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The government must heed the message of the people’s struggle as it marks its 50th day

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May 28 marks the 50th day of the struggle for democracy launched by the country’s youth and its people at the Galle Face Green in Colombo. It is a struggle as never seen before in Sri Lanka where the people have arisen to fight for their rights. Those engaged in the struggle have managed to achieve much more than any other political or civil movement in this country has been able to in recent times. They are also successfully advocating for many political and economic reforms that must now take place in this country. All Sri Lankans who value democracy must give them the due recognition for their untiring efforts. We, the National Movement for Just Society would like to join hands with them at this moment to express our deep regard and appreciation for them.

It must be highly appreciated that the aspirations of the just people of this country for a free, independent and peaceful country are being highlighted by the youth and the civil society groups involved in this struggle. The government must therefore heed their genuine calls without further ado. The Sri Lankan society must understand that this country cannot achieve a better future without securing the political and civil rights of its people.

We extend our warmest wishes to all those parties who have been engaged in a peaceful struggle for 50 consecutive days and truly wish they will soon achieve their goals for the betterment of our country.

Deshabandu Karu Jayasuriya
Chairman
National Movement for Social Justice

50 days for GotaGoGama protest. Demonstrations continue!

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The people’s protest demanding the stepping down of President Gotabaya Rajapaksa at the hypothetical village GotaGoGama in GalleFace Ground marks its fiftieth day today (28).

The protesters have decided to strengthen the demonstrations reiterating that the struggle will not stop until victory.

Various groups are aiding and supporting the protest in GalleFace and the youth groups involved in the protest have decided to take their struggle forward in a direction in consultation with all sectors representing the society, in the ultimate objective of changing the system and establishing a new political culture.

Various protests have been organised in support of the GalleFace protest today, marking its fiftieth day.

MIAP

SL High Commissioner to India Moragoda meets with Indian Finance Minister Sitharaman for economic cooperation

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Following his meeting in mid-April, Sri Lanka High Commissioner to India Milinda Moragoda again met with Indian Finance and Corporate Affairs Minister Nirmala Sitharaman yesterday to evaluate the status of ongoing cooperation and to discuss the way forward.

High Commissioner Moragoda thanked Minister Sitharaman for the continuation of assistance that India is extending to Sri Lanka in the form of credits for essential commodities and fuel, and also for balance of payment support extended. He particularly appreciated her taking up the case of Sri Lanka on the side-lines of the IMF Spring Meetings in April in Washington D.C., with the IMF, other multilateral institutions and bilateral development partners. High Commissioner Moragoda briefed Minister Sitharaman on the present developments in Sri Lanka.

The High Commissioner reiterated that Sri Lanka would require bridging finance until the economic adjustment programme with the IMF could be negotiated and finalised. In this context, the Minister and the High Commissioner explored the possibility of increasing and restructuring the assistance provided by India in the form of credits for essential commodities and fuel as well as balance of payment support.

In this regard, it was agreed that the established official-level mechanism for conducting the economic dialogue between the two countries should continue.

Government of India Chief Economic Advisor Prof. Anantha Nageswaran who leads the Indian side at the official-level discussions, and senior officials of the High Commission of Sri Lanka in New Delhi also participated in the meeting.

DailyFT

SDIG Ajith Rohana transferred

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Senior Deputy Inspector General of Police (SDIG) Ajith Rohana who was in Charge of the Crimes and Traffic Division, has been transferred to the Southern Province, reports said.

Meanwhile, the Senior DIG in Charge of the Southern Province, Rajitha Sri Daminda has been transferred to the Eastern Province.

Humanitarian supplies for the people of Sri Lanka

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Acting High Commissioner Vinod K. Jacob handed over a consignment of drugs and other medical supplies donated by Government of India to Hon’ble Minister of Health Keheliya Rambukwella in Colombo on 27 May 2022. The consignment which weighs more than 25 tons is valued at close to SLR 260 million. Mr. Janaka Chandragupta, Secretary Ministry of Health also attended the event.

2.     Indian Naval Ship (INS) Gharial, a 5600 tons Landing Ship was deployed for the delivery of humanitarian assistance materials expeditiously as part of Mission SAGAR IX. In addition to medical supplies, the ship also carried onboard kerosene for the use of fishermen in Sri Lanka. The consignment of kerosene shall be distributed among the beneficiaries by Ceylon Fisheries Harbour Corporation in the coming days.

3.     The medical consignment was donated in response to requests by various organizations and hospitals spread across different parts of the country. It bears recall that representatives of Suwaseriya Foundation and Hon’ble Member of Parliament Dr. Harsha De Silva had highlighted their medical requirements to External Affairs Minister Dr S. Jaishankar during his visit to Sri Lanka in March 2022 and these requirements are now being met through the donation. In addition, medical supplies to General Hospital Hambantota, Teaching Hospital, Peradeniya and Teaching Hospital, Jaffna are also being catered to. 

4.     Another large consignment of medical supplies for use by Teaching Hospital, Peradeniya was earlier delivered on board INS Gharial on 29 April 2022.  These humanitarian supplies are in continuation of Government of India’s ongoing support to the people of Sri Lanka in multiple forms such as financial assistance, forex support, material supply etc. These efforts testify Prime Minister Narendra Modi’s ‘Neighbourhood First’ policy which places people-to-people engagement at its core. These are complemented by the people of India who have also been donating generously to their brothers and sisters in Sri Lanka. Ongoing commitment to the people of Sri Lanka attests to importance attached by the peoples of India and Sri Lanka for the well-being of each other.

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Colombo

27 May 2022

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. ■