Except for a few showers in Western and Sabaragamuwa provinces and in Galle and Matara districts, mainly fair weather will prevail over most parts of the Island.

Fairly strong winds about 40 kmph can be expected at times in western slopes of the central hills, Northern, North-Central, Southern and North-Western provinces, and in Trincomalee district.

By: Isuru Parakrama

Colombo (LNW): The second Coconut Triangle would be launched in the Northern Province this year consisting of the areas of Jaffna, Mannar and Mulaitvu Districts in conjunction with World Coconut Day on September 2, Minister of Plantation Industries and Minister of Industries Dr. Ramesh Pathirana stated.

He expressed these views today (02) during a press conference themed ‘One Year of Progress’ held at the Presidential Media Centre (PMC).Additionally, according to Dr.Ramesh Pathirana, 290 million kg of tea are planned to be exported this year.

The Minister emphasized that Sri Lankan tea’s price per kilo on the international tea market is stable and that in order maintain it, Sri Lankan tea’s quality must be preserved.

Due to the fertilizer problem, exports from the plantation industry decreased last year.Fertilizer crisis and bad weather affected the plantation industry greatly.

 A bundle of 50 kilograms of urea went up to Rs. 30,000, last year. As of today, the government has worked to bring down the price of a 50 kg bundle of urea to Rs. 9000. By the end of this year, 300 million kilos of tea are expected to be exportable under these circumstances.

The sale of tea to the global tea market through the online system has already commenced. We will export tea worth 500 million USD to Iran in place of the fuel we received. It is anticipated to revive the Iranian tea industry through this strategy.

Their capacity to obtain tea is declining as a result of the conflict situation in nations like Pakistan, Russia, Ukraine, Iran, and Iraq, which are consumers of tea in Sri Lanka. Although the price of Sri Lankan tea is consistent on the global market, the enthusiasm of the tea-consuming nations is dwindling.

Cabinet approval has now been received to provide a portion of 10 perches of land to the tea plantation workers. Accordingly, the relevant land ownership is to be given to them in the future. After that, they have been given the opportunity to get credit facilities to build the houses they need.

In the last two years, it was possible to get an income of Rs. 1 billion from the export of rubber products.

Due to the ability to purchase rubber for the manufacture of gloves during the last corona pandemic, it was possible to generate a sizable export income.

But the demand for rubber goods is presently declining as a result of the global economic crisis. Therefore, it has been estimated that this year’s rubber-related export revenue will be around 900 million USD.

Additionally, coconut export revenue has significantly increased in recent years. The range of goods that can be found in our coconuts has led to an increase in demand. This year, it is anticipated that exports of coconut-related goods will bring in 700 million USD.

It is anticipated that exports of goods related to coconuts would generate 2 billion USD in revenue during the next ten years.

Thus, it is envisioned that Sri Lanka will develop a second coconut triangle. The Northern Province’s Jaffna, Mannar, and Mullaitivu regions will be included in this second coconut triangle.

By: Staff Writer

Colombo (LNW): Colombo Dockyard PLC announced yesterday it has been selected as an afloat repair service provider to the Japanese Maritime Self-Defence Forces (JMSDF) at the Colombo Port.

This is the first time for JMSDF to repair one of their vessels at a foreign shipyard, and Colombo Dockyard is selected as the first shipyard in a foreign country to offer the repair facilities.

The afloat repair was successfully carried out from 21 to 25 July 2023 at the port of Colombo.

The JMSDF team was highly impressed and satisfied with the superior quality workmen-ship and the service level of Colombo Dockyard. The team also commended on the quality of the underwater diving work handled during this call.

Colombo Dockyard Chairman Hideki Tanaka, highlighted that we are proud and privileged to be selected as the first shipyard to provide repair services for the JMSDF fleet in a foreign country. 

He also took this opportunity to appreciate the support extended by the JMSDF, Embassy of Japan, Ministry of Ports, Shipping and Aviation, Sri Lanka Ports Authority, Ministry of Defence, and the Sri Lanka Navy to make this historic repair call a success.

Colombo Dockyard operating in collaboration with Onomichi Dockyard Co. Ltd. since 1993, has proven to be a remarkably successful partnership spanning 30 years, serving the regional and international owner’s requirements efficiently in the maritime industry.

Onomichi Dockyard Co. Ltd, Japan being a well-respected shipyard in Japan, being the mother company of Colombo Dockyard PLC, paved the way for Colombo Dockyard to enter into serving the Japanese Maritime Self-Defence Force vessels.

The COVID pandemic and the Sri Lanka economic crisis led to the cancellation of significant projects and they were at the risk of losing their standing in the international market, said Colombo Dockyard PLC (CDPLC) Chairman Hideaki Tanaka.

“However, with the crisis settling in we managed to bounce back to business and the achievement of delivering ‘C/S Sophie Germain,’ Cable Laying and Repair Vessel ((CLRV)) serves as a powerful message to the international market that we are back in business,” he said.

CDPLC has  made history by delivering the first-ever CLRV to the European market from Sri Lanka. This vessel is built to Bureau Veritas (BV) classification society standards and regulatory requirements of the French Flag Authority.

The vessel is 100m in length with a beam of 18.8m and a depth of 7.15m and shall have a deadweight capacity of 1,800 DWT. The vessel can achieve an impressive speed of 14.5 knots and has accommodation facilities for 76 persons.

The vessel has three cable tanks to carry fibre optic and power cables. One of the three tanks is fitted with a Carousel system.

Colombo Dockyard delivered the first Cable Layer (CLV) to Japan in 2019. Now, with the delivery of “C/S Sophie Germain,” this becomes the second vessel of its category delivered by the shipyard.

This remarkable accomplishment establishes Colombo Dockyard as a leading player in the international market, earning a reputation for successfully delivering two Cable Layer vessels within a short span of just five years.

By: Staff Writer

Colombo (LNW): Sri Lanka’s inflation rate reached single digits for the first time in 20 months, setting the stage for the central bank to slash borrowing costs further to support recovery.

The key inflation rate nearly halved to 6.3% in July from 12% last month. The island nation’s statistics department released the numbers for Colombo district recently.

This is the first instance where inflation has dropped to single digits in over a year in the crisis hit Indian Ocean Island.

However the people of this country is still facing economic hardships as the prices of essential items have been at the same level before amidst high cost of living.

 Sri Lanka’s headline, core, food and non-food inflation was reported at 69.8%, 50.2%, 94.9% and 57.6%, respectively, in September 2022, while in June 2023, they were 12.0%, 9.8%, 4.1% and 16.2%, in that order.

This is a clear indication that although the price fluctuation rate of essential goods and services has declined to a single digit, the price increase is still at the same level with slight changes.        

Tight monetary and fiscal policy measures are being attributed for the attainment of Central Bank’s self-imposed target of 6%.In addition, in February this year, the government had changed the base year of inflation in its calculation from 2013 to 2021.

Sri Lanka had faced a runaway inflation of up to 70% recorded last year in September.

Inflation is a critical indicator of an economy’s health, but it can be misleading when not scrutinized closely.

A single-digit inflation rate may sound reassuring, but it is essential to examine the components contributing to this decline.

Is the decrease driven by essential goods and services, which have a direct impact on our daily lives, or is it attributed primarily to non-essential items that may not significantly affect the average citizen’s budget? Several eminent economists questioned.

While official inflation statistics might suggest a manageable cost of living, the reality may be starkly different.

The prices of essential goods such as housing, education, healthcare, and food might still be increasing at a pace that burdens the majority of Sri Lankans.

Despite the claims of falling inflation, many citizens continue to struggle to make ends meet, leading to growing concerns over their overall well-being, they pointed out.

The widening gap between the rich and the poor continues to be a pressing issue in Sri Lanka, exacerbated by a lack of job opportunities for many.

 Even with a single-digit inflation rate, income inequality persists, leaving a significant portion of the population marginalized and struggling to cope with the rising costs of basic necessities they claimed.  

This disparity further deepens the challenges faced by the vulnerable sections of society, perpetuating the cycle of poverty.

By: Staff Writer

Colombo (LNW): The Ports, Shipping and Aviation Ministry is considering increasing the container handling capacity of the Colombo Port, said Ports, Shipping and Aviation Minister Nimal Siripala de Silva.

He was addressing an event for the initiation of the construction work of the operations building at the East Container Terminal (ECT) of the Sri Lanka Ports Authority (SLPA),

The minister said that the current 8.5 million TEU handling capacity at the Colombo Port will be increased to 35 million with the completion of the ECT, Jaya Container Terminal V (JCT-V), Western International Container Terminal (WICT), and the proposed North Port Projects in the future.

The construction of the ECT operations building commenced on March 8, 2023. The 1300-metre terminal will be built at a cost of USD 580 million.

The gantry cranes required for operations at the terminal have already been ordered. The construction of the four-story main operations building at the terminal will cost Rs. 1,300 million and is planned to be completed by February next year.

Commenting further, he emphasized that the operations of the ECT should be carried out with semi-automation and with a minimum number of employees recruited for its operations.

“These opportunities should be made available to the skilled youth of this country.  They should have the potential to achieve maximum productivity through elevated efficiency in the operational process, especially by utilizing the most advanced technologies for port and terminal operations.

For this reason, everyone should well-identify the latest trends in the global commercial shipping industry, which runs in a very lucrative yet highly competitive business environment,” he added.

The Phase one of Colombo Port will operationalise by 2024. 60-70% of the transshipments at the Colombo port are linked with India.

He added that in the case of Western Container Terminal of the port, the Indian Government had no role as far as deciding of investor was concerned and it was a matter internal to Sri Lanka.

He elaborated the detailed timelines in the development of the WCT where Sri Lanka, India and Japan were involved in a trilateral arrangement initially.

The minister said that in early 2021, Sri Lanka had decided to go ahead with the development on its own, after which Adani group had expressed interest in development of ports in Sri Lanka. He said that Sri Lankan government then had negotiated the necessary agreement with Adani group.

Colombo (LNW): Foreign Affairs Minister Ali Sabry is set to pay an official visit to the Islamic Republic of Iran from August 04 to August 07, 2023.

The visit will take place on an invitation from his Iranian counterpart Dr. Hossein Amir Abdollahian, according to a statement by the Foreign Affairs of Sri Lanka.

During the visit, the two parties are expected hold discussions on the bilateral relations between the two nations, and Sabry is also scheduled to pay a courtesy call on the Iranian President, Rs. Seyyed Ebrahim Raisi, and other government officials.

He is also expected to deliver a speech at the Institute of Political and International Studies of Iran.

Colombo (LNW): The price of domestic LP gas will be revised tomorrow (04) announced the LITRO Gas Lanka.

The move will come in in compliance with the price increase in the world market, Chairman of the state-run LP gas vendor Muditha Peiris said.

He added that the price of a metric tonne of gas in the global market has increased by more than US $85.

Colombo (LNW): The Supreme Court today (03) ordered that the consideration of petition filed against the government’s alleged attempt of waiving off the loans obtained from the Employees’ Provident Fund (EPF) and the Employees’ Trust Fund (ETF) during the government’s domestic debt optimisation (DDO) process be postponed until August 09.

This was when the petition was taken up for consideration before the Supreme Court bench comprised of Justice Priyantha Fernando today (03).

The said petition was filed by eight persons including Attorney-at-Law Sunil Watagala on behalf of the Inter-Company Employees’ Union and its Chairman former MP Wasantha Samarasinghe, claiming that the RW-led regime’s DDO plan waives off the loans obtained from the superannuation funds, namely the EPF and the ETF, thereby seeking an order preventing the government of committing such a conduct.

The petitions argued that these funds i.e. 93 per cent of the money deposited in the EPF and 86 per cent of the money in the ETF have been invested in government treasury bills and Central Bank bonds, and the working community of around 20 million Sri Lanka are being unfairly treated by the government by the attempt to waive off the loans obtained from these funds in the guise of DDO.

The petitioners, therefore, requests the Supreme Court to rule that the basic human rights of the working people would be violated, were the government to proceed with this affair, where the relevant funds were curtailed in the DDO process, and issue an interim order barring the action.