Colombo (LNW): The Sri Lankan Rupee (LKR) remains steady against the US Dollar today (21) in comparison to yesterday as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 320.94 from Rs. 321.18, and the selling price to Rs. 332.12 from Rs. 332.38.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 319.50 from Rs. 320.62, and the selling price to Rs. 330.50 from Rs. 330.75.
At Sampath Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 322 and Rs. 331, respectively.
State Minister of Finance Ranjith Siyambalapitiya confirms review of property tax collection system: IMF Senior Mission Chief Peter Breuer says “property tax” could significantly contribute to SL’s tax effort as “a progressive & equitable means of raising revenue from those with greater wealth”.
SJB Economic Guru Dr Harsha de Silva (who has been a strong advocate of high Govt Revenue) confirms the approval of Parliamentary Committee on Public Finance for the VAT increase to 18% for several previously exempted key items including infant foods: meanwhile, hundreds of thousands of families struggle to provide well-balanced meals for their children, especially those under 5 years.
SLPP General Secretary Sagara Kariyawasam says 4 persons have been proposed for the 2024 Presidential candidacy: confirms businessman Dhammika Perera is among them: asserts the SLPP is taking necessary steps to face any upcoming elections very strongly: laments the SLPP has to provide the “necessary strength” to the Govt in Parliament, although it is not in full agreement with all its policies.
SLPP leader Mahinda Rajapaksa says President Ranil Wickremesinghe has successfully restored law & order, and hence, the duty of the SLPP is to ensure a stable government until the next elections: urges people to pay attention to the tax policy & past economic practices of the political party they vote for at upcoming elections: warns of attempts to hustle people blindly in various directions through ramped up propaganda & social media hysteria.
Presidents Office says SL received USD 337mn as the 2nd IMF tranche, USD 200mn from ADB for various programs, & USD 250mn from the World Bank, in Dec’23: adds that these disbursements totalling USD 787mn have strengthened “budget support and enhanced the country’s external buffers”.
Finance Ministry says the USD 780mn inflows of forex to the Govt in Dec’23 will enable the Gross Official Reserves to surpass USD 4bn by end-2023: analysts point out that, as of now, SL is in arrears of a massive sum of over USD 6bn to bilateral & private Creditors, and that re-structuring efforts have not led to any “hair-cut” being agreed to by any Creditor, other than the captive & helpless EPF.
Aviation Minister Nimal Siripala de Silva says candidates seeking employment as Air Hostesses at SriLankan Airlines should have clear facial skin, an unblemished midriff, as well as proficiency in English: SriLankan Airlines has held interviews of nearly 6,000 applicants, of whom 196 air hostesses were selected.
Social media goes viral with a story that a well known international fast-food chicken brand outlet had served “rancid chicken” and that Public Health Inspectors.are conducting investigations.
Ministry of Public Security says 2,296 persons were arrested while 1.1 kgs of Heroin, 648g of ICE, 126,060 Cannabis plants & 19,507 pills were recovered during an islandwide special operation.
Dr Palitha Bandara Subasinghe of Kandy National Hospital says a recent survey has revealed that 6,307 complaints of “rape of girls under 16 years of age” had been received by police stations all over the country from 2018 to 2021, and that 5,055 of them had been raped “with their consent”.
Colombo (LNW): The Cabinet of Ministers has granted its approval this week for a resolution directing the Legal Draftsman to prepare a draft bill aimed at amending the Information and Communication Technology Act No. 27 of 2003.
The resolution was furnished by President Ranil Wickremesinghe in his capacity as the Minister of Technology.
The proposed amendments to the current act are designed to enhance the effectiveness of Sri Lanka’s digital development initiatives, according to the Government Information Department.
Additionally, these amendments seek to facilitate the establishment of a Digital Development Agency.
The envisaged Digital Development Agency will be tasked with crucial responsibilities, including providing strategic and policy leadership, overseeing the government’s digital development processes, offering guidance and supervision for investments, and establishing a national centre dedicated to artificial intelligence (AI).
Colombo (LNW): The Colombo High Court Lawyers Association (CHCLA) has vehemently criticised Public Security Minister Tiran Alles, alleging that his recent public statement undermines the pivotal role of defence lawyers and compromises the integrity of the judiciary.
The CHCLA asserted that safeguarding the rights of suspects, irrespective of the charges levied against them, is an intrinsic constitutional entitlement enshrined in Article 13, which guarantees due process.
The association contended that the Minister’s statement unfairly singles out defence lawyers, erroneously attributing their endeavours to protect clients to personal deficiencies rather than recognising their commitment to their professional obligations.
Furthermore, the CHCLA highlighted the Minister’s omission of addressing systemic issues within the Sri Lanka Police, including allegations of corruption, characterising such oversight as disingenuous and detrimental to the overall integrity of the legal system.
The statement from the CHCLA robustly upholds the independence and impartiality of judges, underscoring their unwavering commitment to upholding the law and dispensing justice in an unbiased manner.
The Colombo High Court Lawyers Association urged the Minister to refrain from making statements that impede the legal profession’s ability to discharge its duties as outlined in the Constitution.
Emphasising the significance of preserving justice, fairness, and the rule of law, the CHCLA warned that any impediment to the work of legal professionals has the potential to undermine the foundational principles of a democratic society.
The economic progress of a nation hinges on fostering relationships with external investments, rather than pursuing a path of increased isolation.
In the case of a relatively smaller nation like Sri Lanka, the cultivation of economic ties with a neighbouring economic powerhouse becomes paramount.
In this regard, India emerges as the immediate and geographically proximate candidate, boasting not only regional significance but also representing the world’s largest market.
The utilisation of Sri Lanka’s strategic assets, such as its ports and the Trincomalee oil tanks left by previous investors, for extensive industrialisation necessitates collaboration with neighboring India.
Given the impracticality of linking a remote island like Sri Lanka with the distant Western world, the intervention of a proximal economic giant like India becomes imperative.
Thus, the prudent approach for a diminutive nation like Sri Lanka is to seek investments exclusively from an economic powerhouse where its geographical location holds significance.
Situated in close proximity to India within the Asian continent, Sri Lanka historically served as an outpost for Western nations seeking access to the vast Indian subcontinent. This geopolitical positioning was driven by concerns that the island might pose a threat to established Indian rule if captured by a rival party.
It is crucial to note that Sri Lanka’s appeal did not stem from any inherent resources or intrinsic importance but rather its strategic location. Presently, global powers, including China, accord attention to Sri Lanka based solely on its impact on their regional rival, India.
Consequently, the strategic relevance of Sri Lanka lies in its geographical proximity to the Indian peninsula rather than any other inherent attributes. Therefore, Sri Lanka’s pursuit of economic viability should centre on its close association with India rather than distancing itself from the latter.
India, as the democratic market and industrial capital nearest to Sri Lanka, provides a unique opportunity. The imperative now is not to sever the diplomatic ties with India and succumb to tribal isolation but to engage in diplomatic collaboration with India to discover and enhance its own economic value.
Colombo (LNW): The Ceylon Electricity Board (CEB) has not yet launched an investigation into the island-wide blackout that occurred on December 9, attributed to a lightning strike on the transmission line from Kotmale to Biyagama, reports said.
Although the blackout was initially cited as the result of a lightning strike causing the transmission line to trip, the CEB has not undertaken a thorough inquiry to determine the precise cause.
The line, carrying about 500MW at the time, tripped, leading to a loss of one-third of the supply and triggering a severe under frequency, causing other generators to trip and resulting in a nationwide blackout.
Despite initial promises of a probe, the CEB has not taken action, raising questions about whether negligence played a role, critics pointed out.
A similar incident occurred in December 2020, and a committee was appointed to investigate, but it remains unclear why its recommendations were not implemented to prevent a recurrence.
The delay in investigating the recent blackout, which caused economic losses, has raised concerns. CEB spokesman Noel Priyantha mentioned that the committee’s appointment is pending, causing the delay.
Colombo (LNW): The Tea Exporters Association (TEA) has expressed serious concerns over the introduction of an 18 per cent Value Added Tax (VAT) on the Sri Lankan tea industry, effective January 1, 2024.
Previously exempt from VAT, the industry now faces challenges, especially given that over 90 per cent of its production is intended for export.
The TEA urged the Finance Ministry and Inland Revenue Department to establish a mechanism for timely VAT registration for all tea manufacturers to prevent disruptions in the tea supply chain.
The industry, with its unique structure, involving smallholder farmers, regional plantation companies, tea manufacturers, exporters, and brokers, emphasised the need for better consultation with stakeholders before implementing such changes to sustain in the challenging global environment.
The TEA warns of potential administrative challenges and additional costs if all 600 tea factories are required to register for VAT and Simplified Value Added Tax (SVAT).
The industry stakeholders have requested more time for registration and proposed brokers as contact points for invoicing to ease communication with the IRD.
The TEA noted the skepticism surrounding the ability of tea factories to complete VAT/SVAT registration before January 1, potentially impacting the first tea auction of 2024 and tea exports, along with potential effects on smallholder farmers and foreign buyers.
The government gazette notification includes green leaves under VAT, but the industry seeks assurance that they may not be liable for VAT payment, considering them basic agricultural raw material.
Colombo (LNW): Sri Lanka in December 2023 received a second tranche of US $337 million from the International Monetary Fund (IMF), US $200 million from the Asian Development Bank (ADB) for various programmes, and US $250 million from the World Bank, a statement by the President’s Media Division (PMD) disclosed.
The total disbursements, amounting to US $787 million, are intended to provide budget support and strengthen the country’s external buffers.
The Ministry of Finance emphasised that the substantial foreign exchange inflows of US $780 million to the government will contribute to reinforcing the country’s external buffers.
The gross official reserves are anticipated to exceed US $4 billion by the conclusion of 2023, surpassing earlier projections, the statement added.
World (LNW): Google has unveiled a series of enhancements to its mapping services in India, introducing new features such as address descriptors, Lens in Maps, and Live View Walking Navigation, The Hindu reported.
The address descriptors feature facilitates location searches based on landmarks, utilising machine learning signals to automatically identify up to five relevant landmarks when users drop a pin on Maps.
Lens in Maps offers users information about nearby restaurants and cafes, including details like opening hours, ratings, reviews, and photos.
Live View Walking Navigation provides directions and distance markers overlaid on the Maps screen for pedestrians.
Google has also introduced a fuel-efficient routing feature, enabling users to choose sustainable routes for two and four-wheelers. This feature utilises AI to analyse real-time traffic data, road elevation, and the vehicle’s engine type to suggest the most fuel-efficient route.
Additionally, Google announced partnerships with ONDC and Namma Yatri to bring metro schedules and bookings to users.
The collaboration will kick off with the launch of the Kochi metro on Google Maps, powered by Namma Yatri, by mid-next year.
The company will also integrate Mumbai and Kolkata local trains into its “Where is my Train” app, offering dynamic information such as train location, real-time status, and platform changes.
Miriam Karthika Daniel, VP of Google Maps Experiences, expressed excitement about the partnerships, emphasising Google Maps’ commitment to providing a digitised public transport experience in India.
The Address Descriptors feature is scheduled to roll out nationwide early next year, while Lens in Maps will launch in 15 cities in India by January, starting with Android.
The fuel-efficient routing feature is available for users seeking sustainable routes for their journeys.
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.
