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President advocates pragmatism in economic policies

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March 14, Colombo (LNW): President Ranil Wickremesinghe emphasised the repercussions of political promises made without a comprehensive understanding of the country’s economy, noting the resultant hardships faced by citizens.

Speaking at a convivial gathering organised by the United Youth Union titled “Future of the Youth,” held at Thaprobane Entertainment, he highlighted the importance of facing reality and collectively working towards a positive future for the nation.

Addressing concerns regarding increasing prices of mobile phones and internet service charges, President Wickremesinghe attributed the collapse of the country’s economy to unsustainable practices of providing free services, leading to economic instability.

He stressed the government’s commitment to implementing measures aimed at creating an economy fostering self-sufficiency and financial resilience, cautioning against the temptation to offer free services, which could exacerbate economic challenges.

President Wickremesinghe underscored the need to transition swiftly to an export-oriented economy as a key aspect of economic development.

He acknowledged the challenges faced by various sectors and engaged in constructive dialogue with attendees, offering insights and solutions to pertinent issues raised.

In recognition of the President’s participation, Mr. Neomal Perera, advisor to the United Youth Union, presented a commemorative gift, marking the significance of his presence at the event.

The exchange of questions and answers encompassed various topics concerning the country’s future trajectory and challenges ahead, reflecting a concerted effort towards national progress and prosperity.

SriLankan Airlines and Korean Air forge Codeshare Partnership

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March 14, Colombo (LNW): SriLankan Airlines and Korean Air have officially inaugurated a new codeshare partnership, effective March 15, 2024, aimed at offering expanded travel options and connectivity for passengers traveling between Colombo and Seoul.

Richard Nuttall, Chief Executive Officer of SriLankan Airlines, expressed enthusiasm about the collaboration, stating, “We are thrilled to establish our inaugural codeshare partnership with Korean Air, enhancing connectivity between Colombo and Seoul. The passenger traffic on this route has consistently exceeded our expectations, and this partnership will further strengthen our presence while providing customers with more reasons to choose SriLankan Airlines.”

Under the new agreement, SriLankan Airlines will codeshare on Korean Air’s flights operating between Singapore and Seoul Incheon, allowing passengers to seamlessly travel on a single ticket between Colombo and Incheon via Singapore.

Simultaneously, Korean Air will codeshare on SriLankan Airlines’ flights between Colombo and Seoul Incheon, Singapore, Chennai in India, and Male in the Maldives.

Presently, SriLankan Airlines operates a twice-weekly direct service between Colombo and Incheon.

Through the codeshare collaboration with Korean Air, SriLankan Airlines passengers now have access to daily flights between Colombo and Seoul via Singapore, tapping into Korean Air’s extensive Far Eastern network.

Moreover, Korean Air passengers gain access to SriLankan Airlines’ robust network in the Indian Subcontinent, covering India and the Maldives comprehensively.

SriLankan Airlines operates nearly 100 flights per week across nine Indian cities and 23 flights per week to the Maldives, including triple daily flights between Colombo and Chennai and Male.

Tickets for codeshare flights are available for purchase through the online reservation systems and sales offices of both SriLankan Airlines and Korean Air, as well as external travel agencies.

Passengers of both airlines can enjoy multiple flight options and seamless connections facilitated by single-ticket multi-sector journeys, which include through check-in and baggage transfer services.

The commencement of the codeshare partnership between SriLankan Airlines and Korean Air signifies a significant milestone in enhancing connectivity between Sri Lanka and South Korea.

With an expanded range of flight choices, streamlined connections, and enhanced market presence, both airlines aim to deliver an enriched travel experience while strengthening bilateral ties between the two nations.

Consumer confidence in Sri Lanka shows incremental improvement in February

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March 14, Colombo (LNW): In February, consumer confidence in Sri Lanka experienced a modest uptick, driven primarily by a resurgence in public expectations regarding the country’s future trajectory over the next 12 months, alongside an improvement in perceived buying conditions.

Data released by the Institute for Health Policy (IHP) revealed positive shifts across all three of its Consumer Confidence indices, derived from the Sri Lanka Opinion Tracker Survey (SLOTS).

The Index of Consumer Sentiment (ICS), a comprehensive gauge reflecting individuals’ perceptions of their personal economic status and the national economy, recorded a six-point increase to reach 22 points.

Likewise, the Index of Consumer Expectations (ICE), which tracks future outlooks, saw a seven-point rise, reaching 28 points.

Additionally, the Index of Current Conditions (ICC), measuring sentiments about present circumstances, climbed by four points to attain 13 points.

Despite these gains, the IHP cautioned that consumer confidence remains in net pessimistic territory, given that all indices fall below the threshold of 50, indicating a prevailing sense of negativity.

The recovery in public expectations for the country’s future prospects, with a notable 14-point surge to 26 points, and the uptick in perceived current buying conditions by seven points to 13 points, were significant contributors to the overall improvement.

Furthermore, expectations regarding the country’s long-term outlook (over the next five years) registered a five-point increase to reach 30 points.

However, the Personal Financial Situation index remained relatively stable, with a marginal one-point gain to 14 points, while expectations for personal financial situations in the next 12 months improved modestly by three points, reaching 29 points.

The Consumer Confidence Index (CCI) estimates were derived from a substantial sample size of 15,469 interviews conducted between October 21, 2021, and March 7, 2024, including 579 interviews conducted in February 2024.

The survey ensured representation across various demographic factors such as gender, age, ethnicity, and income level.

Notably, the survey’s funding sources include the IHP Public Interest Research Fund and other stakeholders, following previous support from entities such as the Neelan Tiruchelvam Trust, UK National Institute for Health and Care Research, and the Asia Foundation in Sri Lanka, among others.

Loan defaulters seek three-year extension on parate rights suspension

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March 14, Colombo (LNW): Following the recent suspension of parate rights, loan defaulters have petitioned authorities for a three-year extension to the moratorium, citing the need for additional time to recover from financial losses.

The Sri Lanka United National Businesses Alliance (SLUNBA) expressed gratitude for the temporary suspension of parate rights until December 15 of this year but emphasised the necessity for an extended relief period.

These sentiments were delivered during a press conference led by SLUNBA Chairperson Tania Abeysundara.

Abeysundara underscored that the 10-month suspension represents a short-term solution, asserting the need for a permanent resolution to address economic challenges.

She attributed business setbacks not to the actions of entrepreneurs but to unfavorable governmental policies, particularly those governing the banking sector.

Highlighting the role of the Central Bank in exacerbating economic woes, Abeysundara called for comprehensive measures to facilitate business recovery, stressing the importance of a supportive environment during the concessionary period.

Representing small and medium enterprises, Abeysundara urged the government to extend the suspension of parate rights for at least three years, providing businesses with adequate time to recuperate.

In contrast, the Sri Lanka Banks’ Association (SLBA) expressed discontent over the unilateral decision to suspend parate execution rights, emphasising the absence of consultation with the Central Bank, a key stakeholder in the banking and financial sector.

In a media statement, the SLBA defended the use of parate laws as a last-resort option for expediting debt recovery, aimed at safeguarding the stability of the banking system and protecting depositor interests.

The SLBA cautioned against unilateral interventions that could undermine the banking sector’s ability to contribute to the country’s economic recovery, advocating for collaborative measures to address systemic challenges.

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Canadian authorities to strengthen mental health safeguards for students following tragic incident

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March 14, Canada (LNW): In response to the recent devastating event involving the murder of a Sri Lankan family in Ottawa, Canada, allegedly perpetrated by a 19-year-old Sri Lankan national, Canadian authorities are set to intensify existing measures aimed at safeguarding the mental well-being of students, Daily Mirror quoted a diplomatic source.

The accused, Febrio De-Zoysa, believed to be residing in Canada as a student, faces charges including six counts of first-degree murder and one count of attempted murder, as disclosed by Ottawa police.

The victims, comprising six Sri Lankans, including young children and an infant, were fatally stabbed in their shared residence.

While concerns have emerged within the Sri Lankan community regarding potential repercussions on visa regulations, the diplomatic source assured that Canada views the incident as an isolated occurrence and does not intend to alter visa policies as a result.

Expressing sympathy and support for the affected community, the source emphasised Canada’s commitment to addressing mental health concerns among students, underscoring the need for robust support mechanisms.

Acknowledging the challenges faced by students abroad, efforts will be made to bolster the existing support system.

Meanwhile, Canadian immigration and constitutional law lawyer Viresh Fernando characterised the incident as an unprecedented tragedy, affirming Canada’s adherence to rule of law principles and a fair legal process.

Fernando underscored that Canada remains steadfast in upholding visa procedures and will not implement reactionary measures in response to isolated incidents.

As per the Criminal Code of Canada, if convicted, the accused could face concurrent life sentences with no parole for 25 years. The possibility of pleading not guilty by reason of insanity may lead to psychiatric evaluation and potential placement in a mental institution.

The legal process will involve rigorous scrutiny, with both the prosecution and defense presenting expert evidence to assess the accused party’s mental state.

China explores potential military bases abroad, including Sri Lanka, reveals US Intelligence report

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March 14, Colombo (LNW): A recent report by the US Intelligence Community unveiled China’s exploration of establishing military installations in various countries, Sri Lanka included, as part of its strategy to enhance power projection capabilities and safeguard national interests.

According to the annual threat assessment, the People’s Liberation Army (PLA) aims to expand its overseas military presence and secure access agreements to advance China’s influence globally.

The report highlights ongoing efforts by China, including the development of military facilities in Djibouti and Cambodia’s Ream Naval Base, with plans to potentially establish bases in several other nations such as Burma, Cuba, Equatorial Guinea, Pakistan, Seychelles, Tajikistan, Tanzania, and the UAE.

The intelligence report underscores China’s ambitious military modernisation goals, aiming for a fully modernised national defence and military force by 2035, ultimately aspiring for the PLA to attain world-class status by 2049.

In addition to China’s military ambitions, the report signals broader challenges to the existing international order, with China, Iran, and Russia identified as key actors challenging the rules-based global system, contributing to increased tensions and geopolitical complexities.

CID arrests another top health official in connection with importation of substandard immunoglobulin

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March 14, Colombo (LNW): The Criminal Investigation Department (CID) has made a significant breakthrough in its investigation into the suspected importation of substandard human immunoglobulin, with Dr. A.T. Sudarshana, the Deputy Director of the Supplies Division at the Health Ministry, being apprehended in a latest development.

The arrest comes amid growing concerns over the quality and safety of medical supplies procured by the Health Ministry.

Further details regarding the investigation and Dr. Sudarshana’s alleged involvement are expected to emerge as the inquiry progresses.

Postal Department issues alert on SMS parcel clearance scam targeting public

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March 14, Colombo (LNW): The Sri Lanka Postal Department has issued a warning to the public regarding a financial scam perpetrated through SMS messages, which falsely claim to require payment via bank cards for the clearance of parcels purportedly sent in the recipients’ names.

In an official statement, the Postal Department cautioned that scammers have been targeting individuals, seeking to obtain sensitive bank card information through this fraudulent scheme.

According to the department, the scam operates under various identities such as “Sri Lanka Post,” “Sri Lanka Postal Department,” and “SL Post,” often using a website resembling the official platform of the Postal Department.

The Postal Department emphasised that it never solicits bank details via SMS and does not engage in transactions involving bank cards for parcel clearance purposes.

The public is urged to exercise caution and refrain from sharing their bank account or card details in response to these deceptive SMS messages disseminated by fraudsters.

High Commissioner advocates strengthening bilateral ties with Bangladesh for enhanced trade and investment

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March 14, Colombo (LNW): High Commissioner Dharmapala Weerakkody underscored the critical importance of bolstering and sustaining the longstanding and amicable bilateral economic relationship between Sri Lanka and Bangladesh to maximise trade and investment opportunities.

These sentiments were expressed during his meeting with the newly appointed Foreign Minister of Bangladesh, Dr. Hasan Mahmud, in Dhaka on Monday.

Weerakkody emphasised the enduring ties between the two nations, spanning centuries, with growing people-to-people connections over time.

Highlighting the necessity of exploring new avenues to enhance trade, investment, and bilateral partnerships for economic development, Weerakkody noted ongoing negotiations for a Preferential Trading Agreement (PTA) aimed at further strengthening trade cooperation.

Foreign Minister Dr. Mahmud conveyed gratitude for the warm congratulations extended by the President of Sri Lanka to Prime Minister Sheikh Hasina following her victory in Bangladesh’s 12th National Parliamentary elections. He commended the enduring friendship between the two countries.

Dr. Mahmud also expressed satisfaction with Sri Lanka’s economic recovery efforts despite recent challenges.

Weerakkody briefed the Minister on Sri Lanka’s ongoing commitment to a new economic vision focused on stabilising the economy through comprehensive reforms in finance, law, and governance.

He highlighted positive economic indicators such as increased foreign remittances and growth in the tourism sector.

The discussion also covered the importance of enhancing collaboration in various sectors including trade, investment, shipping, pharmaceuticals, and agriculture.

Both sides recognised the significance of partnerships in ICT and hospitality for mutual economic progress.

Dr. Mahmud encouraged further Sri Lankan investments in Bangladesh’s new economic zones, underscoring opportunities for economic cooperation.

Both parties agreed to strengthen ties at bilateral, regional, and multilateral levels to address mutual concerns and interests effectively.

Showers expected in select regions: Cautionary heat index in others

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By: Isuru Parakrama

March 14, Colombo (LNW): Showers or thundershowers may occur at a few places in Western, Sabaragamuwa and Southern provinces and in Nuwara-Eliya district during the evening or night, the Department of Meteorology said in its daily weather forecast today (14).

Mainly dry weather will prevail elsewhere of the island, the statement added.

Misty conditions can be expected at some places in Western, Sabaragamuwa, Central and Uva provinces and in Galle, Matara and Anuradhapura districts during the morning.

Marine Weather:

Condition of Rain:
Mainly fair weather will prevail in the sea areas around the island.
Winds:
Winds will be easterly or variable in direction and wind speed will be (20-30)kmph.
State of Sea:
Sea areas around the island will be slight to moderate.

Meanwhile, heat index, the temperature felt on human body is expected to increase up to ‘Caution level’ at some places Western, Sabaragamuwa, North-western and Southern provinces.

People are advised to stay hydrated and takes breaks in the shade as often as possible, check up on the elderly and the sick, never leave children unattended, limit strenuous outdoor activities, find shade and stay hydrated, and wear lightweight and white or light-colored clothing.