub-Committee on Identifying Priorities in Formulating Short-, Medium- and Long- Term Policies to discuss formulation of national policies related to encouraging entrepreneurship and investment.Anusha Gokula, Director General of the Department of Manpower and Employment, pointed out that since entrepreneurship and career guidance is a right that should be given to the students of Sri Lanka, the educational policies should be changed to include it in the school education system of Sri Lanka.According to a recent survey, there are nearly 800,000 youth who do not have education,

COLOMBO (News 1st) – The Sri Lanka Administrative Service Association proposed that the Committee on Public Finance and the Committee on Public Enterprises be given the powers recover the money lost to the government from the officials who misused the public funds and the politicians who decided to misuse the government funds and also to enable for them to be subjected to the judicial process and be punished.Discussions on this regard took place at the National Council Sub-Committee on Identifying Priorities in Formulating Short-, Medium- and Long- Term Policies which met in Parliament yesterday (Oct.

Rescue works continue for the coal miners, who are trapped under the rubbles, at the explosion site of a coal mine in Turkiye's northern Bartin province on October 15, 2022. (Photo by Kahraman Bekcili/Anadolu Agency via Getty Images) Funerals for miners killed in a coal mine explosion in northern Turkey began Saturday as officials raised the death toll to at least 40 people.Desperate relatives had waited all night in the cold outside the state-owned Turkish Hard Coal Enterprise's (TTK) mine in the town of Amasra, in the Black Sea coastal province of Bartin, hoping for news.

COLOMBO (News 1st) – The Monetary Board, with the concurrence of the Minister of Finance, has promoted Mrs. K M A N Daulagala, Assistant Governor and the Secretary to the Monetary Board, to the post of Deputy Governor of the Central Bank of Sri Lanka (CBSL) with effect from 07 October 2022. K M A N Daulagala has over 31 years of service at CBSL in different capacities in the areas of supervision and regulation of non-bank financial institutions, macroprudential surveillance, finance, international operations, risk management, regional development, human resource management and training and development. She has served as the Chief Accountant and Director of Supervision of Non-Bank Financial Institutions and Financial System Stability and has contributed towards strengthening the legal framework and governance in the non-bank financial institutions sector. Prior to the appointment as a Deputy Governor, Mrs.