By: Isuru Parakrama
Colombo (LNW): The Samagi Jana Balawegaya (SJB) has won the election for office at the Various Cooperative Society in Mahaoya – Padiyathalawa.
Accordingly, the SJB group has secured 08 out of 11 regions in the Co-Op Society election, and 04 out of 07 members of its Director Board have been elected from the main Opposition party.
By: Isuru Parakrama
Kandy (LNW): DP Education has joined hands with the 2023 Kandy Book Fair, which commences today (26) running up to July 02.
The Kandy Book Fair is being held in Kandy City Centre and you can find the DP Education stall inside.
Visit the stall and you can learn about and connect with DP Education’s free educational opportunities and also win 5 valuable tabs by subscribing to DP Education’s Facebook Page and YouTube Channel.
DP Education invites everyone to visit their stall at the Kandy Book Fair.
By: Isuru Parakrama
Colombo (LNW): Showers or thundershowers will occur at times in Western and Sabaragamuwa provinces and in Kandy, Nuwara-Eliya, Galle and Matara districts, whilst fairly heavy showers above 75mm can be expected at some places in the Western province and in Galle and Matara districts, announced the Department of Meteorology in its daily weather forecast today (26).
Several spells of showers will occur in North-Western province, 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 statement added.
Fairly strong winds about (40-45) kmph can be expected at times in western slopes of the central hills, Western and North-Central provinces and in Puttalam, Galle, Hambantota and Trincomalee districts.
General public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershower.
Marine Weather:
| Condition of Rain: |
| Showers or thundershowers will occur at several places in the sea areas off the coast extending from Puttalam to Matara via Colombo and Galle. |
| Winds: |
| Winds will be south-westerly and speed will be (25-40) kmph. Wind speed may increase up to (50-60) kmph at times in the sea areas off the coast extending from Hambantota to Pottuvil and off the coast extending from Kankasanthurai to Puttalam via Mannar. Wind speed may increase up to 50 kmph at times in the sea areas off the coast extending from Trincomalee to Kankasanthurai and from Puttalam to Hambantota via Colombo and Galle. |
| State of Sea: |
| The sea areas off the coast extending from Hambantota to Pottuvil and from Kankasanthurai to Puttalam via Mannar will be rough at times. The sea areas off the coast extending from Trincomalee to Kankasanthurai and from Puttalam to Hambantota via Colombo and Galle will be fairly rough at times. Temporarily strong gusty winds and very rough seas can be expected during thundershowers. |
Last night, the CB Governor abruptly announced a bank holiday of 5 days from coming 29th. Accordingly, a special bank holiday was announced for 30th so that 4 actual holidays plus the special holiday become 5 days of bank holiday.
I felt panic whether my deposits at banks could be unsafe. The reason is that, as I am aware from other countries, the authorities declare bank holidays to prevent any anticipated bank runs or panic depositors running to banks to withdraw their deposits unexpectedly.
However, the purpose of the bank holiday declared above was described as the time period required for the completion of the government domestic debt optimization already announced in the media.
The news presented by the CB Governor covered following items.
My Observations
Accordingly, the adjustment will involve in the value of their assets in government debt/securities, capital if any loss to their assets is realized through the debt rework and income statement of the current quarter and financial year if any loss is to be assumed (by way of reduced interest rates, haircuts, etc.). As such, their liabilities such as deposits and borrowings utilized to fund the investments in government debt in the balance sheet should not be directly affected as at the restructuring date.
Therefore, the debt rework is only an accounting/book-keeping exercise for both the government and investors and, therefore, does not require any specific holiday period for banks or other investor financial institutions such as finance companies, superannuation funds and insurance companies.
Overall Comment
(This article is released in the interest of participating in the professional dialogue to find out solutions to present economic crisis confronted by the general public consequent to the global Corona pandemic, subsequent economic disruptions and shocks both local and global and policy failures.)
P Samarasiri
Former Deputy Governor, Central Bank of Sri Lanka
(Former Director of Bank Supervision, Assistant Governor, Secretary to the Monetary Board and Compliance Officer of the Central Bank, Former Chairman of the Sri Lanka Accounting and Auditing Standards Board and Credit Information Bureau, Former Chairman and Vice Chairman of the Institute of Bankers of Sri Lanka, Former Member of the Securities and Exchange Commission and Insurance Regulatory Commission and the Author of 10 Economics and Banking Books and a large number of articles published.
The author holds BA Hons in Economics from University of Colombo, MA in Economics from University of Kansas, USA, and international training exposures in economic management and financial system regulation)
Source: Economy Forward
Krishantha Prasad Cooray
Today, the 26th of June, my father will turn 86. He’s not in the best of health and is in no condition to celebrate. My mother, brothers and perhaps some close relatives and friends will be there to wish him. I will be a few hours late. By the time I reach home from the airport he is likely to be asleep. That kills me because my father would always be a few hours early for my birthday and those of my brothers.
Eric Cooray, my father, was always surrounded by lots of people as a young man, but all that changed when he married my mother. From that day onwards he was absolutely devoted to her and later to us as well.
I can’t remember my baby days, but I vividly remember my first days at St Thomas’ College, Mt Lavinia. I insisted that I sit close to a window. He was strictly instructed to locate himself so that I could see him. He didn’t need to be told. I was extremely attached to him and he loved all of us very much, as I realised much later, for it was a pattern — he never let us down. He put up with all our nonsensical demands and quite happily too. Nothing has impressed me more than the fact that he has always been a family man, first to his wife, then to his sons and now to his daughters-in-law and grandchildren.
A few weeks ago, when he was in hospital, there were times I fell asleep out of exhaustion. I always woke up feeling guilty because I remembered how he stayed up by our beds when we fell sick, checking on us throughout the night. Then I understood and appreciated all over again the fact that he has always been my hero. He has set the standards that I aspire to achieve and maintain.
My father, who hails from Paiyagala, was an extremely hard working man who lived a very tough life but faced all challenges with utmost calm and exemplary courage, never once compromising his principles.
A strong Catholic, he firmly believed that God gave us two ears and one mouth for a reason. He spoke little and didn’t care much for those who overdramatised matters. Neither did he speak ill will of anyone. He may have had reservations about people, but he kept those to himself. It was clear however that he appreciated loyalty and honesty. Indeed, he taught us the virtues of both qualities, simply by affirming them in his life.
He worked hard and appreciated deeds more than words. He bore his crosses quietly, grieved in private. He knew who he was and what he was capable of. He never pretended to be someone he was not. He was proud of what he had accomplished but was not one to brag about it. His grit, discipline and faith saw him through the tough times, but he didn’t make a song and dance about it.
Family, as I said, was everything to him. He wanted to see his sons grow into strong men and responsible citizens and did everything to make this possible but didn’t let any of it detract from his love and loyalty to his wife, our mother.
Today, as I, now a father, struggle to do everything to make it possible for my daughters to grow into strong, intelligent, compassionate, and responsible young women, I find myself drawing extensively from my father’s life, thinking and ways of parenting. He has taught me even though he hardly ever lectured me about such things. I too want to be the bedrock of my family as he was the bedrock of his. I strive to cultivate his indomitable spirit and often wonder if I can ever emulate him.
It doesn’t matter, though. Whenever I have to make an important or difficult decision, I simply ask myself ‘what would Thattha have done?’ Invariably I remember many instances where he did things in a certain way and I get the answer I was looking for.
I don’t know if I ever lived up to his expectations, but then again he never insisted that any of us should be anything other than what we wanted to be. He was distant that way. Correctly so, I might add. He’s close in so many other ways; so close and such a giant too that he makes me feel very small, and so well protected by him even though he’s in his eighties and I am in my fifties.
In recent years, Europe has emerged as a global leader in the green transition movement, spearheading sustainable practices and renewable energy initiatives. Faced with the pressing challenges of climate change and the need to reduce greenhouse gas emissions, European countries have taken bold steps towards a cleaner and more sustainable future.
One of the cornerstones of Europe’s green transition is the adoption of renewable energy sources. Across the continent, countries have made substantial investments in wind, solar, and hydroelectric power, harnessing the abundant natural resources available. Wind farms have sprouted across the North Sea, with countries like Denmark, the Netherlands, and Germany leading the charge. These wind farms not only generate clean energy but also create employment opportunities and contribute to regional development. Solar power installations have also witnessed significant growth, particularly in southern European countries like Spain, Italy, and Greece, where abundant sunshine offers an ideal environment for solar energy production. Additionally, hydroelectric power plants, such as those found in Scandinavia and the Alps, provide a reliable and renewable energy source.
To support the transition to renewable energy, European governments have implemented ambitious targets and policies. The European Union’s Renewable Energy Directive sets binding targets for member states, aiming to reach a 32% share of renewable energy consumption by 2030. Governments have also introduced feed-in tariffs, tax incentives, and subsidies to encourage investment in renewable energy projects. This comprehensive approach has facilitated the rapid expansion of renewable energy capacity, creating a more diverse and sustainable energy mix.
Beyond renewable energy, Europe’s green transition encompasses various sustainable practices aimed at reducing environmental impact. Energy efficiency measures have gained prominence, with initiatives focused on improving the energy performance of buildings, promoting energy-efficient appliances, and encouraging the use of smart grid technologies. The European Union’s Energy Efficiency Directive sets targets for reducing energy consumption and increasing energy efficiency, driving innovation in sectors such as transportation, industry, and agriculture.
European cities have emerged as pioneers in sustainable urban development. Urban planners and policymakers are promoting compact and livable cities, integrating green spaces, and prioritizing public transportation, cycling, and walking over private vehicles. Many cities have implemented congestion charging, low-emission zones, and electric vehicle infrastructure to reduce air pollution and promote cleaner mobility options. The concept of “smart cities” is gaining traction, leveraging digital technologies to optimize energy use, manage resources efficiently, and enhance the quality of life for citizens.
Moreover, Europe’s green transition extends beyond its borders through international cooperation and collaboration. The European Union has been actively engaged in global climate negotiations, advocating for stronger commitments and fostering partnerships with other nations. The Paris Agreement, a landmark international accord on climate change, received strong support from European countries, underscoring their commitment to reducing emissions and transitioning to a low-carbon economy.
The green transition is not without its challenges, and Europe continues to address them proactively. The intermittent nature of renewable energy sources necessitates investment in energy storage technologies, such as battery systems and hydrogen infrastructure, to ensure a reliable and stable energy supply. Grid infrastructure must be modernized and upgraded to accommodate the decentralized nature of renewable energy generation. Additionally, the phase-out of fossil fuels requires careful planning and consideration for affected industries and communities, necessitating a just transition approach that ensures no one is left behind.
In conclusion, Europe’s green transition represents a paradigm shift towards sustainability and renewable energy. Through robust renewable energy initiatives, ambitious targets, and sustainable practices, Europe is driving the global transition to a low-carbon future. By prioritizing innovation, collaboration, and long-term planning, European countries are setting an inspiring example for the rest of the world, demonstrating that economic prosperity and environmental stewardship can go hand in hand. However, the journey towards a sustainable Europe is ongoing, and continued commitment, investment, and cooperation will be crucial in realizing a greener and more prosperous future for all.
Source: Commonwealth Union
USA (Commonwealth Union): Nineteen-year-old Indian American student Tanishq Mathew Abraham has now earned the title of doctor, marking a significant accomplishment in his academic journey. According to reports, as a student of biomedical engineering, he will be awarded his PhD from the University of California at Davis next week. Abraham, who successfully defended his dissertation in May, proudly declared his achievement on Twitter. He tweeted, “After 4 years 8 months in the @UCDavisGrad @UCDavisBMEGG graduate program, I am now Dr. Tanishq Mathew Abraham (at 19 years old)!! Very excited to share the news that I successfully defended my PhD research today!”.
Abraham’s specialized focus throughout his Ph.D. program was the advancement of artificial intelligence (AI) systems used in diagnostic pathology. His remarkable academic journey began when he started taking college courses at the age of seven while still in high school. At the age of ten, he completed high school, and four years later, at the age of fourteen, he officially graduated from UC Davis with an undergraduate degree. Born and brought up in an Indian American immigrant family, Abraham aspires to concentrate on the intersection of artificial intelligence and medicine. Expressing his commitment, he stated, “I think we are now in the AI revolution, and I want to continue to be a part of it.”
The extraordinary accomplishments of Tanishq Mathew Abraham have left a lasting impression on those who know him, generating a strong sense of confidence in his future endeavors. Jean-Pierre Delplanque, the vice provost and dean of graduate studies at UC Davis, expressed his admiration, stating, “For Tanishq, to have already reached this milestone at such a young age is incredible. I know he will continue to accomplish great things in his life, and I cannot wait to see the transformative impact he will have on our world.” Further, in a symbolic tradition, Abraham had the opportunity to ring the bell at UC Davis, symbolizing the fulfillment of all the requirements for his PhD.
During the ceremony, Abraham’s sister, currently enrolled in a graduate music program at Indiana University, will perform the national anthem. Further, his 90-year-old Indian American grandmother, who obtained her own PhD in the 1960s as a veterinarian, will also be present to witness this momentous occasion. Demonstrating his dedication to furthering the field of medical AI, Abraham recently established the Medical AI Research Center in collaboration with professionals from Stanford and Princeton. The center has already made notable strides, publishing a paper on MindEye, a technology that generates images from brain activity.
Tanishq Mathew Abraham credits his late grandfather, veterinary researcher Dr. Zachariah Mathew, and his grandmother as his sources of inspiration. His grandmother, reputedly the first Indian woman veterinarian to receive a PhD in the 1960s, has played a significant role in shaping his passion for academic excellence and research. With his accomplishments at such a young age and his unwavering determination to contribute to the AI revolution in medicine, Tanishq Mathew Abraham’s future holds immense promise, leaving the world eagerly anticipating the transformative impact he will undoubtedly make.
Source: Commonwealth Union
Colombo (LNW): The Samagi Jana Balawegaya (SJB) said it will not support the government’s domestic debt restructuring programme, which is due to be presented in Parliament in July this year.
Speaking to media today (25), SJB MP Dr. Harsha De Silva emphasised that his party will not back the domestic debt restructuring programme if the government wishes to go ahead with a debt haircut, which he described as “more or less writing off debts.”
“We are already of the opinion that the government should stay out of the Employees Provident Fund (EPF) and the Employees Trust Fund (ETF). We will support the programme only if the government agrees to the conditions which we have laid down.”
He added that all opposition parties are set to meet tomorrow (26) to discuss the developments on the matter.
By: Isuru Parakrama
Colombo (LNW): More than 70 pilots resigned from SriLankan Airlines last year, with many more resignations pending due to the issues faced by the pilots, and the serious and critical issues occurred within the Airline have not been addressed by its Management, revealed the Airline Pilots’ Guild of Sri Lanka, in a statement issued as clarification over the accusations made by Minister of Civil Aviation Nimal Siripala De Silva on the delay of the island nation’s flag carrier’s flights in the recent past.
Subject Minister Silva had recently accused the Airline’s pilots of refusing to operate a flight after a first officer on duty had fallen ill.
In response, the Airline Pilots’ Guild of Sri Lanka stated that the Management of SriLankan Airlines not addressing the serious and often times critical issues resulted in the catastrophic state of affairs, adding that the pilots have been left in the lurch as a result of a spate of decisions by the Management compelling them to be overworked.
“The Airline requires at least 330 Pilots to function at full capacity for the designated flights. However, over 70 Pilots have resigned from the Airline in the last year(2022- 2023) with many more resignations pending due to the issues faced by the Pilots,” the Union said in its statement.
Full Statement:
We write with reference to the recent statements in Parliament by the Minister of Ports, Shipping and Aviation Services Nimal Siripala De Silva and other members of Parliament regarding the purported conduct of Pilots of the Airline.
Whilst iterating our commitment and dedication to our beloved Airline, the passengers of the Airline and the country as a whole we wish to state that there have been serious and often times critical issues which have not been addressed by the Management of the Airline resulting in the current catastrophic state of affairs.
The Pilots of the Airline have been left in the lurch as a result of a spate of decisions by the Management of the Airline compelling us to be overworked.
The Airline requires at least 330 Pilots to function at full capacity for the designated flights. However, over 70 Pilots have resigned from the Airline in the last year (2022- 2023) with many more resignations pending due to the issues faced by the Pilots. This has resulted in a complete depletion of Pilots.
The severity of the issue was witnessed in the recent incident where there were no Pilots on standby to be assigned to a flight which eventually departed more than 12 hours later than the scheduled time of departure.
SriLankan Airlines pays one of the lowest wages well below industry standards to Pilots. Prior to June 2023, the Pilots were paid their salaries at an arbitrary USD [ the contracted currency by which Pilots are remunerated] capped at the rate of initially LKR 188 then LKR225 subsequently LKR295(since December)which was nearly 40%below the rate of the Central Bank. This issue took years of union intervention and discussions to resolve.
During the Covid-19 pandemic, the Pilots’ salaries were approximately lowered by 50 per cent. Despite the said “salary cut” the Pilots continued to work helping the Airline generate revenue and most importantly providing our services for critical medical supplies and other essential and urgent requirements for the Country during the crisis.
Today however, despite all other departments in the Airline being given increments and ex-gratia payments(bonuses) the Pilots are yet to receive a substantial part of their contractually due salary package which was in place before the Covid outbreak.
These are despite predictions by the Chief Executive Officer of the Airline promising a profit of 50 Million USD this year. All Pilots of the Airline have educated themselves with private funding and have over the years borne the cost of their training at SriLankan Airlines.
The cadre of Pilots which should ideally be at 330 now only has approximately 250 as a result of the shortsighted, arbitrary and callous decisions of the Management. It is obvious that we as individuals and professionals focused on flight safety, cannot be expected to sustain the extra burden on each individual that the Airline now demands as a result of its own folly.
The recent issues regarding flights stem from these actions and/or inactions of the Management itself which the Management have continuously refused to pay heed to. We have as a body at all times raised these concerns repeatedly including by way of litigation due to the attitude of the Management of the Airline.
We urge that these matters be brought to the notice and the attention of the general public and all stakeholders of the Airline in order to facilitate the issues raised being addressed and resolved.
