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Bulgarian President aims for enhanced bilateral ties with Sri Lanka

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Colombo (LNW): Ambassador Dhammika Kumari Semasinghe recently presented Letters of Credence, officially accrediting her as Sri Lanka’s Ambassador Extraordinary and Plenipotentiary to the Republic of Bulgaria, a statement by the Sri Lankan Embassy in Warsaw said.

Her residence is based in Warsaw, Poland. The presentation ceremony took place at the Presidential Palace in Sofia on November 22, 2023, where Ambassador Semasinghe met with President Rumen Radev of Bulgaria.

During the meeting, Ambassador Semasinghe conveyed greetings and best wishes from President Ranil Wickremesinghe to President Radev. She expressed Sri Lanka’s commitment to revitalising bilateral engagement and explored avenues for increased cooperation in various sectors, including ICT, agriculture, labor, education, tourism, and manufacturing.

Ambassador Semasinghe highlighted opportunities for Bulgarian investors and businesses, emphasising Sri Lanka’s emergence as a vital logistics hub in the Indian Ocean region.

President Radev welcomed the accreditation of Sri Lanka’s envoy, considering it a timely impetus to reactivate bilateral ties. He proposed enhancing engagement at political, institutional, people-to-people (tourism and education), and business-to-business levels.

President Radev recognised Sri Lanka’s strategic commercial importance in the emerging economic landscape of Asia and expressed Bulgaria’s interest in strengthening and expanding relations with Sri Lanka.

As part of the discussions, President Radev expressed interest in Sri Lankan niche products and cuisine, envisioning their availability to the Bulgarian people. Ambassador Semasinghe shared details about the established Sri Lankan health-food store “Ceylon Spice” and the Sri Lankan restaurant “rCurry – Sri Lankan Cuisine” in Sofia, Bulgaria’s capital.

The formal ceremony was attended by Foreign Policy Secretary to the President of Bulgaria, Mr. Roussi Ivanov, and Deputy Minister of Foreign Affairs (career diplomat), Mr. Tihomir Stoytchev. Prior to the ceremony, Ambassador Semasinghe presented copies of Letters of Credence and Recall to Deputy Foreign Minister Tihomir Stoytchev at the Foreign Ministry.

During her official visit to Bulgaria, Ambassador Semasinghe had meetings with Mr. Tsvetan Simeonov, President of the Bulgarian Chamber of Commerce and Industry, Mr. Piyatissa Perera, proprietor of the Sri Lankan boutique “Ceylon Spice,” and the proprietor and team of the Sri Lankan restaurant “rCurry – Sri Lankan Cuisine.”

Ambassador Dhammika Kumari Semasinghe, currently serving as Sri Lanka’s envoy to Poland, boasts a 27-year diplomatic career, having served in various capacities in the political, economic, and multilateral sections of the Foreign Ministry. She has also held positions in Sri Lanka Missions in New York, Washington, DC, and New Delhi.

Ambassador Semasinghe holds a Master’s in International Public Policy from the School of Advanced International Studies (SAIS), Johns Hopkins University, Washington DC, USA. She began her undergraduate studies at the University of Peradeniya and completed her BA degree in International Relations and Public Policy at Swarthmore College, Pennsylvania, USA. Ambassador Semasinghe hails from Thimbiriyawa in the Nikaweratiya Pradeshiya Sabha in Sri Lanka’s North Western Province.

CIABOC uncovers Rs. 5 billion fraud involving DMT officers

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By: Staff Writer

Colombo (LNW): The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) revealed on Friday (24) a large-scale fraud of over Rs. 5 billion committed by suspects in connivance with officers of the Department of Motor Traffic before the Colombo Chief Magistrate’s Court.

The Commission filed a “B” report, presenting a jeep before Chief Magistrate Prasanna Alwis, alleging that the Toyota jeep had been registered under a lorry chassis number to evade paying customs duty and taxes to the State.

The bribery investigators informed the Magistrate that the first registration was made on 3 July 2007, while the jeep in Japan had not been imported to Sri Lanka at the time of registration.

The agency disclosed that they had taken into custody the Toyota jeep with registration number HG 5087, which was imported to Sri Lanka on forged documents, from a car dealership in Kurunegala.

Further investigations conducted by the Commission revealed that following the first registration made on 3 July 2003, the suspect had obtained revenue licenses for the Toyota jeep for subsequent years 2003, 2004, and 2005.

Their investigations unveiled that the schemers had imported more than 200 vehicles in this manner, causing a loss of more than Rs. 5 billion to the state.

The Commission presented the accused mastermind, M.D. Liyanage of No. 197, Dambulla Road, Kurunegala, before the Magistrate and informed the court that they are conducting further investigations into the scam. The Magistrate ordered the suspect to be remanded.

Meanwhile Government audit officers have unearthed a massive racket of registering vehicles by presenting forge documents to the department.

Several super luxury vehicles had been brought down to the country some times back.

The government audit has also conducted investigations into 23 more vehicles imported to the country, a senior official of the Finance ministry said.

The Sri Lanka Customs had to incur a heavy loss of millions of rupees due to the illegal importation of these super luxury vehicles while the government lost a large sum of money due to illegal vehicle registration.

It has been revealed that these vehicle registrations had been made by destroying files containing Customs and other documents of these vehicles and inserting false information into the computer system of the Motor Traffic Department, during the last few years.

Government auditors have made a request from the Commissioner General to hand over all the files pertaining to illegal vehicle registration. The issue of illegal vehicle registration was not new, the official said.

China to build five housing schemes for SL journalists, artistes and the needy

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By: Staff Writer

Colombo (LNW): A massive five housing schemes with 1,996 housing units will be built in Colombo and suburbs with Chinese assistance for veteran journalists, versatile artistes and low income families.

These 1,996 housing units are scheduled to be built over a three-year period, with the Chinese Government giving major financial support of 552 million Yuan (about Rs. 24.48 billion) for this project.

A dispute between the Colombo Municipal Council (CMC) and the Urban Development Authority (UDA) over land has delayed the China-funded housing scheme for low-income city dwellers

Housing and Construction Minister Prasanna Ranatunga said both institutions should reach an understanding regarding the land in the Dematagoda area for the project to be implemented.

The UDA took over these two plots of land in 2019, but the CMC initiated legal action.However, the judiciary has informed both parties to settle the dispute amicably as two state bodies.

China has also requested the land dispute to be resolved before the implementation of the project. The matter has now been settled.

Construction is scheduled to begin in March. The construction is scheduled to begin in March 2024.

Of the total houses, 1,888 houses are for low-income individuals residing in Colombo, while 108 houses are for artists and journalists.

The agreement to build these houses was signed by Chinese Ambassador Chi Shenhong and Minister of Urban Development and Housing Prasanna Ranatunge.

The distribution includes 615 houses in Peliyagoda Dutugemunu Road, 586 houses in Dematagoda Elumaduwa Estate, 575 houses in Moratuwa Battery Estate, 112 houses in Maharagama Ambowatta, and 108 houses in Kottawa Orchard with the latter reserved for artists and journalists.

The Minister said the housing initiative stands as a testament to the long-standing friendship and collaborative efforts between China and Sri Lanka.

Ranatunga also acknowledged Chinese Government support during challenging times, highlighting their unwavering friendship.

In response, Chinese Ambassador Chi Shenhong reiterated commitment to supporting Sri Lanka’s social and economic development.

He highlighted significant contributions China has extended to Sri Lanka, exceeding 100 projects aimed at improving the economic and social well-being of the Sri Lankan people.

The ambassador reaffirmed China’s readiness to further assist Sri Lanka in enhancing the socio-economic status of its citizens.

The event witnessed the presence of key officials, including the State Minister of Urban Development and Housing Tenuka Widanagamage, Ministerial Secretary W.S. Satyainanda, UDA Chairman Nimesh Herath, Director General Prayasad Ranaweera, and a group of officials.

Update on GCE O/L 2022 (2023) Exam results

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Colombo (LNW): The outcomes of the 2023 GCE Ordinary Level Examination are set to be disclosed within the upcoming two to three days, Education Minister Susil Premajayantha said.

In light of this, the Minister indicated that the 2024 GCE Ordinary Level Examination is anticipated to take place in either May or June next year.

He added that comprehensive preparations have been undertaken in anticipation of the upcoming examination.

The Education Minister shared these details during a media briefing.

Sri Lanka apparel exports record 20 percent drop in October

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By: Staff Writer

Colombo (LNW): Sri Lanka’s apparel exports hit by high production costs due to electricity bill hike and other overheads recorded 20 year-on-year (YoY) decline to US $ 330.95 million in October

The Joint Apparel Association Forum (JAAF) anticipates a decrease of approximately one billion dollars in this year’s apparel and textile export earnings compared to last year.

Amid the rising inflation and interest rates, consumer demand in Sri Lanka’s key apparel export markets has faltered.

In addition, Sri Lanka has become expensive for apparel sourcing, due to the higher production cost, stemming from the sharp rise in electricity tariffs and other input costs.

Sri Lanka’s apparel industry has called for government support to expand the country’s apparel export markets, through bilateral and other types of trade agreements.

Particularly, the apparel manufacturers have called to fast-track the efforts to improve the market access to India.

Dhammika Fernando, Chairman of the Federation of Free Trade Zone Investors, has said that twenty percent of some large-scale garment factories have been closed for a period of three months after December.

He also claims that about fifty percent of the small and medium scale factories have been closed.

The income of investors in the garment sector has fallen by 25percent due to the decrease in orders received from Sri Lanka and the increase in costs.

He also claims that some local investors are looking into the possibility of investing in other countries based on this situation.

Some investors have paid compensation to employees and fired them, and so far about 10 large-scale companies have fired workers in this way.

Several company owners have given their employees full or half salary and kept them at home, and some factories are working only 4 days a week, the chairman has said.

According to the Joint Apparel Association Forum (JAAF) data, exports to all major markets fell during October, amid the slowdown in orders.

Exports to Sri Lanka’s biggest apparel market, the United States, fell 16.81 percent YoY to US $ 128.22 million while exports to the EU, excluding the UK, declined 24.79 percent YoY to US $ 110 million.

Exports to the UK experienced a YoY decline of 14.56 percent, amounting to US $ 43.66 million, whereas exports to other markets saw a more significant decrease of 21.69 percent, totalling US $ 49.07 million.

The cumulative exports for the January-October 2023 period fell 20.5 percent YoY to US $ 3,748.72 million.

Apparel is Sri Lanka’s largest industrial export and earned US $ 5.95 billion in 2022. The country’s apparel sector has about 300,000 employees, most of whom are women.

SL Browns Investments enters tea estate business in Kenya

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By: Staff Writer

Colombo (LNW): In a historic and landmark move, Sri Lanka’s Browns Investments PLC solidified its presence in Kenya officially by acquiring James Finlays’ extensive tea plantations spanning over 27,000 acres in Kenya, yesterday.

LOLC Holdings’ Browns Investments Plc (BIL) has bought 85% stake of James Finlay Kenya tea estates business.

Transfer of ownership was marked by a ceremony attended by Browns Investment PLC Director Kamantha Amarasekera, Bomet County Governor Prof. Hilary Barchok, James Finlays Chairman Philippe de Gentile-Williams and Sri Lanka’s High Commissioner in Kenya Dr. Kana V. Kananathan.

The deal was first announced in May this year, where an agreement was struck to acquire James Finlay Kenya tea estates business, except the Saosa tea extraction facility, by Browns Investments PLC.

James Finlay Kenya is Brown’s first investment in the Kenyan tea industry, which it sees as an exciting opportunity for growth. In December 2021, Browns acquired Finlays’ Sri Lankan tea estates business.

Browns is part of Ishara Nanayakkara-controlled LOLC Holdings PLC group of companies, which is one of the largest and most profitable listed corporations in Sri Lanka.

James Finlay Kenya Ltd except the Saosa tea extraction facility will remain under Finlays’ ownership and the business will continue to source leaf tea, timber and other services directly from James Finlay Kenya, meaning an uninterrupted service to existing customers.

Finlays said BIL was selected as the preferred buyer because of its strong legacy of guiding its tea estates to continued growth, but also its focus on doing so sustainably while supporting its workforce and local communities.

James Finlay Kenya is Brown’s first investment in the Kenyan tea industry which it sees as an exciting opportunity for growth.

According to a statement issued by Dr. Kananathan, the acquisition by Browns Investments has created optimism for the local community and the broader Kenyan economy.

“High Commissioner Kananathan and Browns Investments PLC Director Kamantha Amarasekera met Kenyan President Dr. William Ruto recently and briefed on the new investments and President Ruto assured the full support of the Kenyan government in the new venture,” the statement said.

Following the completion of the sale, under a new name, Browns intends to continue to run the business; it has been operating until now as a leading global supplier of Kenyan tea.

Dr. Kananathan commended Browns Investments for its substantial and invaluable contributions to Kenya’s economic landscape.

Particularly, he acknowledged the group’s substantial investments in Africa, recognising the positive influence on the local community and broader African society.

Browns Investments is one of the largest tea producing companies in Sri Lanka, having under its management a total of 49 plantations through Maturata Plantations Limited, Udupussellawa Plantations PLC and Hapugastenna Plantations PLC.

The company produces approximately 12 million kilogrammes of made tea annually.

‘No more excuses’: Commonwealth Secretary-General will call for accelerated action on climate crisis at COP28

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The Secretary-General, The Rt Hon Patricia Scotland KC, will lead the Commonwealth delegation at the United Nations Climate Change Conference (COP28) in Dubai to call for accelerated action on the climate crisis in light of intensifying threats to small and vulnerable member countries.

Scheduled from 30 November to 12 December 2023, the annual summit comes just months after Commonwealth environment ministers committed to accelerating climate action at their inaugural meeting, held alongside the 78th Session of the United Nations General Assembly in New York City.

The Secretary-General, who will deliver at least 20 speeches across the summit, will urge negotiators to deliver a transformative outcome at the summit.

This includes accelerating efforts to implement national climate plans mandated under the Paris Agreement, using the findings of the ‘global stocktake’ report to increase ambition and action, and delivering an inclusive, operational Loss and Damage Fund.

Secretary-General Patricia Scotland will officially open the Commonwealth Pavilion COP28, which will host about 40 events across the two weeks, demonstrating the Commonwealth’s ability to convene vital dialogues between governments, experts, businesses, youth leaders and civil society.

She will also meet with leaders and ministers from Commonwealth member countries and across the international community, to advance progress on emissions, finance, adaptation, biodiversity, oceans, health, innovation and the green economy. 

‘No more delays’

Ahead of the summit, the Commonwealth Secretary-General said:

“The worst predictions of climate change have become a daily reality. In the Commonwealth’s most vulnerable countries, fertile lands are turning to dust, wells are running dry, storms and floods are overwhelming communities, and the ocean is rising.

“This represents not only a threat to the health, welfare and survival of millions of people, but to our collective stability and economic prospects.

“Yet as climate change advances, the gap on emissions, finance and justice has widened, while the window for action continues to narrow. COP28 must close that gap.

“Every day of delay makes life more dangerous, and makes climate action more complex, challenging and expensive. There can be no more delays, and no more excuses – this is the time for implementation.”

“The health of us all and of our planet rests on a 1.5°C degree cap on global warming,” she added. “We cannot lose sight of that objective, and I implore leaders at COP28 to renew their determination to deliver a bright, resilient, sustainable common world – now and for generations to come.” 

During the summit, the Secretary-General will call for increased support for small and vulnerable states, highlighting that despite ambitious pledges, these countries are receiving limited funds to mitigate, adapt to and build resilience against the impacts of climate breakdown.

She will also draw attention to the broader consequences of the climate crisis on economic growth, leading to high debt burdens, food insecurity, stressed resources, and impaired livelihoods for many of the 2.5 billion people living across the Commonwealth.

Commonwealth response

Secretary-General Scotland will inform delegates at COP28 about the Commonwealth’s programme, designed to assist its member countries – including 33 small states – in dealing with the challenges posed by the climate crisis.

These include:

  • the Commonwealth Climate Finance Access Hub, which has mobilised US $310 million in climate finance for 17 vulnerable Commonwealth countries, with an additional US $500 million in the pipeline;
  • the Commonwealth Blue Charter, which is an agreement by all 56 member countries to actively co-operate to address shared ocean challenges;  

In light of 2023 being designated as the Commonwealth Year of Youth, the Commonwealth delegation will also host a series of events focused on promoting youth-led action on challenges posed by climate change. Please see the full schedule here.

Skilled OICs essential to combat underworld activities

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Colombo (LNW): The Sectoral Oversight Committee on National Security, chaired by MP Sarath Weerasekera, has discussed concerns regarding individuals hiring private security guards for personal protection, the Parliamentary Communications Department reported.

The committee acknowledged that the public faces challenges due to individuals escorted by private security, and while police legally cannot intervene in personal security matters, the use of weapons by private security personnel requires regulation.

The committee has decided to inform the Ministry of Defense to establish criteria for regulating private security services. Additionally, the committee addressed issues related to the rise of underworld activities, the need for competent police officers in crime prevention, drug control efforts, and the importance of strict law enforcement, particularly regarding the confiscation of property from drug traffickers.

The Police emphasised that having competent Officers in Charge (OICs) capable of identifying criminals in their designated areas can proactively prevent crimes. Consequently, efforts are underway to identify skilled police OICs and deploy them to their respective areas for service.

The chairman highlighted the significant loss of lives in road accidents and instructed the purchase of necessary equipment to identify drivers under the influence of drugs for police stations nationwide.

The committee further emphasised the importance of public vigilance to prevent robberies.

Members of Parliament and officials, including the Secretary to the Ministry of Public Security and the Inspector General of Police, were present at the meeting on 22 November 2023.

Immigration-Emigration Dept issues regulations on free visa regime for seven countries

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Colombo (LNW): The Department of Emigration and Immigration has issued a statement confirming the implementation of a free visa regime for seven countries including China, India, Indonesia, Russia, Thailand, Malaysia and Japan, with immediate effect, until 31.03.2024.

The free visa scheme will operate as a pilot programme to rebuild the tourism industry of the island nation, in compliance with the Cabinet decision 31/1885/602/023 dated October 24, 2023.

Gold attains six-month high in global market

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Colombo (LNW): Gold prices soared to a more than six-month high on Monday, surpassing the $2,000 per ounce mark, propelled by a weakened dollar and anticipation of a halt to US interest rate hikes, leading to increased demand, NDTV reported.

As of 1311 GMT, spot gold rose by 0.6 percent to $2,013.99 per ounce, marking its highest level since May 16. Similarly, US gold futures experienced a 0.6 percent increase, reaching $2,015.00.

The dollar exhibited a 0.2 per cent decline against a basket of major currencies, lingering near a more than two-month low recorded last week, making gold more affordable for holders of other currencies (USD/).

Craig Erlam, Senior Markets Analyst at OANDA, commented on the surge, stating, “Gold is flying, and to really explain it is the fact that it’s finally broken above $2,000 in a significant way.” He described the move as “purely technical,” driven by last week’s US inflation data and jobs report.

Gold prices currently exceed their 50-, 100-, and 200-day moving averages and are approximately $60 away from the all-time high of $2,072.49 set in August 2020.

Investor focus is on the release of revised US third-quarter GDP figures on Wednesday and the PCE price index, the Federal Reserve’s preferred inflation gauge, on Thursday.

Kyle Rodda, a Financial Market Analyst at Capital.com, emphasised, “Economic figures coming out of the US this week, both on the growth and inflation front, will make or break a case for whether gold remains above $2,000.”

Anticipation of an earlier-than-expected easing of monetary conditions by the Federal Reserve has heightened with recent data indicating a slowdown in US inflation.

Traders widely expect the Fed to maintain rates in December, while the CME’s FedWatch Tool indicates about a 60 percent chance of a cut in May next year.

Lower interest rates reduce the opportunity cost of holding non-interest-bearing assets, often boosting gold prices.

In the broader precious metals market, silver saw a 1.7 per cent increase to $24.71 per ounce, platinum experienced a 0.3 percent decrease to $927.64, and palladium rose by 0.8 per cent to $1,077.56 per ounce.