Home Blog Page 1484

Net foreign inflow to Govt. Securities tops US $ 350 Million

0

By: Staff Writer

Colombo (LNW):Net foreign investments into Government Securities have topped the $ 350 million mark, the Central Bank revealed last week.

Of the amount, $ 140 million had been in April and $ 106 million in May. According to Wealth Trust Securities, the foreign holding in rupee bonds was seen increasing by Rs. 6.13 billion for the week ending 1 June 2023 to record its 16th consecutive week of inflows totalling Rs. 141.88 billion.

However some analysts speculated that some of the inflows could be “hot money” amidst uncertainty over the previously prevalent interest rate regime amidst efforts to deal with the Domestic Debt Restructuring (DDR)/Domestic Debt Optimization. The latter originally created upward pressure on rates in the debt market.

Weighted average rates at the Treasury Bill auction decreased across the board for the first time only in the week ended 19 May after six weeks of gain. However the CBSL last week reduced policy rates by 250 basis points, first ever downward revision in nearly three years.

This led to a drop in overnight call money and repo rates to 13.97% and 14.00% respectively for the last two trading days of the week against its 16.47% and 16.50% for the first three days of the week.

Another cause for possible hot money inflow is the speculation on the exchange rate which had appreciated by 24% year to date.

The CBSL last week expressed the hope that yields on government securities are expected to decline further with risk premia could subside substantially with the announcement of the DDO operation.

In terms of the currency, the CBSL attributed the appreciation of the rupee to positive market sentiments, underpinned by the improvement in liquidity in the domestic forex market. CBSL had mopped up $ 1.7 billion worth of forex, year to date.

It also said the continuation of the IMF program, further financial assistance from development partners and renewed investor appetite, coupled with the advances in the debt restructuring process, are expected to ease the BOP constraint significantly in the period ahead.

Hayleys Agriculture assigns ALT X to boost coconut product range

0

By: Staff Writer

Colombo (LNW):Hayleys Agriculture assigns ALT X to develop complete brand strategy and visual identity for the ‘CocoLife by Hayleys’ coconut product range

Altered Experience (ALT X), Sri Lanka’s award-winning design thinking consultancy for the age of convergence, has been selected by Hayleys Agro to design and deliver a complete brand toolkit comprising of brand strategy and visual identity to launch their new coconut-based brand named “CocoLife by Hayleys”.

Primarily aimed at the international market, CocoLife by Hayleys will include a diverse range of organic coconut products that are cruelty-free, sustainable, and ethically manufactured in the certified facilities of Hayleys Agriculture.

Unlike conventional marketing approaches, ALT X used human centric principles and a data driven format combined with behavioural science to deliver a comprehensive branding solution that is guaranteed to make a significant impact once the product range hits the market.

Jayanthi Dharmasena – Managing Director of Hayleys Agriculture Holdings stated, “When seeking a partner to launch our new brand CocoLife by Hayleys, we were keen to find one that is capable of understanding the importance of taking a human-centric approach.

ALT X is one of the premier design thinking consultancies in Sri Lanka that has won multiple awards and boasts of an impressive client portfolio.

Kabeer Rafaideen – Founding CEO of ALT X stated, “We are excited about being presented with the opportunity to work with one of Sri Lanka’s largest conglomerates that has made their mark both locally and internationally.

ALT X has successfully delivered world-class solutions for clients and thereby won international acclaim. ALT X’s client portfolio includes brands such as Westinghouse, Traffi UK, Kodak, Ava Water in Saudi Arabia, Rainco Sri Lanka, AXIA UK, Aurora RCM USA, Elle & Eswaran Brothers.

Hayleys Agriculture has been spearheading the agricultural sector in Sri Lanka since the 1950’s and is the largest exporter of processed fruits and vegetables in Sri Lanka. As an industry pioneer in innovation and sustainability, the company remains a dominant player in the country’s agricultural sector, offering many products and services to the local and export markets.

Justice Sobhitha Rajakaruna Sworn in as Acting President of Court of Appeal

0

In a significant development, His Lordship Justice Sobhitha Rajakaruna took the oath of office today before His Excellency the President, assuming the role of Acting President of the Court of Appeal. This appointment comes as the current President of the Court of Appeal is currently out of the country.

Justice Sobhitha Rajakaruna, a highly esteemed legal figure with a wealth of experience in the judiciary, will be entrusted with the responsibilities of the Court of Appeal during this period. This appointment reflects the confidence placed in Justice Rajakaruna’s capabilities and knowledge to preside over the Court of Appeal’s proceedings in the absence of the President.

Education Ministry Announces Commencement of Third Phase of 2023 Academic Year

0

The Education Ministry has released an official notice regarding the start of the third phase of the first school term for the 2023 academic year. All government and government-approved private schools will begin the third phase on Monday, June 12.

To provide context, the first phase of the first school term began on March 27 and concluded on April 4. This was followed by the Sinhala & Tamil New Year holiday, which lasted from April 5 to April 16.

Following the holiday, the second phase of the first school term began on April 17 and continued until the start of the G.C.E. Ordinary Level examination on May 29. The examination concluded on June 8.

Sri Lanka Original Narrative Summary: 10/06

0
  1. State Minister of Finance Ranjith Siyabalapitiya says 2.4 mn vehicles were imported from 2015 to 2020 costing a staggering Rs.1,338 bn (approximately USD 8.5 bn): also says the Govt collected Rs.991 bn as import duty on those imports from 2015 to 2020.
  2. Informed sources say former President Gotabaya Rajapaksa has been allocated a State bungalow, which is usually assigned to the Foreign Minister: the house has been occupied earlier by late Foreign Minister Mangala Samaraweera.
  3. State Tourism Minister Diana Gamage says it is essential to include sex education in the school curriculum: also says some school children do not know what a social disease is: urges parents to spend more time with their children.
  4. State Tourism Minister Diana Gamage says she was the General Secretary of the “Ape Jathika Peramuna”: asks what would happen to SJB MPs if the agreement which she entered into with the SJB MPs is not valid.
  5. President Ranil Wickremesinghe designates a Ministerial & Specialist Committee to manage and contain the transmission of Covid-19 & dengue: appoints PM Dinesh Gunawardene to lead the Ministerial Committee and Dr. Seetha Arambepola to head the Specialist Committee.
  6. Parliament’s Sectoral Oversight Committee on National Security chaired by MP Admiral Sarath Weerasekera recommends that Sri Lanka Telecom not be privatised as it could pose a threat to national security.
  7. A Minister, who did not wish to be named, has said the Government has decided to go ahead with the reform of Sri Lanka Telecom despite the recommendation by the Sectoral Oversight Committee on National Security not to do so.
  8. Minister of Public Security Tiran Alles says 73 police officers have been found to have failed in their duty to prevent the violence on May 9 2022: also says 35 OICs have been transferred so that inquiries carried out against them will not be affected.
  9. State Minister of Finance Ranjith Siyambalapitiya says the Govt expects the number of income tax files to increase by nearly 5-fold from 205,200 to 1,000,000 boosting the country’s income tax revenue and enhancing the direct and indirect tax ratio to 40:60 by the end of this year:
  10. Imports & Exports Dept issues Gazette removing import restrictions on over 300 items including electronic items, sanitary ware and food items with effect from 9th June: speculation mounts as to whether this announcement was delayed to enable the LKR to appreciate significantly and thereby provide an opportunity for a few foreign investors to make huge capital gains on their investments in Government securities.

Inaugural India-Sri Lanka Defence Seminar Cum Exhibition

0

High Commission of India organized the first Seminar cum Exhibition on Defence on 7 June 2023 in Colombo. Hon. Pramitha Bandara Tennakoon, State Minister of Defence was the Chief Guest of the event. High Commissioner H.E Gopal Baglay, Defence Secretary, Chief of Defence Staff, Commander of Sri Lanka Navy and other senior officers from Sri Lanka Armed Forces, Police and Special Task Force also participated. In addition, representatives from 16 leading Indian Defence companies such as Hindustan Aeronautics Limited, Goa Shipyard Limited, and Bharat Electronics Limited were also a part of the event. It also witnessed enthusiastic attendance by local industry representatives from Sri Lanka.

2.     High Commissioner complimented the conduct of the first such collaborative exhibition that brought together stakeholders in the defence sector from the two countries. He underlined that India is exporting to 85 countries and defence exports stood at USD 2 billion from April 2022 – March 2023. This provided a good opportunity for Sri Lanka, as an immediate neighbour. He noted that the event is in line with India’s commitment to promote security with partner countries in the region and Government of India’s philosophy of ‘Vasudhaiv Kutumbakam’ (world is one family).  The event was also a practical instance of ‘Neighbourhood First’ policy of India. 

3.     Hon. State Minister of Defence lauded the growth of Indian defence industry and expressed hope that seminar would facilitate collaboration between two countries, thereby contributing to stable Indian Ocean Region. Further, the procurement of cost effective and tailor-made products from India in the last decade has helped protect Sri Lankan sovereignty and territorial integrity. He emphasized that collaboration and joint R&D with Indian defence industries would also lead to Sri Lanka’s economic revival. The Minister thanked Government of India for standing by Sri Lanka during challenging times. 

4.     Addressing the gathering through video message, Defence Secretary of India, Shri Giridhar Aramane described Sri Lanka as India’s priority partner and reassured that India stands committed to capacity and capability building of Sri Lanka Armed Forces as part of PM Modi’s vision of SAGAR (Security And Growth for All in the Region). He also highlighted the common security challenges faced in the Indian Ocean Region and called for enhanced collaboration to create a safer environment. He also brought out that India stands at the cusp of a major evolution to establish robust R&D and indigenous manufacturing ecosystems, while fostering innovation and entrepreneurship under the ‘Aatmanirbhar Bharat’. 

5.     It may be recalled that Sri Lanka Armed forces have been successfully operating a range of Indian defence equipment like L-70 guns, Indra Radar, Offshore Patrol Vessels and Army training simulators. More recently the GoI has committed supply of Floating Dock, Maritime Rescue Coordination Centre and Dornier aircraft which would ensure capacity building of Sri Lanka Armed Forces. Thus, the vibrant Seminar which had presentations, live demonstrations and interaction between the India-Sri Lankan business representatives and the Sri Lanka Armed Forces and Police fostered positive discussion and engagement towards promotion of Defence Industry. The exhibition was also open to visitors where in other defence personnel, Girl Guides, Boy Scouts, NCC cadets and interested people visited the event.

State Minister discusses on establishing a Maritime Training School in Sri Lanka with French Ambassador

0

The Ambassador of France in Sri Lanka H. E. Jean-François Pactet made a call on the State Minister of Defence Hon. Premitha Bandara Tennakoon at his office in Colombo, Thursday (Jun 08).

State Minister Tennakoon extending a warm reception to Ambassador Pactet had a cordial discussion with him.

Recalling the long standing diplomatic ties between France and Sri Lanka since 1948 the State Minister said that excellent bilateral relations has stood the test of times for 75 years and that it should continue for many more years. 

The discussion also cantered around studying the possibility of establishing a maritime training school in Sri Lanka which would be beneficial to both countries as Sri Lanka has one of the highest literacy rates in the world.

The French Ambassador was accompanied by the Deputy Head of Mission Aurélien Maillet and Military Technical Cooperation Officer in Charge of Maritime Security, Commander Jean-Baptiste Trouche. 

Military Liaison Officer of the Ministry of Defence, Brigadier Dammika Welagedara was also present at the occasion.

Weather Forecast Predicts Showers and Thunderstorms in Several Regions of Sri Lanka

0

According to the most recent weather forecast issued by the Meteorology Department, residents of Western and Sabaragamuwa provinces, as well as those in Galle, Matara, Kandy, and Nuwara-Eliya districts, should anticipate intermittent showers or thundershowers. Furthermore, specific areas within the Sabaragamuwa Province, including Galle, Matara, Kalutara, and Colombo districts, are expected to experience heavy showers, with precipitation reaching approximately 100mm.

In the North-Western province, several bouts of showers are predicted throughout the day. The Uva province, along with Ampara and Batticaloa districts, can also expect showers or thundershowers during the evening or night.

Residents residing in the western slopes of the central hills, Northern and North-Central provinces, as well as Hambantota, Puttalam, and Trincomalee districts, should brace themselves for strong winds ranging from 40 to 45 kmph at times.

To safeguard against potential damages caused by temporary localized strong winds and lightning during thundershowers, members of the public are strongly advised to take adequate precautions.

President Instructs for the Expedition of the Action Plan for Reconciliation

0

President Ranil Wickremesinghe convened a discussion at the Presidential Secretariat June (08) to address the Action Plan for Reconciliation. During the meeting, the President instructed the relevant departments to expedite the drafting of legislation necessary for the plan’s implementation.

The progress of initiatives within five key areas -legislation, institutional activities, land issues, prisoner release, and power decentralization, was also reviewed.

The discussion encompassed several important topics. The implementation of the Truth and Reconciliation Commission (TRC), the establishment of a National Land Council, and the formulation of a National Land Policy were among the matters addressed.

Additionally, the President emphasized the need for enhanced operations of the Office of Missing Persons, including digitization efforts and the issuance of Certificates of Absence for individuals who had previously disappeared without trace.

Furthermore, President Wickremesinghe instructed the relevant parties to complete the ongoing initiatives to establish the Office of Reparations and the Office for National Unity and Reconciliation within the next two to three months. A comprehensive report on the progress of these programs was also requested.

Regarding land-related issues, particular attention was given to resolving problems associated with displaced persons’ resettlement, releasing privately held lands for public use, and addressing Mahaweli lands concerns. The President emphasized the urgency of taking immediate action to settle these land-related issues and tasked the officials with devising effective mechanisms for their resolution.

To address the release of prisoners and amnesty matters, the President instructed the relevant officials to submit a detailed report through the Ministry of Justice.

The discussion also covered topics such as power decentralization, provincial-level development plans, and the appointment of a Provincial Ombudsman. These matters were thoroughly deliberated upon to ensure effective governance and progress at the provincial level.

Several key individuals participated in the discussion, including Minister of Foreign Affairs Ali Sabri, President’s Senior Adviser on National Security and Chief of Presidential Staff Sagala Ratnayaka, President’s Secretary Saman Ekanayake, Prime Minister’s Secretary Anura Dissanayake, Defence Ministry Secretary General Kamal Gunaratne (Rtd), Attorney General Sanjay Rajaratnam, and other heads of relevant line agencies.

Additionally, the Executive Director of the Missing Persons Office, District Secretaries of Jaffna, Mannar, Vavuniya, Mullaitivu, Kilinochchi, Batticaloa, Ampara, and Trincomalee, as well as Land Commissioners of Eastern and Northern Provinces, joined the discussion remotely via Zoom technology.

Education Minister Announces Special Dengue Control Program in Schools Ahead of New Term

0

In a proactive move to combat the growing dengue epidemic in Sri Lanka, Education Minister Susil Premajayantha has unveiled plans for a special dengue control program to be implemented in several schools across the island. The initiative aims to create a safer environment for students before the start of the new school term.

Minister Premajayantha has disclosed that the program will be initially rolled out in 144 schools within the Colombo district over the upcoming weekend. Following its implementation in the capital, the program will be extended to schools in all provinces across the country.

The decision comes in response to the alarming increase in dengue cases reported in Sri Lanka in 2023. Shockingly, during the first two weeks of May alone, nearly 4,000 cases have been recorded, highlighting the urgent need for comprehensive preventive measures.

The dengue control program in schools will focus on various strategies to eliminate mosquito breeding sites and promote awareness among students, teachers, and staff. It will involve thorough inspections of school premises, proper waste management practices, and educational campaigns on dengue prevention.