Colombo (LNW): Sri Lanka Podujana Peramuna (SLPP) Secretary General Sagara Kariyawasam speaking to a briefing held at the Party Headquarters yesterday (20) addressed inquiries about potential candidates for the upcoming presidential election, affirming that the SLPP is currently evaluating four individuals, with MP Dhammika Perera being ‘one of them.’
Responding to queries regarding reports on social media suggesting Dhammika Perera as the potential presidential candidate, Kariyawasam stated that the party has not officially decided on the candidate for the next presidential election.
He emphasised the party’s commitment to presenting a capable leader with the strength to shape the country’s future and move it forward, and assured that the party would disclose the chosen candidate when the decision is made, highlighting that as of now, no final decision has been reached on this matter.
Pressed further on the possibility of Perera being the candidate, Kariyawasam clarified that the SLPP is actively considering three or four candidates, and Dhammika Perera is indeed one of them.
He affirmed the party’s intention to introduce the most suitable, winnable, and best candidate at the appropriate time leading up to the presidential election.
Colombo (LNW): Several spells of showers will occur in Northern, Eastern and North-central provinces and in Matale district, and showers or thundershowers will occur at a few places in Western and Sabaragamuwa provinces and in Galle, Matara, Kandy and Nuwara-Eliya districts after 2.00 p.m, the Department of Meteorology said in its daily weather forecast today (21).
Misty conditions can be expected at some places in Western, Sabaragamuwa, Central and Southern provinces in the morning, the statement added.
The public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Condition of Rain:
Showers or thundershowers will occur at several places in the sea areas off the coast extending from Kankasanthurai to Pottuvil via Trincomalee. Showers or thundershowers may occur at a few places in the other sea areas around the island in the evening or night.
Winds:
Winds will be north-easterly and wind speed will be (25-35) kmph. Wind speed may increase up to (40-50) kmph in the sea areas off the coast extending from Colombo to Kankasanthurai via Puttalam and Mannar and from Galle to Hambantota via Matara.
State of Sea:
The sea areas off the coast extending from Colombo to Kankasanthurai via Puttalam and Mannar and from Galle to Hambantota via Matara can be fairly rough at times. The other sea areas around the island will be moderate. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
Colombo (LNW): Bureaucrats from the Ceylon Electricity Board (CEB) along with what is dubbed the ‘Electricity Mafia’ are stalling Renewable Energy Projects in Sri Lanka and the government is grappling to counter it, power and energy ministry sources claimed.
Sri Lanka’s ambition for 70% renewable electricity by 2030 faces hurdles within the power sector, notably from alleged resistance within the Ceylon Electricity Board, sources said.
At present the Sri Lanka Renewable energy system has completely collapsed due to fraudulent agreements with the companies that run Diesel Power Plants.
Further, for 20 or 30 years it was said that electricity was to be generated from Renewable Energy from Solar Energy, However, this Engineering Mafia will not allow that to be a reality.
Despite the Government backing, utility-scale renewable projects are stalled due to opposition from CEB officials, causing a loss of 3,200 GWH annually worth Rs. 20 billion, as per estimate by industry sources.
The Government’s US $ 3 billion clean energy initiative encounters setbacks, delaying private investments in wind, solar and battery storage.
“The recent grid failure acts as a wake-up call. Sri Lanka must act promptly to avoid global stagnation. Breaking from the CEB-dominated system to encourage healthy competition among stakeholders is crucial.
It promises enhanced service quality and reliability, crucial for Sri Lanka’s continued growth with relevance on the global stage,” source said.
Companies have already announced plans to commit $ 25 billion in investment up to 2030 in the renewable energy sector in the country, according to the Board of Investment.
Potential private investments over the next three to four years through FDI could include $ 3 billion in utility-scale wind, solar and battery storage projects; Sun Power leading with $ 1.5 billion, followed by Adani Green with $ 900 million, Orbital Energy with $ 200 million, WindForce with $ 150 million and balance by a consortium of private developers.
The wind power project alone promises annual savings of $ 50 million. However, the internal resistance, coined as a ‘mafia’ within the CEB, aims to thwart progress, posing a threat to both economic growth and renewable energy targets.
The recent grid failure emphasizes the urgency for change to encourage competition and enhance reliability in the power sector.
Sri Lanka grapples with rising electricity generation costs, lacking the benefits seen in neighbouring countries with Independent Power Producers (IPPs).
Inadequate transmission planning revealed by grid failures contrasts with advanced private setups in India, emphasizing technology-driven customer empowerment.
To advance, Sri Lanka’s CEB-dominated sector requires reforms, inviting private players under robust oversight to balance growth and consumer needs.
Amid these challenges, IPPs like Adani for example could offer a substantial 30% cost reduction, dropping unit costs below $ 0.10 according to an industry source.
“This benefit can be passed on to the users. With over 500,000 red notices issued to households over non-payment of their electricity bills, is it time that Sri Lanka looks for more sustainable alternatives,” the source emphasized.
Colombo (LNW): In a bid to revitalize the currently struggling construction sector for survival, the Finance Ministry is planning to propose catalytic inputs including easing taxation on building materials next year.
13 far-reaching proposals aimed at increasing the construction industry’s GDP contribution to the economy by providing emergency relief have been submitted to President Ranil Wickremesinghe, Urban Development and Housing Ministry Secretary W.S. Sathyananda disclosed.
20 per cent of the country’s population livelihood depends on the construction industry and it is essential to prevent the total collapse of this sector from the present set back, he added.
Despite a modest rebound in the overall economy in the third quarter, Sri Lanka’s construction sector, a crucial segment known for generating significant employment across all levels, has continued to contract.
This marked the sector’s ongoing streak of contraction, now stretching for two consecutive years into the third quarter of 2023.
According to the latest Gross Domestic Product (GDP) data, the construction sector, which accounted for 6.3 percent of the economy, contracted 5.5 percent in the July – September quarter from a year ago, bringing the nine-month decline in the sector to 24.8 percent.
However, the sector decline slowed significantly from the 23.1 percent contraction seen in the second quarter, reflecting that the sector is nearing the end of its down drift which lasted for two years.
The sector also faced challenges arising from shortages in foreign exchange, a consequence of repeated disruptions to economic activities, and also the large outflow of foreign exchange by way of debt repayments.
These prolonged foreign exchange shortages forced the authorities to ration the supply of foreign currency, creating limited supplies and shortages in imported items for the industry, sending their prices to exponential levels, putting a long lasting damper on the industry.
The sector woes became much more intense from 2022 when the economy came to a complete standstill after running out of nearly all foreign currency reserves the country had. As a result, import restrictions became broader based and pronounced.
The government, which had been the largest spender in the construction sector, suspended large-scale infrastructure projects and re-directed its budgetary allocations towards providing relief to the masses who were badly affected by the economic crisis.
Furthermore, the sharp increase in interest rates from the previous year had a chilling effect on the sector, given that construction is a highly interest rate-sensitive industry.
However, there are emerging indications that projects, particularly those financed by multilateral agencies and the government are resuming, presenting the potential to lift the sector out of recession.
The construction sector Purchasing Managers’ Index for October, which came out a few weeks ago showed an index value of 50 indicating a neutral level where neither expansion nor contraction had taken place after two years of contraction.
Colombo (LNW): With Sri Lanka attracting a greater proportion of high-end cruise travellers this year, it is anticipated that cruise calls next year would exceed the record-setting year of 2018.
Government is set to convert Bandaranaike quay into a passenger terminal to facilitate cruise ships.
“Analyzing data so far, there is a high probability that leisure cruise calls to the country will surpass the 65 cruise calls made in 2018, as over 55 cruises have called in the country this year ,” Sri Lanka Tourism Promotion Bureau (SLTPB) official said.
Noting that leisure cruise tourism offers several benefits to destinations, local economies, and travellers, he said it was a sector which was not tapped aggressively earlier due to insufficient connectivity and terminal facilities.
He also noted the economic impact of leisure crude tourism is massive with higher passenger numbers and value generation. “Leisure cruise passengers contribute to the local economy by spending money on various goods and services such as accommodations, dining, shopping, excursions, and transportation.
This spending supports local businesses, generates employment opportunities, and stimulates economic growth in those areas,” he added.
Sri Lanka will see the arrival of around 35 luxury passenger cruise ships next year, according to the Navigation Division of Sri Lanka Ports Authority (SLPA).
To facilitate the increased number of cruise ships, the Minister of Ports, Shipping and Aviation Nimal Siripala de Silva has instructed to convert the Bandaranaike quay at the Colombo port to a passenger terminal and to relocate the warehouses at the location elsewhere.
With this development, even if three large ships 350 metres in length arrive at the same time, the Colombo port will be able to provide the necessary facilities for those operations and tourists.
SLPA has started an immediate programme to provide the necessary facilities to tourists in and near the existing passenger terminal, to run restaurants and merchandise shops, until the development work of the Bandaranaike dock is done.
Minister de Silva went on an observation tour yesterday to find out about the current situation of the existing passenger terminal and Bandaranaike quay.
“A large number of ships are to arrive at the port of Colombo during the upcoming tourism season, and the Sri Lankan government is committed to providing facilities for the operations of those ships and the tourists coming from them,” Minister de Silva said.
“Therefore, the Sri Lanka Ports Authority should take measures to provide those facilities by utilizing the existing space as much as possible,” he added.
He instructed officials to secure the necessary funds for the development work from the SLPA and also to seek investor support.
Colombo (LNW): The Colombo Stock Exchange (CSE), along with the Securities and Exchange Commission of Sri Lanka (SEC), revised the corporate governance rules for the listed entities after 16 years.
These revised rules are applicable to companies listed on the main market segment, i.e. the main board, diri savi board and catalyst board, from 1 October 2023, subject to certain transitional provisions.
Corporate governance rules are quite significant for listed companies as they play a crucial role in ensuring transparency and accountability and enhancing trust and credibility of the company.
The revised corporate governance rules of the CSE were formulated in line with global best practices and will go a long way in enhancing investor confidence in the capital market.
The new rules would attract more investors to the stock market and also create a more welcoming eco system for the companies to list on the stock exchange.
These rules are aimed at promoting responsible, ethical and transparent business practices, which would reduce the cost of capital for listed companies and contribute to their long-term sustainability.
When formulating the revised rules, the SEC and CSE conducted several public consultations from 2021 to 2023 and considered the views received therefrom in formulating the rules.
Some of the key changes introduced via the new corporate governance rules include specifying a minimum number of directors and independent directors for listed entities, appointment of a ‘Senior Independent Director’ in certain specific instances.
The other changes are urge establishment and operationalization of a nomination and governance committee, change in the composition and functions applicable to the audit, remuneration and related party transaction committees.
Measures will be taken for introduction of fit and proper criteria for Board members and CEO, changes to determine the criteria for ‘independence’, additional disclosure requirements on governance-related matters etc.
Several listed companies have commenced compliance with the new corporate governance rules, well ahead of the timelines specified in relation to some of the new requirements and have been actively engaged with the CSE and SEC on connected matters.
The revised corporate governance rules are not applicable to the companies listed on the empower board.
The CSE, in collaboration with SEC, conducted a series of awareness sessions on the revised corporate governance rules for the listed companies in the Banking sector, Insurance sector (with the Insurance Regulatory Commission of Sri Lanka), and other industry sectors.
SEC Chairman Faizal Salieh delivered the keynote address and CSE Chief Regulatory Officer Renuke Wijayawardhane made the detailed presentation of the rules of these sessions.
Senior officials of the CSE also presented the new corporate governance rules at several seminars/awareness sessions held by other organizations, enabling the listed entities and the relevant stakeholders to gain much-needed knowledge on these rules.
The Committee on Ways and Means of Parliament convened to discuss the execution of the second phase of the Aswasuma Benefit Scheme, exploring the potential involvement of Samurdhi Development Officers. Chaired by Member of Parliament Patali Champika Ranawaka, the meeting gathered officials from key government institutions, including the Samurdhi Development Department and Welfare Benefits Board, alongside representatives from professional associations of Samurdhi Development Officers.
The initial phase encountered obstacles when Samurdhi Development Officers declined participation, leading to the assignment of responsibilities to Grama Niladhari officers. However, issues regarding their service constitution and allowances hindered their involvement, necessitating the engagement of apprentice officers and subsequently causing practical challenges, as highlighted by the Committee’s Chairman.
The Committee underscored the importance of leveraging Samurdhi Development Officers, specifically appointed for village-level social welfare activities, for the successful implementation of Aswasuma’s second phase.
Acknowledging the absence of legal barriers, the Chairman advised initiating beneficiary surveys, prioritizing poverty as a determining factor over education and health criteria. Additionally, he stressed the significance of incorporating electricity bill assessments to establish an undeniable and robust poverty measurement framework.
MP Ranawaka inquired if Samurdhi Development officials were prepared to contribute to accurately cataloging the impoverished. While the officials expressed willingness, they cited concerns under Sections 21 and 22 of the Welfare Benefits Act No. 24 of 2002, urging the removal of potential legal repercussions for acting on false information during duty performance.
Responding to this, Chairman Ranawaka reassured that officers had not faced issues with these clauses in the Act previously. He proposed options including amending the Act, formal written agreements, or trust-based responsibilities aligned with the nation’s needs.
While advocating for legal amendments, Samurdhi officials stressed the necessity for a statutory resolution. Consequently, the Committee expressed its intent to reiterate previous recommendations to the Finance Ministry to amend Sections 21 and 22 of the Welfare Benefits Act No. 24 of 2002.
State Minister Anupa Pasqual and MPs Dayasiri Jayasekara, Ashok Abeysinghe, S.M.M. Muszhaaraff, and Nalaka Bandara Kottegoda were among the attendees, signifying a concerted effort to resolve challenges hindering the Aswasuma Benefit Scheme’s effective implementation.
During a recent meeting of the Select Committee of Parliament convened to address the eradication of the drug menace in the country, the Justice Ministry disclosed that the Supreme Court has granted permission to destroy 100 kilograms of narcotics. Set dates for the destruction of these drugs were also established, marking a pivotal step in combating drug-related issues.
Chaired by Public Security Minister Tiran Alles, the committee discussed proposals and public feedback received from government institutions on immediate measures to control and eliminate the drug menace. All institutions and attendees were provided with copies of these submissions, emphasizing the need for comprehensive analysis and discussion.
In a presentation by the Attorney General’s Department, existing gaps and challenges in the arrest and judicial process concerning drug use and distribution were highlighted. The committee acknowledged that due to deficiencies in the current judicial process following drug-related arrests, even major drug traffickers evade legal consequences. This spurred discussions on the necessity for appropriate policy and legal remedies to address these shortcomings.
State Minister Dr. Seetha Arambepola and Members of Parliament Jayantha Samaraweera, Dr. Upul Galappaththi, Buddhika Pathirana, Manjula Dissanayake, and Muditha Prishanthi were among those present at the meeting, indicating a concerted effort among various governmental bodies to confront this critical issue.
The Gem Sri Lanka Trade Fair, scheduled from January 11 to 13, 2024, at the luxurious Cinnamon Bentota resort in the Southern Province, stands as one of the region’s significant business events post-COVID. Organized by the Chinafort Gem & Jewellery Traders Association (CGJTA), the event has garnered support from various ministries.
CGJTA Vice Chairman Rizwan Nayeem revealed that besides attracting gem buyers globally, the fair has enticed billionaires from China, signifying its international allure. Global buyers from the USA, Europe, and China, including delegates from China, have confirmed participation. With over 60 booths exhibiting local gems and crafts, the event promises to showcase Sri Lanka’s rare and exceptional gemstones.
Emphasizing the event’s significance as a platform for global exposure, Nayeem highlighted collaboration with the tourism sector to amplify mutual benefits. Regional high-end hoteliers have partnered to provide accommodation and services, fostering symbiotic growth.
Moreover, the fair intends to spotlight budding talent on an international stage. Marketing Manager Infas Iqbal noted strategic partnerships with global gem and jewelry influencers, aiming to spotlight Gem Sri Lanka and Sri Lanka Tourism through extensive global promotions.
Beyond cultural significance, the fair aims to bolster Sri Lanka’s economic growth by tapping into lesser-explored international markets and boosting transactions from foreign and local buyers. Leveraging social media platforms, organizers aim to expand outreach, highlighting Gem Sri Lanka’s treasures and the country’s scenic wonders.
Endorsed by key authorities such as the National Gem and Jewellery Authority (NGJA), the Export Development Board (EDB), and the Sri Lanka Tourism Promotion Bureau, the event holds substantial promise. Johan Aschan, the newly appointed General Manager of Cinnamon Bentota, affirmed the hotel’s dedication to ensuring the event’s success, emphasizing free entry for visitors and a specially allocated space within the hotel premises for the fair.
In a press conference held at the Opposition Leader’s office, Member of Parliament Dr. Harsha de Silva affirmed that the forthcoming broad political alliance formed by the Samagi Jana Balawegaya (SJB) would not encompass individuals tainted with allegations of corruption or racism.
Dr. de Silva emphasized that the alliance seeks individuals aligned with the SJB’s policies and economic framework. He stressed the invitation for those in agreement with their principles to join the initiative, emphasizing a commitment to a more equitable tax system that does not further burden the public. He clarified that while the SJB advocates for necessary economic reforms, their stance opposes unreasonable tax imposition, advocating for a fairer approach to taxation.
