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Fairly heavy showers above 75mm to occur today: Met Dept

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Showers or thundershowers will occur at times in Western, Sabaragamuwa and North-Western provinces and in Kandy, Nuwara-eliya, Galle and Matara districts, the Department of Meteorology said in a statement today (28).

Fairly heavy showers above 75 mm can occur at some places in Western and Sabaragamuwa provinces and in Nuwara-Eliya, Galle and Matara districts.

Showers or thundershowers will occur at a few places in Uva province and in Ampara and Batticaloa districts during the evening or night.

Strong winds about 40 kmph can be expected at times in western slope of the central hills, Northern, North-Central and North-Western provinces and in Trincomalee and Hambantota districts.

General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

General public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

Marine Weather

Condition of Rain:
Showers or thundershowers will occur at times in the sea areas off the coast extending from Puttalam to Hambantota via Colombo and Galle.
Winds:
Winds will be south-westerly and wind speed will be (30-40) kmph. Wind speed can increase up to (50-55) kmph in the sea areas off the coast extending from Negombo to Kankasanturai via Puttalam and from Matara to Pottuvil via Hambantota.
State of Sea:
The sea areas off the coast extending from Negombo to Kankasanturai via Puttalam and from Matara to Pottuvil via Hambantota will be rough at times. The other sea areas around the island can be moderate. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

India and Japan agree  to assist Sri Lanka to overcome  economic  crisis  

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India and Japan have agreed to work together on assisting crisis-hit Sri Lanka, the Japanese government said, following a recent meeting between Prime Ministers Narendra Modi and Fumio Kishida in Tokyo.

Mr. Modi and Mr. Kishida met on May 24 on the sidelines of the Quad summit and held bilateral talks on “close cooperation” to promote efforts to realise a ‘Free and Open Indo-Pacific’, in addition to collaboration in spheres including defence, clean energy, and investment.

Following the meeting, Japan’s Ministry of Foreign Affairs said the leaders “discussed the situation in Sri Lanka and confirmed that they will cooperate with each other in light of the current economic crisis and deterioration of the humanitarian situation in the country.

” Further, they “shared the view to work together to develop Indo-Pacific Economic Framework into an inclusive framework that will bring substantive benefits to the region,” according to a statement.

Ministry of External Affairs made no specific mention of Sri Lanka. “The two leaders exchanged views on recent global and regional developments. They noted the convergences in their respective approaches to the Indo-Pacific and reaffirmed their commitment towards a free, open, and inclusive Indo-Pacific region,” read its May 24 statement.

For over half a century, Japan has been one of Sri Lanka’s top donors and development partners, although its grants and investments have received much less attention compared to those from China or India.

Japan’s announcement of collaborating with India to help Sri Lanka, assumes significance, coming shortly after Sri Lankan Prime Minister Ranil Wickremesinghe’s proposal that Quad members— United States, India, Japan, and Australia — take the lead in setting up a foreign aid consortium.

This consortium is to l assist Sri Lanka, that is reeling under the worst economic crisis since Independence.  India has extended about $ 3.5 billion assistance since January this year, by way of loan deferments and credit lines for essential imports.

Japan’s initiative also comes despite Colombo scrapping two major infrastructure projects with Japanese involvement. In September 2020, 

Sri Lankan President Gotabaya Rajapaksa ordered the termination of a $ 1.5-billion Japanese-funded light rail project, on that basis that it was not a “cost-effective solution”. In early 2021, 

Sri Lanka ejected Japan and India out of a trilateral project to jointly develop a container terminal at the strategically located Colombo Port, causing considerable diplomatic tensions. India’s Adani Group was subsequently roped in to develop another terminal at the same port.

Sri lanka is  also in urgent need of bridging financing to restore confidence in our external sector and stabilise our economy until the debt restructuring process is completed and an IMF programme commences, 

CEB  defaults  Rs. 23 billion due for renewable energy sector 

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The CeyLon Electricity Board(CEB) has been directed by the Energy Ministry to add more renewable energy as there was existing capacity of the main power grid  and therefore  new power generation amounting to 1,000 megawatts can be added to the grid.

The Government has set a target to generate 70% of the total electricity demand from renewable energy sources. The potential is already there to generate nearly 700 MW of electricity from solar energy, CEB Additional General Manager (Transmission) P.W. Hendahewa disclosed.

CEB gas to spend  Rs.100 to generate a unit of electricity using petroleum and more than Rs.50 using coal,.DamithaKumarasinghe, Director General of the Public Utilities Commission said more than US$ 300 billion can be saved annually if renewable energy sources were used instead. 

Thermal power generation costs more than USD 100 million a month. But it will be a difficult task to supply electricity at current prices, CEB officials said.

However, the public opinion was  that it has not been made  to add solar energy to the national grid  due to technical issues and  the opposition of the CEB engineers.

Despite the the government’s move to promote renewable energy ,the workers of the renewable energy  sector  claim that the CEB has withheld monies due, to the tune of Rs. 23 billion ..  Due to this, 7000 workers and their families are on the verge of losing their jobs and homes, they added. .

Workers of the renewable energy (RE) sector on Wednesday staged a protest in front of the Ceylon Electricity Board (CEB) head office in Colombo warning non-payment of Rs. 23 billion putting  thousands of jobs at stake

Speaking to the media, All Island Minihydro Power Generators spokesman Ruwan Pranga said the protest made by the workers of the renewable energy sector opposite the CEB is to stress the seriousness of their situation.

They demanded some redress for  7000 worker families who are on the brink of being made destitute due to the non-settlement of housing and other loans. 

 “As banks are demanding the instalments on their housing loans which cannot be met, now the auctioning of their homes is a very real threat,” he added. 

Even though their salaries and allowances have been reduced due to this situation the RE sector has kept the plants running and producing power as it is of national importance to the country. 

“If this sector which produces 12% of the power was to close down, the Government will have to fill this gap by importing Diesel to generate this power to fill the gap at the cost of Rs. 72.26 whereas we supply a unit of power at Rs. 16.26 they said. 

If the situation is not put right soon, we will have no other choice but to resort to legal action,” Pranga said.

BOC gains business growth in 1Q amidst dip in profitability

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Industry giant Bank of Ceylon has managed to improve its lending and deposits in the first quarter whilst profitability suffered due to heavy provisioning influenced by external factors, BoC sources said.  

During the first quarter ended 31 March 2022, BOC’s total assets grew by 10% and reached Rs. 4.2 trillion, preserving its industry leadership. 

The key contributor factor is growth in loans and the investment book which denotes about 92% of the assets of the Bank.  

The gross loans and advances showed a marginal growth of 2% during 1Q-2022 and stood at Rs. 2.6 trillion due to low credit appetite in line with the sluggish movement in the economy. 

The lending to the private sector grew by 7% during the period and the Bank continued to extend its support towards business revival. 

Focusing more on maintaining the portfolio quality and with a view to addressing transforming of non-performing facilities in to hardcore level, the Bank setup a Business Revival unit during the last year and continued to support the revival of the customers. 

The Bank maintains adequate coverage for the expected losses and the provision reserve built so far covers the 8% of the total loan book for expected losses.

The Bank’s deposit base during the year has increased to Rs. 3.1 trillion with a 9% growth and 72% of the deposit base comprises local currency deposits. 

The balance 28% which denotes foreign currency deposits stood at Rs. 879.7 billion as of end March 2022. Current and Saving deposit (CASA) base which generates funds at low cost represents 34%.

BOC said 1Q was an exceptionally challenging period for the entire economy due to external sector pressure. Even though the disruptions to day-to-day operations caused by the COVID-19 were controlled at a satisfactory level, the adverse impact caused to the economy prevailed continuously.

 However, during the 1Q-2022 the Bank recorded Rs. 8.9 billion Profit Before Tax down by 40% from a year ago and Profit After Tax (PAT) of Rs. 5.5 billion, down by 57%

The net interest income of Rs. 39.8 billion was reported with 68% growth contributing 52% to total operating income of the Bank. Interest income grew by 46% materialising the loans and investment growth reported in the previous year. Out of the total interest income of Rs. 85.3 billion, 67% was represented by the interest income from loans and advances and considerable contribution was delivered by income from Overdraft, Term loans and Retail loans.

The investment instruments which mainly comprises Government Treasury Bills, Bonds and other Foreign Currency Sovereign Bonds brought the major portion of interest income earned from the investment portfolio which stood at Rs. 27.9 billion.

Interest expenses increased by 30% to Rs. 45.5 billion in line with the increase in deposit base and re-pricing the deposits at higher rates immediately with the rate increase exercised in the beginning of the month of March 2022. 

However , the upward rate shift started from the latter part of the 1Q-2022 will be reflected in the balance periods of the year

ABBA and the rise of the work-from-home rock star

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hursday night and the lights are low, as the four members of abba, one of the most successful musical acts in history, take to the stage for the first time in nearly 40 years. Or do they? To the crowd at a purpose-built arena in east London, abba’s quartet—Agnetha, Björn, Benny and Anni-Frid—look authentic, their sequinned dresses and feathered mullets swaying to the beat provided by a live band. Yet the singers are computer-generated illusions, captured as they looked in 1979, and their voices a blend of recordings from nearly half a century ago. The virtual “Abbatars”, who played their first concert on May 26th, will perform seven shows a week while the human band members collect the royalties.

Concertgoers got used to digital performances during the lockdowns of 2020, when in-person gigs were not possible. Since the relaxation of covid rules, people have returned to shows in person. But even as live music roars back, some digital innovations are here to stay. Selling tickets to online video-streams of live gigs has become standard. Online gaming platforms are experimenting with hybrid music-gaming experiences. Musicians are realising that, pandemic or not, there is money to be made in performing gigs without being physically in front of the audience.

abba’s extraordinary new show, “Voyage”, goes even further. It demonstrates the potential for a new category of event that is at once in-person and virtual. abba’s reanimation took six years and cost £140m ($175m), a third of which went on a high-tech stadium. The band members spent five weeks performing on a stage in Stockholm, in front of 160 cameras operated by Industrial Light and Magic, a visual-effects company that has previously brought to life Jedi knights and Avengers.

Their rejuvenated virtual selves are eerily real: dancing, jiving and, between songs, joshing with the crowd (virtual Benny insisting that he is the real thing: “I just look very good for my age”). On the opening night the audience, which included the king and queen of Sweden, suspended their disbelief, unselfconsciously cheering and applauding what was, strictly speaking, an empty stage.

Most high-tech concerts are nothing like as sophisticated as the abba show. But basic digital services are changing the economics of even ordinary gigs. In the early days of lockdown, singers live-streamed impromptu concerts from their bedrooms on online video platforms such as Twitch. They soon realised that, when competing for screentime with the likes of Netflix, “you need it to look as cinematic and as spectacular as the latest blockbuster,” says Ric Salmon of Driift, one of several firms that sprang up in 2020 to help musicians stream professional-looking gigs. As shows got slicker they charged more: whereas in April 2020 only about 1% of live-streamed concerts were ticketed, 18 months later nearly half were, at an average price of $16, says Tatiana Cirisano of MIDiA Research, a firm of analysts.

The number of live streams fell by about half last year, as life got back to normal. But acts have continued to make money from online gigs—and they expect to make more. In March bts, a Korean pop sensation, streamed a concert for 2.4m paying viewers online and in cinemas. By 2028 live-streamed concerts will generate $4bn-5bn a year, more than at the height of the pandemic, MIDiA forecasts. Last year Live Nation, the biggest live-entertainment company, acquired Veeps, a live-streaming startup. Spotify and Deezer, subscription music services, have both done deals with Driift.

A recent tour by Little Mix, a British pop group, gives an idea of the new normal. The trio played 24 dates in April and May, in arenas packed with giddy teenagers. They commissioned Driift to live-stream the final show, which sold nearly 60,000 tickets at £13 to fans in 143 countries. Another 29,000 paid to watch the feed in cinemas, suggesting total streaming ticket sales of a little over £1.1m. Producing the live video cost about £250,000. “There’s nothing like being in the room,” says Steve Homer, the boss of aeg Presents, a live-events giant which promoted Little Mix’s in-person gigs. But streaming has become “a good bolt-on”.

Some artists see it as more than that. As social media have squeezed musicians into ever shorter formats, an hour-long video-concert is “an opportunity to create beautiful long-form content”, says Mr Salmon. Meanwhile, a new breed of online gaming experience is allowing some artists to transcend the constraints of real-life shows. In concerts held on Fortnite, an online video-game, Travis Scott has mutated into a giant and Ariana Grande has sprouted wings and let her fans ride flying unicorns. Roblox, another gaming platform, hosted a Wild West-themed concert in which Lil Nas X appeared as a giant cowboy. Minecraft, a world-building online game, has held elaborate music festivals. No one thinks such shows are substitutes for in-person performances, but they seem to be outliving the pandemic as an evolving entertainment category in their own right.

These varied formats and technologies hold out the tantalising prospect for fans—and concert promoters—of more opportunities to see artists perform. Life on the road is draining, especially for ageing stars or those with children. abba’s virtual show is in some ways an extension of its early adoption of the music video in the 1970s, which helped the band become world-famous despite doing only a handful of international tours. “Voyage” can play to hundreds of thousands of fans a year for as long as the band members—or perhaps, one day, their estates—choose.

Anybody could be that guy

In theory there is no limit to who could take advantage of this technology. Already, Whitney Houston, who died in 2012, performs six nights a week in a Las Vegas hotel, in what the show’s organisers describe as “holographic” form. Buddy Holly, Roy Orbison, Maria Callas and Tupac Shakur have been brought back for similar posthumous concerts.

The abba concert shows how to optimise the effect. The proof of the show’s persuasiveness came at the end of the premiere when, after a closing rendition of “The Winner Takes It All”, the Abbatars departed and the real abba members came on stage to take a bow. It was a final trick on the audience: the “real” band-members were another illusion. They vanished and the real-real abba came on stage, to a wild ovation.

“Voyage” had sold more than 300,000 tickets before its opening night; the 3,000-capacity London arena is already almost booked up for summer. A quarter of the tickets have been bought by fans overseas. If the Abbatars are a hit they may perform simultaneously in other cities: the advantage of virtual talent is that “you can just copy-paste them,” says Svana Gisla, a producer of “Voyage”. (What’s more, she adds, “they don’t take days off and they don’t get covid.”) Entertainment companies have sent scouts to check out the show. It may well give other ageing rockstars something to ponder.

Ludvig Andersson, Benny’s son and a producer of the show, is also trying to wrap his mind around the experience of working alongside a recreation of his 33-year-old father. Digitally capturing the band-members reminded him of the “19th-century idea of a camera sucking out your soul…That’s exactly what we did.” He has come to think of the Abbatars as individuals in their own right: a “combination of them being abba and them being themselves…A ghost in the machine.” Whoever or whatever they are, the troupers, immortalised in 120 terabytes, are destined to go on entertaining new audiences, frozen for ever in 1979. ■

British High Commissioner Hulton meets with Foreign Minister Peiris to discuss recent developments

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The High Commissioner of the United Kingdom to Sri Lanka, Sarah Hulton, called on the Minister of Foreign Affairs, Professor G.L. Peiris on 26 May 2022, at the Ministry of Foreign Affairs and congratulated him on his reappointment as the Foreign Minister of Sri Lanka.

Foreign Minister Prof. Peiris and High Commissioner Hulton discussed the bilateral engagements, domestic developments and assistance from the international community in overcoming the current economic challenges encountered by Sri Lanka. The Foreign Minister explained that the government was focussed on ensuring the supplies of essential goods while devising coherent strategies to deal with several economic challenges. Sri Lanka was appreciative of the bilateral assistance received during this period while engaging with multilateral organizations on long term economic recovery. 

The High Commissioner stated that they understand the economic difficulties faced by Sri Lanka and added that they were exploring avenues of support towards Sri Lanka, including through both bilateral and multilateral channels. The Foreign Minister highlighted the welfare measures that will need to be put in place to target the most vulnerable sections of society. 

Foreign Minister Peiris also apprised High Commissioner Hulton on the government’s efforts focused on maintaining law and order and preventing violent incidents that could hamper the lives of citizens. The Foreign Minister explained that the 21st Amendment to the Constitution is currently being studied by political parties. He said that despite the current economic challenges, the government was determined to make progress in addressing post conflict reconciliation related issues.

High Commissioner Hulton stated that the UK government was examining investment options in Sri Lanka. Sri Lanka has considerable potential in sustainable energy projects and green bonds which address the impacts of climate change. Foreign Minister Prof. Peiris and High Commissioner Hulton also discussed developments related to the Commonwealth, the Platinum Jubilee celebrations of Her Majesty the Queen and the forthcoming Commonwealth Heads of Government Meeting (CHOGM) in Kigali, Rwanda.

Senior officials of the Ministry of Foreign Affairs and officials of the High Commission of the United Kingdom were present during the meeting.

Ministry of Foreign Affairs

Colombo

Chen Duxiu – Co-Founder and First General Secretary of the Chinese Communist Party (CCP)

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Compiled by Lionel Bopage
27 May 2022

Was His Expulsion the Greatest Miscarriage of Justice in the history of the CCP?


Chen Duxiu was a revolutionary socialist, educator, philosopher and author, who with Li Dazhao co-founded the Chinese Communist Party (CCP) in 1921. From 1921 to 1927, he served as the first General Secretary of the CCP. Chen was a leading figure in both the Xinhai Revolution that overthrew the Qing dynasty and the May Fourth Movement for scientific and democratic development in the early Republic of China. He studied French, English, and naval architecture and went to Japan under a government scholarship. While in Japan, socialist ideas and the growing Chinese dissident movement influenced him. Chen helped setting up two radical political parties there, but refused to join a Revolutionary Alliance, which he considered as narrowly racist.

In the late 19th century China, Government corruption was rampant and led to an economic crisis and widespread impoverishment. He was critical of the corrupt bureaucracy and became increasingly influential within the revolutionary movement, which was agitating against imperialism as well as against the Qing government. He founded the Anhui Patriotic Association in 1903, the Yue Fei Loyalist Society in 1905 and became an outspoken writer and political leader during the time of the 1911 Wuchang Uprising. This uprising started the Xinhai Revolution that led to the collapse of the Qing Dynasty. In 1912, Chen became secretary general to the new military governor of Anhui, while serving as the dean of a local high school. There he contributed to establishing a student organization, pro-rebel Qing soldiers and secret society members.

Chen established the influential Chinese periodical New Youth for this purpose. Believing social progress cannot be achieved without accurately reporting on the prevailing social issues and deficiencies. Chen introduced many new ideas into popular Chinese culture. Confucianism was unacceptable to him because it preached orthodoxy of thought, while rejecting freedom of thought and expression. It advocated submissive compliance to the inequitable status quo. Chen rejected the concept that the individual was the basic unit of society. Instead of Confucianism, Chen advocated progressive social and political values; independence instead of servility; cosmopolitanism instead of isolationism; utilitarian beliefs instead of impractical traditions; and scientific knowledge instead of visionary insight.

In January 1917, Chen joined the Peking University as its dean. As a professor and dean, he pursued his anti-Confucianism modern ideas with vigour. For Chen “socialism is a theory of social revolution succeeding political revolution; its aim is to eliminate all inequality and oppression.” In 919, conservative opponents at the university forced him to resign. He was jailed for three months by the Peking authorities for distributing “inflammatory” literature that demanded the resignation of pro-Japanese ministers, and government guarantees for the freedoms of speech and assembly.

Chen became a Marxist, being impressed that the Russian Revolution of 1917 as a way of modernizing an underdeveloped country. In May 1920, with a handful of followers, Chen founded a communist group and prepared to establish the CCP. The first representative conference of the CCP was held in July 1921. Chen was elected as secretary general and remained so as the undisputed leader for seven years. He was often regarded as “China’s Lenin”. Chen developed a cooperative, which later became a troublesome relationship with the Communist International (Comintern). Over the next decade, the Comintern sought to use the CCP as a tool of Soviet foreign policy, leading to policy disagreements between CCP leaders and Comintern advisors.

Chen was not confident of the advantage of collaborating with the Kuomintang, but he had to reluctantly carry out the Comintern’s instructions to do so. He was even elected to the Central Committee of the Kuomintang. Nevertheless, Chen came into conflict with Mao Zedong in 1925 over Mao’s essay “An Analysis of Classes in Chinese Society”. While Chen believed that the focus of revolutionary struggle in China should primarily be about workers, Mao placed primacy on peasants. During the last years of his life, Chen denounced Stalin’s dictatorship, and held that various democratic institutions including independent judiciary, opposition parties, free press, and free elections were important and valuable. Because of Chen’s opposition to Mao’s interpretation of Communism, Mao believed that Chen was incapable of providing a robust historical materialist analysis of China. This dispute would eventually lead to the end of Chen and Mao’s friendship and political association.
In 1927, Chen with other high-ranking Communists, including Mao Zedong and Mikhail Borodin, closely collaborated with the Nationalist government in Wuhan. Under this influence, the Wuhan government subsequently carried out certain land reform policies. However, considering this as a provocation, various Kuomintang aligned generals attacked the regime.

Chen was forced to resign as General Secretary in 1927, due to his public dissatisfaction with the Comintern’s order to disarm. This order led to the deaths of thousands of Communists, and is known as the Shanghai massacre of 1927. Also, Chen disagreed with the Comintern’s new focus on peasant rebellions.

After the CCP – Kuomintang collaboration fell apart in 1927, the Comintern blamed Chen, and systematically removed him from all positions of leadership. In 1929, he was expelled from the CCP. Later on, he became associated with the International Left Opposition of Leon Trotsky. Like Chen, Trotsky opposed many of the policies of the Comintern, and publicly criticized the Comintern’s effort to collaborate with the Nationalists. Chen eventually became the voice of the Trotskyists in China, attempting to regain support and influence within the party, but failed. Chen and Trotsky started a complex relationship that was not known in the west, which revealed the developments of Trotskyism in China. Currently there is a revived interest into this interesting relationship.

In 1932, Chen was arrested by the government of the Shanghai International Settlement, where he had been living since 1927, and extradited to Nanjing. In 1933, he was sentenced to 15 years in prison by the Nationalist government, but was released on parole in 1937 after the outbreak of the Second Sino-Japanese War. Chen was one of the few early leaders of the CCP to survive the turmoil of the 1930s, but he was never able to regain any influence within the party he had founded. During the last decade, he had to spend an obscure life. During the long March 0f 1934-35, the Communists had to flee the cities where China’s fledgling industrial working class was concentrated and seek refuge in remote rural areas. There they were able to mobilize the support of peasants. This was naturally taken as vindicating Mao’s position in his debate with Chen.

During the Long March, Mao Zedong emerged as the leader of the CCP.
When Chen was released from prison, he refused multiple offers of positions by the Kuomintang. He said, despite the importance of the war effort “Chiang Kai-shek killed many of my comrades. He also killed my two sons. He and I are absolutely irreconcilable”. Afterwards, Chen met with the heads of the Nanjing Office of the CCP. An attempt was

Lanka SSL sweeps four gold awards at the National Convention on Quality and Productivity

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Photo Caption:

  1. Seen here are the teams at Lanka SSL with their awards

Lanka Special Steel Limited (Lanka SSL), a trusted name in wires and a fully owned subsidiary of E.B. Creasy & Company PLC, continued its winning streak with its teams Awanetha, Target, Shakthi, and Verge taking home four coveted gold awards at the recent National Convention on Quality and Productivity (NCQP) 2021.

Organized annually by the Sri Lanka Association for the Advancement of Quality and Productivity (SLAAQP), the event was held under the patronage of His Excellency the Ambassador of Japan to Sri Lanka Mizukoshi Hideaki. Other dignitaries include Dr. Sunil Jayantha Nawaratna, Sunil G Wijesinha, and the President of SLAAQP Vipul Kularatna.

The event saw the participation of over 250 teams from across the country competing with their presentations, showcasing the various activities done to improve efficiency and productivity. The four teams at Lanka SSL proved their exceptional strengths and values in these areas, and their confidence, hard work, and dedication was awarded with the highest recognition.

The members who participated and represented Lanka SSL include Madusanka, Chamara, Kosala and Dinesh (Team Awanetha), Nifran, Susantha and Oshan (Team Target), Amith, Premarathna, and G T Madusanka (Team Shakthi), and Sagara, Supun, Gihani, Asanka, Kasuni and Sachini (Team Vager).

Lanka Special Steels has a good track record of participating in conventions both locally and internationally over the last 10 years. We are extremely proud to see the enthusiasm and the commitment of our valuable employees, especially at the shop floor level, and their initiatives to willingly contribute towards continuous improvement leading to productivity by working together with their supervisors.

The outcome of winning four awards at this convention is something commendable and it is something we should be proud of. The achievement comes bigger this year around, having won just one gold award at the last year’s edition of the National Convention on Quality and Productivity,’ said Director / CEO Pravin De Silva.

Lanka SSL, the only manufacturer for SLS certified hot-dipped galvanized (Gi) wire and barbed wire in Sri Lanka, is consecutively recognized for its efforts in quality, innovation, and excellence. Earlier this year, the company was awarded the first runner-up in the Large Category at the National Business Excellence Awards 2021 and was named Winner in the Manufacturing– Other Sector. Last year, it won the National Gold Award- Extra Large Category (Manufacturing Sector) and the Top Ten Award at the CNCI Achiever Awards 2020 for Industrial Excellence

Major Shipping Lines evade  Colombo Port in political crisis  

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Major international shipping lines have removed the Colombo Port from the list of its service ports following the failure to provide required services for ships arriving at the Port on May 11  due to workers strike and the ongoing  political crisis.   

Due to the ongoing political unrest in Sri Lanka, shipping lines are going for transshipment routes that do not pass through the port of Colombo for transport of goods to and from Chattogram port

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The main line operators are now looking to ports in India, Singapore and Port Kelang.

Meanwhile, feeder vessel operators who still use Colombo port have said the volume of goods transported through this port has decreased significantly, and it might drop further in future.

Colombo port was temporarily closed on  May 10 due to the recent political unrest in Sri Lanka. Unable to dock at Colombo port, five mother vessels of Mediterranean Shipping Company (MSC) docked at Ennore Port in India.

Main liner operators such as YML – SNS and PS Service, EMC – AEF Service and WHL CI6 have stopped services to Colombo Port after port operations halted on  May11, owing to the political crisis, according to port authority  sources.

On May11 , these vessels experienced a delay and had diverted to Ennore Port,India after being unable to dock in the Colombo Port.

It was also announced that OOCLand CMA CIX3 services will continue operations, but the carrier may decide to cancel services at any given moment. “We are closely following with carrier ad-hoc basis and will ensure to inform regarding any service changes or cancelation the liners,” they announced.

Sri Lanka Port’s Authority (SLPA) trade unions said that some main liners left Colombo Port as a precautionary measure following their joint announcement on launching a strike on  May11 if President Gotabaya Rajapaksa does not step down. 

About five ships diverted, General Secretary of the All Ceylon General Port Employee Union, NiroshanGorakanage said. According to reliable sources, even MSC skipped two vessels from calling port at Colombo two weeks ago.

SLPA Chairman Dr. Prasantha Jayamanna confirmed that this did happen on  May 11exactly till noon, but assured that operations at the terminals were now smooth.  

In the meantime, a joint statement by SLPA and its stakeholders said that the Port being identified as an essential service, catering to vital transshipment, exports, imports and related logistics services is receiving .

It is assured of an uninterrupted supply of electricity and fuel. Shipping services are essential and contribute immensely to the Sri Lankan economy and hence the shipping community stresses the importance of Colombo Port as a regional transshipment hub.

Inter-terminal trucking and transport for logistics services to move domestic laden and empty containers are receiving priority and connections for transhipment containers are able to make their targeted on carriers without misses. 

Clearance of imports and export shipments are moving at desired levels notwithstanding delays in the clearance of some import cargoes due to a shortage of foreign currency.

Trade unions acknowledge the vital importance of the sector for economic sustenance and revival and the Management of SLPA and the private terminals, CICT and SAGT are confident they would be in a position to meet the economic challenges and ensure service delivery to customers.

In terms of performance, Colombo Port continues to grow and figures for the first four months up to April 2022 reflect an overall growth in volumes of 100,356 TEU (4.3 per cent) and in transhipment 92,099 TEU (five per cent) over the same period of 2021.

It was  recording steady progress while continuing to play a pivotal role as a regional transhipment hub with strategic intent and plans being developed to expand capacity and services to evolve to a regional shipping second to none, the joint statement said.

Further, the Management of SLPA assures global shipping lines and operators of container and conventional services of operations will be carried out uninterrupted, normally and in expected levels at the Port of Colombo despite the economic and political crisis situation, the statement added. 

Central Bank  takes Extraordinary Measures to support the Banking Sector

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The Central Bank, considering the prevailing macroeconomic conditions and its impact on the banking sector, has decided to implement the following regulatory measures to support the banking sector to facilitate effective financial intermediation and the flow of credit to the economy, whilst ensuring the soundness of the banking sector.

Sri Lankan banking sector maintains a Capital Conservation Buffer (CCB) of 2.5% to ensure that banks have an additional layer of usable capital that can be drawn down during stress times. 

An industry wide flexibility is granted for banks to drawdown the CCB (up to 5%), if needed, subject to restrictions on distribution to shareholders/ repatriation of profits and submission of a capital augmentation plan to rebuild CCB during a period up to three years.

The current deadline for licensed banks to meet the enhanced minimum capital requirement (31.12.2022) is extended up to 31.12.2023. 

Licensed banks which are unable to meet the minimum capital requirement by 31.12.2022, need to submit their capital augmentation plan, including plans to consolidate or merge with suitable financial institutions, by 12.2022 and these licensed banks too shall refrain from distribution of dividends/ repatriation of profits until the minimum capital requirement is met.

Licensed banks are encouraged to move to approaches such as The Standardised Approach (TSA) or alternative TSA for computation of risk weighted assets for operational risk for the purposes of computing the Capital Adequacy Ratio, subject to supervisory

Licensed banks are given the flexibility to stagger the unrealised mark to market loss on Government Securities denominated in LKR on account of the recent interest rate hike for Capital Adequacy purposes until Q2 of 2024, subject to Licensed banks are granted flexibility on the treatment for Other Comprehensive Income (OCI) for Capital Adequacy purpose .

The deadline for licensed banks to submit the document on Internal Capital Adequacy Assessment Process (ICAAP) for 2022, to the Central Bank of Sri Lanka is extended by one month, until 30.06.2022.

As a short-term measure to support licensed banks to adjust their liquidity profiles, licensed banks are provided with the flexibility to operate maintaining the Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) not lower than 90% up to 09.2022.

Furthermore, the Central Bank of Sri Lanka, on 06 May 2022 decided to restrict certain discretionary payments of licensed banks, such as declaring cash dividends and repatriation of profits, until the financial statements for the year 2022.

These measures  are audited by its External Auditor, engaging in share buy backs, increasing management allowances and payments to the Board of Directors until 31 December 2022 with a view to strengthening the liquidity and capital positions of licensed banks under these exceptional circumstances.

It was introduced with the aim of providing the licensed banks with more flexibility and opportunities to operate in these challenging conditions and support economic recovery, while taking measures to improve their safety and soundness. 

The Central Bank will periodically review the implementation of these policy measures and expects licensed banks to avail these measures in the best interest of the customers and the economy at large, while supporting the banking sector to remain resilient.