Colombo (LNW): The Sri Lankan Rupee today (17) indicates further depreciation against the US Dollar as revealed by leading commercial banks in Sri Lanka, in comparison to last week.
At Peoples Bank, the buying price of the US Dollar has increased to Rs. 312.24 from Rs. 311.42, and the selling price to Rs. 327.76 from Rs. 326.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. 311.01 from Rs. 311, and the selling price to Rs. 322.50 from Rs. 322.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 312 from Rs. 309, and the selling price to Rs. 327 from Rs. 324.
Colombo (LNW): Police have arrested the principal of a school under the Jaffna Island Education Office in connection with assaulting a minor studying in the school.
The principal who is accused of assaulting a nine-year-old girl four days ago (13) was arrested by the Kayts Police yesterday (16). The minor who was beaten was admitted to Jaffna Hospital.
The parents of the child have reportedly lodged a complaint with the Human Rights Commission of Sri Lanka (HRCSL) in this regard, and the Kayts Police are conducting further investigations.
Govt to seek Parliament approval to increase the borrowing limit by a further Rs.9,000 bn: the latest debt ceiling increase is said to enable the Govt to cover debt service payments, recurring expenses, and welfare expenses: the total debt of the Govt as at end-2022 was Rs.27,492 bn, while the total debt at end-2014 was only Rs.7,487 bn, indicating that the Govt had borrowed a staggering Rs.20,005 bn since end-2014.
Finance Ministry sources say the divestment of SriLankan Airlines and its subsidiaries has been identified as a priority due to its “high fiscal risks”: its phase 1 restructuring process to be completed by end-2023: International Finance Corporation appointed as the “sell-side” transaction advisors.
Former Investment Promotion Minister Rohitha Bogollagama who is now the HC designate to UK, says SL should set up a Special Economic Development Commission to fast track investments: also says it must be similar to the Investment Promotion Board in Singapore.
Former Industries Minister Wimal Weerawansa urges President Ranil Wickremesinghe to establish a Presidential Commission of Inquiry to probe the “international conspiracy” during the “Aragalaya” last year: in September 2022, former CB Governor Ajith Nivard Cabraal also urged the President to initiate a Presidential Inquiry into the conspiracy surrounding the announcement of bankruptcy by the Govt on 12th April 2022.
Energy Minister Kanchana Wijesekera says he has requested India to add gas to a proposed oil pipeline to connect the two countries: request said to have been made, considering a “development plan for a tank farm in Trincomalee, expected refinery development, oil and gas exploration, connections to domestic LPG terminals that will target regional markets, and to enable energy requirement of the two countries”.
Sri Lanka’s first artificial beach of a length of 3.5 km built within the Colombo Port City declared open for the free use of the general public: a food court with local and foreign food also opened in the vicinity.
International Chamber of Commerce Chairman Shanil Fernando says the ICC will host the 3rd Arbitration Conference next month: speakers to include Justice Priyantha Jayawardena PC (Judge of the Supreme Court), Vikum de Abrew PC (Additional SG), Viveka Siriwardena PC (Additional SG), and Dr. Harsha Cabral PC (Former Member ICC Court of Arbitration).
Transport and Highways Minister Bandula Gunawardena urges Govt to release Rs.20 bn for urgent repairs and maintenance of roads in view of the adverse condition of existing road networks: laments that the Cabinet had been informed about the requirement but the allocations had not been made so far.
Fines for election-related offences to be drastically increased in terms of a proposed bill that has already been gazetted: fines for election-related offences are set to increase from about Rs.50,000 and Rs.400,000.
Tharushi Karunarathna and Gayanthika Abeyrathna win Gold and Bronze medals respectively in the Women’s 800m at the Asian Athletics Championships 2023 in Thailand: SL wins the Silver medal in the Women’s 4x400m Relay event and the Gold medal in the Men’s 4x400m Relay event.
Colombo (LNW): In a bid to produce Sri Lankan data scientists and AI engineers, DP Education and the University of Ruhuna entered a memorandum of understanding (MoU) on July 12, 2023 initiating a free and online course of Data Science and AI (Artificial Intelligence).
The event was graced by Dhammika Perera, Co-Founder of DP Education, and Senior Prof. Sujeewa Amarasena, Vice Chancellor of the University of Ruhuna.
The new online course consists of five modules;
Foundation course
Data Analysis
Data Engineering
Machine learning
Data science
The two parties have agreed to develop digital lessons for Data Science and AI and distribute their digital contents for free through the University’s online learning platform.
Colombo (LNW): Yuan Jiajun, member of the Central Committee Political Bureau of the Chinese Communist Party (CPC) and Secretary of the Party’s Chongqing Municipal Committee, is set to arrive in Sri Lanka soon, announced the Chinese Embassy in Colombo yesterday (16).
The CPC high ranking diplomat will visit Sri Lanka from 19 to 23 July, the Embassy tweeted.
Chongqing is China’s youngest municipality directly under the central government, with a population of 32 million, an area of 82,000 square kilometers and a regional GDP of 3,000 billion yuan (about USD 430 billion) in 2022.
H.E. Yuan Jiajun, member of the CPC Central Committee Political Bureau and Secretary of the CPC Chongqing Municipal Committee, will visit Sri Lanka from 19 to 23 July. pic.twitter.com/rF0TozJPzH
— Chinese Embassy in Sri Lanka (@ChinaEmbSL) July 16, 2023
Colombo (LNW): Several spells of showers will occur in Western, Sabaragamuwa and North-Western provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts, and showers or thundershowers may occur at a few places in Uva province and in Ampara and Batticaloa districts during the evening or night, the Department of Meteorology said in a statement today (17).
General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Condition of Rain:
Showers or thundershowers will occur at several places in the sea areas off the coast extending from Colombo to Matara via Galle.
Winds:
Winds will be south-westerly and speed will be (30-40) kmph. Wind speed may increase up to (45-55)kmph at times in the sea areas off the coast extending from Hambantota to Pottuvil and in the sea areas off the coast extending from Puttalam to Trincomalee via Mannar and Kankasanthurai.
State of Sea:
The sea areasoff the coast extending from Trincomalee to Pottuvil via Kankasanthurai, Mannar, Colombo, Galle and Hambanthota will be rough at times. The other sea areas around the island may be moderate. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
Colombo (LNW): Sri Lanka’s external sector performance was stabilizing in the first five months of this year as the trade deficit narrowed while workers’ remittances tourism earnings and the balance of payments improved.
The Central Bank of Sri Lanka (CBSL) notes that the value of the rupee has been appreciated while gross official reserves stood at US$ 3.5 billion.
Inflows from workers’ remittances increased significantly by 75.7 percent, earnings from tourism grew by 30.4 percent whereas; total exports contracted by 7.7 percent; total imports declined by 22.8 percent; trade deficit narrowed to $1,926.0 million; and gross official reserves stood at USD 3.5billion.
The earnings from exports dropped by 7.7 percent or $ 407.7 million to $ 4,865.7million in the first five months of 2023, compared to$ 5,273.4 million in the same period of 2022.
Similarly, expenditure on imports declined by 22.8 percent or $ 2,010.3 million to $ 6,791.4 million in the first five months of 2023, compared to$ 8,801.7 million in the same period of 2022
The workers’ remittances grew significantly by 75.7 percent or$ 1,011 million to $2,347 million in the first five months of 2023, compared to $ 1,336 million in the same period of 2022.
This was mainly due to large remittance inflows with notable increase in migration of Sri Lankan workers sincethe latter part of 2022 and several policy measures including incentive schemes undertaken by the CBSL together with the Government to encourage migrant workers to use official channels to repatriate their remittances.
Earnings from tourism increased by 30.4 percent to $ 828.0 million in the first five months of 2023, compared to $635.0 million recorded in the same period of 2022 due to the continued recovery in the globaltourism.
Tourist arrivals grew to 524,486 in the first five months of 2023 compared to 378,521 in the same period of 2022. Mosttourists arrived from Russia, India, the United Kingdom, Germany, and France during this period.
The Colombo Stock Exchange (CSE) recorded a significant decline in net inflow of $ 3 million in the first five months of 2023, compared to$ 92 million in the same period of 2022.
In contrast, gross inflows to the government securities market increased notably to $ 398 million in the first five months of 2023 from $ 9 million in the same period of 2022.
Meanwhile, the gross official reserves stood at $ 3.5 billion as at end May 2023 including the swap facility of $1.4 billion (equivalent) from People’s bank of China. The overall Balance of Payments (BoP) recorded a surplus of $1,597 million by end of May, 2023 compared to deficit of $2,595 million in the same period of 2022.
The Sri Lankan rupee appreciated significantly by17.6 percent against the USD by the end of June 28, 2023.
Colombo (LNW): President Ranil Wickremesinghe on Thursday said both India and Sri Lanka should forge together with a long term common plan to effectively harness the great potential for a shared future rather than on a piecemeal or issues-basis.
He made this observation during his keynote at the Indian CEO Forum’s annual fellowship banquet at the Taj Samudra, Colombo.
Scheduled to make his first visit to India and hold bilateral talks with Premier Narendra Modi since assuming Presidency, Wickremesinghe, said his primary objective is to enhance “connectivity” at all levels between the two countries.
“We need to determine our long-term objectives and aspirations for the next 10 to 15 years. This marks the beginning of a new era, and we must forge ahead together. I hope to discuss this with Prime Minister Modi,” Wickremesinghe said.
Sri Lanka’s goal is to establish a highly competitive economy that can stand on par with the rest of the world, encompassing green and digital sectors.
India and Sri Lanka should embark on this transformative journey together, as we have for the past 2,500 years. Regardless of political dynamics, our cultural and economic ties have remained steadfast,” the President added.
“It’s crucial to recognise that the relationship between our countries is not solely driven by governments but by our people, who are moving forward at a rapid pace.
We must adapt to the changing world, avoiding the pitfalls that come with government intransigence.
Hence, we must foster a long-term relationship between our two nations, transcending individual leaders or political parties. Together, India and Sri Lanka possess immense potential, and it is our path forward,” the President stressed.
To put in context the need for a long-term plan, the President traced the history of relations between India and Sri Lanka. “Trade between Sri Lanka and India began 700 years ago.
We have a remarkable history of Kerala merchants venturing to Sri Lanka and establishing businesses, ultimately integrating into our local system.
This cultural amalgamation is evident in landmarks like the Pattini Devalaya in Navagamuwa, which reflects the influence of Kerala on Sri Lankan culture.”
“By the late 19th century, India accounted for only 1% of the world’s GDP. However, with the shift of economic power towards Asia, India has once again risen to prominence. Just as East Asia, including countries like Japan, Korea, and China, witnessed significant growth 75 years ago, it is now India’s turn, along with the Indian Ocean region.
Colombo (LNW): The 4th Round of Foreign Office Bilateral Consultations, Second Strategic Maritime Dialogue and the Third Joint Trade and Investment Committee Meeting between Sri Lanka and Australia took place at the Ministry of Foreign Affairs in Colombo, the Ministry of Foreign Affairs says.
These meetings were co-chaired by First Assistant Secretary of the Department of Foreign Affairs and Trade of Australia Gary Cowan, Additional Secretary (Bilateral East) Yasoja Gunasekera and Additional Secretary (Economic Affairs) Shanika Dissanayake of the Ministry of Foreign Affairs and Secretary of the Ministry of Trade, Commerce and Food Security A.M.P.M.B. Atapattu.
During the discussions, new avenues for increased institutional cooperation in the defence, agriculture, cyber security and education sectors were identified, the foreign affairs ministry said in a statement.
Meanwhile, the both sides have agreed to work together to strengthen regional cooperation, including through the Indian Ocean Rim Association (IORA).Discussions also took place on strengthening trade and investment ties, it added.
The Ministry of Foreign Affairs in Colombo was the venue for a significant meeting between Sri Lanka and Australia on July 12, 2023.
This meeting marked the 4th round of the Foreign Office Bilateral Consultations, the second Strategic Maritime Dialogue, and the third Joint Trade and Investment Committee Meeting between the two nations.
The gatherings were held with the aim to strengthen mutual cooperation and create a roadmap for future collaboration in various sectors.
During the consultations, the focus was drawn towards identifying new paths for enhanced institutional collaboration in several sectors including defense, agriculture, cybersecurity, and education.
The discussions yielded productive results as both countries saw common ground in these fields, and agreed to work on potential joint initiatives.
Furthermore, both nations also expressed an intent to solidify regional cooperation, underlining the role of the Indian Ocean Rim Association (IORA).
By involving this key regional body, they hoped to address shared challenges and achieve common goals. This mutual understanding and willingness to collaborate sets the foundation for what could become a stronger strategic partnership in the Indian Ocean region.
Colombo (LNW): Sri Lanka-headquartered EFL Global has opened its first facility in the UK as it looks to cater for high-street retailer demand.
The Black Arrow warehouse was developed by Airport Industrial Property Unit Trust (AIPUT) and is located at the Blackthorne Point logistics campus close to Heathrow Airport.
EFL’s facility, which will create 35 new roles when fully operational, measures 2,579 sq m and will primarily handle stock imports for major high-street clothing retailers.
The building includes a number of environmental initiatives including roof-mounted photovoltaic panels and other Low and Zero Carbon technologies, which together will deliver a 30% reduction in CO₂ emissions over building regulation requirements.
EFL global president – Americas Region, Evan Rosen, said: “We are elated to expand our business and operations in England. EFL Global continues to invest in key regions that are most important to our clients, which includes strategic planning and expansions in the European region.
This market is a critical part of our journey to provide unparalleled logistics and supply chain services across the globe.”
AIPUT fund manager Nick Smith added: “AIPUT is delighted to welcome EFL Global as our newest customer to our recently completed Black Arrow warehouse, West Heathrow.
Collaboration is at the core of our culture, and through working closely and at speed with EFL Global, we are pleased to have met their needs and introduce an exciting new global freight forwarder to the UK logistics market.”
AIPUT’s existing customers at Blackthorne Point include UPS Supply Chain, Scan Global Logistics, Flostream and CH Robinson.The forwarder has been expanding rapidly in recent years with several new office openings. Earlier this year, the company purchased Canadian firm Locher Evers International
