A somber incident unfolded near the Horape Railway Station this morning, as a young individual traveling on the roof of an overcrowded train tragically lost their life.
According to reports from various media outlets, the 20-year-old had opted to journey on the roof of the train, which was en route from Kandy to Colombo. It was during this perilous journey that the youth accidentally struck the roof of the Horape Railway Station.
Regrettably, he lost his balance and fell from the train, sustaining severe injuries that proved fatal on the spot.
Reports suggest that the decision to travel on the train’s roof was prompted by the cancellation of several train services due to an ongoing strike action initiated by the Sri Lanka Locomotive Operating Engineers Union. This unfortunate incident serves as a poignant reminder of the risks associated with overcrowded trains and the consequences of service disruptions during strikes.
The Sri Lankan Rupee has experienced a decline in value against the US Dollar at various commercial banks in Sri Lanka today, as compared to the previous day’s rates.
At Peoples Bank, the buying and selling rates for the US Dollar have risen from Rs. 313.85 to Rs. 314.72 and from Rs. 328.60 to Rs. 328.85, respectively.
Commercial Bank reports an increase in the buying rate of the US Dollar from Rs. 314.24 to Rs. 314.73, with the selling rate also rising from Rs. 325.50 to Rs. 326.
Meanwhile, Sampath Bank has seen an uptick in the buying and selling rates for the US Dollar, with rates climbing from Rs. 317 to Rs. 318 for buying and from Rs. 327 to Rs. 328 for selling. This fluctuation reflects the current dynamics of the foreign exchange market.
Sri Lanka Railways faced disruptions in its morning services today as a strike initiated by the Sri Lanka Railways Locomotive Operating Engineers’ Union resulted in the cancellation of at least 20 scheduled train services, the Sri Lanka Railways reported.
The strike, which commenced at midnight the previous day, was called by the Locomotive Operating Engineers’ Union, citing several pressing demands. Key among these demands are the long-awaited amendments to the recruitment process and promotions, issues that the union claims have been unresolved for nearly five years despite their persistent appeals for action.
State Finance Minister, Dr. Ranjith Siyambalapitiya, has officially confirmed that the inaugural review of the Extended Fund Facility (EFF) arrangement for Sri Lanka is slated to kick off on September 14. The discussions will bring together Sri Lankan officials and a team from the International Monetary Fund (IMF), who are scheduled to be in Colombo from September 14 to September 27.
Earlier, the IMF Board had given the green light to a 48-month extended arrangement under the Extended Fund Facility (EFF), providing a substantial sum of US$3 billion. This funding is designed to bolster Sri Lanka’s economic policies and reforms.
The overarching objectives of this EFF-supported program encompass the restoration of macroeconomic stability and debt sustainability, the safeguarding of financial stability, and the acceleration of structural reforms aimed at unlocking Sri Lanka’s growth potential. Importantly, all measures under this program are crafted with due consideration for the welfare of the most vulnerable segments of society and a commitment to enhancing governance.
During a recent meeting held in Avissawella, the State Minister emphasized that Sri Lanka is diligently fulfilling its obligations, not only with regard to bilateral loans but also other loan installments. Presently, the country maintains foreign reserves amounting to US$3.6 billion, underlining its financial stability and commitment to economic progress.
Nielsen’s most recent Business Confidence Index survey shows 62% of business-people expect the economy to “decline” in the next 12 months: 13% expect the economy to “improve”: 25% expect the economy to remain “steady”.
Geological Survey & Mines Bureau says a minor earthquake of 4.65 magnitude in the Richter Scale occurred in the seas about 300 km North-East of Batticaloa on 11September: further reports that there was no threat of a tsunami to the island.
CB data shows that tourism earnings surpassed USD 1.3bn in the first 8 months of 2023, with over 930,000 visitors to the country: reflects a 57% increase from the corresponding period of last year.
Combined earnings of 288 listed companies on the Colombo Stock Exchange in the quarter ending June 2023 crashes by a massive 45% to Rs.52.7bn, compared to the quarter ending March 2023 figure of Rs.95.3bn: also down by a huge 69% from the earnings for the quarter ending June 2022 of Rs.169.7bn.
Media baron Dilith Jayaweera appointed the Leader of the Mawbima Janatha Party: takes over from veteran politician Hemakumara Nanayakkara, who will serve in an advisory capacity with the title of Senior Leader.
President Ranil Wickremesinghe meets SLPP National Organizer Basil Rajapaksa: the duo discuss the importance of announcing relief measures for people in the upcoming budget: Rajapaksa reported to have asked the Govt to ensure job security for people of the state institutions earmarked to be reformed and liquidated under the IMF programme.
Former External Affairs Minister Professor G L Peiris says the Opposition would seek the IMF’s commitment to rein in rampant corruption within the Wickremasinghe-Rajapaksa government in spite of the country being declared bankrupt over a year ago: also says the Opposition intends to furnish transcripts of the 3 day debate on the No Confidence Motion against the Health Minister, to the IMF delegation.
National Peoples’ Power leader Anura Kumara Dissanayake says the only way the current leadership could remain in power is by unleasing chaos.
National Dengue Control Unit Director Dr Nalin Ariyaratne says around 900 cases of dengue have been reported in the first 10 days of September: warns that the current rainy weather is likely to lead to an increase in the dengue mosquito population unless steps are taken to reduce potential breeding sites.
Top bowlers – Hasaranga, Chameera and Madushanka named in Sri Lanka’s 15-man provisional squad for next month’s Cricket World Cup despite injury concerns: Squad: Shanaka (Capt), Nissanka, Dimuth, Kusal Mendis, Asalanka, Kusal Perera, Dhananjaya, Sadeera, Hasaranga, Wellalage, Theekshana, Chameera, Rajitha, Pathirana, & Madushanka.
It is reported that Member of Parliament Sarathi Dushmantha Mitrapala has been appointed as the acting Secretary General of Sri Lanka Freedom Party.
This decision was taken when the Sri Lankan National Party Central Committee met yesterday afternoon (11) under the chairmanship of party leader Maithripala Sirisena.
Sri Lanka’s law enforcement authorities have issued a public notice on Monday, seeking the community’s support in capturing a Police Constable allegedly linked to the failed escape attempt of the notorious criminal figure, Nadun Chinthaka Wickramaratne, also known as ‘Harak Kata,’ from the custody of the Criminal Investigation Department (CID).
As part of their efforts, the Sri Lanka Police have released a photograph of the implicated Constable and are urging citizens to reach out to the Police Media Division (PMD) at 071 859 1774 or 071 859 4929 with any pertinent information.
The incident unfolded on Sunday, September 10, when ‘Harak Kata,’ the leader of an organized criminal gang, made a bold attempt to break free while being held by the CID. According to CID reports, the escape effort was aided by a specific Police Constable who subsequently fled the scene.
During his interrogation, ‘Harak Kata’ reportedly tainted the tea of the eight CID officers questioning him with poison, with the assistance of the implicated Police Constable. Subsequently, ‘Harak Kata’ requested to use the restroom and was accompanied by the Constable and another Sub-Inspector from the Police Special Task Force (STF), responsible for his security.
Although ‘Harak Kata’ had his handcuffs removed at that point, he cunningly acted as if he was still restrained when exiting the restroom. He then attempted to seize the firearm of the STF officer, leading to a scuffle. The altercation prompted other officers to swiftly respond to the scene, where they managed to detain ‘Harak Kata’ while the absconding Police Constable made his escape.
Police authorities have confirmed that active investigations are underway to locate and apprehend the fugitive Constable.
Showers will occur at times in Western, Sabaragamuwa and North-western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts.
A few showers may occur in Hambantota district.
Showers or thundershowers may occur at a few places in Uva province and in Batticaloa, Ampara districts during the evening or night.
Fairly strong winds about (40-45) kmph can be expected at times in western slopes of the central hills, Northern, North-central, and North-western provinces and in Trincomalee and Hambantota districts.
General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
India Today: Gita Gopinath, the first Deputy Managing Director of the International Monetary Fund, on Sunday said India’s contribution to global GDP is around 15 per cent. In an exclusive interview with India Today’s News Director Rahul Kanwal, the economist also said India will become the third-largest economy by 2027-28, based on current projections.
Calling India an “engine of global growth”, Gopinath, however, added that there is a lot more work that needs to be done.
“The more important thing is to maintain a high growth momentum for many more years in just the next four or five years. And that will require structural reforms. India is a large country, so in per capita terms, that will still be a small number even if we’re the third largest economy. So India needs to keep pushing on that front to keep the growth momentum going much more,” said the economist.
She added that the expected growth rate of the country for the current fiscal year is over six per cent. According to the economist, the two factors which are driving the growth are public investment and resilient consumption spending.
Gopinath stressed the need to attract private investment to increase the levels of per capita income and to get to continued high levels of growth. In order to enable an environment for private investment, it is imperative that the investment in public infrastructure continues, she added.
The economist said only four Indian states — Maharashtra, Karnataka, Gujarat and Delhi — get a large chunk of foreign direct investment and added, “A lot has to be done at the level of state governments.”
Other areas that need improvement, according to Gita Gopinath, include increasing the ease of conducting business, education and female labour force participation.
An area that India stands out when compared to other countries is digital infrastructure, said Gita Gopinath.
“I think India is really at the forefront in this area. It has already seen the benefits, not just in innovation but also on the fiscal front, in terms of much more efficient spending, the ability to collect revenues, formalising the economy,” she told India Today. She added that other countries are paying attention to what India is doing when it comes to digital infrastructure.
ON CHINA’S ECONOMY
When asked about the worries regarding China’s economy, Gita Gopinath said the country’s economy has slowed down but it has the resources to turn things around. “It still can do much more in terms of fiscal policy and in terms of monetary policy, and they are taking actions in that dimension. But these are things that can’t necessarily be turned around overnight,” she told India Today.
The economist added that China could still meet the target of 5 per cent growth that the government set. “But in the medium term, we have China’s growth projected at around 3.4 per cent. It’s not like we’re expecting to see a very deep downturn or a sharp recession, but just slowing growth,” added Gopinath.
ON INDIA’S G20 PRESIDENCY
Gita Gopinath also spoke on India’s G20 presidency and said it was a “huge deal” that a leaders declaration was adopted unanimously.
“Nobody expected that there would be a leader’s declaration. The fact that there was one is a huge deal. It tells you that even though countries can have different opinions about the way the world is headed, they can actually come together and have a declaration that I think is huge,” she added.
She also applauded the work done during India’s presidency on crypto regulation, debt issues and multilateral development bank financing.
Gopinath said it was a “landmark” that a debt restructuring was done for Zambia and said it was a “big deal” that all the private creditors agreed on a set for the African country.
REGULATION OF CRYPTO ASSETS
One of the main focus points during the G20 Summit was around the formation of globally enforceable regulations for crypto assets. Speaking on what decisions were taken during the Summit, Gita Gopinath said, “One of the big achievements of India’s G20 presidency was to bring together when it comes to crypto assets not just the regulatory aspect but also the macro financial consequences.
For the first time, they brought together the ‘Financial Stability Board’, who does regulation, and the IMF, who does macro financial stability.”
She said there was a clear consensus that crypto assets like Bitcoin cannot become legal currency as it would affect monetary sovereignty.
“The guidelines are to make sure that you have the issuers of such crypto assets licenced and registered,” she added. The economist added that every country at the Summit agreed on broad principles on regulating crypto assets despite knowing that there would be “country-specific circumstances”.
Speaking on the mechanism of the regulations, she said, “You’re going to be regulated in one way if it’s clear that you are effectively a speculative investment class. If you are being used for payments, then you’re going to be regulated as other payment systems are regulated.
It’s going to take some time to build up the specific details of it. But much more transparency, much more light is being shed on it and not the anything goes kind of environment.”
Colombo (LNW): More than 900 cargo containers (965) are stalled at the Sri Lanka Customs and are lying either inside the Port terminals or at the Customs Examination Yards due to pending finalisation of Customs probes, regulations on temporary suspension of imports and pending lawsuits, disclosed the Parliamentary Committee on Ways and Means.
The current procedure for customs appeals is protracted and often results in delays, and this leads to a significant inconvenience for importers and exporters who are in need of prompt solution, a report by the Committee on Ways and Means noted.
It added that investigations and resolutions of customs-related appeals must be expedited.
The Parliamentary Committee further recommended that a Unified National Single Window be introduced, thereby allowing the streamlining of processes for the interconnection of all pertinent state entities.
Having such a portal being opened, redundant tasks will be eradicated and rapid cargo clearance will be ensured, the Committee went on, adding that entities like the Sri Lanka Customs, Inland Revenue Department, Board of Investment (BOI) of Sri Lanka, major airports, Sri Lanka Ports Authority, and other relevant institutions could benefit immensely by integrating with this proposed system.
