President Ranil Wickremesinghe to leave for China today to attend Conference to mark the 10th anniversary of China’s Belt and Road Initiative: he is also scheduled to meet Chinese President Xi Jinping for discussions.
Electricity Consumers’ Assn General Secretary Sanjeewa Dhammika says the proposed electricity tariff hike of a further 22% would take a heavy toll on the country: further says almost 20% of industries have taken a hit in one way or another due to sky-rocketing electricity costs.
Hambantota International Port COO Tissa Wickremasinghe says the Port has handled over half a million trans-shipment units by September’23, exceeding the Port’s previous year’s figures.
SL’s private creditors send proposal for the restructure of their USD 12 bn of forex debt to SL: meanwhile, sources close to the Chinese debt re-structuring process have reportedly stated that the China Exim Bank has insisted that there should be no “hair-cut” on capital or interest: sources have also reported that the Exim Bank has insisted that about two-thirds of their loans have to be serviced by SL after the 2-year moratorium which finishes in April’24.
Government Medical Officers Assn meets President Ranil Wickremesinghe: hands over an 8-step proposal on brain drain, health crisis & matters affecting the Doctors.
Police Spokesman says the present Police IGP C D Wickremaratne has been granted an extension of another 3 weeks as IGP.
Colombo Stock Market suffers another week of losses: ASPI loses 174 points (1.58%) during the week while the average daily turnover records a dismal Rs.972 mn: in the previous week too, the ASPI lost 3.1%.
Minister of Tourism and Lands Harin Fernando says he and Minister of Public Security Tiran Alles have submitted a Cabinet paper seeking approval of the Cabinet to issue visas free of charge to tourists from China, Russia, India, Thailand & Indonesia.
Engineers say the water capacity of the Castlereagh & Maussakele reservoirs had increased to 90% and would spill over in a couple of days if the prevailing heavy rain experienced in the catchment areas, persist: also say the Wimalasurendra, Laxapana, New Laxapana, Polpitiya & Canyon power complexes are also presently generating the maximum hydro-electricity power.
Sri Lanka Women’s Cricket Captain Chamari Athapaththu becomes the ICC Women’s Player for the month of September’23.
C.D. Wickramaratne, the Inspector General of Police (IGP) , has been granted a further extension in his service tenure, as confirmed by Police Spokesperson SSP Nihal Thalduwa. This extension, effective from Friday, extends his service for an additional three weeks.
Originally slated for retirement from the post of Inspector General of Police on March 23, 2023, President Wickramaratne’s service has been extended multiple times. He initially assumed the role of the 35th Inspector General of Police in Sri Lanka on November 27, 2020.
A senior official from the International Monetary Fund (IMF), Krishna Srinivasan, Director of the IMF’s Asia and Pacific Department, addressed questions during a news conference concerning Sri Lanka’s debt situation. Srinivasan clarified that Sri Lankan authorities possess the flexibility to engage in negotiations and consider proposals presented by private creditors, including the possibility of issuing GDP-linked bonds.
He emphasized that the IMF’s role does not involve direct intervention in debt restructuring discussions between creditors and debtors, reaffirming the principle that such negotiations are primarily within the purview of the involved parties.
Showers or thundershowers will occur over most parts of the island after 2.00 p.m.
Fairly heavy showers above 75 mm can be expected at some places in Uva, Central, Sabaragamuwa and Easten provinces.
A few showers may occur in coastal areas of the western and southern provinces during the morning too.
Misty conditions can be expected at some places in Central, Sabaragamuwa and Uva provinces during the morning.
The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.
Prasanna Vithanage’s film Paradise made history by clinching the Kim Jiseok Award for the Best Film at Busan International Film Festival 2023. Film is produced by Newton Cinema and presented by Mani Ratnam and Madras Talkies.
Paradise had its world premiere at Busan, featuring an all-star cast and crew, including Roshan Mathew, Darshana Rajendran, Shyam Fernando, and Mahendra Perera. The film boasts Rajeev Ravi as the cinematographer, Sreekar Prasad as the editor, Tapas Nayak as the sound designer, and K, the music director. Paradise will have its Indian premiere at the Jio MAMI Mumbai Film Festival from October 27th to November 5, 2023, in the Icon Section which showcases the films of iconic South Asian directors.
The Kim Jiseok Award, established in 2017, commemorates the late Kim Jiseok, who dedicated his life to discovering and supporting the growth of Asian cinema.
Paradise narrates the vacation of a tourist couple, exploring their struggles with societal, personal, and internal challenges. Through their experiences, they unveil an objective truth about human nature.
“After 28 years today, it is ironic to receive this award named after late Kim Jiseok. Kim was a dear friend to all Asian filmmakers. Kim, I am honored to take you to my home. I would like to thank you, my dear producer Anto Chittilappilly and Newton Cinema, our presenter Mr. Mani Ratnam, Madras Talkies, the cast, and crew of Paradise. This award belongs to you,” stated Prasanna Vithanage.
Mani Ratnam, of Madras Talkies, said, “When there is turmoil in paradise, both social and economic, when there is a re-evaluation of man-woman relationship, when an old epic gets reflected in today’s troubled times, we have Paradise, a film with a vision.”
“Our world premiere at Busan resulted in winning the Kim Jiseok Award for the Best Film. Everyone at Newton Cinema is on ‘Cloud Nine,’ and we believe this victory will propel the film to audiences worldwide. We are confident that audiences everywhere will enjoy the film as much as our sold-out audiences did in Busan,” remarked Anto Chittilappilly, CEO of Newton Cinema.
Ambassador of Sri Lanka to the Philippines Dr. Chanaka Harsha Talpahewa presented his credentials to President Ferdinand R. Marcos, Jr., of the Republic of the Philippines on 10 October 2023 at the Malacañan Palace in Manila. This was followed by the traditional wreath laying ceremony at the Rizal Monument in honour of Philippine national hero Dr. Jose Rizal.
Upon presentation of credentials, Ambassador Talpahewa had a tete-a-tete with President Marcos. He conveyed the best wishes and sincere greetings of President Ranil Wickremesinghe to President Marcos, the government and the people of the Philippines.
During the discussion, Ambassador Talpahewa stated that he looks forward to working towards further consolidating and strengthening the warm and friendly relations between Sri Lanka and the Philippines and taking it to the next level. He also mentioned that he will actively work towards bringing in investments from Sri Lankan companies in the Philippines. President Marcos Jr. welcomed this initiative and stated that countries like the Philippines and Sri Lanka should enhance bilateral cooperation not only in the political sphere but also in the economic sphere.
The Qatar Charity has initiated a program to offer financial assistance to 3,000 farmers engaged in the cultivation of vegetables and crops during the Maha Season in three districts. This endeavor was discussed on Tuesday (10) in the presence of Agriculture Minister Mahinda Amaraweera and Qatar Charity’s Project Manager, Tharick Mansoor. Agriculture Ministry Secretary Gunadasa Samarasinghe and other officials also participated in the meeting.
While farmers cultivating paddy in various cropping seasons have received necessary financial and material support, similar concessions have been limited for those engaged in growing vegetables and other crops. To address this gap, the Qatar Charity is extending assistance to 3,000 such farmers in Kurunegala, Moneragala, and Matale districts, providing each with a bulk of fertilizer valued at Rs. 20,000. The selection of beneficiaries is based on their association with Qatar Charity and the size of their land, which should be less than one hectare.
The scheme focuses on low-income farmers and aims to provide relief to those cultivating maize, chillies, and various vegetables. Minister Amaraweera underscored the importance of supporting non-paddy crops, as significant government relief has historically boosted rice production. He also addressed concerns about rising vegetable prices due to recent droughts and ongoing rains, emphasizing the need to ensure a stable supply of vegetables for the future.
The Health Ministry has taken swift action to suspend and cancel all orders from Isolez Bio-Tech Pharma Company due to ongoing issues related to drug supply in Sri Lanka. Health Minister Keheliya Rambukwella has instructed the Ministry Secretary and relevant institution heads to notify them in writing of this decision.
In addition, all payments to the company have been immediately halted pending the completion of investigations by the Criminal Investigation Department into alleged drug fraud. The Minister has ordered the suspension and cancellation of orders and supplies from the company in light of the recent problematic situation. Complaints regarding questionable supplies from the pharmaceutical company have been forwarded to the Criminal Investigation Department, which is now conducting an investigation.
Key officials, including the Health Ministry Secretary, Additional Secretary (Pharmaceuticals, Supply, and Regulation), Director General of Health Services, Deputy Director General (Medical Supplies), State Pharmaceutical Corporation Chairman, National Drug Regulatory Authority Chairman, and Chief Executive, have been notified about the situation.
The Health Minister has also sought legal advice from the Attorney General to expedite legal proceedings concerning this pharmaceutical company and the related incident.
SSP Nihal Talduwa, the Police Media Spokesman, stated that the Criminal Investigation Department has received five complaints related to the import of drugs into Sri Lanka using forged documents and signatures. These complaints were filed by an advisor to the Health Minister, a voluntary organization, the Chief Executive Officer of the National Drug Regulatory Commission, the Chief Executive Officer of the Drug Regulatory Authority, and another individual. Investigations into the matter are currently underway.
Colombo (LNW): The Global Sovereign Debt Round table(GSDR), has assured that the work continues toward reaching an agreement in principle with official creditors on specific restructuring terms, for Sri Lanka.
The objective of the Global Sovereign Debt Roundtable is to build greater common understanding among key stakeholders involved in debt restructurings.
GSDR works together on the current shortcomings in debt restructuring processes, both within and outside the Common Framework, and ways to address them.
It has reviewed progress in reaching common understanding on ways to address key impediments to efficient debt restructuring, on Thursday (12).
Meanwhile Sri Lanka’s private creditors have sent a proposal on how to restructure $12 billion of overseas debt, including a new type of bond designed to ease repayments in case of future economic pressure,
The overall proposal includes an option for creditors that combines Macro Linked Bonds (MLBs), with a regular bond and a second option of regular bonds with a Value Recovery Instrument (VRI), one of the sources said.
The MLBs were included to ensure the new instruments would be index-eligible, the sources said. Bonds included in an index generally have more liquidity
The IMF said that the GSDR discussed the priority areas for the work going forward.
According to the GSDR Co-chairs Progress Report released at the end of the meeting, significant progress has also been made in actual debt restructuring cases, including Sri Lanka.
However, the time period taken for the programs is still beyond the 2-3 months that were observed in the past.
“There has been a landmark agreement in June between Zambia and their official bilateral creditors, and continued progress in the discussion of other cases.
More broadly, the past 6 months have seen a positive momentum, with somewhat shorter timelines and somewhat smoother processes.
It The report added that for Sri Lanka, the financing assurances provided by an ad hoc committee of official creditors (comprising the Paris Club and India, and co-chaired by France, Japan and India) and China, enabled the approval of the Fund supported program in March 2023.
Since then, the work continues toward reaching an agreement in principle with official creditors on specific restructuring terms, it added.
In parallel, the authorities have concluded the restructuring of some of the domestic debt and are in active negotiations with Eurobond holders on a restructuring plan, said the report.
The GSDR progress report was released by the International Monetary Fund Managing Director Kristalina Georgieva, World Bank President Ajay Banga and Finance Minister of India, Nirmala Sitharaman, co-chairs of the GSDR.
Colombo (LNW): Sri Lanka, known for its ability to produce high-end niche apparel, is now focused on enhancing its capacity to produce eco-friendly clothing using organic textiles, where compliance remains a key component.
The island nation’s apparel sector plans to tap the half-a-billion USD global organic textile which is set to grow at a compound annual growth rate of 40% within the next five years.
With eco-consumption on the rise, it is evident that apparel companies too, are gearing for the shift in consumer patterns.
The Joint Apparel Association (JAAF) notes an increase in Sri Lankan companies obtaining the Global Organic Textile Standard (GOTS), indicating an increased awareness within the industry of the importance of adopting international best practices and sustainable manufacturing.
South Asian Representative of GOTS Ganesh Kasekar reveals a 78% increase in certified facilities compared to 2022 in Sri Lanka, with 136 factories currently holding certification.
Amongst these Sri Lankan companies, local apparel giants including Hirdaramani International Exports, MAS Intimates and Brandix have also obtained GOTS certification for the sustainable production of children’s wear, ladies’ wear, men’s wear, and baby wear.
GOTS is recognized as the world’s leading processing standard for textiles manufactured using organic fibres.
It defines high-level environmental criteria through the entire organic textiles supply chain and requires compliance with social criteria as well.
The successful completion of GOTS certification by an approved certifier provides companies with the right to participate in the GOTS programme, including using the standard and the GOTS logo on GOTS-approved goods.
With the standard being renewed annually, GOTS 7.0 was launched in March 2023, with full implementation required for all certified entities by March 2024.
Built on the three pillars of social responsibility, environmental sustainability and ethical business practices, GOTS covers the production process end to end.
GOTS has developed standards that cover the entire production process, based on the use of organic fibres, from textile processing and manufacturing up to licensing and labelling.
The certification process is rigorous and requires compliance with all criteria, but ultimately leads to an internationally recognized organic certification.”
The certification demonstrates a company’s commitment to providing sustainable, ethical and high-quality products to stakeholders, partners and consumers. Therefore to earn a GOTS certification, textile products must contain a minimum of 70% organic fibers, reflecting a commitment to environmentally friendly materials.
Additionally, stringent criteria govern the use of chemical inputs – ensuring that dyestuffs and auxiliaries meet strict environmental and toxicological standards.
Even the choice of accessories is guided by ecological considerations. Notably, a functional waste water treatment plant is mandatory for any wet-processing unit, underscoring the importance of responsible water management.
