Showers or thundershowers will occur at a few places in Western, Sabaragamuwa and North-western provinces and in Galle and Matara districts during the afternoon or night.
Several spells of light showers may occur in the coastal areas of the Batticaloa, Ampara and Hambanthota districts.
General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
The Chinese Embassy, yesterday (15), handed over a donation of material to the Government of Sri Lanka as a donation for the production of police uniforms.
The donation was made by the Ambassador of China to Sri Lanka, H.E. Qi Zhenhong, to the Minister of Public Security, Mr Tiran Alles. This donation was made at the Presidential Secretariat in the presence of President Ranil Wickremesinghe.
Chief of Staff and Senior Advisor to the President on National Security, Mr Sagala Ratnayake and Secretary to the President, Mr Saman Ekanayake, were also present at the event.
Samagi Jana Balawega media chief, Member of Parliament SM Marikkar requests the government to re-implement the tax policy imposed by the then Finance Minister Mangala Samaraweera in 2019.
Marikkar said this while addressing a press conference held in Colombo yesterday (16).
Colombo (LNW): Senior Deputy Inspector General (SDIG) of Police Deshabandu Tennakoon has been nominated by President Wickremesinghe to be appointed as the 36th Inspector General of Police (IGP) of Sri Lanka Police, top sources divulged.
His promotion as the new IGP of Sri Lanka Police will come in filling the post to be vacant after the retirement of his predecessor Chandana Wickramaratne on March 20, 2023, according to sources.
Bloomberg: Foreign investors are likely to raise holdings of Sri Lanka government bonds, betting that a successful deal with the International Monetary Fund next week would unlock more funding to stabilize the nation’s finances, according to Standard Chartered Plc.
“The moment we have clarity on the debts, the restructuring process, the interest rates will fall and investors will want to time it right and get into the bond space pretty early,” said Bingumal Thewarathanthri, the chief executive officer for the UK bank in Sri Lanka.
Investors are expected to pile into local bonds, lured by one of the most attractive yields among emerging Asian nations, he said.
The IMF plans to decide on the $2.9 billion funding package next week after China earlier this month gave assurances that it will support the nation’s debt restructuring, clearing the biggest hurdle for approval. The nation grappled with soaring costs, depleted funds and severe supply shortages for much of 2022 as it pursued a loan program with the IMF after a debt default in May.
“You can’t wait until the debt restructuring is over, after that the price points will be very different,” said Thewarathanthri. Current bond levels on the shorter-end, mainly on t-bills look good to buy. If you’re looking at taking a stake in any of the larger corporates or banks, “this is the time,” he said. Sri Lanka’s one-year treasury bill yields about 26%, compared with around 7% for two-year notes in India and 6.38% for similar-maturity Indonesian bonds.
In efforts to secure the bailout package, Sri Lanka repurposed funds, tightened its belt and raised interest rates to the most since 2001. The nation fell into a deeper recession last quarter as borrowing costs at a two-decade high to rein in inflation took their toll on the $89 billion economy.
Sky News: TikTok is expected to be banned from UK government phones later today, Sky News understands.
Cabinet Office minister Oliver Dowden will make a statement to Parliament this afternoon on “the security of government devices”, where it is understood he will confirm the ban.
The Chinese-owned video-sharing app has been under increasing scrutiny over its security and data privacy, with concerns it could be used to promote pro-Beijing views or gather user data – something TikTok strongly denies.
The EU Commission and more than half of US states and Congress have already introduced a ban over concerns around potential cyber attacks.
Prime Minister Rishi Sunak has hinted at following suit, saying the UK will “look at what our allies are doing”.
Earlier this week, security minister Tom Tugendhat told Sky News he had asked the National Cyber Security Centre (NCSC) to look into the app as it was “absolutely essential” to keep the UK’s “diplomatic processes free and safe”.
The UK’s parliament shut down its own account last year after MPs raised concerns about the firm’s links to China.
But TikTok has called government bans “misguided and based on fundamental misconceptions”.
Responding to Mr Tugendhat’s remarks last week, a spokesman for the app said the company would be “disappointed” if the UK government banned it.
They added: “Similar decisions elsewhere have been based on misplaced fears and seemingly driven by wider geopolitics, but we remain committed to working with the government to address any concerns.”
By: Isuru Parakrama
Colombo (LNW): The year-on-year (y-o-y) Gross Domestic Product (GDP) growth for 2022 indicates a negative growth of 7.8 per cent, Census Statistics data revealed.
The Census report reveals estimated GDP at the current price and at constant (2015) price in the production approach and other macroeconomic indicators for the fourth quarter of 2022, from 01st of October to 31st of December.
The GDP for the year 2022 at constant price (2015) has declined to Rs. 12,017,849 million from Rs. 13,037,934 million recorded in the previous year.
The y-o-y GDP growth rate for 2022 is reported to be a negative growth rate of 7.8 per cent.
The setback has also affected the three main economic sectors of Agriculture, Industry and Service activities, leading to a decline of 4.6 per cent, 16 per cent and 2 per cent in order in 2022.
The GDP for Sri Lanka for the fourth quarter of the year 2022 at the constant price (2015) has declined to Rs. 2,917,721 million from Rs. 3,331,073 million recorded in 2021, registering a negative growth rate of 12.4 per cent.
Full report: http://www.statistics.gov.lk/NationalAccounts/StaticalInformation/Reports/press_note_2022q4_en
Government is to embark on a floating solar project as it can potentially work well with hydro power generation. Any new power generation also requires new power infrastructure but if solar puts near hydro, the same power infrastructure can be used, a World Bank expert said.
Sri Lanka has many water bodies that could potentially be used for floating solar,” said World Bank Senior Water Supply and Sanitation Specialist Kristoffer Welsien.
The Cabinet nod has been granted to install two floating solar plants as a pilot project with 6.83 billion Korean Won funding from the South Korean government.
The Minister of Power and Energy Kanchana Wijesekera on Monday sought the approval of the Cabinet of Ministers to sign the discussion paper with the Korea Institute for Advancement of Technology and the Department of External Resources to start and implement the pilot project.
Under the Framework Convention on Grant Aid signed between the Republic of Korea and Sri Lanka in 2009, the Minister of Trade, Industry and Energy of the Republic of Korea has agreed to provide a grant amounting 6.83 billion Korean Won for the floating solar power project.
The implementation of a pilot project is aimed to install floating solar panel power plants with 1 MW capacity on the surface of Kiriibban Wewa reservoir and Chandrika Wewa reservoirs in the Ratnapura District.
Korea Institute for Advancement of Technology is acting as the monitoring agency for the pilot project on behalf of the South Korean government.
Sri Lanka needs to add an estimated 11,000 MW to its power grid within the next two decades to meet growing demand. Adding large-scale floating solar plants would not only make electricity greener and affordable but improve Sri Lanka’s overall economic competitiveness as well.
By identifying large water bodies for floating solar, Sri Lanka also can tap into the multiple benefits of lower evaporation, higher solar panel efficiency due to cooling effect, complementarity with hydro power generation and, efficient management of peak hours.
While environmental and social impacts need to be carefully studied and managed, strategic, and well-managed floating solar projects could also improve water quality by limiting algae growth.
The synergies from combining floating solar with existing hydropower plants can be significant and can add much-needed diversity to Sri Lanka’s power generation mix, the World Bank expert said.
Sri Lanka’s power mix could potentially benefit from greater solar power generation during the day and a switch to hydro in the night. Seasonally, floating solar could produce power during the dry months while throughout the monsoon rains hydro could play a larger role in the energy mix.
Sri Lanka has also trialled a small pilot floating solar project, but its capacity is just some tens of kW. Experts believe that to reap economies of scale and for floating solar to make a significant contribution to power generation, projects need to be scaled up to about 100MW-200MW.
The UK Government has launched its new trade preferences scheme in Sri Lanka by holding a series of events in Colombo for the new trade preferences scheme – the Developing Country Trading Scheme (DCTS), which will come into force this year.
Total bilateral trade (goods and services) between the UK and Sri Lanka each year is £1.4bn between the UK and Sri Lanka each year.
Over 99% of goods exported from Sri Lanka were eligible for duty-free access to the UK and the £69million of tariffs saved on exports to the UK from Sri Lanka under UK trade preferences.
The Developing Countries Trading Scheme (DCTS) will replace the UK Generalised Scheme of Preferences and will come into force in 2023. Under the scheme, Sri Lanka is eligible for zero tariffs on 92% of products.
Over 150 additional products will be brought into scope of the new scheme, including milled grains, pet food products and dairy products.
“The UK’s new Developing Countries Trading Scheme provides Sri Lankan and UK businesses with a fresh opportunity to diversify and deepen supply chains and reduce the cost of exporting to the UK.
The UK government hopes businesses will take advantage of the great opportunities we have highlighted through our events this week,” British High Commissioner Sarah Hulton OBE said.
The main event was organized in partnership with the Council for Business with Britain –the UK-Sri Lanka bilateral trade association.
UK officials showcased high potential value chains and products that can benefit from the new scheme.
This was based on research into UK retailers’ and consumers’ buying considerations, as well as insights from Sri Lankan producers, trade programmes and policymakers.
While Sri Lanka exports numerous high value products to the UK including textiles, tea and rubber, there has been a steady decline in trade volumes between Sri Lanka and the UK since 2018.
Under UK trade preferences, Sri Lankan exports will benefit from generous tariff cuts and new products will be brought into scope, facilitating access to the UK market for Sri Lankan businesses across a wide range of industries.
“The Developing Countries Trading Scheme will support businesses by giving them the tools to export duty-free to the UK, opening up markets and boosting consumer choice.
The new scheme has been designed to grow free and fair trade with 65 countries, including Sri Lanka, thereby creating jobs and boosting their economies.
The DCTS offers one of the most generous sets of trading preferences in the world and demonstrates the UK’s commitment to building long term, mutually beneficial relationships with countries like Sri Lanka.
During the visit to Colombo, DCTS officials also met the Minister of Trade, Commerce, and Food Security, Nalin Fernando.
They additionally delivered further information sessions and engagements in partnership with the Ceylon Chamber of Commerce, Department of Commerce, EDB, and BOI, Joint Apparel Association Federation, European Chamber of Commerce Sri Lanka, AmCham Sri Lanka, and Rotary International.
The sessions focused on sharing insights including current trends, UK market purchasing criteria, barriers to trade and what can be done to unlock Sri Lanka’s trade and investment potential.
Forced by import restrictions and encouraged with the introduction of the Standard Operating Procedure (SOP) for Local Assembly of Vehicles, a Sri Lankan automotive company has stepped in to motor cycle assembly to cater to the present demand.
The Ministry of Industries has introduced the Standard Operating Procedure (SOP) for Local Assembly of Vehicles and Automotive Component Manufacturing in March 2021 to encourage world renowned brands to locally assemble vehicles.
Taking a cue from this SOP, Senero Motor Company Private Limited has started the GN 125 motor cycle assembling factory in Yakkala with an investment of Rs.1.5 billion
Brand new SENARO GN 125 motorcycles were donated to the President’s Office yesterday morning (15).
President Ranil Wickremesinghe was officially given the keys and accompanying documents by Senaro Motor Corporation Managing Director Roshana Waduge.
The newly built assembly factory in the Yakkala area has been producing the SENARO GN 125 motorcycle with 35% value addition through locally produced spare parts, due to efforts of Senaro Motor Company Pvt. Ltd and it will be increased to 50 percent soon, according to Roshan Waduge head of Senero Motors. .
The company has invested Rs. 1.5 billion in this venture, with the full financial support of the Bank of Ceylon. The goal is to increase the value addition to 50% in the near future and create more than 160 direct job opportunities.
The motor cycle assembly venture will create 160 employment opportunities for youths with necessary motor mechanic skills.
The company has already received orders for more than 160 motor cycles from prospective buyers up now and it has appointed dealers country wide to market the new GN 125, he said.
Orginal Suzuki brand GN 125 motorcycle is considered as the best learner/commuter motorcycle in Sri Lanka and many other countries, industry sources said.
This GN 125 motorcycle production was started by the Suzuki Company from the year 1994 (up to 2021).
After 2021 there was no message from the Suzuki about this four stroke engine fitted model’s availability in many parts of the world, a spokesman of the motor industry said.
Its 125 cc engine can produce 13 HP max power at 9500 rpm. Currently the Suzuki GN 125 Bike is available as second hand or used motorcycle in many countries.
Some motor traders say the production of Suzuki GN 125 motorcycle in Japan was discontinued.
In Sri Lanka due to Government’s vehicle import ban this motorcycle is not available officially. Although there are some of the Suzuki GN 125 motorbikes are available for sale as old stock.
They are available as unregistered motorcycles from the seller in Sri Lanka. Moreover there are many Chinese made fake Suzuki GN 125 Motorcycles are marketed in Sri Lanka. And people also buy this too, he claimed.
As there was no more official production coming from Japan, industry sources say that these bikes could be previously manufactured and kept in ware houses in India or in China.
Now they are being sold in Sri Lanka through paper advertisements by individuals. Newspaper advertisements claimed that they are Brand New Suzuki GN 125 motorcycles available for sale in the country.
