By: Isuru Parakrama
Colombo (LNW): The proposal forwarded by Justice Minister Wijedasa Rajapaksa to present the draft Anti-Corruption Bill to Parliament for approval after publishing on the government’s gazette was approved by the Cabinet yesterday (13).
The Cabinet had approved the formulation of such a bill on July 18, 2022.
Accordingly, the bill drafted by the government drafter has been cleared by the Attorney General as well.
By: Staff writer
Colombo (LNW): Sri Lanka is set to maintain US $1 billion monthly foreign inflow from worker remittance by end-2023 with more people leaving the country for foreign employment after current man made economic crisis, Foreign Employment and Labour Minister Manusha Nanayakkara disclosed.
Worker’s remittances have fallen 40.2 percent to $2.9 billion in the first 10 months of last year mainly as most Sri Lankan expatriate workers sought informal methods like Undiyal or Hawala to send the money due to higher exchange rate than that offered by the formal banking system in Sri Lanka.
Minister Nanayakkara has launched several incentives to encourage Sri Lankan workers in foreign countries to send their money through the formal system and the island nation has witnessed a reversal in year-on-year fall in monthly remittances for the first time in September 2022.
Sri Lanka has recorded high foreign remittances of $7.4 billion in 2020 and analysts believe the minister’s $1 billion monthly target is “highly ambitious” unless the central bank floats the currency and reduces the gap between the formal and informal market exchange rates.
The government has taken some steps including high duty-free allowance, pension benefits, and vehicle imports to boost foreign remittances.
It has also focused on sending skilled labourers for foreign employment, instead of unskilled, the Minister said.
A record 273,988 Sri Lankans have left the country for foreign jobs as of November 14 this year, compared to 203,087 outward labour migration in 2019
Sri Lankan migrant workers’ foreign remittances amounted to a total of USD 844.9 million in the first two months of 2023, the Central Bank of Sri Lanka (CBSL) announced.
According to a latest report published by the central bank, this is an increase of 82% in comparison to the total sum of USD 464.1 million foreign remittances recorded in both January and February last year.
The central bank’s figures have shown that the foreign remittances earned by Sri Lankan migrant workers’ were at USD 437.5 million and USD 407.4 million in January and February 2023, respectively.
Meanwhile, foreign remittances received in December 2022 alone amounted to USD 475.6 million, recording the highest figure reported in a single month since June 2021
Workers’ remittances in February had doubled to $ 407.4 million from a year ago but have suffered a second consecutive Month-on-Month dip.
After peaking to $ 476 million in December last year, workers’ remittances have declined to $ 438 million in January this year and $ 407 million in February. In February last year, workers’ remittances amounted to $ 205 million.
In the first two months of this year, workers’ remittances amounted to $ 845 million, up 82% from $ 464 million in the corresponding period of 2022.
Workers’ remittances in 2022 declined by 31% to $ 3.8 billion from 2021, though a notable recovery was witnessed during the latter part of 2022.
Total departures for foreign employment in 2022 were recorded at 300,000 contributed mainly by the unskilled (101,786), skilled (88,215) and domestic aid (73,781) categories.
In January this year, total departures were 24,236 comprising unskilled (7,556), skilled (7,283) and domestic aid (6,120) categories.
Colombo (LNW): The Adani group, which has been given permission to put up 340 MW of onshore wind power projects in Sri Lanka, has asked the Sri Lankan government for enhancement of the approved capacity to 500 MW.
The proposal is under consideration, D V Chanaka, Sri Lanka’s State Minister for Power and Energy, confirmed.
The Board of Investment of Sri Lanka has issued a letter of approval to India’s Adani Green Energy Limited, for the two wind power plants to be set up in Mannar and Pooneryn at a total investment of USD 442 Million.
The wind power plant in Mannar will operate at a capacity of 250 MW while the wind power plant in Pooneryn will operate at a capacity of 100 MW.
The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, they will be added to the national grid by 2025.Also, the new project will generate 1500-2000 new employment opportunities.
It is also reported in Indian media including the Hindu Businessline that the Adani group would bring into the island country its own 5.2 MW turbines, a prototype of which has been working for a year at Mundra, Gujarat.
The Adani group has developed the machine with technology from W2E (Wind to Energy) GmbH of Germany. The blades describe a circle of 165 meters diameter and the nacelle can sit on towers as tall as 140 meters. It can work at wind speeds of 3 meters per minute (very low) to 20 mps, reaching its optimum power production at 12 mps wind speeds.
Sri Lanka has huge wind power potential, with wind speeds of 75 mps at its good sites. According to an estimate of the National Renewable Energy Laboratory (NREL), the USA made many years ago, Sri Lanka has offshore wind potential to put up 45 GW.
If an estimate is made now, on the basis of more modern machines, the number would be much higher, say industry experts, who also pointed out that the country has immense offshore wind potential, too. Sri Lanka itself would need very little of it—perhaps 10 GW in 2030, the experts said.
Sri Lanka can make money by selling the surplus to India — just as Bhutan does with hydro power.
Chanaka said an agreement for building a power transmission line project, which could possibly run from Anuradhapura in Sri Lanka to Madurai.The Indian wind industry is eying putting up projects in Sri Lanka.
By: Staff writer
Colombo (LNW): Sri Lanka Shippers’ Council warns that there to be dire repercussions to be faced, due to continued mockery connected to shipping regulations changes.
The Importers and Exporters are perturbed by the action of the Minister of Ports and Shipping, to rescind the Gazette No. 2041/10 dated 17th October, 2017, which was initially introduced on 27th October, 2013, and has benefited the Importers and exporters immensely over the years.
This piece of legislature has helped importers and exporters from anti-competitive practices which have been carried out by service providers for several years.
The rescinding of the Gazette has created a ripple effect, which will lead to Sri Lanka’s Imports and Exports becoming more expensive due to unethical surcharging, thereby becoming uncompetitive and in turn leading to the loss of its market share in the Global Market.
During the pandemic, the exporters performed exceptionally well with month-on-month increased earnings and helped the government to sustain the economy whilst other industries faced challenges and changing trading practices.
With the rescinding of Gazette No. 2041/10, therein lies the question of whether foreign exchange will flow out of the country illegally due to the possible introduction of zero freight again and surcharges levied on non-contractual parties, simply because, there is no coverage of same, through the law of the land.
By rescinding this Gazette, the Minister of Ports and Shipping has removed the protection of free market competition, while, also eliminating the international good practices where price-fixing is not permitted.
The recent frequent changes made to shipping regulations in Sri Lanka through a few gazettes have also raised ambiguity and concern among foreign trading partners who are sensitive to policy inconsistencies. With exports being promoted as a solution to the current economic crisis, this is detrimental to attract potential buyers and to maintain current clients.
Gazette No. 2041/10 re-confirmed four cardinal principles to protect both importers and exporters from service providers who may charge exorbitant fees, in addition to freight for the carriage of goods.
Sri Lankan exporters have had a competitive advantage in shipping costs compared to other countries due to this legislation, and removing the same, open them to unwarranted additional costs which will make them more expensive to their peers.
Imports to Sri Lanka will become more expensive after the removal of the legislation, due to the addition of unethical surcharges as in the past (44-line items were charged) and the breaking of freight cost into many parts, which ultimately ends up being charged from non-contracting parties. The result is the rise in inflation and cost of living in the country.
By: Staff writer
Colombo (LNW): The Top delegations from China’s Sinopec Group (Ranking fifth in the Fortune Global 500 list of 2022) and the China Merchants Group (152nd) are now in Sri Lanka looking for further investments in the island.
The Sinopec is mainly focusing on petroleum and chemicals, import ,storage and distribution of fuel as well as oil refinery operations, the Chinese Embassy announced.
Sinopec Corp has set up a company in Sri Lanka for bunkering ships along a major maritime route four years ago in 2018.
The visit of the high powered official team of China’s Sinopec Group is very significant at this juncture where the government has taken steps to expedite the restructuring process Ceylon Petroleum Corporation (CPC) even looking at the possibility of giving golden hand shake for around 3700 workers out of the total number of 4200 while declaring a voluntary retirement scheme for them.
The government intends to divide the CPC into multiple parts, providing local and foreign investors with investment opportunities..
Accordingly, the CPC have been instructed to proceed with the proposed restructuring process as they have completed the necessary work to make them profitable under a new system.
Despite being instructed earlier, the restructuring process was delayed due to slow preparation of procedures.
According to energy ministry sources, Sinopec is set to join the Sri Lankan market for the purpose of importing, distributing, and selling petroleum products.
During a discussion with the representatives of the Sinopec Group held at the Presidential Secretariat yesterday (March 13), President Ranil Wickremesinghe said that the government has taken a principled decision to expand the distribution of fuel which is expected to commence shortly.
The representatives from the Sinopec Group confirmed their readiness to invest in the import, storage, distribution, and marketing of fuel to cater to Sri Lanka’s energy requirements.
The representatives informed the Sri Lankan Government that their organization has adhered to the existing system and has applied accordingly.
They further conveyed their readiness to fully finance the construction of a refinery in Hambantota, which has been identified as a central energy hub by the government.
Moreover, the representatives stated that their company is prepared to respond to future solicitations that align with the aspirations of the country.
They also presented their proposal to the President who spoke about the import, storage and distribution of petroleum products.
Expressing his views, President Ranil Wickremesinghe further stated that Sri Lanka expects rapid development following the program with the International Monetary Fund.
President Wickremesinghe also expressed his desire to promote and attract foreign businesses to operate within the country in the future.
By: Isuru Parakrama
Colombo (LNW): Today’s (14) exchange rates of a number of commercial banks in Sri Lanka reveal further depreciation of the Sri Lanka Rupee against the US Dollar.
Accordingly, Sampath Bank today records Rs. 320 as the buy price of the US Dollar and Rs. 335 as the sell price. These were orderly Rs. 310 and Rs. 325 yesterday (13).
People’s Bank records buy price Rs. 320.41 and sell price Rs. 339.17 today. These were orderly Rs. 305.05 and Rs. 331.47 yesterday.
Several other commercial banks reveal the depreciation of the Sri Lanka Rupee as follows;
By: Isuru Parakrama
Colombo (LNW): President Ranil Wickremesinghe yesterday (13) issued an extraordinary gazette declaring the Postal Service an essential service.
Colombo (LNW): During a discussion with the representatives of the Sinopec Group held at the Presidential Secretariat yesterday morning (13), President Ranil Wickremesinghe said that the government has taken a principled decision to expand the distribution of fuel which is expected to commence shortly.
The representatives from the Sinopec Group confirmed their readiness to invest in the import, storage, distribution, and marketing of fuel to cater to Sri Lanka’s energy requirements.
The representatives informed the Sri Lankan Government that their organisation has adhered to the existing system and has applied accordingly. They further conveyed their readiness to fully finance the construction of a refinery in Hambantota, which has been identified as a central energy hub by the government.
Moreover, the representatives stated that their company is prepared to respond to future solicitations that align with the aspirations of the country.
They also presented their proposal to the President who spoke about the import, storage and distribution of petroleum products.
Expressing his views, President Wickremesinghe further stated that Sri Lanka expects rapid development following the program with the International Monetary Fund.
The President also expressed his desire to promote and attract foreign businesses to operate within the country in the future.
Minister of Power and Energy Kanchana Wijesekera, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayake, Secretary to the President Saman Ekanayake, Secretary of the Treasury Mahinda Siriwardena, Secretary of the Ministry of Power and Energy Mapa Pathirana and government officials and representatives of the Sinopec Group participated in the discussion.
Forbes Marshall Lanka Pvt Ltd, a leading provider of process efficiency and energy conservation solutions for the process industry, recently celebrated their 30th anniversary with an event reflecting the company’s journey over the past three decades, and the growing partnership with some of Sri Lanka’s renowned institutions and organizations.
Held on 17th February at the Waters Edge, Battaramulla, the event saw participation of over 500 eminent personalities from various industry segments across Sri Lanka and Maldives. A seminar titled ‘Partnering for Process and Energy Efficiency’ took participants through three technical sessions discussing innovative solutions for process and energy efficiency through process uptime, and monitoring and evaluation of key performance indicators, as well as the novel concept of a Steam System Scorecard.
Forbes Marshall Lanka is a Forbes Marshall Group company. Backed by Forbes Marshall’s experience of over 75 years, Forbes Marshall Lanka today is the market leader for steam boilers, steam accessories, control instrumentation as well as effluent and emission monitoring systems in the country. In 2018, Forbes Marshall Lanka won the Gold Flame Award in the Energy Efficiency Improvement category of the Best Energy Services Company in Sri Lanka.
Loshan Palayangoda, the Country Manager for Sri Lanka and Maldives, in his welcome speech thanked everyone for making this journey of 30 years in Sri Lanka a success, highlighting that Forbes Marshall has been energising the businesses and communities worldwide for the past 75 years. He also stressed how Forbes Marshall is playing a part in shaping the future workforce through three steam laboratories established within the engineering faculties of University of Peradeniya, University of Moratuwa and University of Ruhuna, to train and impart knowledge sharing among undergraduates and engineers.
The General Manager of the Steam System Division of Forbes Marshall, Sachin Mahajan, explained the value of uptime, mainline trapping, process trapping and condensate recovery. He highlighted the importance of focussing on the percentage of condensate recovery, also known as condensate recovery factor (CRF), which ultimately gives an understanding of the energy recovery percentage in a steam system. He went on to show how Forbes Marshall engineers align with the target of 1-5 percent fuel bill saving of each customer by improving such aspects through detailed surveys conducted at each premises.
Atul Singh, a Senior Manager at Krohne Marshall, a JV between Forbes Marshall and KROHNE Messtechnik GmbH, Germany stressed on the value of smart measurement. He emphasized that Industry is significantly investing in monitoring and quantifying the consumption and savings achieved, and how the KROHNE products range enables them to monitor each and every area of a facility with higher accuracy.
Concluding the sessions was P.C. Prakash, a Senior Manager of the Energy Services Division of Forbes Marshall. He presented the novel concept of the Steam System Scorecard, illustrating that Forbes Marshall’s experience of over 75 years in the process industry has helped develop this concept, and explained how evaluation can assist industries to address operation and maintenance concerns to improve safety and efficiency, and reduce impact on environment. He also said that the industry average currently stands at 70pct, but plants can achieve a 100pct score with proper implementation. He invited the audience to join Forbes Marshall in this journey towards excellence.
Thanzyl Thajudeen
