World (LNW): Claudia Goldin, an American economic historian known for her pioneering work on wage inequality between genders, has been awarded the 2023 Nobel Economics Prize.
The Royal Swedish Academy of Sciences recognised Goldin’s groundbreaking research on the history of women’s earnings and participation in the workforce.
Her influential book, “Understanding The Gender Gap: An Economic History Of American Women” (1990), explored the origins of wage disparity.
Photo: Sky News
Goldin also conducted research on various societal indicators, such as the effect of contraceptives on women’s career choices and the significance of women’s surname choices post-marriage.
A notable figure, she was the first woman to receive tenure in Harvard’s economics department and is the third female recipient of the Nobel economics prize.
The economic prize committee emphasised the profound societal impact of her findings, highlighting the clarity it brings to addressing gender-based issues in the workforce.
PMD: President Ranil Wickremesinghe has initiated the appointment of a board of directors for the Sri Lanka Personal Data Protection Authority, established with the primary objective of safeguarding personal data within the nation.
In a significant milestone for data protection in South Asia, Sri Lanka’s Personal Data Protection Act No. 9 of 2022 (‘PDPA’) has been making strides toward full implementation. The act, certified by the Speaker on March 19, 2022, aims to safeguard personal data held by various entities, including government bodies, banks, telecom operators and hospitals.
This legislation, the first of its kind in South Asia, was developed through a transparent process, with draft versions made available for public comment since June 2019. The PDPA is set to be implemented in phases, with Part V brought into operation through a gazette notification on July 21, 2023. This crucial step allowed the government to appoint the Board of Directors, comprising seven individuals with expertise in engineering, accounting/finance, law and regulatory affairs.
Leading the Board of Directors is Arjuna Herath, a Senior Chartered Accountant and former Consulting Leader of Ernst & Young in Sri Lanka and the Maldives. Other notable members include Attorney-at-Law and Former State Counsel Nisith Abeysooriya, President’s Counsel Saumya Amarasekera, Digital Law Expert & Chair of the PDPA drafting Committee Jayantha Fernando, Additional Secretary to the President Dr. Sulakshana Jayawardana, ISO Lead Auditor and Technology Management specialist Bimsara Seneviratne and Electronics Engineer and Digital Strategy specialist Shehan Wijetilaka.
The PDPA assumes paramount importance in light of the government and private sector’s digital strategies, along with global privacy law developments. It is expected to attract investment and promote the digital economy, aligning with the National Digital Strategy and the Sri Lanka Unique Digital Identity (SL-UDI) project.
President Ranil Wickremesinghe highlighted the need for data protection in his November 2022 Budget Speech, promising the establishment of the Data Protection Authority in 2023. This independent regulator will collaborate with various sectoral regulators to ensure the proper governance of personal data.
Currently, the Board of Directors is in the deliberation and planning phase for the creation of the Data Protection Authority. The first step involves recommending the operation of Part VIII (Fund of the Authority) and Part IX of the Act to design the organizational framework, recruitment procedures and roles of key officers, including the Director General.
To meet the Act’s enforcement deadline of March 19, 2025, the Authority plans to formulate policy frameworks and regulations. It will hold public consultations and engage with advisory committees representing key sectors of the economy and other stakeholders to ensure comprehensive and effective data protection measures.
The Authority is set to commence public consultations and awareness campaigns once it has the necessary capacity, a process expected to take several months. Sri Lanka is on its way to establishing a robust framework for personal data protection in the digital age, making strides toward safeguarding citizens’ privacy and promoting trust in the digital ecosystem.
Colombo (LNW): Finance State Minister Ranjith Siyambalapitiya today (09) announced the government’s decision to remove all import bans effective from today, with the exception of restrictions on vehicle imports.
These stringent import measures were initially implemented in March 2020 in response to the COVID-19 pandemic and its economic ramifications.
While the government of Sri Lanka started to progressively relax these restrictions on various goods since November 2022, the ban on vehicle imports remains in place.
Colombo (LNW): During a Cabinet briefing, President Ranil Wickremesinghe discussed the recent unrest in Israel and its potential impact on Sri Lankans and Israelis living in both nations.
Stressing the importance of taking swift measures to guarantee the safety of Sri Lankans employed in Israel, the President instructed the Ministry of Foreign Affairs to confirm their safety.
Wickremesinghe advocated for aiding Israelis in Sri Lanka, whether tourists or workers, in their return to Israel, and emphasised that the security for Israelis in Sri Lanka must be ensured.
While the President reiterated Sri Lanka’s sustained endorsement of a two-state solution for Israel and Palestine, he denounced the recent Hamas offensive on Israel. He maintained that even though Sri Lanka had previously criticised Israel’s actions, such assaults were indefensible.
Urging an immediate end to the hostilities, President Wickremesinghe aligned with the African Union’s stance and highlighted the global repercussions of the conflict on oil prices.
He expressed concerns that the ongoing strife could result in sustained high fuel costs, negatively impacting developing nations, including Sri Lanka.
Overall, the President’s remarks reflect Sri Lanka’s dedication to regional peace and its commitment to safeguarding its residents and foreign nationals during such crises.
Colombo (LNW): The Sri Lankan Rupee (LKR) indicates a slight depreciation against the US Dollar today (09) in comparison to last week’s Friday, as per the official exchange rates list issued by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has increased to Rs. 318.30 from Rs. 318.22, and the selling price to Rs. 328.93 from Rs. 328.90.
The Sri Lankan Rupee has also depreciated against several other foreign currencies, but indicates appreciation against Gulf currencies.
Colombo (LNW): Set to begin operations on October 10, a high-speed ferry service will connect Sri Lanka and India.
This ferry will run from Nagapattinam in Tamil Nadu, India, to the Kankesanthurai port in Sri Lanka’s Northern Province.
As per reports from Indian media last month, a passenger terminal was under construction at the Nagapattinam Port to be finalised before the ferry’s inaugural run.
The ferry route will span 60 nautical miles and is expected to carry a minimum of 150 passengers, with the transit time estimated at around two hours.
The service will be launched by the Shipping Corporation of India and will be overseen by the Central Industrial Security Force (CISF).
Colombo (LNW): Attorney-at-Law Panduka Keerthinanda has been appointed as the Chairman of the Land Reform Commission (LRC) today (09).
The appointment was made before Tourism and Lands Minister Harin Fernando.
Mr. Keerthinanda was enrolled to the Bar in 1993. He hold a bachelors degree from the University of Colombo (1990), and as a Senior practitioner in the bar, he has acquired commendable experience in Criminal and Civil Law practice in Sri Lanka.
Keerthinanda previously served as the Chairman of the Sugathadasa National Sports Complex Authority, a Member of National Sports Council, a Legal Consultant to the Sports Ministry (2010-15), and a Legal Consultant to the Ministry of Telecommunication, Foreign Employment and Sports.
Being an active figure contributing to the well-being of the field of sports in the country, Mr. Keerthinanda intervened in adopting the Convention Against Doping in Sports Act 33 of 2013, and the Prevention of Offences Relating to Sports Act 25 of 2019.
He currently serves as the Legal Advisor to Tourism and Lands Minister Harin Fernando and as the Chairman of the Tourism Advisory Committee.
Colombo (LNW): The Sri Lankan Rupees happens to be steady against the US Dollar as revealed by leading commercial banks in the country today (09) in comparison to last week’s Friday.
At Peoples Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 316.18 and Rs. 329.37, respectively.
At Commercial Bank, the buying and selling prices of the US Dollar remain unchanged at Rs. 317.68 and Rs. 328, respectively.
Sampath Bank follows the same pattern revealing unchanged Dollar rate at Rs. 318 and Rs. 328, respectively.
Colombo (LNW): Lawyers from all corners of the country today (09) united in front of the Hulftsdorp court complex in objection to the government’s move of interfering with the Judiciary.
It was noteworthy that lawyers from the North-East have also joined hands with the protest and raised their voice for democracy.
Demanding justice for Judge T. Saravanarajah, the former Mullaitivu District Judge who resigned due to being threatened with his life, independence of the Judiciary, and an end to the controversial Anti-Terrorism Bill, the Online Safety Bill and the Broadcasting Bill in the name of democracy were some of their slogans.
The protest was attended and endorsed by many lawyers from all over the country.
Colombo (LNW): Sri Lanka’s tourism sector has surged ahead in 2023, with earnings totalling nearly $ 1.5 billion in the first nine months of the year, alongside a notable influx of over 1.01 million visitors.
The latest data from the Central Bank reveals that tourism earnings in the third quarter of 2023 were over $ 1.45 billion, reflecting a staggering 67% surge from the corresponding period of last year.
September earnings stood at $ 152.2 million but witnessed a 28% dip from August. This dip is attributed to September falling short of its monthly arrivals target.
In a month-to-month comparison, both August and September fell short of their monthly arrivals target, despite July surpassing projections and generating a remarkable income.
This $ 219 million makes July the highest monthly earnings of 2023 thus far.
Separately, a faction of the industry contends the data highlights a pronounced decline in earnings since the announcement of the minimum room rate (MRR) in June, signalling the impact of this policy shift on the industry’s revenue streams.
“The dip in earnings unequivocally indicates that the enforcement of MRR has had a substantial impact on the industry as a whole.
This demonstrates that visitors were quite sensitive to the price hike introduced to the city hotels and has impacted the high earning segments like MICE tourism,” they argued.
Despite enduring significant challenges following the Easter Sunday attacks in 2019, Sri Lanka’s tourism sector has not only weathered the storms but emerged more robust.
This resurgence is vividly reflected in the surge of arrivals, which reached an impressive 1.01 million in the first nine months of 2023, a stark contrast to the crisis-ridden figure of 29,802 in 2022.
However, when benchmarked against the pivotal year of 2018, the industry still grapples with a 25% deficit.
Analysts view this upward trend in arrivals as a promising sign for an industry that has navigated a series of hurdles over the past three years.
With cautious optimism, Sri Lanka Tourism is intensifying efforts to further stimulate the sector, to regain pre-crisis levels of activity in the coming years.
Sri Lanka Tourism’s anticipation is running high for the winter season, as the sector sets ambitious targets of welcoming 1.55 million visitors and generating over $ 3 billion in income by year-end.
“Achieving these milestones would mark a significant triumph in the industry’s path to recovery,” analysts said.
