May 5 (Island) China has declared that SINOPEC will not proceed with the USD 3.7 bn Hambantota oil refinery project unless a consensus could be reached on the percentage of the output that could be sold in the local market. China has informed the NPP govt that SINOPEC will not be able to sustain the project in terms of the original agreement that stipulated that 80% of the output be exported and 20 % sold in the Sri Lankan market, more..

May 5 (ANN) Assembly election results still being tallied in several states in India on May 4 reflect a strong mood for political change and signal monumental shifts in regional politics. Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) has kicked the door open to power in West Bengal, an eastern state it has never governed. And a movie-star-turned-debutant politician is set to govern Tamil Nadu, a southern state that is one of India’s economic powerhouses. more..

May 5 (Island) Former Minister Prof. G.L. Peiris alleged that Prez Dissanayake’s declaration on the impending court verdict clearly indicated that he was aware of its outcome. Prof. Peiris said that the President’s direct intervention in the judicial process amounted to an attack on the very basis of the country’s Constitution. Emphasising that he dealt with the issue at hand, not as a politician but a law academic, Prof. Peiris said that a judge couldn’t, under any circumstances, more..

May 5 (AD) Statistics indicate that alcohol consumption in SL is on the rise, according to the ADIC. Based on 2025 data, local beer production has increased by 5% and liquor production by 17%, suggesting a corresponding rise in alcohol consumption, the Centre said. It further noted that the lack of a price revision in alcohol since the adjustment made at the beginning of 2024 has been a key contributing factor to this trend. more..

May 5 (NF) A former member of the SLPP representing the Haguranketha Pradeshiya Sabha has been arrested over an alleged large-scale foreign employment scam involving more than Rs. 21 million, SLBFE said. The suspect was taken into custody for allegedly defrauding individuals by promising jobs in Romania. Complaints indicate that the suspect and his wife had claimed to offer employment in the construction sector in Romania and collected money from job seekers more..

May 5 (Island) Deputy Minister Nishantha Jayaweera, has denied reports on the gazette notification issued to revise VAT from 1 July. He said the move is aimed at simplifying the tax system in line with govt policy, by merging VAT and Social Security Contribution Levy (SSCL) into a single tax. He explained that banks and financial institutions, which were previously subject to 18% VAT and a 2.5% Social Security Contribution Levy, will instead pay a consolidated 20.5% VAT from 1 July. more..

May 5 (Island) Justice Minister Harshana Nanayakkara said the Opposition, and various interested parties were trying to misinterpret Prez Anura Kumara Dissanayake’s May Day speech. Nanayakkara said so responding to The Island queries regarding concerns expressed by the Opposition and Free Lawyers organisation. Declaring that the Prez had never interfered with the judiciary, under any circumstances, Minister said that there was no need for NPP to do so. more..

May 5 (DM) SL’s rice industry is charting a path to recovery. For the upcoming 2026/2027 marketing year (Oct–Sept), milled rice production is forecast to reach 3.45 million metric tons, representing a solid rebound from the revised estimate of 3.25 million metric tons recorded during the 2025/2026 period, according to According to latest report published by the US Department of Agriculture (USDA) Foreign Agricultural Service. “This comes from a higher planted area of 1.19 million hectares, more..

May 5 (Island) Civil society group Free Lawyers has requested Chief Justice Preethi Padman Surasena to probe whether political pressure was brought on a Magistrate, or a High Court Judge, in respect of an ongoing high profile case. Rajith Keerthi Tennakoon said that they felt the urgent need to seek the CJ’s intervention, following the May Day declaration by Prez Anura Kumara Dissanayake that the verdict of a case that was heard on more..

May 5 (DN) SL men’s cricket team is set to tour the West Indies for the first time in 5 years, with a full bilateral series against the Windies across June and July. Tour will commence with a 3 match ODI series which will start from June 3 at Sabina Park, Jamaica. This is going to be the first assignment of the new National head coach Gary Kirsten with the men’s team and also the first cricket tour under the new SLC Transformation committee. The tour will consist of 3 ODIs, 3 T20Is & 2 Test matches, more..

May 5 (Island) At the initiative of the Deputy High Commissioner of Sri Lanka, Dr. Ganesanathan Geathiswaran, the Deputy High Commission of Sri Lanka in Chennai successfully organized the first-ever Sri Lanka Food Festival 2026 from 24th to 26th April at Green Meadows Resort, Chennai. The Festival provided a unique platform to showcase the rich and diverse culinary heritage of Sri Lanka, offering guests an authentic experience of traditional Sri Lankan cuisine. more..

May 5 (TM) SJB, is set to use the Parliamentary week starting today to scrutinise key national developments, including the diversion of US$ 2.5 million in State funds and recent remarks by Prez Anura Kumara Dissanayake on judicial matters. A meeting with other Opposition party leaders is scheduled for this morning to determine the way forward. Commenting on the week’s agenda, Chief Opposition Whip Gayantha Karunathilleka said: “Our Parliamentary group meeting was held more..

May 5 (FT) Food and Agriculture Organisation of the UN (FAO) recently welcomed the adoption of a resolution by the UN General Assembly (UNGA) proclaiming 1 October as International Coffee Day. The resolution recognises the “cultural, social, and historical significance of coffee, from its origins to its significant role in the development of contemporary societies, in which it has become not only an important agricultural commodity and source of livelihood for communities, but more..

May 5 (TM) Sri Lanka ranked 14th place on the Visual Capitalist’s top 15 Countries Most in Debt to the IMF list – based on the absolute dollar amount each country currently owes the multilateral, as of end-April. Visual Capitalist is a data visualisation and infographics focused news website. Ranking the biggest borrower: Argentina at the top, the report said that in contrast to SL and Pakistan, Latin American Lower-Middle-Income-Country more..

May 5 (NW) SL Police has warned that strict legal action will be taken against landlords who provide houses, buildings or lodging to foreign nationals who have overstayed their visas or violated immigration laws. Police issued the warning following a series of raids yesterday that led to the arrest of nearly 157 foreign nationals over alleged involvement in cyber scam operations in the suburbs of Colombo. Authorities said property owners who knowingly or negligently accommodate more..

May 5 (FT) Nations Trust Bank (NTB) has absorbed Rs. 36.6 billion in assets and Rs. 142.8 billion in liabilities following the acquisition of Hongkong and Shanghai Banking Corporation (HSBC) SL’s Retail Banking portfolio. The transferred assets comprise Rs. 31.1 billion in loans and advances, Rs. 4.1 billion in cash and cash equivalents, and Rs. 1.4 billion in other assets. On the liabilities side, customer deposits account for Rs. 133.1 billion, with a further Rs. 9.7 billion in other liabilities and provisions. more..

May 5 (FT) Opposition Leader Sajith Premadasa yesterday slammed the Govt’s proposed amendments to the VAT regime, warning that the sweeping changes due to take effect from 1 July would place unsustainable pressure on businesses, particularly small and medium enterprises (SMEs). Premadasa noted that the Govt was simultaneously widening the tax base, increasing rates, and tightening enforcement at a time when more..

May 5 (FT) Govt said recent VAT amendments are intended to simplify and streamline the tax structure on financial services, dismissing claims that the changes amount to a broad-based tax increase. Deputy Minister Nishantha Jayaweera said misleading claims emerged following an Extraordinary Gazette issued on 3 May, prompting the Government to issue an official clarification. Jayaweera stressed that the 18% VAT rate applicable to general consumer goods and more..

May 5 (FT) The proposed increase in Value Added Tax (VAT) on financial services to 20.5% will have no material impact on sector profitability as it is offset by the removal of the 2.5% Social Security Contribution Levy (SSCL), First Capital Research said. In a flash note on the Value Added Tax (Amd) Bill issued on 29 April 2026, First Capital Research said the shift effectively replaces the existing dual levy structure of 18% VAT and 2.5% SSCL with a single VAT applied on value addition. more..

May 5 (FT) Private taxi service providers at Bandaranaike International Airport (BIA) are facing tremendous financial constraints due to the low arrival of tourists and what they describe as unethical competition from other operators. Operators pointed out that they have been operating at the airport for over two decades, providing services to both local and international passengers. On top of this, they have to pay a hefty rental of over Rs. 4 mil to airport authority every month. more..

May 5 (FT) In a special update to its economic forecasts, the Asian Development Bank (ADB) has significantly downgraded its economic growth outlook and raised inflation projections for developing Asia and the Pacific as more severe and prolonged disruptions from the conflict in the Middle East continue to raise energy prices, tighten financial conditions, and weigh on economic activity across the region. ADB President Masato Kanda said: “Our revised outlook is a significant downward more..

May 5 (FT) China overtook India to become SL’s largest trading partner in 2025, driven by a sharp rise in imports, particularly vehicles, following the easing of restrictions, the CBSL said. Total trade with China reached about $ 5.5 billion, narrowly surpassing India at $ 5.4 billion, reversing India’s lead held from 2021 to 2024. US remained the third largest partner at $ 3.5 billion, with the three accounting for 41.1% of total merchandise trade. more..

May 5 (GV) The May Day rally organised by the NPP has once again demonstrated its ability to mobilise large segments of the public. However, beyond the optics of crowd size and political enthusiasm lies a deeper and more critical question. Has the NPP transitioned from a protest-driven movement into a credible governing alternative or is it gradually losing clarity on its foundational promises? This question is not merely academic; it reflects the growing expectations of a public that is no longer more..

May 5 (Island) JVP-NPP govt turned its recent May Day rallies into a propaganda counteroffensive against the Opposition, which has effectively targeted its good governance credentials. Ruling party leaders, including Prez AKD, went ballistic, condemning their rivals as utterly corrupt politicians. Claiming that 2026 would be remembered as the year when the corrupt and thieves were sent to jail, Prez said 15 high-profile cases would come up in the current month itself. more..

May 5 (DN) We tend to oversee minor differences. We fail to see the distinction between a line of letters with a dot and one without it. It is mindfulness that helps us stay focused on whatever we do. When we are mindful, we can spot even the smallest detail (like that single dot). But what if that tiny dot could cost us our entire life savings? What if such a small difference could wipe out all our wealth? This is the world we live in today, and only mindfulness can keep us safe. more..

May 5 (TM) Across Sri Lanka, a quiet crisis is unfolding in classrooms. While girls steadily advance academically, boys are increasingly absent, disengaged, and disconnected from formal schooling. They are not merely skipping classes — they are retreating into digital worlds, nocturnal routines, and informal learning spaces, leaving behind the structured education system that once shaped the nation’s youth. What drives this growing disengagement? more..

May 5 (TM) In the wake of multiple energy crises and controversies, the recently unbundled State-owned CEB, in its new iteration, says it is planning to move towards a transformation where generation, storage, and distribution of electricity within the island will be restructured. This, while the paying customers of the utility supplier remain uncertain if another tariff hike will be thrust upon them – cost of negligence and poor policy – more..

May 5 (ST) Confusion is the art of politics, if not diplomacy, according to Trumpean manoeuvres. Only two months ago I started getting accustomed to associating the NPP govt with non-alignment. After all, SL (then Ceylon) had associated itself with that strong, evolving Third World movement. That was no surprise, as Sirima Bandaranaike led SL, following in the steps of SWRD Bandaranaike, who was assassinated at the height of his political career as a Third-World leader of the times more..

May 5 (CT) During the month of April, the Strait of Hormuz continued to face the double blockade of both the US and Iran. The word ceasefire in West Asian wars has lost its meaning as Israel continues to pound Iran’s proxies in Southern Lebanon. The war has triggered an energy crisis in most of Asia, particularly India, China and Japan. This is more so in the case of import-dependent small nations like SL and the Maldives, already struggling with economic recovery in the post-Covid period. more..

May 5 (CT) During the official visit of Indian Vice President C.P. Radhakrishnan from 19–20 April, a key announcement was made to extend Overseas Citizenship of India (OCI) eligibility to the fifth and sixth generations of Sri Lankans of Indian origin, particularly benefiting the Malaiyaga Tamil community. WE met with the Deputy High Commissioner of India to SL, Dr. Satyanjal Pandey, to explain OCI scheme for Tamils of Indian more..

May 5 (TM) SL stands at a decisive moment in its public health journey. Nearly 80 million people die globally each year due to tobacco use, with the vast majority linked directly to smoking and a further share caused by passive exposure. Within our own borders, the annual death toll attributed to tobacco and alcohol is estimated at close to 22,000. Behind these numbers is a healthcare system under relentless strain. It is in this context that the proposal for a tobacco-free generation more..

May 5 (Island) The appointment of former minister Eran Wickremaratne to chair the Sri Lanka Cricket Transformation Committee is significant for more than the future of cricket. It signals a possible shift in the culture of governance even as it offers SL cricket a fighting possibility to get out of the doldrums of failure. There have been glorious patches for the national cricket team since the epochal 1996 World Cup triumph. But these patches of brightness have been few and far between and more..