The Sri Lanka Podujana Peramuna (SLPP) the Ruling Party and the United National Party (UNP) have reached an understanding on the manner by which provincial governors should be appointed, political sources disclosed.
Accordingly, five provincial governor posts out of nine will be given to the SLPP and four to the UNP, according to sources.
Despite the SLPP’s hesitation at first to come to terms with the condition, the understanding has already been reached, hence the appointment of the new provincial governors soon, sources further added.
The Employees Provident Fund (EPF) surpassed the Rs. 3 trillion value mark by the end of 2021, while earning a total investment income of Rs. 342.2 billion in 2021 compared to Rs. 285.4 billion in 2020, according to the Central Bank of Sri Lanka’s (CBSL’s) 2021 annual report, Central Bank reported.
However the Auditor General’s Department revealed that EPF, the largest social security scheme in Sri Lanka, has suffered massive losses due to the investments made in listed and unlisted companies.
According to the recent report of the Government Auditor the fund has invested Rs. 5,000 million in Grand Hyatt Colombo, and it has not made any profits to date.
The EPF lost Rs. 205.49 million by December 31, 2021, after the licence of The Finance Company was cancelled by the Central Bank of Sri Lanka (CBSL).
The report revealed that a sum of Rs. 5,000 million or 53% from investing shares in unlisted companies was invested in the construction of Canwill Holdings Hotel Complex in 2013.
Meanwhile, the construction work of Grand Hyatt Colombo project related to the erection of Canwill Holdings Hotel Complex had recommenced in 2020.
However, the construction work of the hotel complex had not been completed by December 27, 2021, and although 8 years had passed, the EPF has not received any benefit from the investment, the audit report pointed out further
Accordingly, the total value of the fund increased by Rs. 341.8 billion to Rs. 3,166.1 billion by the end of 2021, from Rs. 2,824.3 billion reported in 2020, while the active number of member accounts decreased to 2.3 million from 2.6 million in 2020.
The EPF now accounts for 11.8% of total assets in the financial system of the country.“This growth was an outcome of a combined effect of the net contributions of the members (amount of contributions received, minus refunds paid) and the income generated through investments of the fund,” the CBSL report said.
An investment income of Rs. 342.2 billion was recorded in 2021, indicating an increase of 19.9% compared to the previous year. Interest income continued to be the major source of income for the EPF, which grew by 5.9% to Rs. 293.7 billion in 2021, from Rs. 277.4 billion in 2020.
Also, dividend income increased by 124.0% to Rs. 6.7 billion in 2021, compared to Rs. 3.0 billion in 2020.
The value of the stock portfolio of Sri Lanka’s Employees Provident Fund has risen to 112 billion rupees, showing unrealized gains of 28 billion rupees, the central bank which manages the assets said.
About 3 percent of its 3,343 billion US dollars of assets were invested in listed and unlisted stocks.
By December the market value of EPF’s stock portfolio had risen to 112 billion rupees, compared to a cost of 84 billion rupees.
EPF had also earned 4.7 billion rupees in 2021 from realized capital gains, scrip issues and cash dividends.
In the past three years, on an unlisted equity investment portfolio of 9.6 billion US dollars, dividends were 2.5 billion US dollars from 2019 to 2021
By September among the big gainers were LOLC Holdings, carried at a cost of 1.6 billion rupees and valued at 9.4 billion, Royal Ceramics bought at 1.6 billion rupees and 7.0 billion rupees, Vallibel One bought at 2.7 billion and valued at 6.6 billion US dollars.
At the time the value of the portfolio was only 91 billion rupees.Among unlisted stocks owned by the EPF is West Coast Power (Yugadanavi), which has been progressively paying down its loans.
Business Councils of Philippine and Sri Lanka have taken a joint initiative in Manila to promote trade and investment between the two countries, official sources said.
The Sri Lanka-Philippine Business Council signs MOU with its counterpart in Manila to achieve this objective. .
The Sri Lanka-Philippine Business Council (SLPBC) recently concluded its annual visit to the Philippines to attend the 48th Philippine Business Conference and Expo.
Comprised of a 30+ delegation, led by Ravi De Silva, the incumbent president, the SLPBC attended the prestigious event held in October 2022 at the Manila Hotel.
A key event at the Business Conference was the signing of an MOU between the Sri Lanka-Philippine Business Council and their counterparts the Philippine-Sri Lanka Business Council to jointly promote mutually beneficial trade and investment between both countries.
The MOU which was signed by Ravi De Silva, President of Sri Lanka-Philippines Business Council and Michael Chen, Chairman of the Philippines-Sri Lanka Business Council,. in the presence of. Shobini Gunasekera, Ambassador of Sri Lanka to the Philippines; Hugh Sriyal Dissanayake, Honorary Consul General of the Philippines in Sri Lanka.
On signing of this historic MOU, both parties jointly agreed to the regular exchange and dissemination of information between both countries aimed at expanding and developing opportunities for enhancing economic cooperation, increasing bilateral trade and enhancing investment opportunities between Sri Lanka and the Philippines.
The signed MOU also allows both countries to focus on bilateral development in the key areas of information and communications technology, innovation, agriculture, manufacturing, franchising, tourism, services, and small and medium enterprises development.
It will be facilitating the exchange of market data, policy information, legal and regulatory requirements etc. for business tie ups and partnerships between both countries.
The MOU further allows the two parties to organize and host outbound and inbound trade and investment missions between the two countries and will assist in the identification and establishment of business contacts from their respective countries.
Looking back on the meeting Shobini Gunasekera, Ambassador of Sri Lanka to the Philippines, said “the signing of the MOU was a major highlight as this opens up several opportunities between both countries.
Speaking on the event, the Honorary Consul General of the Philippines in Sri Lanka; Hugh Sriyal Dissanayake said “the signing of the MOU will lead to elevated economic and business development and expansion between both countries”
All in all, the signing of the MOU between the business councils of both countries bodes well for economic and corporate development and investment between both countries, he added.
The 33rd commemoration of the fallen members of the Janatha Vimukthi Peramuna (JVP) including its founder Rohana Wijeweera who were assassinated during the second uprising, also known as the ‘Ilmaha Viru Samaruwa‘ is today (November 13).
It has been 33 years since the brutal assassination of the leader of the major leftist party in Sri Lanka in 1989, and the JVP’s commemoration event for its fallen members will be held today at Vihara Maha Devi Open Stadium, Colombo at 03.30 pm. A commemorative musical event is also scheduled to be held.
Meanwhile, the commemoration will also be carried out by the Frontline Socialist Party (FSP) today at Urban Council Hall, Kegalle at 03.00 pm.
Government lays the foundation to ensure the country’s leaders are responsible for its economy within a legal framework, said Chief of Staff and Senior Advisor to the President on National Security Sagala Ratnayake.
Chief of Staff and Senior Advisor to the President on National Security Sagala Ratnayake said that the government has laid the foundation in setting the background to ensure the leaders of the country are responsible for the country’s economy, within a legal framework.
He made this observation while laying the foundation stone for a new boatyard of the Northwest Marine Lanka Pvt. Ltd. at the Dikkowita Fisheries Harbour, Wattala.
He commended the contribution of the private sector in the effort of reinvigorating the economy of the country at a time when it is experiencing the repercussions of inconsistent fiscal management policy decisions of the past.
He said further that the President plans to ease the burden on the people while developing the country. He added that the President expects to fulfil the responsibilities for the people far exceeding the recommendations made by the International Monetary Fund (IMF).
He said that Sri Lanka could ensure its development through an export-oriented industry. He added that the government has already commenced the program to increase foreign investments and to create a conducive background for developing export-oriented industries.
Chairman of Sri Lanka Export Development Board Suresh de Mel, Chairman CeyNor Foundation A. P. Raj, Chairman Northwest Marine Lanka Jagath Udayakumara and Director Northwest Marine Lanka Pvt Ltd, Shewantha Rodrigo participated in the event.
Showers or thundershowers will occur at most places in the island after 1.00 p.m and heavy showers about 100 mm can be expected at some places in Western, Sabaragamuwa, Central, Southern, Uva and Eastern provinces, said the Department of Meteorology in a statement today (13).
Showers will occur in the coastal areas of Western and Eastern provinces and in Mullaitivu, Galle and Matara districts during the morning too.
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 sea areas around the island.
Winds:
Winds will be Northeasterly or variable in direction. Wind speed will be (20-30) kmph.
State of Sea:
The sea areas around the island will be slight to moderate. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
Another Kotelawala Defence University (KDU) campus for civilian stream will be coming up in Kurunegala as many local students prefer this university to develop leadership skills along with disciplined education.
President Ranil Wickremasighe disclosed that he had instructed the Ministry of Finance and the Secretary of Defence to look at starting another campus of the KDU mainly for civil subjects, in Kurunegala.
He explained that the reason for selecting Kurunegala was because that was the constituency that was represented by Sir John Kotelawala in 1931.
Hence, he said that it is appropriate that the people of Kurunegala should get the benefit and the Treasury had already been instructed to set aside monies to upgrade the hospital in Kurunegala to a teaching hospital as well.
The President made these revelations while addressing the General Convocation of the Kotelawala Defence University (KDU) this week.
He noted he will make Wayamba one of the two districts in Sri Lanka where there is more than one teaching hospital which is good for the people.
But more than the civilian studies, the government will have to look at the future, the future of the country, the future of our security and what role the university is going to play there.
He noted that the KDU has increased their endeavours to ensure that middle-level officers and senior-level officers also receive postgraduate education, either through this institution or the National Defense College (NDC) where many other one-star officers and two-star officers also benefit from it.
One of the objectives of the Defence University is to ensure that the top leadership and the middle leadership are all educated and their level of leadership is increased so that you have one of the best Military Leaderships in the region. The President stressed that this is a task that has to be fulfilled.
President Ranil Wickremesinghe emphasized the importance of having increased defence allocations as the country is looking at an economy that will be highly competitive and export-oriented, President Media Division (PMD) said.
The President highlighted the significance of preparing the armed forces to face future threats while addressing the General Convocation of the Kotelawala Defence University (KDU) yesterday evening.
He noted that the security skills and strategic skills of the armed forces should be utilized, if the country wants to survive.
President Wickremesinghe stated that “The actions of other people will impact us in Sri Lanka so we have to use political skills, our diplomatic skills and our military skills to ensure that our right of navigation, the right to come into Sri Lanka and go by sea and by air is not interrupted in any way. So, all these three skills are necessary.
Secretary General of the Bodubala Sena Movement Ven. Galagodaaththe Gnanasara Thero has been questioned by the Criminal Investigation Department (CID) in connection with businesswoman Thilini Priyamali, who was arrested over a grand financial scandal.
Accordingly, the Thera was summoned to the CID yesterday (12) for questioning and was interrogated for about two and a half hours, reports said.
President Ranil Wickremesinghe emphasized the importance of having increased defence allocations as the country is looking at an economy that will be highly competitive and export-oriented.
Acknowledging that there may be questions raised as to why the government is focusing so much on the armed forces, and why the government is looking at Defence 2030, he said that if not the country will not have a future. “None of us want the armed forces to go to war or to fight anywhere. That is not what we have to do to defend the country. But we are living in a different world from what we were born into. When we were born, there was no tussle for the Indian Ocean. At one stage, no one wanted it. Today it is not so. If we are to survive, the skills, the security skills, Strategic Studies, all that has to be utilized,” he added.
The President noted that the country cannot have an export-oriented industry unless it has the freedom of navigation. If goods cannot be moved around, and the freedom of navigation is interrupted, what will happen, he questioned? “We have seen in 2021 what happened when people could not move out of our country and the goods could not be transported either by land or by sea.”
The President highlighted the significance of preparing the armed forces to face future threats while addressing the General Convocation of the Kotelawala Defence University (KDU) yesterday evening. He noted that the security skills and strategic skills of the armed forces should be utilized, if the country wants to survive.
President Wickremesinghe stated that the country’s future depends on its ability to get goods across under situations where the environment we are in will not be one controlled by us. “The actions of other people will impact us in Sri Lanka so we have to use political skills, our diplomatic skills and our military skills to ensure that our right of navigation, the right to come into Sri Lanka and go by sea and by air is not interrupted in any way. So, all these three skills are necessary. That is why if you are building a country you must also look at the future,” he emphasized.
Accordingly, the President commended the KDU for having attained their mark in the civilian streams, where he noted that many prefer to enter the KDU rather than a normal university. To carry that forward, the President said that he had instructed the Ministry of Finance and the Secretary of Defence to look at starting another campus of the KDU mainly for civil subjects, in Kurunegala.
He explained that the reason for selecting Kurunegala was because that was the constituency that was represented by Sir John Kotelawala in 1931. Hence, he said that it is appropriate that the people of Kurunegala should get the benefit and the Treasury had already been instructed to set aside monies to upgrade the hospital in Kurunegala to a teaching hospital as well.
This, he noted will make Wayamba one of the two districts in Sri Lanka where there is more than one teaching hospital which is good for the people. “But more than the civilian studies, we also have to look at the future, the future of our country, the future of our security and what role the university is going to play there. I have noted that the KDU has increased their endeavours to ensure that middle-level officers and senior-level officers also receive postgraduate education, either through this institution or the National Defense College (NDC) where many other one-star officers and two-star officers also benefit from it. That is necessary. We should go further. One of the objectives of the Defence University is to ensure that the top leadership and the middle leadership are all educated and their level of leadership is increased so that you have one of the best Military Leaderships in the region.”
The President stressed that this is a task that has to be fulfilled.
State Minister of Defence Premitha Bandara Tennakoon, Minister of Education Susil Premajayantha, Defence Secretary Kamal Gunaratne, Chief of Defence Staff General Shavendra Silva, Commanders of the Tri-Forces, IGP, Chancellor General Gerard Hector de Silva (Retired) and Vice Chancellor Major General Milinda Peiris were present on this occasion.
ICC Chief Match Referee Ranjan Madugalle and ICC Elite Panel Umpire Kumara Dharmasena are due to officiate as Match Referee and on-field umpire at today’s T20 Cricket World Cup Final between Pakistan and England at the MCG, Australia.
Opposition Leader Sajith Premadasa says a SJB administration would establish an “independent body” to take action against those who stole public funds.
T-Bond auction for Rs.130 bn on 11th November yields only Rs.49 bn: 2-Yr Bonds – Rs.50 bn offered, Rs.9 bn accepted at 33.01%: 5-Yr Bonds – Rs.40 bn offered, no acceptances: 10-Yr Bonds – Rs.40 bn offered, full sum accepted at 30.86%: local debt vulnerability at critical levels.
DG Pensions Jagath Dias admits delay in releasing funds for the payment of gratuity to retiring government employees: says large number of persons in a waiting list.
Central Bank says market value of listed equity portfolio of EPF at end December 2021 was Rs.112 bn, against cost of Rs.84 bn: unrealized gain – Rs.28 bn: dividends & capital gains – Rs.4.7 bn: “unlisted” equity portfolio – Rs.9.6 bn which yielded dividends of Rs.2.5 bn from 2019 to 2021.
JVP Trade Union Leader Wasantha Samarasinghe once again warns EPF officials against investing workers’ savings in Govt Securities when issuer is rated in “default” category: says nearly Rs.3,500 bn is invested in Govt Securities which now carry a major default risk.
Finance Ministry says IMF and World Bank have agreed to provide “technical assistance” to strengthen Sri Lanka’s financial system.
Former State Minister & CB Governor Ajith Nivard Cabraal publishes book titled “Amidst Economic Hit-men”: exposes conspiracy to bankrupt and subjugate nation: alleges “bankruptcy” was announced by few persons without required approvals: reveals details of “pipeline of inflows” of USD 10.7 bn at the time of announcing the default.
CID records statement from Ven. Galagoda Aththe Gnanasara Thera in relation to investigation into alleged financial fraud committed by businessperson Thilini Priyamali.
Wildlife Dept DG Chandana Sooriyabandara says there are not enough wildlife officials to respond to emergency calls from villages raided by wild elephants regularly: laments there are only about 1,000 wildlife officials.
