March 04, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates further appreciation against the US Dollar today (04) in comparison to last week’s Friday, as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 303.27 from Rs. 303.52, and the selling price to Rs. 313.84 from Rs. 314.10.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 301.18 from Rs. 302.66, and the selling price to Rs. 312 from Rs. 313.50.
At Sampath Bank, the buying price of the US Dollar has dropped to Rs. 303.50 from Rs. 304.50, and the selling price to Rs. 312.50 from Rs. 313.50.
March 04, Colombo (LNW): With a history of over 45 years, the Expolanka Group has transformed itself into a leading logistics company with an international presence spanning 39 countries.
Being a supply chain specialist, the company is one of the leading service providers to the export industry in Sri Lanka and generates a significant share of its earnings in foreign currency.
With its global presence and international customer base as well as with its multi-cultural work force, The Expolanka Group is one of the few Sri Lankan companies that has been able to expand globally.
Supported by capital infused by its parent company, SG Holdings Global Pte Ltd, as and when needed, the Company has grown amidst turbulent times. SG Holdings Global Pte Ltd, which made its initial investment in EHL in 2014, currently owns 82.43% of the shares of the Company.
The challenging global macro environment and the accompanying geopolitical tensions have resulted in a significant bottleneck for the Group to continue with its expansion drive.
The recent financial performance of the company has been greatly impacted by these challenges and has consequently resulted in a period of earnings volatility.
Notwithstanding the earnings volatility in the recent past, EHL’s parent company has plans for EHL to focus on its core business and grow its international operations.
In those circumstances, the capital requirements for Expolanka Holdings will become increasingly international in nature requiring it to raise capital from outside of Sri Lanka and in foreign currency, which borrowings would result in increased gearing and a high forex risk to the local minority shareholders, thereby impacting shareholder wealth.
The Board, having considered the need to expand its international operations and the resulting high gearing as well as the attendant forex risk occasioned as a result thereof and taking into account the interests of its minority shareholders, has approved a proposal to delist the shares of Expolanka Holdings PLC from the Colombo Stock Exchange, subject to necessary shareholder sanction and regulatory approvals and clearances.
The Company will continue to comply with Sri Lanka’s statutory reporting and compliance requirements and focus on delivering on its promise to the Country and its people.
As previously, post-delisting, the Company will continue to navigate market complexities in a fast-revolving business environment while continuing to drive sustainable growth as it strives to gain market share as one of the top-tier logistics companies in the world,” said Mr. Hanif Yusoof, Director, Expolanka Holdings PLC
Expolanka Holdings is a globally acclaimed conglomerate based in Sri Lanka, known for its diversified presence in four pivotal sectors: logistics, leisure, IT, and food. Guided by a forward-thinking mindset and a meticulously planned growth roadmap, EHL consistently challenges industry standards, further cementing its leadership in these dynamic sectors.
March 04, Colombo (LNW): Concerns have been raised regarding the Central Bank of Sri Lanka’s (CBSL) handling of interest rates for the Employees’ Provident Fund (EPF), highlighting disparities between rates paid to staff and regular contributors, sources told LNW.
The EPF for Central Bank staff received a notably higher interest rate of 19.5 per cent, while the EPF for normal working people, under the oversight of the Monetary Board, received a lower rate of 9 per cent, according to sources.
This significant difference in interest rates has sparked questions about fairness and transparency in the management of EPF funds.
Critics argue that such discrepancies raise doubts about equitable treatment of all contributors and the principles of accountability within the Central Bank.
The disparity in interest rates suggests a need for closer examination of the Central Bank’s policies and practices regarding EPF management.
Transparency and consistency in setting interest rates are essential to ensure the financial well-being of all EPF contributors and maintain public trust in the banking system.
As calls for accountability grow louder, stakeholders are urging the Central Bank to address these irregularities promptly and take steps to restore confidence in its management of EPF funds.
The above concerns surface in the backdrop of the Central Bank facing scrutiny over the controversy sparked by its recent move of increasing CB employees’ salaries in unusual figures.
March 04, Colombo (LNW): Hamilton Reserve Bank (HRB) has opposed the Sri Lanka government’s appeal for a further stay of proceedings of the case against sovereign debt restructuring for five months, submitting a joint status letter to the court in New York.
In the Memorandum of Law in Support of Defendant’s Motion for a further stay of proceedings, the Government of Sri Lanka cited ongoing debt restructuring efforts that are yet to be completed, attributing the delay to the complexity of multi-party negotiations.
The country asserted that additional time is necessary for finalising agreements with official creditors and reaching consensus with private commercial creditors.
The Government was sued in July 2022 by HBR which sought full payment on over $ 250 million of Sri Lanka’s dollar bond that was due that month. HBR claimed it holds over 25% of the bonds, which would likely enable it to block any modification of the notes.
However on Friday, Sri Lankan Government told the US Court, “Sri Lanka had hoped to implement restructuring agreements by the fourth quarter of 2023, but now expects to do so by the completion of the IMF’s second program review in the coming months. Recent progress, facilitated by the stay of proceedings in this case, has made that possible.
For instance, finalising terms with official creditors sets a baseline for ensuring comparability of treatment, thus helping to frame discussions with private commercial creditors.
Consistent with this, the ad hoc bondholder group previously noted the importance of Sri Lanka’s application of the principle of comparable treatment in respect of the debt relief requested and obtained from all their remaining official bilateral creditors.
An additional five-month stay of proceedings would provide critical assistance to that process, whereas an immediate judgment for HRB would severely undermine it.”
According to Sri Lanka, in the November 2023 decision, the Court found that the discretionary factors strongly favoured a six-month stay of proceedings and the same principles strongly favoured an additional five-month stay at this point in time.
“In theory, HRB has an interest in seeking a prompt judgment. However, an additional five-month stay of proceedings would cause HRB minimal prejudice, at most. Even if HRB does not wish to participate in a voluntary restructuring, allowing that process to play out prior to a judgment ‘does nothing to vitiate Hamilton’s pre-existing contractual rights.’
And as the Court noted, any harm from delay can be remedied by prejudgment interest. Moreover, HRB’s claimed interest in expedition (even assuming it is a bona fide beneficial owner of the Bonds) should be heavily discounted. HRB purports to have purchased the Bonds well after it was clear that Sri Lanka was in dire straits.
March 04, Colombo (LNW): Sri Lanka’ foremost wheat flour producer Serendib Flour Mills (SFML) is celebrating 15 years of unwavering efforts to uplift the standard of living of all Sri Lankans with the finest wheat flour products, combining technological excellence and superior after sales service.
True to its purpose of nourishing the nation, SFML set up in 2008, said it has positively transformed Sri Lanka’s wider food ecosystem elevating standards in the country’s bakery and food industry and improved the quality of life across the country, the company’s senior official said.
Serendib Flour Mills CEO Vijay Sharma said: “Since our founding, SFML’s purpose has been to nourish Sri Lankan families with essential, quality wheat flour while raising industry standards. We have persevered despite challenges in fulfilling our purpose – through production consistency, food security measures and nutritious offerings.
As we commemorate 15 years, we celebrate the milestone and thank our partners and customers for their trust. We remain committed to enriching our nation’s sustenance further and to continue nourishing Sri Lankan families,.”he pledged.
As part of fulfilling its purpose, SFML has implemented robust food security measures to always guarantee an uninterrupted supply of wheat flour
Furthermore, the company manages five (05) regional warehouses at strategic locations in Sri Lanka stocking substantial quantity of wheat flour at any given time for easy market access for distributors, preventing any foreseeable delays in reaching customers, and affirming food security.
Prior to Serendib Flour Mills entering the market there were only one or two varieties of wheat flour available.
However, with the advent of Serendib they segmented and developed specific products to suit each market niche. ‘Bakers Flour’ was developed with hard wheat to provide better oven spring for the bakery industry. Similarly, ‘rotti flour’ was formulated with low to medium gluten content but with high elasticity properties.
Continuing its commitment to elevate the bakery industry, SFML recently introduced a range of value-added products such as ‘Premium Bakery Flour’. With the new premium flour, bakeries can deliver a superior loaf of bread to its customers thus delivering quality and value.
As of today, Serendib boasts of over 20 different flour varieties specially crafted for various segments. Each variety is prepared according to specific product specifications tailored to meet application requirement.
Parameters such as protein content, gluten levels, and water absorption etc. vary from one product to another to suit diverse applications. Theses varieties include recently launched premium bakers flour, bakers, rotti, all purpose, household flour, noodle flour, biscuit flour, chakki atta, wholemeal flour, fibre plus, semolina, cake flour etc.
SFML has collaborated to enrich the entire bakery industry value chain by working closely with partners such as AB Mauri. AB Mauri is a well-respected bakery ingredients company, and it is advantageous to build partnerships with such firms for ongoing skill development initiatives.
March 04, Colombo (LNW): Sri Lanka’s ongoing agriculture modernization project us to be further invigorated by integrating public and private sectors under the mission of making it as a national venture with the assistance of international donor agencies spearheaded by the World Bank.
Agriculture is characterized by a non-plantation sector and a plantation sector. Of the country’s approximately 2.3 million hectaresof agricultural land, 80 percent is used for non-plantation food crops, comprising rice, maize, fruits, vegetables and other crops that are 2 primarily grown on smallholder farms.
About 1.65 million smallholder farmers operate on average less than 2 hectares and contribute 80 percent of the total annual food production
The on going World Bank funded Agriculture Sector Modernization Project is aligned with the Country Partnership Strategy.
The project seeks to support structural shifts in the economy” and “Improved living standards and social inclusion
President Ranil Wickremesinghe has directed relevant officials to develop a national program integrating public and private sectors for successful agriculture modernization initiative.
He highlighted that despite annual budget allocations at national, provincial and local levels, the separate operations of public and private institutions have led to delays in achieving desired outcomes.
The President underscored the importance of garnering support from both public and private agricultural research institutes, along with the university system, to address the challenges encountered in implementing this program.
President Ranil Wickremesinghe conveyed these sentiments during the progress review meeting of the Agriculture Modernization Program, convened at the Presidential Secretariat recently.
He also emphasized the necessity of formulating a national program that aligns with government policies and can be effectively implemented at the grass-root level.Furthermore, he instructed the relevant officials to initiate the 26 related projects promptly.
The President elaborated that addressing this challenge requires a collaborative effort involving both the public and private sectors, as well as small and medium-scale agricultural entrepreneurs. while reiterataring his ultimate intention to establish an agricultural export economy.
Senior Professor Gamini Senanayake emphasized the need of elevating agriculture to a commercial level, safeguard agro-biodiversity and promote land ownership among individuals involved in agricultural activities.
He expressed the expectation of establishing a Cabinet Sub-Committee under the Chairmanship of the President to address various obstacles and limitations arising in the implementation of the agriculture modernization program.
Senior Professor Gamini Senanayake, noting the commencement of pilot projects in 26 Divisional Secretariats across all 25 districts, mentioned that each Divisional Secretariat has been allocated LKR 25 million for agricultural modernization projects.
Furthermore, he highlighted that project proposals have already been received from all the selected divisional secretariats.
March 04, Colombo (LNW): 2900 students from Buttala’s “DP Education IT Campus” branch in the Monaragala district were honoured with certificates at a ceremony held at the Yudanganawa Rajamaha Temple on Sunday (03).
The event was presided over by DP Education Founder and Chairman, Dhammika Perera.
The computer language courses, provided entirely free of charge through the DP Education IT Campus programme, aim to generate one million jobs in the Information Technology sector.
Valued at Rs. 2.5 million, these courses have empowered students to pursue lucrative careers in IT.
The ceremony marked the culmination of the students’ hard work, representing an educational investment worth Rs. 2 billion by the Buttala DP Education IT Campus.
A significant turnout of approximately 6000 attendees, including members of the Maha Sangha and local residents, made this event the largest gathering in recent memory for the Monaragala district.
In a bid to decentralise IT employment opportunities and stimulate economic growth in rural areas, Mr. Dhammika Perera inaugurated an Information Technology Job Centre in Buttala. This initiative, dubbed “DP Silicon Valley IT Office,” is the district’s first-ever IT job centre, aiming to connect local talent with IT job prospects.
Perera announced the establishment of eight DP Silicon Valley IT Office centres across the island, including locations in Tissamaharama (Uddakandara Rajamaha Vihara), Matara (Urubokka), Hambantota (Hatagala), Tangalla, Ampara (Mahamevna Temple), Haguranketha (Rikillagaskada), Nuwara Eliya, and Buttala.
These centres serve as hubs for IT education and employment opportunities, offering young graduates a pathway to meaningful careers in the technology sector.
Expressing gratitude to religious leaders, parents, and community members for their support, Mr. Perera emphasised the importance of providing IT education to rural youth, underscoring its role in shaping the country’s future.
The event symbolised hope and optimism for the technological advancement and economic prosperity of Sri Lanka’s rural communities.
March 04, Colombo (LNW): Minister of Water and Estate Infrastructure Development, Jeevan Thondaman, inaugurated the ‘Ramayanam Chitrakavyam’ exhibition at the National Gallery of Modern Arts (NGMA) in New Delhi.
The event was graced by Minister of State for External Affairs and Culture, Meenakshi Lekhi, as the Guest of Honour.
Minister Thondaman underscored the deep cultural significance of the Ramayana in both Sri Lanka and India, emphasising its role in fostering understanding and strengthening bilateral ties.
He highlighted the potential for cultural tourism between the two countries, particularly through the Ramayana trail and Buddhist pilgrim circuit, noting various sites in his constituency associated with the epic.
State Minister Meenakashi Lekhi emphasized the universal wisdom and moral guidance offered by the Ramayana, connecting civilisations across time and geography.
She acknowledged Sri Lanka’s rich cultural heritage intertwined with the epic, citing landmarks like Ashok Vatika (Sita Eliya).
Dr. Sanjeev Kishor Goutam, Director General of NGMA, described the exhibition as a celebration of the enduring legacy of the Ramayana, showcasing the creativity of Indian artists across different genres.
The event highlighted the profound historical and cultural ties between Sri Lanka and India, symbolising the shared heritage and interactions that have shaped both nations over centuries.
March 04, Colombo (LNW): Sri Lanka on Sunday (03) saw hundreds of Sri Lankan fishermen hailing from Jaffna, Mullaitivu, and Mannar districts staging a protest against their Indian counterparts, and accusing them of illegal fishing within Sri Lankan waters by sailing to the International Maritime Boundary Line (IMBL) in their trawlers.
Expressing agitation over recurrent incidents of alleged illegal fishing by Indian fishermen, the Sri Lankan fishermen called upon authorities to intervene and prevent further incursions into their territorial waters.
They warned of escalating protests if the situation persisted unchecked.
In recent months, fisher organisations have organised various demonstrations, including protests outside the Indian consulate in Jaffna, underscoring the contentious nature of the issue in bilateral relations between India and Sri Lanka.
Tensions over fishing rights have led to confrontations, with Sri Lankan Navy personnel reportedly firing at Indian fishermen and confiscating their boats in instances of alleged incursions into Sri Lankan waters, particularly in the Palk Strait—a key fishing area shared by both nations.
Incidents of Sri Lankan authorities arresting Indian fishermen for trespassing the International Maritime Boundary Line and fishing in Sri Lankan waters have been periodic.
This month alone, over 40 Indian fishermen were apprehended by the Sri Lanka Navy.
In 2023, Sri Lanka’s Navy detained 240 Indian fishermen and 35 trawlers for alleged poaching activities within Sri Lankan waters, highlighting the ongoing challenges in managing fishing disputes between the two countries.
March 04, Colombo (LNW): In response to recent concerns regarding leaked term papers across various provinces, education officials are actively addressing the situation.
Sirisoma Lokuwithana, Secretary of the Western Province Ministry of Education, has scheduled discussions with the State Printing Corporation for today to address the issue.
Chamara Bamunu Arachchi, Secretary of the Sabaragamuwa Provincial Education Department, has confirmed the initiation of a formal investigation into the leakage of the Grade 10 English Second Paper.
Following the discovery of the leaked paper, necessary revisions have been made, and a rescheduled exam is planned for next Wednesday.
The Central Provincial Education Director has proactively directed Regional Directors to investigate any potential leaks of final examination papers.
As of now, no confirmed instances of leaked papers have been reported in the Central Province, and examinations will proceed as scheduled tomorrow (04).
