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French LV power giant Socomec expands to Sri Lanka via Indian subsidiary

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French LV power giant Socomec expands to Sri Lanka via Indian subsidiary

By: Staff Writer

February 08, Colombo (LNW): Socomec India, part of France based leading global specialist in Low Voltage (LV) power management, yesterday unveiled its ambitious expansion plan.

The Chennai headquartered French powerhouse is set to venture into the markets of Sri Lanka, effective immediately.

Termed as ‘Greater India,’ this strategic move consolidates into a unified business entity, marking a significant milestone for Socomec India and opening up new opportunities for business growth.

Socomec India Regional Managing Director Meenu Singhal said: “Our commitment to meeting the evolving energy needs with innovative power solutions in the Asian market remains unwavering.

Engineered in Europe and proudly manufactured in India, our products are poised to make a substantial impact in the markets of Sri Lanka and Bangladesh.

This expansion solidifies our dedication to the ‘Make in India’ initiative, with India serving as a pivotal hub for Socomec’s strategic growth in the Asia Pacific region.

Our adherence to global quality standards positions us to navigate this journey with ease. We look forward to building lasting partnerships and empowering businesses with sustainable and efficient power solutions, further strengthening Socomec’s position as a trusted leader in the industry.”

With a recent Euro 5 million investment by Socomec Group in the Indian market to enhance manufacturing capacity, the goal is not only to meet local demands but also to cater to exports to Sri Lanka and Bangladesh.

Socomec India is energising the country through its innovative power solutions, including uninterrupted power supply, power switching, and monitoring solutions.

 Leveraging cutting-edge technology, these products are tailored for data centres, manufacturing and process industries, healthcare, infrastructure, commercial buildings, and renewable energy.

With a focus on local presence, these product categories will now be available in the Sri Lanka and Bangladesh markets. With this expansion, Socomec India aims to double its revenue in these regions within the next three years.

To fortify this ambitious growth plan, Socomec announced the appointment of Suhard Amit as the General Manager, tasked with steering the company’s initiatives in the emerging markets of Sri Lanka and Bangladesh.

Amit, with a distinguished career spanning over 25 years in diversified market segments, brings a wealth of expertise to the role, positioning him as a key driver of Socomec’s strategic endeavours in these dynamic markets.

As Socomec India embarks on this exciting journey of expansion, the company remains dedicated to delivering excellence and innovation in power management.

The commitment to sustainable solutions and superior quality will not only benefit businesses in Sri Lanka and Bangladesh, but also contribute to the overall development of these regions.

 This move contributes to the broader South Asian Association for Regional Cooperation (SAARC) initiative, promoting economic cooperation and regional integration. The ‘Greater India’ vision positions Socomec as a catalyst for cross-border trade and cooperation within the SAARC nations.

State revenue surges by 25 per cent in January following VAT adjustment

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State revenue surges by 25 per cent in January following VAT adjustment

February 08, Colombo (LNW): In a recent update on fiscal performance, Finance State Minister Ranjith Siyambalapitiya announced a notable surge in state revenue, marking a 25 per cent increase in January following the implementation of a Value Added Tax (VAT) adjustment.

The revenue for January 2024 reached Rs. 274 billion, surpassing the anticipated figure of Rs. 219 billion.

Highlighting specific departmental achievements, Minister Siyambalapitiya noted that the Customs Department exceeded its designated target of Rs. 114 billion by recording Rs. 121 billion, representing an 11 percent surplus.

Similarly, the Excise Department surpassed its revenue goal of Rs. 12 billion by generating Rs. 14 billion in revenue.

Additionally, the Inland Revenue Department significantly outperformed expectations, recording Rs. 114 billion against a target of Rs. 88.9 billion.

Addressing concerns about potential price hikes due to the VAT adjustment, Siyambalapitiya highlighted that January’s inflation rate stood at 6.4 per cent, with food inflation at a modest 3.3 per cent.

He attributed this to the exemption of essential commodities from VAT, effectively mitigating price increases in this sector. Non-food inflation was reported at 7.9 per cent.

The Minister emphasised that the rise in state revenue will have positive implications for the entire populace, indicating broader economic stability and prospects for development.

Pope claps back at critics who denounced his decision to permit blessings for same-sex couples

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Pope claps back at critics who denounced his decision to permit blessings for same-sex couples

February 08, World (LNW): Pope Francis has responded to critics of his decision to permit blessings for same-sex couples, condemning what he sees as ‘hypocrisy’ in their objections.

In an interview featured in the upcoming edition of the Italian magazine Credere, set to be published on Thursday, February 8, the Pope addressed the controversy surrounding his authorisation of informal blessings for couples in “irregular” unions, including same-sex partnerships.

He highlighted the inconsistency of critics who find no fault in blessing individuals engaged in exploitative behaviour but express outrage over blessings for same-sex couples.

Last year, Pope Francis made history by becoming the first Pope to authorise priests to bestow informal blessings on couples in non-traditional unions, a departure from previous Vatican policy.

This historic move marked a significant shift in the Church’s stance on LGBTQIA+ issues, eliciting varied reactions worldwide.

While many in Western churches welcomed the decision, the response from African bishops differed. They opted not to offer blessings for same-sex couples, citing cultural considerations and potential confusion within African communities.

Despite this disagreement, the African bishops reaffirmed their loyalty to the Pope.

Criticism of the Pope’s decision has also emerged from conservative factions within the Church, primarily in the United States and parts of Europe.

Pope Francis characterised these critics as belonging to “small ideological groups” in previous statements.

In his interview with Credere, the Pope clarified that the blessings he authorised are not for the union itself but for the individuals involved. He emphasised that he blesses two people who love each other, regardless of their sexual orientation, and requests their prayers.

The Pope stressed that blessings should be accessible to all who seek them, including those in non-traditional relationships, provided they meet the criteria for church participation.

Pope Francis’ advocacy for LGBTQIA+ inclusivity aligns with his broader efforts to foster a more compassionate and accepting approach within the Catholic Church. However, resistance persists from certain segments of Catholicism.

In addressing questions about his health and mobility, Pope Francis underscored the importance of church leaders being attuned to the needs and experiences of ordinary people. He further emphasised that effective leadership is not contingent upon physical mobility but rather on empathy and genuine connection with the faithful.

CID under scrutiny for filing case against Pastor Jerome Fernando in wrong court

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CID under scrutiny for filing case against Pastor Jerome Fernando in wrong court

February 08, Colombo (LNW): The Criminal Investigations Department (CID) has come under scrutiny for initiating legal proceedings against Pastor Jerome Fernando, a self-proclaimed prophet in Sri Lanka, for alleged illegal assets in a jurisdictional area distant from the incident.

Fort Magistrate Thilina Gamage expressed strong disapproval of the CID’s handling of the case, questioning why it was not brought before the nearest judicial authority, a report by Daily News disclosed.

The Magistrate’s inquiry followed reports that a case had been filed against Pastor Jerome in the Mount Lavinia Court under the Money Laundering Act for purported illegal assets.

Asserting his intention to seek clarification from the Acting Inspector General of Police (IGP) on the matter, the Magistrate also indicated that disciplinary measures might be taken against the CID for not adhering to proper jurisdictional procedures.

Additionally, the Magistrate ordered that the case against Fernando be scheduled for a hearing on April 3, 2024.

Police operation nets 42 suspects in public transportation crimes

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Police operation nets 42 suspects in public transportation crimes

February 08, Colombo (LNW): In a concerted effort to address crimes and harassment in public transportation, law enforcement authorities conducted a specialised operation resulting in the arrest of 42 individuals.

Among the apprehended individuals, 18 were detained on allegations related to sexual harassment, while five were held for pickpocketing offenses, Acting Inspector General of Police (IGP) Deshabandu Tennakoon disclosed.

Tennakoon elaborated that the arrests were made by plainclothes police officers stationed in densely populated areas and transportation hubs, including bus terminals.

This strategic deployment aimed to proactively deter and intercept criminal activities occurring within the public transportation network.

Official exchange rates in Sri Lanka today (Feb 08)

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Official exchange rates in Sri Lanka today (Feb 08)

February 08, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates slight appreciation against the US Dollar today (08) in comparison to yesterday, as per the official exchange rates issued by the Central Bank of Sri Lanka.

Accordingly, the buying price of the US Dollar has dropped to Rs. 308.49 from Rs. 308.56, and the selling price has dropped to Rs. 318.58 from Rs. 318.68.

The Sri Lankan Rupee, meanwhile, indicates similar pattern against several other foreign currencies as well.

Jagath Priyankara sworn in as MP following Sanath Nishantha’s passing

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Jagath Priyankara sworn in as MP following Sanath Nishantha’s passing

February 08, Colombo (LNW): L.K. Jagath Priyankara, representing the National Freedom Front (NFF), has been officially sworn in as a Member of the Parliament of Sri Lanka.

Priyankara was sworn in before the Speaker, assuming the parliamentary seat left vacant by the passing of former State Minister Sanath Nishantha.

Designated as the Sri Lanka Podujana Peramuna (SLPP) Member of Parliament for the Puttalam District, Priyankara fills the position previously held by the late Sanath Nishantha.

A Gazette notification promptly announced Jagath Priyankara’s appointment to Parliament, thereby fulfilling the seat left vacant by Nishantha.

Subsequently, the National Election Commission officially declared Jagath Priyankara as a MP, representing the electoral district of Puttalam.

Priyankara holds membership in the National Freedom Front (Jathika Nidahas Peramuna), led by MP Wimal Weerawansa.

CBSL eases restrictions on standing facilities for licenced commercial banks

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CBSL eases restrictions on standing facilities for licenced commercial banks

February 08, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has announced its decision to alleviate restrictions previously imposed on Standing Facilities available to Licensed Commercial Banks (LCBs) under Open Market Operations.

Effective from February 16, 2024, the CBSL will eliminate the restriction on the Standing Lending Facility and ease limitations on the Standing Deposit Facility.

Initiated on January 16, 2023, the CBSL had imposed restrictions on LCBs’ utilisation of Standing Facilities within Open Market Operations.

These restrictions encompassed a maximum of five accesses per calendar month to the Standing Deposit Facility (SDF) and capped access to the Standing Lending Facility (SLF) at 90 percent of each LCB’s Statutory Reserve Requirement (SRR) on any given day.

The rationale behind these measures was to mitigate LCBs’ reliance on overnight facilities provided by the Central Bank.

This aimed to revitalise the domestic money market, particularly the call money market, while encouraging LCBs to implement internal corrective measures.

Positive outcomes ensued from these measures, evident in the revitalisation of the domestic money market and the mitigation of excessive competition among financial institutions for deposit mobilisation.

Furthermore, these measures contributed to moderating the market interest rate structure in line with the monetary policy stance, thereby upholding the stability of financial institutions and the financial system.

Following a meticulous review of developments in the domestic money market and LCBs’ market participation, alongside liquidity improvements, the Monetary Policy Board, in its meeting held on February 07, resolved to relax the restrictions on Standing Facilities available to LCBs within OMOs.

Commencing from the reserve maintenance period starting February 16, 2024, the restriction on the SLF will be lifted entirely, and the restriction on the SDF will be relaxed from five to ten accesses per calendar month.

The relaxation of these restrictions is anticipated to expedite the downward adjustments in market interest rates, aligning with the overarching monetary policy direction of the Central Bank.

President leaves SL to participate 7th Indian Ocean Conference in Perth, Australia

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President leaves SL to participate 7th Indian Ocean Conference in Perth, Australia

February 08, Colombo (LNW): President Ranil Wickremesinghe has left Sri Lanka earlier this (08) morning to participate in the 7th Indian Ocean Conference in Perth, Australia.

His attendance expects a key note address from February 09 to February 10 at the conference, according to a statement by the President’s Media Division.

Invited by the India Foundation and the Government of Australia, he will also explore investment opportunities for Sri Lanka during the event.

Dollar rate at commercial banks today (Feb 08)

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Dollar rate at commercial banks today (Feb 08)

February 08, Colombo (LNW): The Sri Lankan Rupee happens to have slightly depreciated against the US Dollar today (08) in comparison to yesterday, as per leading commercial banks in the country.

At Peoples Bank, the buying price of the US Dollar has increased to Rs. 307.69 from Rs. 307.20, and the selling price to Rs. 318.41 from Rs. 317.90.

As of 9 am this morning, Commercial Bank reveals that the buying price of the US Dollar has increased to Rs. 307.99 from Rs. 307.12, and the selling price remains unchanged at Rs. 318. These figures may subject to change later today.

At Sampath Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 308 and Rs. 317, respectively.

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