Home Blog Page 1850

Sri Lanka Rupee appreciates by 0.3 per cent against US Dollar

0

By January 20, 2023, the Sri Lankan Rupee has appreciated by 0.3 per cent against the US Dollar, a report by the Central Bank of Sri Lanka (CBSL) revealed.

The sell price of the US Dollar marks Rs. 371.38 and the buy price, Rs. 360.55.

The Sri Lankan Rupee in its appreciation against foreign currencies also indicates an appreciation of 1.5 per cent against Euro, 2.5 per cent against GBP, 1.6 per cent against Indian Rupee, and 2.6 per cent against Japanese Yen, according to report.

The CBSL in December 2022 bought US $274.42 million and sold US $170.64, and the Sri Lankan Rupee had depreciated by 44.8 per cent against the US Dollar in 2022, the report adds.

MIAP

School trips to be restricted to 100km per day

0

The Ministry of Education announced that the distance which a school field trip can go up to will be restricted to 100 kilometres per day.

Accordingly, Ministry officials are working on introducing new laws allowing school tours within a 100 kilometres distance per day, and returning the students before 6.30 pm on tour days.

A circular is being formulated in this regard, according to reports.

The move comes in following the fatal accident in Nanuoya, where a bus carrying students of Thurstan College, Colombo collided with a van and a three-wheeler killing seven people, including three children. The bus driver who was arrested for negligent driving was remanded.

MIAP

Much awaited ‘Gajaman’ now hits theatres

0

‘Gajaman,’ the much awaited first ever Sri Lankan 3D animation movie is now being screened in cinemas.

The first ever Sri Lankan 3D motion picture has been developed using motion capture technology and is based on the beloved comic character ‘Gajaman’ the henchman by Camillus.

Cartoonist Camillus Perera’s ‘Gajaman’ was one of the most popular comic series that appeared in ‘Sathsiri’ magazine and was originally created in the 1960s. Being critically acclaimed, ‘Gajaman’ was a commercial success that it even gained its own newspaper.

‘Gajaman’ movie is directed by Chanaka Perera and produced by John Fonseka and Chamika Jinadasa.

MIAP

Showers or thundershowers to continue: Met Dept

0

Showers or thundershowers will occur at times in Eastern, Uva and North-central provinces and in Hambantota district, and at several places elsewhere over the island during the afternoon or night, announced the Department of Meteorology in a statement today (23).

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 will occur at times in the sea areas off the coast extending from Hambanthota to Kankasanthurai via Batticaloa, Trincomalee and Mullaitivu.
Winds:
Winds will be north-easterly and wind speed will be (25-35) kmph. Wind speed may increase up to (40-45) kmph at times over the sea areas off the cost extending from Colombo to Galle via Puttalam, Kankasanthurai, Trincomalee, Batticaloa and Hambantota.
State of Sea:
Sea areas off the coast extending from Colombo to Galle via Puttalam, Kankasanthurai, Trincomalee, Batticaloa and Hambantota, will be fairly rough at times. The other sea areas around the island may be slight to moderate.  Temporarily strong gusty winds and very rough seas can be expected during thundershowers.

MIAP

Foreign Minister to visit Saudi Arabia

0

Foreign Affairs Minister Ali Sabry is set to make an official visit to the Kingdom of Saudi Arabia from January 23 to 27 on an invitation of his Saudi Arabian counterpart Prince Faisal bin Farhan Al Saud.

Sabry will be meeting the Saudi Arabian Foreign Minister and discussing further enhancement of the cordial bilateral relations between the two nations.

In Addition, the Minister will also meet with the senior officials of the Islamic Development Bank, the Organization of Islamic Cooperation, the Gulf Cooperation Council and the Governors of Mecca and Medina.

MIAP

Humanitarian Assistance & Disaster Relief exercise of CARAT – 2023 gets underway

0

The Marine Exercise (MAREX) of Cooperation Afloat Readiness and Training (CARAT) 2023, commenced in Mullikulam on 21st January 2023 and it was augmented by personnel from the U.S. Marine Corps, Sri Lanka Navy Marines, Special Boat Squadron, Rapid Action Boat Squadron, and Naval Infantrymen. Accordingly, the Humanitarian Assistance & Disaster Relief (HADR) exercises of MAREX were held at the beach area of Mullikulam in the Northwestern Naval Command today (22nd January).

The exercise saw two (02) Landing Craft Air Cushion (LCAC) of the U.S. Navy transferring troops, Logistics and vehicles ashore for HADR drills. The training exercise also helped both partners to coordinate and communicate with one another in a simulated environment and improve each other’s skills.

Commander Northeastern Naval Area, Rear Admiral Nishantha Peiris and a group of senior officers from the command were present on this occasion to inspect the proceedings.

GCE Advanced Level Examination commences

0

The GCE Advanced Level Examination of 2022 commences from today (23) at 08 am, at 2,200 centres across the island.

331,709 candidates, both school and private applicants, will be sitting for the exams.

The Department of Examinations has approved 1o minutes of additional time for the essay papers of the exams.

MIAP

Sri Lanka Original Narrative Summary: 23/01

0

  1. CoPF Chief MP (Dr.) Harsha De Silva praises the CPCEC for the immediate implementation of recommendations on adopting online methods and submitting audited accounts – Commission asserts these are established under a completely legitimate purview of the government in compliance with the Colombo Port City Economic Commission Act.
  2. French court convicts 14 Sri Lankans of migrant smuggling across Europe – Main suspect accused of overseeing the operation from a grocery store in Serifontaine handed a four-year prison term, with one year suspended – Another based in Britain but fighting extradition requests given a five-year sentence, while others given lesser sentences.
  3. Operations at Kelanitissa Combined Cycle Power Plant stalled incurring a drop of 165 megawatts from the national grid, hours after the operations at the Norochcholai Coal Power Plant stalled due to maintenance restored – absence of sufficient stocks of naphtha owned by CEB said to be the reason.
  4. President Ranil Wickremesinghe says the contribution of the University Community is very important in the development process – instructs to implement a youth-led development project covering the entire island to make Sri Lanka a developed nation by the 100th Independence Celebration in 2048 through youth ideas, skills and interventions.
  5. GCE Advanced Level Examination commences from today at 8 am – Exams held at 2,200 centres across the island with 331,709 applicants, both school and private applicants, sitting – Dept of Examinations approves additional 10 minutes for essay papers.
  6. The maximum distance which school field trips can be taken up to restricted to 100 km per day – Students taken on field trips must be returned before 6 pm – Move comes in following the fatal accident in Nanuoya where a bus carrying students of Thurstan College, Colombo collided with a van and a three-wheeler killing seven people – Bus driver accused of negligent driving remanded.
  7. Thushara Sanjeewa, a close associate and a disciple of ex Minister Johnston Fernando, ousted from his position as the Mayor in Kurunegala through gazette issued by the North-Western Provincial Governor due to failure of passing the Budget of Kurunegala Urban Council.
  8. UAE Human Resources Minister Dr. Abdulrahman Abdulmannan Al Awar assures Sri Lanka’s Minister of Foreign Employment Manusha Nanayakkara his country will take stern action against those facilitating illegal immigration to UAE – Dr. Al Awar positively responds to Nanayakkara’s request to provide more job opportunities in UAE for skilled workers from Sri Lanka.
  9. Hindustan Times reports China’s position on Sri Lanka to be informed to the IMF in writing on Jan 22, 2023 – Treasury Deputy Secretary Priyantha Ratnayake says the negotiations with China regarding debt restructuring have reached its final stage and an agreement will be made in the next few days; denies revealing details citing ‘confidentiality’ – China and India being the two main creditors to Sri Lanka are the variable to receiving IMF bailout.
  10. Foreign Affairs Minister Ali Sabry scheduled to make an official visit to Saudi Arabia from 22 – 27 January, 2023 on an invitation by his Saudi Arabian counterpart Prince Faisal bin Farhan Al Saud – Further enhancement of bilateral relations between the two nations expected during the visit.

Bus driver of Nanuoya accident remanded

0

The driver of the bus which collided with a van and a three wheeler in a fatal accident killing seven two days ago has been remanded till February 02, as ordered by the Nuwara Eliya Magistrate Court.

Nuwara Eliya Magistrate Nalaka Sanjeewa Edirisinghe visited the District Hospital of Nuwara Eliya where the bus driver is being treated and produced the order thereafter.

MIAP

Fitch downgrades five Lankan finance and leasing companies

0

Fitch Ratings has downgraded the National Long-Term Ratings of five Sri Lankan finance and leasing companies (FLCs) after the recent sovereign downgrade and recalibration of the agency’s Sri Lankan National Rating scale.

The FLCs’ ratings remain on Rating Watch Negative (RWN). The downgrades follow similar action on 10 Sri Lankan banks. For details, see “Fitch Downgrades 10 Sri Lankan Banks’ Ratings”, dated 12 January.

The recalibration of the national scale is to reflect changes in the relative creditworthiness among Sri Lankan issuers following Fitch’s downgrade of Sri Lanka’s Long-Term Local Currency Issuer Default Rating (IDR) to ‘CC’ from ‘CCC’/Under Criteria Observation on 1 December 2022. Fitch typically does not assign Outlooks or apply modifiers to sovereigns with a rating of ‘CCC+’ or below.

National scale ratings are a risk ranking of issuers in a particular market designed to help local investors differentiate risk. Sri Lanka’s national scale ratings are denoted by the unique identifier ‘(lka)’.

Fitch adds this identifier to reflect the unique nature of the Sri Lankan national scale. National scales are not comparable with Fitch’s international rating scales or with other countries’ national rating scales.

The recalibration of the Sri Lankan National Rating scale has resulted in downgrades of the National Long-Term Ratings of the following Fitch rated FLCs:

These companies are People’s Leasing and Finance PLC (PLC) , Central Finance Company PLC CBC Finance LTD , HNB Finance PLC and Siyapatha Finance PLC (Siyapatha)

The National Ratings of other Sri Lankan FLCs, which are not mentioned in this commentary, have not been affected by the recalibration. Still, their credit profiles generally remain exposed to heightened downside risks in the current operating environment.

The downgrades of the National Ratings of PLC and CF are driven by the downgrade of the sovereign’s Long-Term Local-Currency IDR and the recalibration of the Sri Lankan National Rating scale. They also reflect their relative creditworthiness among Sri Lankan issuers, including the larger banks.

A probable default on the sovereign’s local-currency obligations increases the risk that authorities will impose restrictions on FLCs servicing their local-currency obligations, like for the banks. That said, we believe that this risk is lower than non-payment by the sovereign.

The downgrades of CBCF, HNBF and Siyapatha stem from the downgrades of their bank parents ─ Commercial Bank of Ceylon PLC (A(lka)/RWN), Hatton National Bank PLC (A(lka)/RWN) and Sampath Bank PLC (A(lka)/RWN), respectively ─ due to the recalibration of the bank parents’ National Ratings.

These FLCs remain rated two notches below their respective parents’ ratings, reflecting the finance subsidiaries’ limited importance to their bank parents.