K.B.K. Hirimburegama, a retired High Court Judge, was sworn in as the Parliamentary Commissioner for Administration (Ombudsman) in the presence of President Ranil Wickremesinghe at the Presidential Secretariat this afternoon (04).
The appointment was made with immediate effect by the President under Article 156(2) of the Constitution of the Democratic Socialist Republic of Sri Lanka and Section 3(1) of the Parliamentary Commissioner for Administration Act No. 17 of 1981.
Secretary to the President Saman Ekanayake was also present on this occasion.
Colombo (LNW): The existing fuel quota will be increased with effect from midnight today (04), revealed Power and Energy Minister Kanchana Wijesekara.
The move comes in for the Sinhala and Tamil New Year season.
As previously planned, the Ceylon Petroleum Corporation (CEYPETCO) has ordered and procured the necessary stocks of fuel for the increased quota, the Minister noted.
He added that the Three Wheel (Special) category – registered taxis, have been allocated extra fuel allocations.
The existing Fuel quota has been increased for the New Year festive season & will come into effect from midnight today. As previously planned, according to the increasing need for fuel during the festive season, CPC has ordered & procured the necessary stocks.
Colombo (LNW): Sri Lanka’s exports of clothing totaled US $ 778.4 million in January–February 2023, a decline of 16.8 percent from the US $ 935.6 million in exports during the same period of the previous year. Due to the global economic recession in February 2023, its exports of clothing fell by 14.7 per cent.
The island nation’s textile exports for the first two months of 2023 climbed by 9.1 per cent year-over-year to US $ 60.5 million.
The central bank’s ‘External Sector Performance’ report states that over the same time period, exports of other made-up textile items totaled US $ 16.8 million, a decrease of 21.6 per cent.
Apparel and textile exports dropped by 2.32 % YoY to $ 483.35 million in February 2023. Though earnings from exports of apparel decreased by 14.75%, earnings from export of textiles increased by 146.67% in February 2023 compared to the same period in 2022.
Earnings from the exports of industrial goods declined in February 2023, compared to February 2022, with a substantial share of the decline being contributed by garments.
Reduced demand from major markets for garments due to unfavourable economic conditions globally mainly contributed for this outcome.
The slowdown in demand in major apparel markets and the rising borrowing costs have begun to take toll on the local apparel makers’ financial profiles as they are facing tight liquidity, weak interest coverage and leverage in their balance sheets.
Fitch Ratings last week downgraded Hela Apparel Holdings PLC, the only listed apparel maker in Sri Lanka, which has diversified its operations well into the African continent.
Fitch cut the company’s rating by a notch to ‘AA-‘ from ‘AA’ with the revising outlook to Negative, considering the risks of prolonged weakness in demand for apparel in key markets such as the United States and Europe and potential supply chain issues, which it said could delay improvement in profitability.
In the three months to December 2022, Hela Apparel reported revenue of Rs.21.8 billion, up by a solid 44.8 percent from the same period in 2021, but posted a net loss of Rs.1.68 billion from a profit of Rs.452.2 million a year ago as borrowing costs surged.
The finance cost more than tripled to Rs.1.09 billion between the two quarters reflecting the sharp rise in borrowing costs both at home and abroad.
“The business requires high working capital for growth, while profitability is challenged by weakening global demand. The high interest-rate environment is also pressuring liquidity with high borrowing costs,” Fitch Ratings said.
Hela has access to diversified funding as it recently raised US$ 14 million from Norway-based Norfund to fund its African operations.
“This supports Hela’s funding access compared with that of many other Sri Lankan corporates amid the country’s risk,” Fitch added.
Hela’s well diversified operations also reduces its operational risk as it has 10 manufacturing facilities spread in Sri Lanka, Kenya, Ethiopia, and its latest in Egypt.
Colombo (LNW): Sri Lanka’s first Biotechnology Innovation Park is set up at a 13.2-acre facility in Pitipana, Homogama.
The Sri Lanka Institute of Biotechnology (SLIBTEC) will collaborate with the U. S.Government’s development arm, the U. S. Agency for International Development(USAID), to promote innovation in the biotechnology sector by establishing Sri Lanka’sFirst Biotechnology Innovation Park.
The SLIBTEC Biotechnology Innovation Park will be a 13.2-acre facility in Pitipana,Homogama that will house high-end biotechnology innovation and manufacturing firms.
An on-site research facility will provide a centralized multidisciplinary research and service facility, with initial areas of research in Biopharma, Biofuel, Agro Biotech, and other emerging fields.
The park will become a center point of innovation in biotechnology in Sri Lanka and will attract investments and partnerships from local and international firms. By unleashing change through bio-innovation, SLIBTEC expects to increase Sri Lanka’s hi-tech exports by at least 1%.
Following the signing of a Letter of Cooperation with USAID’s PARTNER project, senior official of the treasury stated that“SLIBTEC Park and SLIBTEC Research Facility will open doors in Sri Lanka and internationally for multidisciplinary research and hi-end biotech development.
This will facilitate and promote innovation in all spheres of biotechnology, including medical, agricultural, and industrial sectors. This will also usher in a new era for sustainability, as well as facilitate the creation of a more technologically advanced nation.”
To support the development of the park, the Ministry of Finance worked closely with USAID to secure technical expertise through USAID’s PARTNER project. SLIBTEC will use this support to develop the operational framework that will help it to develop a modern business model based on international best practices.
PARTNER will also provide support in areas such as the park design, research management policy, and training opportunities.
“As one of Sri Lanka’s longstanding development partners, USAID has provided development and humanitarian assistance to Sri Lanka for more than six decades, making substantial investments in almost every sector.
This will ensure the country’s potential in biotechnology is pursued, promoted, and developed,” said Reed Aeschliman, USAID Mission Director for Sri Lanka and Maldives.
“The socio-economic impact of this investment to Sri Lanka will be significant as it creates jobs, increases innovation, and promotes entrepreneurship.”SLIBTEC Pvt Ltd was incorporated in October 2020 as a government-owned entity.
The Treasury is the sole shareholder and the Secretary to the Treasury is the SLIBTEC Chairman. USAID’s PARTNER project is a $19 million, five-year initiative to facilitate trade and strengthen government efficiency to fuel broad-based economic growth.
It will support the Government of Sri Lanka’s vision for economic development and improved international trade.
This project is one component of the longstanding partnership between the American and Sri Lankan people to support self-reliance and promote a healthy, educated, and employed population. To find out more about USAID’s work,
Colombo (LNW): Private LP gas vendor LAUGFS has announced that it will reduce the prices of domestic gas cylinders with effect from midnight today (04).
Accordingly;
The price of a 12.5 kg domestic gas cylinder will be slashed by Rs. 1,290 and it will be sold for Rs. 3,990.
The price of a 5 kg gas cylinder will be slashed by Rs. 516 and the new price will be Rs. 1,596.
The decision comes in following the announcement of the state vendor LITRO on slashing LP gas prices.
Colombo (LNW): The 15th branch of “DP Coding School” and “DP Coding and Robotics Campus”, subsidiaries of “DP Education”, was opened in Nuwara Eliya on March 25 by Dhammika Perera, Co-Founder of DP Education, as part of a pilot project undertaken by the free education platform introduced by the Dhammika and Priscilla Perera Foundation.
During the last five months, free education centres of this kind were established in 14 places across Sri Lanka, namely, Kataragama, Sella Kataragama, Tissamaharama, Debarawewa, Ambalantota, Baddegama, Galle, Aheliyagoda, Anuradhapura, Welikanda, Dambana, Haputale, Mullativu and Arugambe.
The 15th branch of the “DP Coding School” and “DP Coding and Robotics Campus” was established in Sri Seethawanarama Temple, Badulla Road, Katuwana, Nuwara Eliya.
Growing the network aiming free education of computer language and robotics for the children of Sri Lanka, these branches will spread into all 331 divisional secretariats within the next three years, enrolling 500 students per centre and covering a cadre of 165,000 students islandwide, Perera told LNW.
7,000 computers will be installed across these branches of “DP Coding School” and “DP Coding and Robotics Campuses”, making it possible for underprivileged children in Sri Lanka to access free computer language courses within their constituencies, he emphasised.
He revealed that four robots will also be installed in every branch of “DP Coding and Robotics Campus” for the education of the children.
Meanwhile, Sri Lanka’s largest “Robotics Lab” is currently under development in Homagama, Colombo, and Perera added that he intends to provide free robotics courses to anyone interested in the field, including university students.
Colombo (LNW): A joint protest will be held at Colombo Fort this (04) afternoon, correspondents said.
The protest based on five demands will be organised by representatives of 47 trade unions as the Professional Trade Union Collective.
The protest will be held in front of the Colombo Fort Railway station at noon, according to Prasanna Kalutarage, Chairman of the Sri Lanka Free Employees Association.
The protesters’ demands include the the government’s tax policy, controversial ‘Anti-Terrorism Bill’ and the ongoing oppression of trade unions.
Meanwhile, the Federation of University Teachers’ Association (FUTA) stated that the trade unions will protest against the government’s unfair legislation and actions.
Colombo (LNW): Sri Lanka’s Business enterprises have been offered opportunities to establish contacts with their counterparts in overseas via two new palt forms unveiled by the Commercial Bank.
The Commercial Bank of Ceylon has significantly expanded trade opportunities for its business clients through the launch of two new platforms, one in collaboration with the International Finance Corporation (IFC) and the other developed independently.
While both platforms are designed as ecosystems that create networking prospects across borders and within the country, ‘Commercial Bank LEAP’ developed with support from the IFC, is a comprehensive business ecosystem that will focus on elevating businesses through digitizing enterprises, and ‘Trade Club’ the Bank’s own platform, is designed to empower importers and exporters by providing them easy access to the Bank’s trade services.
Commenting on the development of these platforms, Commercial Bank Managing Director/CEO Sanath Manatunge said: “Supporting and empowering local businesses to grow and conquer global markets has been more than just a business goal for Commercial Bank.
With the launch of these two platforms, Commercial Bank is taking its support for SMEs and corporates to the next level by offering them access to global networks, cutting-edge technology, and a wide range of business services that will help them stay competitive in today’s rapidly evolving business landscape.”
Via Commercial Bank LEAP which is built in compliance with international standards and is powered by GlobalLinker, an international business enabling platform, SMEs and the Bank’s corporate customers will be able to create online stores for free to sell their products and services.
It will help business enterprises to expand their network of customers, investors, and suppliers from across the world, improve business networking, tap overseas markets, access exclusive offers and benefits from partners, attract feasible business opportunities, and get discovered by a wider audience.
As it is a secure platform for communication, it is also feasible for sharing ideas, collaborations and learning, the Bank said.
Developed as a sustainable business model, Commercial Bank LEAP offers a range of business services, such as legal, financial, marketing, logistics and shipping services, and provides businesses with access to various business intelligence tools.
These tools provide valuable insights by enabling entrepreneurs to analyse their performance, track their sales and marketing activities, and monitor their online reputation.
Commercial Bank LEAP is designed to help businesses to grow, connect across the world, and collaborate in a safer and secure environment, the Bank said.
Commercial Bank Trade Club also offers a range of benefits to its members in addition to the networking opportunities and knowledge sharing sessions.
Some of the benefits that members can enjoy include easy access to Commercial Bank LEAP, as well as to a team of dedicated professionals for consultancy services and financial advisory, same-day dispatch of export collection bills, free registration for online banking and mobile banking.
They will be provided with preferential rates on finances, attractive exchange rates on export-related transactions, foreign currency issuance at attractive rates for business tours, seminars, and trade fairs, and a concession for letter of credit advising charges, among others.
Colombo (LNW): The government has intensified sea surveillance directing the Sri Lanka Navy to continue major naval operations to crack down on the synthetic drugs such as amphetamine, methamphetamine and ecstasy pills which is a growing public health concern.
Amphetamine-Type Stimulant (ATS) have become the primary drug threat, displacing hitherto used drugs such as heroin, opium or cannabis in Sri Lanka, with a growing number of ATS users requiring treatment services.
The seizure of crystal methamphetamine or ‘meth’ off the coast of Sri Lanka during the past tow years indicates shift in the modus operandi of international drug trafficking syndicates in the region.
. Isolated instances of illicit methamphetamine manufacture and trafficking underscore the need for increasing the awareness of law enforcement agencies about this important issue.
Sri Lanka is also a transit point for drug trafficking as traffickers act as couriers of drugs from Pakistan and India to Europe and the West through Colombo ad Male.
In a special search operation conducted in the Sand Dune Sea area of Talaimannar, the Sri Lanka Navy has recovered over 04 kg (wet weight) of Crystal Methamphetamine, also known as Crystal Meth or ICE, adrift in waters.
The special operation was mounted by SLNS Thammanna in the North Central Naval Command in the Sand Dune Sea area on Sunday (02).
The naval personnel engaged in this operation recovered a suspicious sack adrift in waters and the drugs weighing about 04kg and 500g (wet weight) were found in 04 packages which had been stuffed in the sack.
The seizure of 04 kg of crystal methamphetamine or ‘meth’ off the coast of Sri Lanka indicates shift in the modus operandi of international drug trafficking syndicates in the region. Previous drug seizures had heroin as the main component
The Navy suspects that the smugglers might have abandoned the drugs, unable to fetch them ashore, due to constant naval operations in the area. The gross street value of drugs is believed to be over Rs. 67.5 million.
The seized packages of Crystal Methamphetamine have been kept in the naval custody until they are handed over to authorities for onward legal action, the navy said.
A special operation carried out by the Navy in the seas off Negombo (04th January 2021) led to the apprehension of 04 suspects with over 100kg of Crystal Methamphetamine (ICE) and about 80kg of Hashish and seizure of a multi day fishing trawler used to transfer the narcotic substances.
Dedicated data collection mechanisms on this important issue are still absent in most countries in the South Asian region and even where such mechanisms exist, they may not have the capacity to differentiate between various synthetic drugs.
There is also a need to further improve forensic information which can provide important insights into the origin of synthetic drugs. These are areas that deserve further action by the governments concerned, with possible support from the international community.
