News
CEO makes shocking revelation: 50% of factories are closed-
About 50% of factories had been closed and the others were operating at sub optimal levels, Dhammika Samarawickrama, head of the Micro Electric International (Pvt) Ltd said during a TV interview on Wednesday night.
“This is a big problem. A lot of factories have been closed, and the others are working only for about two weeks a month. This is because the demand has dropped and there is no point in running the factory throughout the month, he said.
Samarawickrama said that apart from the obvious economic problem, a large number of unemployed would have an unfathomable social cost.
“I don’t think we have ever had so many unemployed people. So many job losses and these people also have to make ends meet. The government really has to do something urgently,” he said.
The factories were closing down because of high bank interest rates and the skyrocketing cost of production, he said.
“Interest rates are too high. It’s impossible to take a new loan or even pay interest for existing loans. Attempts made by businessmen to get a debt moratorium too have been unsuccessful. On the other hand, the cost of production has doubled or tripled. The electricity bill has been increased by 100 percent. We hear that the tariff will be increased by 30 percent in January. Therefore the costs have gone up and businessmen have increased prices,” he said.
On the other hand, the purchasing power of the people has dropped and there is a marked drop in demand, Samarawickrama said. Samarawickrama said that no businessman wants to incur losses for any reason.
“However, people are not buying at the new prices. So obviously the economy will shrink. The government has to step in and ensure that there is some equilibrium,” he said.
News
Establishment of an Institutional Framework to Inagurate Upper Hydro Catchment Areas Management Authority
Policy approval of the Cabinet of Ministers was granted at their meeting held on 08.06.2026 to establish the Upper Hydro Catchment Areas Management Authority for identification and
execution of a formal and long – lasting remedy to secure the central hills including the upper hydro catchment areas enabling them to sustain amidst extreme weather conditions
due to natural calamities and human activities as well as to be used for the sustainable development of the country.
Accordingly, a concept paper has been prepared including
institutional structure, activities, powers, active subject area as well as administrative and coordination mechanism for the proposed authority by an expert technical committee appointed by the Secretary to the President.
Based on the said concept paper, the Cabinet of Ministers granted approval to the resolution furnished by the President to instruct the Legal Draftsman to prepare a draft bill including legal provisions required for the establishment of Upper Hydro Catchment Areas Management Authority.
News
Introduction of Flora and Fauna (Regulation of actions of the Indigenous Community within the nominated areas) Regulations
With the objective of securing the traditional livelihood and the eco system of the indigenous community, it has been recognized the necessity of introducing a formal regulation methodology to secure their engagement in livelihood activities by being more sensitive to the existing laws.
Thereby, the Fauna and Flora (regularizing) regulations under the Fauna and Flora Protection Ordinance (Authority 469) have been prepared so that nominated activities within the prescribed area to a member of the indigenous community
who has been registered for securing the rights acquired from law or custom or usage or traditional stance to execute an act within a certain state land that is fundamental to the survival of the indigenous community permission can be granted
Accordingly, the Cabinet of Ministers granted approval to the resolution furnished by the Minister of Environment to publish the said regulations in the government gazette notification and thereby submit to the Parliament for its concurrence.
Latest News
M. M. D. J. Senarathne, appointed Director General of the Department of National Botanical Gardens
The Cabinet of Ministers approved the resolution furnished by the Minister of Environment to appoint M. M. D. J. Senarathne, who is the senior most officer in Grade I of Sri Lanka Scientific Service se
Establishment of an Institutional Framework to Inagurate Upper Hydro Catchment Areas Management Authority
Introduction of Flora and Fauna (Regulation of actions of the Indigenous Community within the nominated areas) Regulations
M. M. D. J. Senarathne, appointed Director General of the Department of National Botanical Gardens
Harmanpreet Kaur steps down as India captain
Turkiye, Pakistan agree Saudi Arabia military deployment under Mecca pact
Rumesh Tharanga among nominees announced for World Athlete of the Year 2026
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