Home Blog Page 1257

Fitch comments on CEB cash flow situation

0

Colombo (LNW): Despite the Ceylon Electricity Board’s (CEB) 150 per cent tariff increase, the board’s operational cash flow will be inadequate to meet its 2023 interest obligations, Fitch Ratings predicted.

A primary reason is the decrease in low-cost hydropower production during the year, a statement by Fitch said.

This reduction has forced the CEB to buy emergency power at elevated prices. Concurrently, as economic activities resume, energy demand has surged.

Although the CEB has sought an additional tariff rise to compensate for these expenses, approval is still pending.

Moreover, Fitch elevated CEB’s National Long-Term Rating and its senior unsecured debentures rating to ‘BB+(lka)’ from ‘B(lka)’, maintaining a stable outlook.

This decision follows the enhancement of the Long-Term Local-Currency Issuer Default Rating (IDR) for Sri Lanka on 28 September 2023.

Fitch clarified that CEB’s ratings, harmonised with Sri Lanka’s sovereign ratings, rely on the strong probability of state backing, given its status as a government-related entity.

It’s noteworthy that CEB holds a monopoly over Sri Lanka’s electricity transmission and distribution and is responsible for approximately 75 per cent of the nation’s power generation.

Read Fitch Ratings report: https://www.fitchratings.com/research/corporate-finance/fitch-upgrades-ceylon-electricity-board-to-bb-lka-outlook-stable-10-10-2023

Today’s (Oct 11) official exchange rates

0

Colombo (LNW): The Sri Lankan Rupee (LKR) today (11) has slightly depreciated against the US Dollar in comparison to yesterday, as per the official exchange rates list issued by the Central Bank of Sri Lanka (CBSL).

Accordingly, the buying price of the US Dollar has increased to Rs. 318.02 from Rs. 317.91, and the selling price to Rs. 328.78 from Rs. 328.74.

Meanwhile, the Sri Lankan Rupee has also depreciated against several other foreign currencies, including Gulf currencies.

SL assumes Chair of Indian Ocean Rim Association (IORA)

0

Colombo (LNW): Sri Lanka today (11) has taken over the chairmanship of the Indian Ocean Rim Association (IORA) at its 23rd Council of Ministers event in Colombo, led by Foreign Minister Ali Sabry.

A founder of IORA, Sri Lanka held the chair previously from 2003 to 2004. The recent council was significant for the full participation of all 23 Member States and 11 Dialogue Partners.

Saudi Arabia made its debut as IORA’s newest Dialogue Partner at this event.

Foreign Minister Sabry highlighted the importance of collaboration within the region and thanked the members for their unwavering support.

He mentioned Sri Lanka’s contributions to global peace and stability, including its role in the Bandung Conference and initiating a UN resolution declaring the Indian Ocean a Zone of Peace.

The discussions at the council centered around trade, maritime security, disaster risk management, and other priority areas.

The culmination of the meeting saw the adoption of the Colombo Communiqué, emphasising IORA’s goals and reiterating the commitment of the member nations.

The ministers also recognised Sri Lanka’s offer to host an IORA Leaders’ Summit in 2024.

Nilantha Jayawardena new Acting IGP

0

Colombo (LNW): Senior Deputy Inspector General of Police (SDIG) Nilantha Jayawardena has been appointed as the acting Inspector General of Police (IGP) today (11), sources told LNW.

First ever India-Alumni Art Exhibition: Chitralekha Inaugurated in Colombo

0

The High Commissioner of India to Sri Lanka H.E Gopal Baglay inaugurated Chitralekha – the first-ever art exhibition of Sri Lankan artists studied in India with the Secretary of the Ministry of Buddhasasana, Religious, and Cultural Affairs Somaratne Vidanapathirana at JDA Perera Art Gallery, Colombo today morning.

2. The exhibition features seven legendary master artists of Sri Lanka namely Ananda Samarakoon, Somabandu Vidyapathi, Ven. L.T.P. Manjusri Thero, George Keyt, Harry Pieris, Upasena Gunawardena and Bernard Lokuge, who had a close connection with Indian art traditions. Five masterpieces were provided by the National Art Gallery of the Department of Cultural Affairs and others were collected from the collections of the families and Swami Vivekananda Cultural Centre.

3. There is a total of 26 contemporary artists participated from all over Sri Lanka who studied in different universities of India including renowned artists like Winnie Hettigoda, Sarath Gunasiri Perera, S. Sivaruban, Susiripala Malimbada, Ramyawardena Podinilame, Rinuja Sivasangar and Dr. Manoranjana Herath. Most of them availed the scholarships of the Indian Council for Cultural Relations for their studies in India. A total of about 150 paintings are on display at the art exhibition, which is curated by Prof. Jagath Ravindra and Asanka Jayasinghe.

4. The cultural arm of the High Commission of India in Colombo, Swami Vivekananda Cultural Centre organised this exhibition commemorating the ongoing Year of India Alumni being celebrated by the Indian Council for Cultural Relations, as well as marks the significant milestones of 75 years of diplomatic relations between India and Sri Lanka and 25 years of establishment of the Swami Vivekananda Cultural Centre in Sri Lanka.

5. The inauguration event was attended by artists, art enthusiasts and a host of dignitaries. The Director of SAARC Cultural Centre Renuka Ekanayake and the Vice Chancellor of the University Prof (Dr.) Rohana P Mahaliyanaarachchi also attended the inauguration. The exhibition will remain open from 10 a.m. to 6 p.m. every day until October 12, 2023.

***

Colombo
10 October 2023

Violence at Gaza: IBA reminds Israel of need to adhere to international standards in its response

0

IBA condemns Hamas attacks on Israel which represent a clear violation of human rights and humanitarian law and urges for a just solution to be achieved between Israel and Palestine  

IBA reminds Israel of need to adhere to international standards in its response

Statement by the President of the International Bar Association Almudena Arpón de Mendívil Aldama:

The International Bar Association (IBA) strongly condemns the heinous attacks on Israel by the militant group Hamas. These indiscriminate and targeted atrocities against Israeli citizens contravene an unequivocal, non-derogable prohibition under international law. The murder of civilians, the assaults, and the trespass into private homes to kill and maim are all internationally recognised crimes of profound gravity; the abductions and taking of hostages, including women, children and the elderly, are crimes in violation of human rights and humanitarian law.

Israel has an inherent right to self-defence from these unlawful attacks. However, in doing so, it, too, must ensure that civilian populations are shielded from harm and that military actions are conducted with a clear commitment to the international legal principles of distinction and proportionality.

The IBA, representing the global voice of the legal profession, urges all international institutions and governments to use their best diplomatic efforts to secure the release of the hostages, to prevent the escalation of violence in the region and to return to the peace tables so that a just solution is achieved between Israel and Palestine.

Government Medical Officers Association Protests in Colombo for Various Demands – PHOTO STORY

0

The Government Medical Officers Association had organized a protest today (11) based on several issues.

The protest was organized on the basis of issues such as the immediate withdrawal of tax amendments, the increase of limited benefits, the destruction of free education and government medical faculties, the increase of post-graduate study opportunities and the solution to the shortage of medicines and doctors.

After the protest started in front of the Colombo National Hospital, they were about to march towards the Ministry of Health when they were interrupted by the police.

In the midst of the police protest, the doctors had to march towards the Ministry of Health without displaying the protest placards and they protested in front of the ministry by displaying the placards.

Photos – Ajith Seneviratne

https://www.readphotos.com/photo-stories/610/GMOA%20to%20stage%20a%20protest%20today

Cabinet Approves Submission of Revised En-Route Navigation Facility Charges Regulations

0

The Cabinet of Ministers has given its consent to a proposal put forth by Ports, Shipping, and Aviation Minister Nimal Siripala de Silva for the submission of revised En-Route Navigation Facility Charges Regulations to Parliament. The Government Information Department has stated that these regulations, which pertain to aircraft flying through the Colombo Flight Information Region, were initially imposed in 1981 and have not undergone revisions during the intervening period.

In light of the policies of the International Civil Aviation Organization and current global aviation trends, the En-Route Navigation Facility Charges Regulations have been comprehensively revised. The revised regulations were officially published in Extraordinary Gazette No. 2319/64, dated 16.02.2023, under the title En-Route Navigation Facility Charges Regulations No. 01 of 2023.

Japan Officially Transfers Grants to Sri Lanka

0

A significant event occurred on October 10 at the Presidential Secretariat, where official grants from Japan to Sri Lanka were transferred through the United Nations World Food Program to support critical initiatives.

The ceremony was graced by Komura Masahiro, the Deputy Minister of Foreign Affairs of Japan, and Misukoshi Hideki, the Japanese Ambassador to Sri Lanka. Joining them were Sri Lankan officials, including President’s Senior Adviser on Economic Affairs, Dr. R.H.S. Samaratunga.

Deputy Minister Komura Masahiro expressed his delight in offering support to Sri Lanka during its recent economic crisis. He emphasized Japan’s unwavering commitment to being a reliable friend and partner to Sri Lanka.

Dr. R.H.S. Samaratunga, President’s Senior Adviser on Economic Affairs, conveyed his heartfelt gratitude to the Japanese government for their valuable assistance.

The government of Sri Lanka has been actively taking steps to alleviate the impact of economic challenges on vulnerable families. Key initiatives such as the Emergency Response Programme (ERP), School Meal Program (SMP), and National Social Security Programme have been instrumental in this endeavor.

Samaratunga also highlighted the 70-year-long diplomatic relationship between Japan and Sri Lanka, underscoring Japan’s consistent support. Under the World Food Programme, Japan has provided food items valued at $10 million.

Notably, Japanese aid under the Emergency Response Programme (ERP) has been targeted at the most economically vulnerable families, benefitting 145,000 households across Sri Lanka.

Samaratunga further noted that Japan has contributed 7,270 metric tonnes of food items to Sri Lanka. These items have been instrumental in sustaining the school meal program, benefiting 960,000 schoolchildren, which includes the provision of red lentils.

IORA Member States Convene in Colombo for 25th Committee of Senior Officials Meeting

0

Officials from the Member States of the Indian Ocean Rim Association (IORA) gathered in Colombo for the 25th Meeting of the IORA Committee of Senior Officials, a two-day event held on October 9-10. The meeting was skillfully chaired by Aruni Wijewardane, the Foreign Secretary of Sri Lanka.

The event saw the participation of senior-level representatives from the twenty-three IORA Member States, which include Australia, Bangladesh, Comoros, France, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Maldives, Mauritius, Mozambique, Oman, Seychelles, Singapore, Sri Lanka, Somalia, South Africa, Tanzania, Thailand, the United Arab Emirates, and Yemen. Notably, this gathering also featured an Interactive Dialogue between the Senior Officials of the Member States and Dialogue Partners, including China, Egypt, Saudi Arabia, Germany, Italy, Japan, Republic of Korea, the Russian Federation, Türkiye, the United Kingdom, and the United States of America.

Foreign Secretary Aruni Wijewardane extended a warm welcome to the delegates representing the diverse IORA family and its Dialogue Partners. She also acknowledged the Kingdom of Saudi Arabia as the newest Dialogue Partner of IORA. Wijewardane expressed her gratitude to Bangladesh for its leadership of the Association over the past two years and congratulated India on its assumption of the role as the Vice Chair of the Association.

Wijewardane commended the commitment of all Member States in making IORA a vibrant and effective organization, highlighting their efforts to strengthen IORA as a platform for addressing common challenges and opportunities.

With Sri Lanka assuming leadership of IORA after two decades, Wijewardane emphasized the nation’s deep appreciation of the Indian Ocean’s importance. She reaffirmed Sri Lanka’s commitment to collaborating closely with all Member States of IORA and other partners, including the Dialogue Partners, to achieve IORA’s objectives.

The theme chosen by Sri Lanka for its chairmanship, “Strengthening Regional Architecture: Reinforcing Indian Ocean Identity,” underlined the pivotal role of the Indian Ocean in shaping the region’s identity and destiny. It also emphasized the shared heritage of IORA Member States, bound together by the waters of the Indian Ocean that have enriched their societies, cultures, and economies for centuries.

During the opening session of the Senior Officials’ Committee Meeting, remarks were also delivered by IORA Secretary General Dr. Salman Al Farisi, Paramita Tripathi, Joint Secretary (Oceania) of the External Affairs Ministry of India representing the Vice Chair of IORA, and Rear Admiral (Retd.) Khurshed Alam, Secretary of the Maritime Affairs Unit of the Ministry of Foreign Affairs of Bangladesh, representing the IORA Past Chair.