Key players in the development of Colombo Port City have finalized a groundbreaking USD 1.565 billion deal in Beijing, advancing phase two development of the Colombo Port City, encompassing the Marina Project, Marina Hotel, and Colombo International Financial Centre (CIFC) Project.
Accordingly, the corporation framework agreement was signed by Port City Economic Commission, China Harbour Engineering Company, Browns Investments and Hunan Construction Investment Group for the phase 2 development of the Colombo Port City project in Beijing on Tuesday (17).
The total investment value would be around USD 1.565 billion with the agreement covering the development of the Marina Project and Marina Hotel Project and the Colombo International Financial Centre (CIFC) Mixed Development Project.
The agreement has been signed by the Chairman Port City Economic Commission, Dinesh Weerakkody, Chairman of China Harbour, Tang Qiaoliang, Director of Browns Investment, Kamantha Amarasekera and Chairman of Huan Construction Investment Group, Cai Dianwei.
The investment also includes the construction of an International Financial Center and the investment would be around USD 500 million.
The construction is scheduled to begin early next year. A five star hotel too would be included under this investment.
In addition to this development, the next mega break though would be the opening of the duty free complex within the Port City by the end of the year which is tol be operated by a Singaporean firm.
Browns Investment PLC, the strategic investment arm of LOLC Group has secured leasehold rights of additional two prime land blocks in Colombo Port City for US$98 million to undertake the development of the marina and a hotel project adjoining the earlier secured Colombo International Finance Centre (CIFC) project.
The two newly secured land plots are most likely to be developed in partnership with foreign parties.
Colombo Marina Development Pvt. Ltd and Marina Hotel Holdings Pvt. Ltd, subsidiaries of Browns Investments entered into lease contracts with the Colombo Port City Commission to secure 99-year leaseholder rights of 30,776 square metres (7.6 acres) and 13,006 square metres (3.2 acres) land plots.
It will undertake Colombo Marina Development and Port City Marina Hotel Development projects, according to a stock filing with the Colombo Stock Exchange (CSE) .
In December last year, Browns Investments in a joint venture of immediate parent of Port City project company, China Harbour Engineering Company Limited (CHEC), entered into an agreement to jointly invest and manage the Phase 1 of Colombo International Finance Centre (CIFC) mixed development project through a SPV. The investment of the project was estimated at US$ 450 million with a buildable land area spanning 3.06 hectares. According to Friday’s stock filing, Browns Investments had settled US$ 42 million for 99-year leasehold rights of the project and the balance US$ 62 million is scheduled to be settled soon
The Public Utilities Commission of Sri Lanka (PUCSL) has granted permission for the Ceylon Electricity Board (CEB) to increase electricity Tariffs from today (Oct. 20).
Colombo Magistrate’s Court orders the release of former State Minister Vijayakala Maheswaran in the case where she made a comment that the LTTE must be revived.
Speaker orders the suspension and removal of SJB MP Ajith Mannaperuma from Parliament for 4 weeks due to his unruly behaviour in Parliament.
State Minister of Power and Energy D V Chanaka says SL’s fuel imports are unlikely to be disturbed by the escalating conflict in the Middle East as the country has already secured tenders for supply until June’24: warns however that there could be uncertainties.
Study on cases of child sexual abuse presented to a Colombo-based hospital concludes that the rate of sexual abuse of females and those older than 12 years, was high: also finds that the majority of the perpetrators were known to the child, with delayed disclosure being significantly higher in cases of penetrative abuse, multiple incidents of abuse, and abuse being committed by a known person.
IMF says its staff & SL authorities have reached a staff-level agreement on economic policies to conclude the 1st review of the 48-month EFF programme: once approved by the IMF Board, SL will have access to about USD 330 mn: in the 18 months since seeking IMF assistance, SL has so far received only USD 333mn from the IMF, while bilateral & commercial lenders have not granted any loans.
Port City Colombo announces that a “USD 1.56 bn deal was ‘finalised’ in Beijing for the Port City’s Phase-2 development, encompassing the Marina Project, Marina Hotel & the Colombo International Financial Centre Project”.
Colombo Stock Market suffers a massive loss of value of Rs.254 bn so far in October’23, due to negative investor sentiment over lack of credible progress in resolving major macro-economic issues: Market cap of the CSE was Rs.4,537 bn as at end September’23, and by 19th October’23, it had dipped to Rs.4’283 bn.
Indian Navy Ship “Airavat”, a Shardul-class Landing Ship Tank (LST), arrives in Colombo: Commanding Officer of the vessel, Commander Rindu Babu calls on the Commander Western Naval Area, Rear Admiral T S K Perera during the visit.
State Minister of Trade S Viyalanderan says Tamil political leaders should cooperate with President Ranil Wickremesinghe and take advantage of his flexible approach to achieve national unity and address the challenges faced by the Tamil population.
Cricketers Angelo Mathews & Dushmantha Chameera to fly to India to join the SL squad for the ICC World Cup Tournament, as travelling reserves.
Late on Thursday (October 19), the International Monetary Fund (IMF) announced that its staff had reached a staff-level agreement with the Sri Lankan authorities on economic policies, marking a significant step toward concluding the first review of the 48-month Extended Fund Facility (EFF)-supported program.
Once the review is approved by the IMF Management and IMF Executive Board, Sri Lanka will gain access to SDR 254 million, equivalent to approximately US$330 million in financing.
In their statement, IMF Senior Mission Chief for Sri Lanka, Mr. Peter Breuer, and Deputy Mission Chief, Ms. Katsiaryna Svirydzenka, highlighted the commitment of Sri Lankan authorities to the ambitious reform agenda under the EFF. They commended the progress made, including disinflation and fiscal adjustment efforts, though some targets were still to be met.
The IMF report also acknowledged tentative signs of stabilization in the Sri Lankan economy, such as reduced inflation, increased international reserves, and easing essential goods shortages. However, full economic recovery remained uncertain, and the country’s external position had weakened due to prolonged debt restructuring discussions.
The statement emphasized the need for a swift resolution to the debt restructuring issue to restore confidence in the Sri Lankan business environment and external financing.
Sustaining reform momentum was deemed crucial for long-term economic recovery and inclusive growth. The authorities were praised for their commitment to improving governance and increasing revenues through tax measures and administration, along with efforts to eliminate tax evasion.
The IMF team stressed the importance of maintaining cost recovery in fuel and electricity pricing to mitigate fiscal risks related to state-owned enterprises. They also underlined the need to strengthen the social safety net to protect vulnerable populations.
The report concluded with a call for official creditors to reach an agreement on debt treatment consistent with IMF program parameters and debt targets. Delays in this process could further worsen Sri Lanka’s economic outlook and hinder its return to sustainable growth.
Furthermore, the authorities’ commitment to implementing recommendations from the Governance Diagnostic Report was recognized as a positive step in addressing corruption risks and strengthening accountability.
The IMF team expressed gratitude for the collaborative efforts and constructive discussions held with Sri Lankan authorities and various stakeholders during their mission.
Fairly heavy showers of about 75 mm can be expected at some places in Uva, Central and Eastern provinces.
Showers will occur in Western and Southern provinces during the morning too.
The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
On October 15, the Sri Lankan Ambassador to Jordan, J.A.D.S. Priyangika Wijegunasekara, undertook a significant visit to Classic Fashion Apparel Industry Co. Ltd in Ramtha, Irbid, Jordan. This apparel factory is home to over 1,200 Sri Lankan employees. During the visit, several notable interactions and commitments were made.
Chairman and Managing Director of the company, Sanal Kumar, along with the management team and the Sri Lankan employees, extended a warm welcome to the Ambassador and her team. They graciously arranged a tour of the factory facilities, showcasing the Sri Lankan workforce’s integral role in the company’s operations.
Ambassador Priyangika Wijegunasekara articulated her request for additional job opportunities for Sri Lankans within the factory. In a positive response, Chairman Sanal Kumar committed to creating more employment opportunities during the first quarter of 2024. He also emphasized the company’s unwavering dedication to the welfare and safety of its diverse workforce, which includes individuals from various Asian countries.
In her address, Ambassador Wijegunasekara highlighted the paramount importance of maintaining close contact with the embassy and their relatives in Sri Lanka, especially during these unprecedented times. She further emphasized the risks associated with illegal migration. The Third Secretary (Employment and Welfare) provided valuable insights into the issues of human smuggling and trafficking.
Mission officials, during an interactive session organized by the company, offered essential consular assistance to the Sri Lankan factory employees. This visit served as a platform for a constructive exchange of ideas and reaffirmed the Sri Lankan Embassy in Amman’s commitment to ensuring close coordination with both the top management and the Sri Lankan employees of the factory. These developments signal a positive step towards enhancing the well-being and opportunities for Sri Lankans working in Jordan.
The Sri Lanka SIP Academy is all set to host the 20th SIP Prodigy 2023 Competition, an exciting fusion of Abacus Mental Arithmetic and Brain Gym exercises. This prestigious event is scheduled for Sunday, October 22, 2023, starting at 9:00 a.m., and will be held at the Sugathadasa Indoor Stadium.
With participants exceeding 1,000 in number, this competition promises to be a global spectacle, with young talents coming from not only Sri Lanka but also various corners of the world, including India, Singapore, UAE, Philippines, Tanzania, Bahrain, Bangladesh, Nepal, and Malaysia.
The event will serve as a platform for children from all across Sri Lanka, spanning the East, West, and South, to come together, showcase their remarkable abilities, and foster meaningful connections with their peers.
The US Embassy in Colombo, in collaboration with the Regional Centre for Strategic Studies (RCSS) and the United States Institute of Peace (USIP), convened a gathering of scholars from across the Indo-Pacific on Monday, the 16th, for a significant conference focusing on “Ocean Security: South Asia and the Indian Ocean.”
The conference brought together an array of international researchers with expertise in Indian Ocean affairs, covering a wide spectrum of topics, including environmental security, regional cooperation, governance, peace-building, blue economy, trade, and ocean security research.
US Ambassador to Sri Lanka, Julie Chung, commenced the event with her opening remarks. She commended the network of South Asian scholars dedicated to studying the Indian Ocean. She also underscored Sri Lanka’s crucial role in the region’s blue economy, stating, “Investment in sustainable blue economies is a force multiplier, spurring economic development and demonstrating how environmental protection and economic growth are mutually reinforcing. The United States is committed to ensuring a prosperous blue economy for Sri Lanka and other nations across the Indo-Pacific. Since the launch of the Indo-Pacific Strategy in 2022, the US Government has announced the provision of over US$ 2 billion in foreign assistance in the region dedicated to Indo-Pacific priorities.”
Ambassador Chung also highlighted the strength of the bilateral relationship between the United States and Sri Lanka, which is celebrating its 75th anniversary this year. She emphasized, “the United States recognizes Sri Lanka’s right to assert its own aspirations and objectives, to be recognized as an equal on the world stage, and to make decisions aligned with its values and the needs and interests of its people. Indeed, those principles help to guide our bilateral relationship.”
Delivering the keynote address, Nilanthi Samaranayake, a visiting expert from the United States Institute of Peace in Washington, D.C., emphasized the economic significance of the Indian Ocean region. She stated, “The Indian Ocean derives its importance from its economics, which creates converging goals. The region effectively serves as a highway, connecting the bustling waters of the Pacific through the Malacca Strait and across to the Middle East and African Straits of Hormuz and Babel-Mandeb and the Mozambique Channel. The Indian Ocean sees significant traffic of hydrocarbons, containers, and bulk cargo. Due to the economic significance of this region, countries share a common interest in keeping the sea lanes open and safe.”
The conference witnessed the active participation of representatives from diplomatic missions throughout the Indo-Pacific, Sri Lankan Government officials, scholars, and members of the Sri Lankan Military.
Sri Lanka’s State Minister of Fisheries, Piyal Nishantha, has announced a groundbreaking initiative to establish a specialized investment zone in the Northern Province, catering exclusively to the fishing industry. This strategic move is designed to attract investments that will stimulate economic growth and create numerous employment opportunities for the region’s residents.
In a recent press briefing held at the Presidential Media Centre (PMC) under the theme ‘Collective Path to a Stable Country,’ Minister Piyal Nishantha highlighted proactive measures already in motion to combat the fishing mafia, a network of middlemen who have profited unfairly at the expense of both the fishing industry and consumers.
The Minister explained, “In the past, the Fishery Corporation procured sailfish through suppliers, subsequently distributing imported fish. However, the Corporation later transitioned to direct imports through legitimate channels, yielding significant profits. This transformation disrupted the monopolistic control exercised by a select group of suppliers and intermediaries to some extent.”
“However, it is essential to recognize that breaking this monopoly posed considerable challenges. Attempts were made to obstruct our efforts, even from within the corporation itself. As a consequence, fishermen, consumers, and the Corporation incurred substantial losses. Despite these difficulties, we remain committed to curbing this exploitative network.”
Minister Piyal Nishantha provided some striking figures, stating, “For instance, the Fishery Corporation previously procured a kilogram of sailfish from local suppliers at a price of Rs 1,750. But when importing sailfish directly, one kilo can be bought for Rs. 1,250. With a monthly requirement exceeding 50,000 tons, it is unsurprising that the corporation incurred losses.”
“It is crucial to emphasize that this import of fish is a temporary measure. Our primary objective is to facilitate the Fishery Corporation’s progress in collaboration with Sri Lankan fishermen, ensuring the delivery of quality and dependable seafood to our valued customers.”
Simultaneously, preparations are in progress to establish a dedicated investment zone for the fishing industry in the Northern Province, welcoming investments linked to the fisheries sector into Sri Lanka and generating employment opportunities for a substantial workforce.
To coincide with this year’s World Fisheries Day, a series of programs will be held from November 19 to 21, with a specific focus on the Northern Province, led by the Jaffna district.
In the Jaffna district, services provided by agencies affiliated with the Ministry of Fisheries, such as mobile fishing services, issuance of fishing ID cards, registration of fishing boats, and resolution of communication issues concerning fishing signals, will take center stage. Solutions will be delivered to these challenges directly within the local communities.
Additionally, a testing center affiliated with the NARA Institute is set to be established in the Kilinochchi district. Plans are in place to release small fish into lakes, rivers, and reservoirs within the Province, particularly the Iranamadu Reservoir. This move aligns with the commitment to expand fish harvest areas for multi-day fishing vessels through the introduction of a new FAD machine.
Promoting the freshwater fishing industry remains a priority, marked by the distribution of approximately 54 million small fish into freshwater reservoirs nationwide.
Significant emphasis is also placed on projects with the potential to enhance foreign exchange earnings, including seaweed cultivation and sea leech breeding.
Under the aid of the Chinese government, a program to provide kerosene subsidies for one-day fishing vessels is being implemented for the second time. A total of 4,250,000 liters of kerosene will be distributed among 28,000 fishermen, equating to 153 liters of kerosene per fisherman.
To foster cooperation among the officials of the Ministry of Fisheries and affiliated institutions, plans are underway to conduct a volleyball tournament and an ‘inter-school drawing competition.’
Colombo (LNW): Up until this point, Lasitha Gunaratne, who had been advising the Sports Minister of Sri Lanka and served in the National Sports Council, has decided to return to the rugby club and take a position in a sports club and contribute to Sri Lanka Rugby. He was also behind the Minister’s contribution until defeated in the Asian Games. This happened because the National Sports Council was established by the Minister himself to ensure that the correct decisions were made for the Ministry.
On August 18 of this year, Lasitha Gunaratne formally requested permission to resign from the National Sports Council and he was subsequently informed on October 2nd that the Minister had granted his request for resignation. During that period, Sri Lanka had experienced a significant level of destabilization, resulting in the most severe collapse in the history of the Asian Games.
A gazette notice is issued removing the Stabilization Committee which stabilized the work stoppage of the Sri Lanka Rugby on September 25. As a final result, the minister who was standing on the influence of the Asia President got the result that during his sports minister period, Sri Lanka got the worst result in the Asian Games and the United Emirates, the country of the Asia Rugby President, showed the best results.
Lasitha Gunaratne contacted LNW and reported that he is under attack. But we are open to receiving criticism, and if there are any errors, we are eager to rectify them, in our obligation to the golden principle of Right-to-Reply. Nonetheless, we maintain our belief that the facts we inquired about are accurate.
The current displeasure of the Asian President towards Sri Lanka originated from the fact that Lasitha Gunaratne did not vote for him as President as initially agreed. If the accusation we level against him is incorrect, he has a straightforward response: “I voted.”
If it can be substantiated, then the Asia President’s incorrect reaction towards Sri Lanka by addressing a minister of Sri Lanka is wrong. If so, it can be corrected through Asanga Seneviratne, who is now close to the Asian President, who was in two decisions that he should vote and not vote for the Asia President, and It is can possible to ensure that the correct vote was cast.
The reason why the administration that succeeded Lasitha faced difficulties was due to the redistribution of power to the Uva and Western Unions. Lasitha Gunaratne can offer advice to Minister Roshan Ranasinghe, who is well aware of the reasons behind their electoral defeat and the loss of power. If those associations lose power in the election following his term as president, the reason for that will be created during his tenure as president.
Should those associations be forever banned in such a scenario? Alternatively, what are the key factors outlined in the Rugby Constitution that need to be addressed for them to regain power? As we know, the first ban was issued during the Namal Rajapaksa period, considering that the Ruger administration did not reply to the letter submitted by the Sports Ministry in accordance with the provisions of the constitution.
Whether it is because they have committed an offense that should be prevented from joining Uva and Western rugby forever, or whether they will be removed from rugby forever according to the Sri Lanka rugby constitution when a ban or censure is assigned to a sports club by closing an accessible way for an offense, than we are. The society can be better explanation by Lasitha, who is now freed from the role of the National Sports Council and is coming to comment on the national rugby process by embracing the life of rugby. He has previously served as both Vice President and President.
We did not insinuate that Lasitha was involved in any fraudulent activities. We stated that a debt of twenty million was accrued within the Rugby administration during his tenure. With the time span of Asanga, the debt has grown to exceed 50 million. We also mentioned that the presence of foreign players in the matches led to a lack of respect for the country. Isn’t it so? Was our assertion that Lasitha, the Vice President who closely worked alongside Asanga during his presidency, inaccurate?
In the end, the responsibility was attributed to Sri Lankan Rugby, resulting in a fine of £50,000 being imposed on them. You are now notifying Sri Lanka Rugby that the payment of the debt as well as these fines has been approved by the council, so you are not responsible for them. Arguably, you may think that you have evidence to say that it is right. It is not legally incorrect to state that Lasitha Gunaratne was the President who led Sri Lanka rugby during the period when the twenty million debt was incurred.
Also, we have seen, it was observed in the previous season of Sri Lanka Rugby that the efforts to clear the debt and secure new sponsors for Rugby were aimed at distancing the sport from political involvement, a stance that received opposition from both within Sri Lanka Rugby and from Asia. We respected that approach. We explicitly stated that Rizley Illyas played a role in this intervention, and we stand by that assertion today.
Are those things wrong? Is it wrong for us to respect them because Lasitha believes that the Minister of Sports Associations should behave as he wants? Should the autonomy of an association be subject to the constraints of political authority?
In a different perspective, you believe that international associations should not exert influence on a sport through individuals associated with politicians, but rather through individuals involved in the sport within that country. We have encountered such situations in the past. We concurred that Illyas, as the country’s sports-appointed authority, was in opposition to this stance. This discrepancy reflects differing understandings and viewpoints.
This pertains to the foundation of the trust we are establishing, based on goodwill and principled agreements. At that time, Lasitha Gunaratne was providing advice and exerting influence on the actions of the Sports Minister, which were contrary to what we believed and supported.
We understand that at this moment, you are not subject to the Minister’s actions and responsibilities. But if you came back to Ruger to have the power to direct part of that agenda live in it, Lasitha is still far from us. But we can reach not only Lasitha but also Roshan Ranasinghe. It is only if a sports administration unit has the possibility to carry out the independence and planned free management without political interference that we believe in.
If those associations lose money and swallow money to inflate their political image, even if the ministers are friendly, we will not be accepting.
If the village can be nurtured to add physical strength and endurance to the mental endurance of a game like rugby in the country, it is not impossible to improve the condition of rugby in Sri Lanka. But for the sake of maintaining the dependence of power and for the protection of the ministerial power in the sports law, it is a disgusting job for the sports administrator to do the work of blowing balloons for the political authorities of the government.
It is a sad situation that it is difficult for Lasithas to identify this line. If not, it is not the game that is saved. Therefore, you need to come back to the administration of Rugby, not looking for a way to spread that smell after getting rid of the law by piling up dirt on Rugby through the minister. To collect the facts needed to be smelled. If it is feasible, suggesting to Sri Lanka Rugby to highlight the rugby talents of the Vatu Tamil community, primarily concentrated around the Lindula Stadium in Nuwara Eliya, we will also go there.
If you go there with the management of the main sports clubs in Sri Lanka and consider this situation, you will feel that they are people who can give a lot to the country’s rugby players.
It is appropriate for the politician to work with the “Yes Sir” theory in order to transform the environment into a scientific situation that can be created with the environmental changes and biological factors in Sri Lanka. A chair in a sports association is valuable even without a person.
Therefore, a person sitting there can only protect the value or show that a person who is not worthy of the chair is appointed. Consequently, we hold the belief that those who can uphold the principles associated with those positions should assume those responsibilities, as opposed to those who employ administrative roles within the game to enhance their personal interests.
Lasitha can also become a part of our shared convictions and principles. Lasitha Gunaratne is free to make any allegations against us. However, before anything else, we must establish whether our statements regarding his voting or not voting for the Asia President are accurate or not.
Rather than aligning solely with the minister and dealing with issues that may be beyond legal resolution or involve confrontations within the rugby community, it is also conceivable to extend a helping hand and collaborate on positive initiatives, considering the good work accomplished in the past. It protects Lasitha Gunaratne’s blood-soaked skin. Proving that the blood is pure is better than the political praises that are done after the body, it is a medicine for a relaxed mind that can sleep well.
So, it is unnecessary to say how much happiness comes when you have a try on Ruger. Everyone in the group feels as happy as the person who has it. If one of the team is catching the legs of the runner carrying the ball, he must be crazy.
Have to be careful to choose team. There are limits on how many tries can be scored on both sides of the field. The first thing to do should be to turn to the right side of your team. In Lasitha’s new arrival at Rugby, he has only just picked up the ball. We think the team won’t be mistaken.
Also, if we have recorded any information that is not accurate or relevant concerning Lasitha Gunaratne, it is our obligation to rectify it. We are not making baseless accusations. These are events and occurrences connected to that particular period. If Lasitha can provide evidence to show that the events we mentioned are not accurate, especially in regard to voting for the Asian chairman, we will acknowledge his right to do so and respect it.
