Business

‘Mangala Samaraweera – a democrat who opposed racism and corruption’

Published

1 year ago

2025/05/14

Former President Chandrika Bandaranaike Kumaratunga / Late minister Mangala Samaraweera

‘The late Mangala Samaraweera was a true democrat who staunchly opposed racism in all its forms. He was also against corruption. He was a unique person, an achiever, an artist, a creative person, well-read and practical-minded, former President Chandrika Bandaranaike Kumaratunga said. She believes that if Mangala Samaraweera (MS) lived, Sri Lanka would have been changed entirely for the better.

The former President was speaking at a special Mangala Samaraweera commemorative event held at the auditorium of the Bandaranaike Centre for International Studies (BCIS), Colombo on April 22nd, which featured the donation of Minister Samaraweera’s wide-ranging and abundant private collection of books to several Sri Lankan libraries, including that at the BCIS and the Colombo Public Library.

The programme was termed, ‘Reading with Mangala: Insights into his Personal Library and its Onward Gifting to His Fellow Sri Lankans.’ The event marked MS’ 69th birthday.

The book donation was facilitated by the family of the late minister which coordinated closely with the BCIS to make the event a success. Besides former President Kumaratunga, the event was graced by the BCIS Council of Management, public personalities, associates and colleagues of the former minister, BCIS staffers, students and well-wishers.

At the outset of the commemoration, MS was introduced eloquently and at some length to the audience by the late minister’s niece, Chanchala. MS came across to us, basically, as a multi-talented, well-read, colourful and knowledgeable personality. A resourceful person who could change things for the better.

In a panel discussion featuring many dignitaries on Mangala the person and the public figure, former President Chandrika Bandaranaike Kumaratunga mentioned the following as well: ‘Mangala had a vision for the country as a public figure and conceptualized policies in accordance with it. Among other things, he persuaded the entire SLFP to resolve the ethnic issue by political means.

‘In a survey done by a foreign company it was revealed initially that only 23 percent of the country’s Sinhala community supported a political solution to the ethnic conflict. I asked Mangala to tell me how our ideas could be taken to the public. He launched work on this project with 19 ministers. One positive result from these deliberations was the ‘Sudu Nelum Movement’ which Mangala backed to the hilt.

‘Subsequently, the message of a negotiated solution was taken to the country through innovative means, like Street Theatre and the ‘Thawalama’ campaign. Mangala gave of his best to these projects. Subsequently, in a second survey done it was disclosed that 68 per cent of the people accepted a political solution. Thus, did Mangala’s positive approach pay off. He stuck to his principles and never betrayed them.’

By Lynn Ockersz

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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

9 mins ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

17 mins ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

17 mins ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.