BIZ

Adani Group dealings with other countries, not SL’s concern – President

Published

5 months ago

December 19, 2024

editor

President Anura Kumara Dissanayake in an exclusive interview with India’s Economic Times, emphasized his government’s focus on the Adani conglomerate’s local performance is more important rather than its international dealings.

“What is important for us is how they work with us,” President Dissanayake stated, underlining his administration’s commitment to facilitate Indian investments while evaluating projects based on their merit for Sri Lanka.

His government’s supportive stance particularly highlights the strategic importance of the CWIT project in strengthening regional maritime infrastructure.

The development comes as Adani Ports advances with the Colombo West International Terminal (CWIT) project, now opting for self-financing over the previously planned fording funding. Adani Ports’ decision to self-finance the $700 million CWIT project demonstrates the group’s financial strength and commitment to the Sri Lankan market.

The decision to withdraw from the previously announced $553 million with another European foreign loan arrangement showcases the company’s financial independence. President Dissanayake noted, “I learnt that they have dropped it, but it seems they have their own sources of revenue or income for that.”

The CWIT project, scheduled for commissioning in early 2025, represents a significant advancement in Sri Lanka’s maritime infrastructure. While acknowledging environmental concerns raised about certain projects in the energy sector, President Dissanayake maintained a balanced approach.

“We will be weighing the pros and cons of the case that is pending in the court, as well as the consensus of the people,” he stated, emphasizing that “Environmental concerns are as important as investment for Sri Lanka.”

The President’s approach reflects a careful balance between development needs and environmental responsibility, particularly regarding Adani’s potential investments in the energy sector. However, he expressed confidence in working with Adani Group on projects that align with Sri Lanka’s development initiatives.

President Dissanayake’s “stable government” aims to pave the way for more Indian investments, suggesting potential future collaborations with Adani Group. The successful implementation of the CWIT project could serve as a template for future infrastructure developments, combining international expertise with local partnerships.

The project’s progress and Adani’s commitment to self-financing demonstrate both the group’s financial strength and Sri Lanka’s attractiveness as an investment destination.

source – The Economic Times

BIZ

CBSL further reduces Overnight Policy Rate (OPR)

Published

16 hours ago

May 22, 2025

editor

The Monetary Policy Board of the Central Bank of Sri Lanka has decided to reduce the OPR by 25 bps to 7.75% at its meeting held yesterday (21), thereby easing monetary policy further.

The Board arrived at this decision after carefully considering the developments both domestically and globally. The Board is of the view that this measured easing of monetary policy stance will support steering inflation towards the target of 5%, amidst global uncertainties and current subdued inflationary pressures.

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BIZ

SriLankan attracts 12,000 applicants in cabin crew recruitment drive

Published

18 hours ago

May 22, 2025

editor

SriLankan Airlines has received an overwhelming response to its latest cabin crew recruitment campaign, with nearly 12,000 applicants vying for positions as the airline expands to meet growing global demand.

The selection process enters its next phase from May 20–23 at the Bandaranaike Memorial International Conference Hall (BMICH), where shortlisted candidates will undergo a multi-stage evaluation. This includes document verification, image and presentation assessments, and aptitude interviews conducted by expert panels. Only those who clear all stages will advance to final interviews at the airline’s Katunayake headquarters.

Susan Jacob, Group Head of Human Resources, stated, “We seek individuals who embody Sri Lanka’s warmth and are committed to excellence in service. Our transparent process ensures we select the best talent.”

Ravi Samarasinghe, Senior Manager of Cabin Services, highlighted the broader impact: “This recruitment supports our strategic growth and Sri Lanka’s tourism revival. New crew members will enhance operational excellence and contribute to the economy.”

The drive underscores the airline’s post-pandemic recovery and ambition to strengthen its footprint in emerging markets. Successful candidates will join a team dedicated to elevating SriLankan Airlines’ global reputation for hospitality.

(Pic: dailymirror)

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Committee to probe irregularities at Sri Lankan Airlines

Published

2 days ago

May 20, 2025

editor

President Anura Kumara Disanayake has instructed relevant authorities to establish a committee under the Presidential Secretariat to investigate allegations of corruption and mismanagement at SriLankan Airlines.

The directive was issued during a four-hour meeting held today (May 20) at the Presidential Secretariat, attended by the airline’s Board of Directors and representatives from all affiliated trade unions.

The discussions aimed to secure the collective commitment of stakeholders to uphold the government’s decision to retain state ownership of the airline, eliminate losses and steer it toward recovery. President Disanayake stressed that rebuilding SriLankan Airlines would be impossible without unified efforts, adding that the institution must develop its internal capacity to rebuild itself.

Asserting the government’s role as the political authority, the President reiterated its commitment to making “all necessary sacrifices” to rescue Sri Lanka from its economic crisis. He emphasised that reviving the national carrier is the shared responsibility of its entire workforce.

Highlighting the allocation of Rs. 20 billion from the budget for SriLankan Airlines, the President underscored the need for stringent fiscal accountability, noting that these funds, drawn from public taxes, must be utilised efficiently. He also welcomed the “positive trend” of April’s operational revenue surpassing targets.

New proposals have been presented by the Board of Directors to transform SriLankan Airlines, which operates under government ownership, into a profitable entity. In line with these proposals, the trade union representatives who participated in the discussions stated before the President that they would extend their full support to achieving these goals.

Key Attendees at the meeting included: Mr. Sarath Ganegoda, Chairman of SriLankan Airlines and members of the Board of Directors, representatives from trade unions, including: Flight Attendants’ Union (FAU), the Airline Pilots’ Guild of Sri Lanka (ALPGSL), the Association of Licensed Aircraft Engineers (ALAE), the SriLankan Airlines Aircraft Technicians’ Association (SLAATA), and the Sri Lanka Nidhahas Sewaka Sangamaya (SLNSS), the Inter-Company Employees’ Union (ICEU) and the SriLankan Airlines Executive Association (EASLA).

(President’s Media Division)