Colombo (LNW): Justice, Prisons Affairs, and Constitutional Reforms Minister Wijeyadasa Rajapakshe has announced that the delayed reports from the Department of Government Analyst will be provided within the next six months.
The Minister attributed the delay to challenges in importing the necessary chemicals for tests, stemming from the impact of the coronavirus pandemic and the prevailing economic crisis.
Highlighting the increased cost of conducting a test, the Minister noted that it now amounts to approximately Rs.20,000, reflecting a significant rise in chemical prices following the pandemic.
Assuring a proactive approach to address the delays, Rajapakshe stated that a dedicated programme has been initiated to complete the pending tests within the next six months, with a commitment to finalise the tests within the respective months they are due.
Colombo (LNW): The Department of Examinations has announced a prohibition on tuition classes, seminars, and workshops for the 2023 GCE Advanced Level examination, effective from midnight on Friday (29) until the conclusion of the exam.
Additionally, the distribution of model question papers and the publication of model questions via electronic and print media will be restricted.
The Exams Department stressed that legal action will be taken against individuals or groups engaging in these activities.
The 2023 GCE A/Level Exam is scheduled to take place from the 4th to the 31st of January.
Colombo (LNW): The Sri Lankan Rupee (LKR) happens to be largely steady against the US Dollar today (29) 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. 318.09 from Rs. 318.48, and the selling price to Rs. 329.18 from Rs. 329.58.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 318.14 from Rs. 317.02, and the selling price to Rs. 328.25 from Rs. 328.
At Sampath Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 318.5 and Rs. 327.5, respectively.
Colombo (LNW): The Ports and Airports Development Levy (PAL) currently applied to fuel and gas will be eliminated with the implementation of the revised Value Added Tax (VAT).
Advisor on Tax Policy to the Ministry of Finance, Thanuja Perera, clarified that the 7.5 per cent PAL on fuel and the 2.5 per cent PAL on Liquefied Petroleum (LP) gas will be lifted with the commencement of the increased 18 per cent VAT on January 1, 2024.
The VAT (Amendment) Bill, endorsing the rise in VAT from the existing 15 per cent to 18 per cent, was approved by the parliament on December 11 with a majority of 45 votes.
The Bill, now enacted as the VAT (Amendment) Act No.32 of 2023, will lead to the removal of the PAL on fuel and gas.
Colombo (LNW): The recent economic crisis has significantly affected both income and expenditure for households, a recent survey undertaken by the Department of Census and Statistics (DCS) disclosed.
Titled “Household Survey on Impact of Economic Crisis – 2023,” the study highlights the challenges faced by households, prompting strategic adjustments and coping mechanisms.
The survey indicates that 60.5 per cent of households reported a decrease in total income, while 5.6 per cent experienced an increase, and 33.9 per cent saw no change despite the crisis.
In response to income decline, 6.6 per cent turned to secondary jobs or additional income sources, while 73.6 per cent did not adopt specific coping strategies.
Household expenditure also underwent changes, with 3.6 per cent reporting a decrease, 91.1 per cent indicating an increase, and 5.3 per cent noting no change.
Reasons for decreased monthly expenditure were diverse, with 77.0 per cent aligning expenses with reduced income.
Among those reporting increased monthly expenditure, 99.1 per cent cited rising food expenses as a significant factor.
Additionally, 97.2 per cent of households employed at least one coping strategy to manage their expenditure.
The economic crisis, considered one of the most challenging in Sri Lanka since Independence, was initiated by the Easter Sunday attacks in 2019 and exacerbated by the COVID-19 pandemic and subsequently by the failed administration.
Despite government measures to stabilise the situation, the tangible impact on households underscores the severity of the crisis.
Sri Lankan families faced challenges in managing daily activities, including income constraints, meeting commitments, and ensuring the well-being of family members.
Chamber of Construction Industry Secretary General Nissanka N Wijeratne warns of collapse of the Construction industry due to the increase of VAT from 15% to 18% from 1st Jan’24: says the contraction of the sector from Jun’20 up to now is about 50%.
Jaffna District MP C V Wigneswaran says he is willing to contest the Presidential election next year, if all Tamil political parties reach a consensus on his candidature.
President Ranil Wickremesinghe appoints Justice W M N P Iddawala as the Chairman of the Commission to Investigate Allegations of Bribery or Corruption: also appoints Chethiya Goonesekera & K. Bernard Rajapakse as the other members with effect from 1st Jan’24.
Police say its Illegal Assets and Property Investigation Division has seized a house in Ja-Ela, land and a vehicle worth over Rs.55 million belonging to underworld member “Mattakuliye Kudu Roshan”.
Finance Ministry says the 7.5% Ports and Airports Development Levy will be removed for fuel when the 18% VAT comes into effect: also says PAL will be removed from domestic LP Gas.
Export Development Board says Merchandise Exports increased by 4.4% to USD 968.8 million in Nov’23 compared to Oct’23, but 2.67% lower from a year ago.
Electricity Consumers’ Assn says the Public Utilities Commission should find out the cause of the power outage that occurred across the island on 9th Dec’23 and take appropriate action without waiting for the CEB to find out and inform them: refutes statement made by PUC Chairman Professor M A R M Fernando that the CEB had accepted responsibility for the power outage.
Central Bank data reveals that the Western, North Western and Central Provinces continue to lead in empowering the country’s GDP: Western Province increases its share in nominal GDP to 43.4%.
Department of Census and Statistics survey shows that the economic crisis is bearing on people: also shows 60.5% of households find their monthly average incomes reduced, while 91.0% of households experience an increase in their monthly expenditure levels: traces back origin of the crisis to the 2019 Easter Sunday attack which had been exacerbated by the Pandemic.
Senior Lecturer and Spokesperson of the Federation of University Teachers’ Associations Senior Lecturer Charudaththe Illangasinghe says over 800 university lecturers have left SL this year: also says nearly 1,000 more are overseas “on leave”: adds that as a result academic activities at universities have been severely affected: laments the recruitment of new lecturers has come to a stop at present.
Colombo (LNW): Gold prices stabilised on Thursday (28), relinquishing earlier gains that marked a more than three-week high.
The rise in U.S. bond yields countered support stemming from expectations of Federal Reserve rate cuts early next year.
At 9:35 a.m. ET (1435 GMT), spot gold edged down 0.2 per cent to $2,072.79 per ounce, following an earlier peak at $2,088.29, the highest since December 4, when gold achieved its all-time peak.
Simultaneously, U.S. gold futures dropped 0.5 per cent to $2,082.60.
Chris Gaffney, President of World Markets at EverBank, said, “There’s not a lot of trading volume right now in any of the markets, so that usually causes smaller moves, especially when we’re approaching a big number like an all-time high.”
While the dollar index lingered near a five-month low, poised for a yearly decline, benchmark 10-year bond yields increased, yet remained close to their lowest levels since July.
The rise in Americans filing initial claims for unemployment benefits indicated a cooling labour market in the fourth quarter.
Investors, anticipating an 87 per cent chance of a Fed rate cut in March according to the CME FedWatch tool, continue to factor in lower interest rates, reducing the opportunity cost of holding non-yielding gold.
UBS analyst Giovanni Staunovo anticipates higher gold prices over the next year, driven by weaker U.S. economic data and lower inflation, prompting the Fed to cut rates.
In physical markets, China’s net gold imports via Hong Kong increased by about 37 per cent in November compared to the previous month.
Spot silver declined 0.6 per cent to $24.094 per ounce but was set to close the year about 1 per cent higher.
Platinum advanced 0.3 per cent to a more than six-month high of $999.33, while palladium retreated 1.2 per cent to $1,139.85. Both autocatalytic metals were on track for yearly declines.
Colombo (LNW): Showers or thunder showers will occur at times in Eastern and Uva provinces, with several spells of showers being expected in Northern, North-central provinces and in Matale, Nuwara-Eliya and Hambanthota districts, the Department of Meteorology said in its daily weather forecast today (29).
Fairly heavy showers above 50 mm are likely at some places in Ampara and Batticaloa districts, and showers or thundershowers may occur at several places elsewhere of the island after 2.00 p.m, the statement added.
Fairly strong winds about (30-40) kmph can be expected at times in Eastern slopes of the Central hills and in Northern, North-Central, North-western, Eastern, Uva and Southern provinces.
Misty conditions can be expected at some places in Central, Sabaragamuwa and Western provinces and in Galle and Matara districts during the morning.
The public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Condition of Rain:
Showers or thundershowers will occur at times in the sea areas off the coast extending from Trincomalee to Hambantota via Batticaloa and Pottuvil. Showers or thundershowers may occur at a few places in other sea areas around the island during the afternoon or night.
Winds:
Winds will be easterly to north-easterly and wind speed will be (25-35) kmph. Wind speed may increase up to (50-55) kmph at times in the sea areas off the coast extending from Colombo to Kankasanthurai via Puttalam and Mannar. Wind speed may increase up to (40-50) kmph in the sea areas off the coast extending from Kankasanthurai to Galle via Trincomalee, Batticaloa, Pottuvil and Hambantota.
State of Sea:
The sea areas off the coast extending from Colombo to Kankasanthurai via Puttalam and Mannar will be rough at times. The sea areas off the coast extending Kankasanthurai to Galle via Trincomalee, Batticaloa, Pottuvil and Hambantota will be fairly rough at times. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
Governor of Antwerp, Belgium Cathy Berx, and Head of Mission to the European Union for Sri Lanka Ambassador Grace Asirwatham, engaged in a discussion on the efforts taken to combat climate change by both national and international stakeholders. The meeting took place at the Governor’s office on 21 December 2023 in Antwerp. The Ambassador was accompanied by the Honorary Consul of Sri Lanka in Antwerp Monique De Deker, and Second Secretary of the Embassy of Sri Lanka Dulmini Dahanayake.
Governor Berx highlighted Antwerp’s recognized environmental consciousness within Belgium, citing its strategic position and commitment to sustainable practices. She underscored the significance of Antwerp as a hub for sustainability initiatives, emphasizing its role in shaping Belgium’s broader environmental agenda.
Ambassador Asirwatham provided insights into Sri Lanka’s Climate Prosperity Plan, designed with a primary focus on achieving sustainable economic growth through climate resilience. The Ambassador added that the plan sets strategic aims, including transforming Sri Lanka into a low-carbon hub and elevating renewable energy generation from 35% to 70% by 2030, aligning with the Paris Agreement’s goals to limit global warming to 1.5 degrees Celsius.
Furthermore, the Ambassador shared Sri Lanka’s ambitious proposal to establish an International Climate Change University, promoting global collaboration in climate-related research and technologies for the collective benefit of humanity.
Governor Berx commended Sri Lanka’s commitment to sustainable practices and its notable achievements in combating climate change. She expressed admiration for Sri Lanka’s holistic approach, which encompasses renewable energy targets and innovative strategies to reduce carbon emissions across various sectors. Governor Berx acknowledged Sri Lanka’s active participation and valuable contributions to global climate initiatives.
The meeting also served as an occasion for the Governor to bid farewell to Ambassador Asirwatham. The Governor expressed appreciation for the Ambassador’s significant role in strengthening the ties between the Embassy of Sri Lanka and the city of Antwerp, which is the principal port city in Belgium.
