News

The long-delayed East Container Terminal (ECT) project at the Colombo Port has again come under intense scrutiny, with the Committee on Public Enterprises (COPE) warning that prolonged construction setbacks are inflicting a heavy financial and economic toll on both the Sri Lanka Ports Authority (SLPA) and the wider economy.

At its latest meeting on 13 November, chaired by Dr. Nishantha Samaraweera, COPE examined the Auditor General’s Reports for 2022 and 2023 and reviewed the SLPA’s current performance. The session expanded on issues first raised when the Ports Authority was summoned in September—this time focusing sharply on the stagnated progress of the ECT, one of the country’s most strategic port expansions.

A Project Already Years behind Schedule

The committee revealed that Cabinet approval had been granted back in November 2021 to award a Rs. 40.27 billion construction contract for developing the ECT. Despite agreements being finalized the following month, construction originally scheduled for completion by 3 January 2025—has suffered prolonged disruptions.

Due to extended delays, the expected completion date has now been pushed to July 2026, a 548-day setback. COPE members warned that such slippage is far more than a scheduling issue—it has turned into a multimillion-rupee economic burden.

Rs. 4.2 Billion Compensation Claim Raises Alarms

In what COPE described as a direct financial consequence of the delay, the contractor has already lodged a Rs. 4.23 billion compensation claim. The committee demanded a comprehensive report detailing the contractual, management, and operational lapses that allowed the project’s timeline to spiral out of control.

Committee members made it clear that these delays could not be viewed in isolation. Every day the ECT remains incomplete, Sri Lanka forfeits potential revenue from handling growing regional transshipment demand—business that may instead shift to competing ports such as Dubai, Singapore, or India’s emerging terminals.

Economic Impact: Lost Throughput, Lost Revenue, Lost Reputation

SLPA officials told COPE that construction is now progressing “rapidly” and assured completion within the revised timeframe. But experts warn that the economic impact is already being felt:

Lost handling capacity has limited Colombo Port’s ability to attract new shipping lines.

Regional competitors are capturing transshipment volumes Sri Lanka could have secured.

Higher project costs and compensation claims threaten SLPA’s already strained finances.

Delays jeopardize investor confidence, critical as Sri Lanka seeks foreign investment to stabilize its post-crisis economy.

Industry analysts note that the ECT is essential for Colombo to maintain its competitive edge as South Asia’s premier transshipment hub. Failure to deliver the project on time risks undermining long-term port revenue generation one of Sri Lanka’s most stable foreign-exchange sources.

Other Irregularities Surface during COPE Review

Beyond the construction slowdown, COPE also raised concerns about several governance and administrative lapses within the Ports Authority:

Food expenditures for employees remain high, despite previous COPE directives in 2023. SLPA officials claimed they have now introduced competitive tendering to reduce costs.

Legal action over encroached port lands has been sluggish, with the committee urging immediate enforcement of court orders to recover properties.

Questions were raised over the renaming of the Seeduwa Raddolugama Sports Club and the recruitment of its players as SLPA employees—practices COPE hinted may reflect misuse of institutional resources.

Call for Accountability as Delays Mount

With the ECT now expected to be delayed by more than a year and a half, the committee signaled that accountability must be enforced to prevent further losses. For Sri Lanka still struggling with post-crisis economic recovery the prolonged delay of such a critical infrastructure project risks deepening financial strain at a time the country can least afford it.

The Department of Meteorology reports that the low-level atmospheric disturbance located to the east of Sri Lanka continues to influence the island’s weather.

As a result, showers or thundershowers are expected at times in the Northern, North-Central, and Eastern provinces. According to the advisory, heavy rainfall of around 100 mm is likely in parts of the Northern Province and the Trincomalee District.

Several other areas of the island will experience showers or thundershowers after 1.00 p.m. Fairly heavy rainfall exceeding 75 mm is possible in the Western, Sabaragamuwa, Central, Southern, and Uva provinces.

Misty conditions may also occur in parts of the Western, Sabaragamuwa, Central, Southern, and Uva provinces during the early morning hours.

The public is advised to take necessary precautions to minimize harm caused by strong, localized winds and lightning during thundershowers.

Bollywood icon Shah Rukh Khan has been honoured with a Dubai skyscraper named after him, marking a significant tribute to his global influence.

The tower, titled “Shahrukhz by Danube,” was officially launched at an event held in Mumbai on Friday, November 14.
Rizwan Sajan, Founder and Chairman of the Danube Group, praised Khan’s enduring legacy and star power during the ceremony.

The 56-storey commercial tower will also feature a statue of Shah Rukh Khan at its entrance, showcasing his iconic Dilwale Dulhania Le Jayenge pose.

Prime Minister Dr. Harini Amarasuriya stated that as the country moves towards a digital economy through a new transformation, all sectors must work together in the national mission of empowering local entrepreneurs.

The Prime Minister made these remarks while participating in the inauguration ceremony of Global Entrepreneurship Week held under the theme “Together We Build” at Temple Trees Premises yesterday (14). The event was organized by the Ministry of Digital Economy.

Addressing the event, the Prime Minister further stated,

Global Entrepreneurship Week 2025 begins today. It actively contributes to building an entrepreneurial culture in the country and creating the necessary opportunities for that purpose. This week aligns with our national objectives. Creativity, collaboration, and innovation are vital for the future development of the country.

Our government’s vision is to create a country where ideas become opportunities, innovation attracts investment, and citizens can benefit from them. Entrepreneurial development is essential for achieving this vision. Similarly, Entrepreneurship is also a crucial factor for economic diversification, export growth, youth empowerment, and balanced development

During Global Entrepreneurship Week in 2024 over 20,000 people engaged in more than 207 programs conducted across 25 districts island wide.

According to the 2024 Global Innovation Index, Sri Lanka ranks 89th place. Although we show relatively good performance in innovation outputs, data makes it clear that innovation inputs such as infrastructure and investment still at a weak level.

The Global Entrepreneurship Monitor (GEM) Report (2024/25) states that 49% of adults worldwide refrain from starting a business due to fear of failure. This highlights the importance of building a strong support system.

In 2023, Sri Lanka gained a significant demographic advantage, with a youth population of approximately 5.1 million aged between 15 and 29 (23.6% of the total population). Although this youth population is digitally literate, we understand that they still face challenges such as limited access to capital, fewer mentorship opportunities, and a general reluctance to take risks.

Therefore, the government has established a - Digital Task Force consisting of 30 members under education reforms. Measures are being implemented to connect all schools to the internet, provide smart boards, computers, and digital devices, and enhance knowledge. A full policy framework for digital education is being prepared to be presented to the Cabinet by March 2026.

The 2026 National Budget has allocated Rs. 1.5 billion as a Start-Up Fund to advance the digital economy and entrepreneurship among youth and emerging entrepreneurs.

Additional provisions have been allocated for AI and cloud computing research, digital infrastructure development (broadband vouchers), and investment incentives. I would also like to mention that the government has proposed a Digital Economy Act, a new Digital Economy Authority, the Sri Lanka Unified Digital Identity (SL-UDI), and an Integrated Digital Payments System.

For the development of the economy and every sector of the country, we must all work together for a national agenda. Rather than working separately, it is necessary for all to start a collaborated national movement.

The government, industry, academia, and entrepreneurs must collaborate in resource mobilization, building mentorship networks, simplifying regulations, and opening access to global markets.

The event was attended by the Deputy Minister of Digital Economy Eng. Eranga Weeraratne, Deputy Minister of Industries and Enterprise Development Chathuranga Abeysinghe, President’s Advisor on Digital Economy Dr. Hans Wijayasuriya, Secretary to the Ministry of Digital Economy Varuna Dhanapala, as well as entrepreneurs, investors, and a large gathering.

Prime Minister’s Media Division

US President Donald Trump said Friday (14) he would sue the BBC for up to US$5 billion after the British broadcaster apologised for a misleading edit of one of his speeches but said it would not pay damages.

“We’ll sue them for anywhere between a billion and five billion dollars, probably some time next week. I think I have to do it. They’ve even admitted that they cheated,” Trump told reporters aboard Air Force One.

Trump’s lawyers sent the BBC a letter on Monday accusing it of defaming the president with the video of the speech before the 2021 US Capitol riot and giving it until Friday to apologise and pay compensation.

“The people of the UK are very angry about what happened, as you can imagine, because it shows the BBC is fake news,” Trump said late Friday.

He added that he planned to raise the BBC issue with British Prime Minister Keir Starmer, who has backed the broadcaster’s independence while avoiding taking sides against Trump.

“I’m going to call him over the weekend. He actually put a call into me. He’s very embarrassed,” Trump said.

On Monday, the BBC apologised for giving the impression in a documentary aired last year that Trump had directly urged “violent action” just before the assault on the US Capitol by his supporters on Jan 6, 2021.

The firestorm over the video edit has led the BBC director-general and the organisation’s top news executive to resign.

The BBC said Thursday that its chairman Samir Shah had sent “a personal letter to the White House making clear to President Trump that he and the corporation are sorry for the edit of the president’s speech”.

However, it added: “While the BBC sincerely regrets the manner in which the video clip was edited, we strongly disagree there is a basis for a defamation claim.”

( Source : adaderana.lk)

A 16-year-old girl was brutally killed with a sharp weapon at her home in the Panwilatenna area of Millagahamula, under the Gampola Police Division, last night (14).

According to Gampola Police, early investigations suggest the incident stemmed from a dispute related to a romantic relationship.

Police confirmed that the suspect has already been identified, and a search operation is underway to apprehend him.

The victim’s body remains at the residence under police protection. A post-mortem examination will be carried out after the Magistrate’s inquest.

Senior Deputy Inspector General of Police (SDIG) Lalith Pathinayake, who had been serving as the Acting Senior DIG in charge of the Police Administration Division, has reportedly been removed from the position by the National Police Commission pending disciplinary action.

Despite this, Pathinayake will continue in his role as the Senior DIG in charge of the Central Province.

Meanwhile, the National Police Commission has approved the appointment of Senior DIG Sanjeewa Dharmaratne—currently overseeing the Western Province—to the post of Senior DIG in charge of the Police Administration Division, which became vacant following Pathinayake’s removal.

SDIG Dharmaratne is also functioning as the Acting Inspector General of Police (IGP), as IGP Priyantha Weerasuriya is presently overseas.

Prime Minister Dr. Harini Amarasuriya stated that as the country moves towards a digital economy through a new transformation, all sectors must work together in the national mission of empowering local entrepreneurs.

The Prime Minister made these remarks while participating in the inauguration ceremony of Global Entrepreneurship Week, held under the theme “Together We Build,” at Temple Trees premises yesterday (14). The event was organized by the Ministry of Digital Economy, the Prime Minister’s Media Division stated.

Addressing the event, the Prime Minister further stated:

“Global Entrepreneurship Week 2025 begins today. It actively contributes to building an entrepreneurial culture in the country and creating the necessary opportunities for that purpose. This week aligns with our national objectives. Creativity, collaboration, and innovation are vital for the future development of the country.

Our government’s vision is to create a country where ideas become opportunities, innovation attracts investment, and citizens can benefit from them. Entrepreneurial development is essential for achieving this vision. Similarly, entrepreneurship is also a crucial factor for economic diversification, export growth, youth empowerment, and balanced development.

During Global Entrepreneurship Week in 2024, over 20,000 people engaged in more than 207 programs conducted across 25 districts islandwide.

According to the 2024 Global Innovation Index, Sri Lanka ranks 89th. Although we show relatively good performance in innovation outputs, data makes it clear that innovation inputs, such as infrastructure and investment, are still at a weak level.

The Global Entrepreneurship Monitor (GEM) Report (2024/25) states that 49% of adults worldwide refrain from starting a business due to fear of failure. This highlights the importance of building a strong support system.

In 2023, Sri Lanka gained a significant demographic advantage, with a youth population of approximately 5.1 million aged between 15 and 29 (23.6% of the total population). Although this youth population is digitally literate, we understand that they still face challenges such as limited access to capital, fewer mentorship opportunities, and a general reluctance to take risks.

Therefore, the government has established a Digital Task Force consisting of 30 members under education reforms. Measures are being implemented to connect all schools to the internet, provide smart boards, computers, and digital devices, and enhance knowledge. A full policy framework for digital education is being prepared to be presented to the Cabinet by March 2026.

The 2026 National Budget has allocated Rs. 1.5 billion as a Start-Up Fund to advance the digital economy and entrepreneurship among youth and emerging entrepreneurs.

Additional provisions have been allocated for AI and cloud computing research, digital infrastructure development (broadband vouchers), and investment incentives. I would also like to mention that the government has proposed a Digital Economy Act, a new Digital Economy Authority, the Sri Lanka Unified Digital Identity (SL-UDI), and an Integrated Digital Payments System.

For the development of the economy and every sector of the country, we must all work together for a national agenda. Rather than working separately, it is necessary for all to start a collaborative national movement.

The government, industry, academia, and entrepreneurs must collaborate in resource mobilization, building mentorship networks, simplifying regulations, and opening access to global markets.”

The event was attended by the Deputy Minister of Digital Economy Eng. Eranga Weeraratne, Deputy Minister of Industries and Enterprise Development Chathuranga Abeysinghe, President’s Advisor on Digital Economy Dr. Hans Wijayasuriya, Secretary to the Ministry of Digital Economy Varuna Dhanapala, as well as entrepreneurs, investors, and a large gathering.

( Source : adaderana.lk)

Parliamentarian Namal Rajapaksa has accused the government of imposing what he described as a severe crackdown on public servants, noting that the current environment has become increasingly difficult for many.

Speaking to the media after paying homage at the Sri Dalada Maligawa in Kandy, Rajapaksa alleged that the Sri Lankan Police have become “fully politicized” and claimed that national security has weakened.

He further stated that the public continues to suffer under a heavy tax burden introduced by the government.

The MP urged all citizens who feel they have been unfairly treated to join the opposition rally scheduled to take place in Nugegoda on November 21.

Rajapaksa emphasized that the rally is not intended to elevate any individual to power, but to remind the government of the promises it made to the people.

The Bank of Ceylon (BOC) has closed the first nine months of 2025 with one of its strongest financial performances in recent years, reaffirming its position as the backbone of Sri Lanka’s banking sector.

The state-owned lender posted a Profit  Before Tax (PBT) of Rs. 87.7 billion, more than doubling its earnings from the same period in 2024 and underscoring its ability to expand despite challenging macroeconomic conditions.

Chairman Kavinda de Zoysa said the latest results reflect BOC’s commitment to financial inclusion and the country’s broader economic recovery. “Our strategy balances profitability with purpose. By empowering youth, SMEs, and underserved communities, we are strengthening livelihoods and the nation’s long-term resilience,” he noted.

Much of the bank’s stellar performance stems from its core banking operations. Net Interest Income surged 62% to Rs. 153.2 billion, supported by effective repricing strategies and a favourable interest rate environment. Interest income grew 15% to Rs. 368.1 billion, while interest expenses fell 5% a combination that significantly boosted margins.

Non-fund-based income also contributed strongly, with fee and commission revenue rising 11% to Rs. 16.8 billion amid increased digital banking activity and remittance flows.

BOC’s total operating income climbed 61% to Rs. 181.1 billion, while expenses grew only 6%, pushing the cost-to-income ratio down to an efficient 32%. After paying Rs. 23.4 billion in taxes on financial services and Rs. 31.9 billion in income tax, the bank reported a solid Profit After Tax of Rs. 55.7 billion. In total, BOC contributed Rs. 55.3 billion in taxes to the Treasury during the period.

Acting GM/CEO Y.A. Jayathilaka attributed the strong results to customer trust and staff dedication. He said the bank’s emphasis on responsible growth and digital innovation will continue guiding its strategy. “Each step we take is geared towards expanding opportunity and driving shared prosperity,” he said.

BOC’s assets rose 11% to Rs. 5.5 trillion by end-September, driven largely by investments in government securities. Loans increased to Rs. 2.5 trillion, reflecting renewed credit demand, while deposits rose 9% to Rs. 4.6 trillion. Despite these expansions, the bank maintained firm risk controls, recording an 18.7-billion-rupee impairment charge and holding Stage 3 loan coverage at 56.24%.

Key indicators remained robust, with ROA at 2.22% and ROE at 22.82%. Capital ratios also stayed comfortably above Basel III thresholds. Digital banking continued to expand, particularly through BOC Flex, Smart Remit, and the newly launched BizPlus Credit Card for MSMEs.

Expanding inclusion on the ground, the bank opened 50 new Agent Banking Centres and launched BOC Connect Analathivu, while the Gammana programme continued uplifting rural communities.

With major international rankings, brand awards, and an AA-(lka) Fitch rating, BOC heads into the final quarter poised for further growth as it strengthens digital services, SME lending, and sustainability initiatives nationwide.

At least seven people were killed and 27 injured when a large pile of confiscated explosives in a police station in India’s Kashmir detonated late on Friday, broadcaster NDTV reported, citing sources.

Most of those killed are policemen and forensic team officials who were examining the explosives stored at the police station, the report said.

The death toll could climb further, with five of the injured still in critical condition, NDTV said.

Reuters could not immediately verify the reason for the blast. Jammu and Kashmir police did not immediately respond to Reuters requests for comment.

Earlier, a local police official told Reuters that an explosion had ripped through Nowgam police station. The official said fire had engulfed the compound and fire tenders had been rushed to the spot, with casualties feared.

The blast comes four days after a deadly car explosion in Delhi, which killed at least eight people in what India has called a terror incident.

(Source : adaderana.lk)

The debate on the Committee Stage or the Third Reading of the 2026 Appropriation Bill, or the 80th Budget Speech, is scheduled to commence today (15) in parliament.

The Second Reading debate, which began on November 8, continued for six days and concluded with the vote held yesterday (14) at 6.00 p.m., as scheduled by the Department of Communication of Parliament.

The Second Reading of the Appropriation Bill for the year 2026 was passed in Parliament yesterday (14) with a majority of 118 votes. A total of 160 Members of Parliament voted in favour of the Budget, while 42 voted against it. Eight MPs abstained from voting.

Beginning today, the Committee Stage debate on the Appropriation Bill will proceed for 17 days, including three Saturdays, and is expected to conclude on December 5. 

Following that, the vote on the Third Reading of the Appropriation Bill will be held on December 5 at 6.00 p.m.

With this, the full Budget debate spans from November 8 to December 5, 2025.

The Second Reading of the Appropriation Bill (Budget Speech) was presented to Parliament on November 7 by President Anura Kumara Dissanayake in his capacity as Minister of Finance. The President arrived at the Chamber at around 1.30 p.m., following tradition by entering from the Office of the President located within the Parliament premises, led by the Serjeant-at-Arms.

The presentation of the Budget proposals continued until 5.50 p.m.

( Source : adaderana.lk)