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India to cooperate with Sri Lanka on artificial intelligence

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India and Sri Lanka have decided to extend existing cooperation in Science and Technology for 3 more years, with focus on new areas including artificial intelligence and aerospace engineering.

The decision was taken at the India-Sri Lanka 5th Joint Committee on S&T Cooperation, the Indian High Commission in Colombo said.

“India and Sri Lanka have a great legacy of intellectual, cultural, and religious interaction and relationship of more than 2500 years old. 

Trade and investment and cooperation in education and other sectors have gone up in recent times, and in this line, cooperation in S&T becomes very critical,” 

This was disclosed by S. K. Varshney, Advisor, and Head, International Cooperation, Department of Science and Technology (DST), Ministry of Science and Technology, India, who led the delegation from the country and was the Indian co-chair.

“This platform will provide an opportunity for discussing various other facets which are possible for collaboration in the domain of S&T. 

There are lot of opportunities available for bilateral cooperation. India offers fellowships like India S&T fellowship, e-ITEC and both the countries can work through a number of multilateral platforms like BIMSTEC, which they are part of,” he added.

Mrs. Deepa Liyange, Secretary, State Ministry of Skills Development, Vocational Education, Research & Innovations, Sri Lanka, the co-chair from Sri Lanka, reiterated the well-established bilateral relationship between both the countries and welcomed India’s cooperation in S&T sectors and research areas for boosting scientific knowledge in the country.

Vinod K. Jacob, Deputy High Commissioner from India in Sri Lanka, highlighted that as part of India’s “Neighborhood First” policy which guides the country’s cooperation with Sri Lanka, this meeting would help build on existing collaborative work and help these reach greater heights.

 He further mentioned that under the e-ITEC program, since April 2020, 550 Sri-Lankan nationals have benefitted from training in various Indian institutions in areas like biotech, medical research, renewable energy, and so on.

“S&T is a key enabler of socio-economic and sustainable development. The tools in science will enable the world in achieving the 2030 agenda of sustainable development, and it is high time we create conducive environment for S&T and innovation. 

A strong bilateral cooperation is extremely important for a country’s progress, and Sri Lanka looks forward to a fruitful joint cooperation programme,” Niluka Kadurugamuwa, Deputy High Commissioner from Sri Lanka in India, pointed out.

The Indian side presented the overall STI Policy and priority areas by showcasing the core mandates of DST, multi-stakeholder base of DST, India’s recent progress in S&T, as well as focus on securing India’s future in technology through their missions 

The Sri-Lankan side also highlighted the scope and status of S&T in their country and its application in various areas of national importance. 

Organizations like National Science Foundation, Sri Lanka, Council of Scientific and Industrial Research, India and Industrial Technology Institute, Sri Lanka detailed on activities performed by the respective Scientific Agencies and areas of potential collaboration between both the countries.

The delegates reviewed the ongoing collaborative activities in the 9 areas spanning food technology; plant base medicines; meteorology; space research & applications, robotics & automation; industrial electronics, renewable energy; waste management; information and communication technology and discussed future activities.

The board mutually agreed to extend the Programme of Cooperation (POC) for another 3 years between both countries.

It has   identified new areas such as waste-water technologies, industry and biotech, sustainable agriculture, aerospace engineering, robotics, big data analytics, and artificial intelligence to be included in the POC. 

CSE to revise ASPI calculation methodology from next Monday

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The Colombo Stock Exchange (CSE) is revising the index calculation methodology of the All Share Price Index (ASPI) from full market capitalization-weighting to public float-adjusted Market Capitalization, official sources said. 

The Index methodology has been published on the CSE web site. The Implementation of the said revision is scheduled to take place on January 24  2022 (with effect from the market closure of January 21  2021).

The All Share Price Index (ASPI) is the broad market index of the CSE, and is designed to measure the movements of the overall market. 

The index is calculated in real-time as a market capitalization weighted index, which constitutes all voting and non-voting ordinary shares listed on the CSE.

The ASPI increased 1146 points or 9.37 percent since the beginning of 2022, according to trading on a contract for difference (CFD) that tracks this benchmark index from Sri Lanka.

The Colombo All-Share Index is a major stock market index which tracks the performance of all companies listed on the Colombo Stock Exchange in Sri Lanka. It is a capitalization weighted index. The Colombo All-Share Index has a base value of 100 as of 1985.

All Share Price Index (ASPI) will see less volatility from January 24 as the Colombo Stock Exchange (CSE) is set to introduce a new compilation method to eliminate the influence of illiquid shares which have been the reason for high volatility, a senior CSE official said.

The ASPI, the island nation’s main stock index, has been hitting a record high almost on a daily basis since mid last year mainly due to a few market heavyweight stocks which only had a few shares for public floating.

Stock market analysts said that though the ASPI had given a return of 80.5 percent return last year, some listed firms have given excess returns of 1500 percent mainly because only a few shares created huge demands in the market.

The ASPI posted 80.5 percent return last year to make CSE the best performing market in terms of returns calculated in local currency.

Analysts said companies like LOLC Finance Plc, Commercial Leasing and Finance Company have been on the second board of the CSE due to its lack of free-floating shares since 2019. 

However, shares in LOLC Finance gained 455 percent last year while Commercial Leasing and Finance Company skyrocketed nearly 700 percent in 2021.

“The new calculations will capture the real market capitalization of the market as opposed to a current method that calculates the overall shifts in the market.”

Under the existing system, any small movement in market heavyweights, even if the companies have less than 1 percent free-floating, contribute significantly to the change in index both in gains and losses.

The CSE’s staggering returns last year was one of the best positive news for Sri Lanka which was suffering of forex and food shortage crisis.

As of December 31 last year, the CSE had 296 companies listed and some securities including non-voting shares.

Low public holding in equities is otherwise known as illiquid shares. This results in only a small percent of shares being available for public trading.

Analysts say some companies with low public trading moved up mainly due to some speculations without any fundamental reasons while some of the shares are pumped by some people with a vested interest in the market.

Under the new calculation of ASPI which will be calculated from January 24, the CSE expects to create more realistic values and stability in the market.

The new method will weigh the indices based on float-adjusted market capitalisation and not the total market capitalisation.

The difference between the two is that the Float Adjusted Market Cap will move based on the publicly held portion of the total market capital.

Sri Lanka food prices soar stoking December inflation

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Amid skyrocketing prices and fears expressed of a looming food crisis, Sri Lanka’s inflation recorded a new high with local super markets rationing essential commodities such as powdered milk, sugar, lentils, s as Sri Lankan banks run out of dollars to pay for imports.

The Department of Census and Statistics (DCS)  announced that  headline inflation in December was 14 percent  as against 11.1 percent  in the previous month claiming  it was mainly due to the higher price levels prevailing in both food and non-food groups.

Inflation of the food group increased to 21.5 percent in December from 16.9 percent in November. The year-on-year inflation of the non-food group increased to 7.6 percent from 6.2 percent.

DCS said contributions to the inflation rate of December 2021 from the food group and non-food group are 10.0 percent and 4.0 percent respectively. 

Whilst contributions of food and non-food groups to the inflation in December 2020 were 3.4 percent and 1.2 percent respectively, resulting in a headline inflation of 4.6 percent.

Comparing the month-on-month changes, the National Consumer Price Index (NCPI) in December 2021 increased to 161.0 from 155.3 reported in November 2021. This shows an increase of 5.7 index points or 3.7 percent as compared to November 2021.

The month-on-month change was contributed by increases of index values of food items by 3.0 percent and non-food items by 0.68 percent respectively.

DCS said price increases of food items were reported for Vegetables, Rice, Green chillies, Big onions, Potatoes, Eggs, Bread, Coconuts, Chicken, Wheat flour, Milk powder, Biscuits, Red onions, Mysore dhal, Fresh fruits, Coconut oil, Chili powder, Buns, Jak, Dried chillies and Infant milk powder. 

However, decreases in index values were reported for Green gram, Sugar and Limes.The increases in index values of non-food groups in December 2021 compared to the previous month.

This was  was mainly due to the price increases in groups of items ‘Alcoholic Beverages, Tobacco and Narcotics’ (Arrack and Betel leaves), ‘Clothing and Footwear’, ‘Housing, Water, Electricity, Gas and Other fuels’ (Kerosene oil and Firewood).

 Prices had been increased in ‘Furnishing, Household equipment, and Routine household maintenance’, ‘Transport’ (Petrol, and Diesel), ‘Restaurants and Hotels’ and ‘Miscellaneous Goods and Services’. 

Further, very slight price increases were reported in groups of ‘Health’ and ‘Recreation and Culture’. 

The price indices of ‘Communication’ and ‘Education’ groups remained unchanged during the month.

Core inflation, which reflects the underlying inflation by excluding volatile items of food, energy and transport groups in the economy as measured by the year-on-year change based on NCPI for the month of December 2021 was increased to 10.8percent  from 8.8 percent  reported in the month of November 2021.

 The spike in December in Sri Lanka was contrary to a decline in food prices globally, according to the Food and Agriculture Organisation (FAO).

FAO said world food prices fell slightly in December as international prices for vegetable oils and sugar fell significantly from lofty levels.

The FAO Food Price Index averaged 133.7 points in December, a 0.9% decline from November, but still up 23.1% from December 2020. The index tracks monthly changes in the international prices of commonly traded food commodities. Only the dairy sub-index posted a monthly rise in December.

Secretary of top government leader sacked over financial scandal

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The parliament secretary of a top government leader has reportedly been sacked over a financial scandal.

The said secretary has been pulling money his leader’s bank account for a long time using credit cards and has been caught red handed in a recent day.

The culprit is also a former MP and was quite public together with his leader for the media, notably in a moment where he was called a ‘stupid prick’ by his leader before camera.

MIAP

Sapugaskanda Power Plant inactive as fuel run out

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Operations at the Sapugaskanda Power Plant have been ceased this (22) afternoon as fuel has run out, losing 100 megawatts to the National Grid.

Nevertheless, sources closer to the Ceylon Electricity Board (CEB) revealed that there will be no power outages given the lack of demand today.

MIAP

Two more SLPP MPs test positive for Covid

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Two more MPs of the Sri Lanka Podujana Peramuna (SLPP) have tested positive for Covid-19.

These MPs are Sarathi Dushmantha and Nalaka Bandara Kottegoda.

MP Dushmantha is reported to have attended the Parliament sittings yesterday (21).

MIAP

Covid: 75 more omicron infectees found in Sri Lanka

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75 more persons infected with the omicron variant of Covid-19 have been identified during the past three weeks of 2022, Sri Jayawardenapura University statistics confirmed.

78 samples were referred to the University to confirm these cases and three of them were of the delta variant, said Dr. Chandima Jeewandara.

The omicron infectees were reported in Colombo, Awissawella, Boralesgamuwa, Homagama, Padukka, Madapatha, Wellampitiya, Badulla, Galle, Galkissa, Nugegoda, Ruwanwella and Angoda.

MIAP

Salt Corporation Chairman ousted

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Nishantha Sandabaran has been ousted from his position as the Lanka Salt Corporation.

When Sandabarana was appointed as the Chairman of the Lanka Salt Corporation, it had incurred a loss of Rs. 100 million and only under his administration was the Corporation restored into a profiting body. Currently, the Lanka Salt Corporation has a deposit of Rs. 500 million.

Similarly, the Chairman of the MILCO had been ousted on a previous occasion, but was later appointed as the Chairman of the Fertiliser Corporation.

The Salt Corporation Chairman has been the subject of a series of objection in the recent past, where a fast was held against him under the direction of Hambantota Mayor Eraj Ravindra, alleging that Sandabaran, against the objective of making the ‘Vision for Prosperity’ a reality, was only serving prosperity to his relatives. Ravindra had sworn that he would resign from politics if the Salt Corporation Chairman was not removed.

Despite the Mayor’s claims, the real reason behind Ravindra’s intervention on ousting Sandabaran was the loss of the ransom money he had collected from the Salt Corporation, political sources disclosed. It was Sandabaran who ceased the reception of ransom money to Ravindra as the Corporation Chairman.

Sandabaran, who lost his position has the Chairman of the Salt Corporation, is set to hold a special briefing next Monday, or Tuesday, to make an exclusive disclosure, sources added.

Entire SC Bench hearing petitions on Yugadanavi Deal positive for Covid!

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A wave of Covid-19 is spreading across the Hulftsdrop (Aluthkade) Supreme Court complex in Colombo, Court sources said. The situation is likely to affect the pending cases in the Court as well, sources added.

The petitions lodged against the deal to hand over government shares of the Yugadanavi Power Plant in Kerawalapitiya to a US company were called before the Supreme Court yesterday (21). Nevertheless, any hearing of these petitions had to be adjourned till February 03, reportedly due to the absence of Chief Justice Jayantha Jayasuriya of the Five-member Bench hearing the petitions.

Accompanying the Chief Justice in the Bench were Justices Buwaneka Aluvihare, Priyantha Jayawardena, Vijith Malalgoda and L.T.B. Dehideniya and sources went on claiming that all of them, including the Chief Justice, have tested positive for the virus.

Several employees working in the hearing process for the petitions against the Yugadanavi Deal have also tested positive for Covid, sources further added.

MIAP

No discussion on extending Parliament term, or President’s tenure: GL

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There is no preparation, nor any discussion to extend the tenure of Parliament or the President by two years, said Foreign Minister G.L. Peiris, speaking to media during a visit to Kandy.

The Foreign Minister pointed out that the government’s sole objective is to fulfill the promises made to the people in the next three years instead of extending any tenure.

Ruling Party MP Diana Gamage joining the Parliament debate yesterday stated that the two years lost due to the Covid-19 pandemic must be granted to the President and Parliament. Several backbench MPs recently endorsed this idea in Parliament as well.

The Foreign Minister went on saying that Sri Lanka will never be vulnerable as long as countries that happen to be good friends exist. Countries like India and China have already come forward in supporting Sri Lanka and a debt of US$ 1.5 billion is due to be received as an outcome of the Finance Minister’s visit to India, he added.

MIAP