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World’s most famous fashion designer and writer, Crisda Rodriguez, wrote this article before she passed away from cancer.

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World’s most famous fashion designer and writer, Crisda Rodriguez, wrote this article before she passed away from cancer.

World’s most famous fashion designer and writer, Crisda Rodriguez, wrote this article before she passed away from cancer.

1. I had the world’s costly car in my home but  now I am in a hospital wheelchair.

2. My house is full of all kinds of costly designers things, branded clothing, branded and valuables. But my body is wrapped in a small sheet & thin sheet of cloth provided by the hospital as for all paitents.

3. There is huge money in the bank. But now I’m not getting a small benefiting from that money.

4. My house is like a palace but with a great comfortable bed but I’m laying in a double size bed in a hospital.

5. I can go from latest five star hotel to another five star hotel. But now I’m spending time moving from lab to lab in hospital 5his is the condition of my life.

6. I signed hundreds of people. Doctor’s note today is my signature.

7. I had seven costly jewelry to decorate my hair – now I don’t have hair on my head because of illness.

8. I have lot of money,I can go or visit anywhere by a private jet whenever I would like but now my condition is not like that to go and enjoy.

9. Although there are many foods, but my diet has two tablets a day and a few drops of salt at night.

This house, this car, this jet, this furniture, so many bank accounts, so much reputation and fame, none of them are useful.

None of these costly things or a lot of money in my different accounts could give me a light relief for 5 minutes or to save me from this dangerous desease.

The real life is about entertaining many people and making them smile ′′ nothing is real but death ′′ Life is so short…

“Life is so short”

Think – Observer & Research your life

Conclusion :-

Above real Words of World’s most famous fashion designer and writer, Crisda Rodriguez, wrote this article before she passed away from cancer. At the end all things, huge money in different accounts, worlds costly cars, very costly house, furniture all these are are nothing in front of health as we everyone knows “Health is wealth”.So be happy, healthy, and having humanity.

Arundika Fernando has resigned from the post following an order issued by the President…

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Arundika Fernando has resigned from the post following an order issued by the President…

Minister of State Arundika Fernando resigned from his post recently in connection with the attack on a group of students at the Ragama Medical Faculty.

Sources say that he has resigned from the post following an order issued by the President.

However, the President has asked Arundika Fernando to resign not only due to the incident in connection with the incident at the Ragama Medical Faculty but also due to the incident where a notorious ethanol smuggler was brought to Sri Lanka from a foreign country and facilitated to be released on bail. The court had issued a warrant for this ethanol smuggler’s arrest.

Following the President’s order, Arundika Fernando immediately went to meet Prime Minister Mahinda Rajapaksa. Sources said that he had cried and expressed his grief to the Prime Minister and appealed to him to save him.

But Arundika eventually had to resign after the Prime Minister refused to intervene.

Foreign Minister G. L. Peiris off to India for an official visit

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Foreign Minister G. L. Peiris off to India for an official visit

External Affairs Minister G.L. Peiris is scheduled to pay a two-day official visit to India.

Accordingly, he is scheduled to leave for India tomorrow (06).

During his visit, Peiris is scheduled to meet with the Prime Minister of India, the Minister of External Affairs of India, and other senior members of the Government of India.

Covid risk continues to rise – Over 1,200 infections reported yesterday!

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Covid risk continues to rise – Over 1,200 infections reported yesterday!

The Ministry of Health states that 1243 covid infected people were identified in the country yesterday (04).

Accordingly, the total number of covid infections identified so far in the country has increased to 615,902.

Another 29 covid deaths were announced yesterday, bringing the total number of confirmed covid deaths in the country to 15,544.

The chart below shows a steady increase in the number of daily covid infections, over the past two weeks.

Health officials are urging the public to follow the health guidelines to control the spread of covid, which has emerged in the face of the Omicron variant.

The power cut that happened on the 3rd was a sabotage operation. Legal action will be taken against CEB – PUCSL

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The power cut that happened on the 3rd was a sabotage operation. Legal action will be taken against CEB – PUCSL

Janaka Rathnayake, Chairman of the Public Utilities Commission (PUC) has stated that the power cut which took place on the day before yesterday(03) was a sabotage operation and that action has already been taken against the Ceylon Electricity Board (CEB).

“Arbitrary power cuts without our permission is against the Electricity Act and the Public Utilities Act. Accordingly, we will take all necessary legal action to ensure that this situation does not arise in the future. According to the data, the power consumption is very low on the night of the 3rd. We can see from that data that there was a good chance to go without a power cut that day. There is sabotage here. When we inquired about this from the CEB, even the General Manager was not aware that there was a power cut. From today, we will begin discussions with our lawyers to work through the law. We will decide on this before Monday and what will be done about it. ”

The Chairman of the Public Utilities Commission Janaka Ratnayake stated this in response to a media query yesterday (04).

IMF expresses willingness to discuss  fiscal support options with SL  

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<strong>IMF expresses willingness to discuss  fiscal support options with SL  </strong>

The International Monetary Fund is ready to discuss “options” with Sri Lanka if the government asks for financial support, its mission chief for the island said.

The Covid-19 pandemic has had a disastrous impact on Sri Lanka’s economy, which has been deprived of its tourism bonanza while workers’ remittances from abroad have fallen sharply.

“While the IMF has not received a request for financial support from Sri Lanka, the staff stands ready to discuss options if requested,” mission chief Masahiro Nozaki said.

On Wednesday, Sri Lanka’s finance minister announced the country had sought advice from the fund and was considering seeking an international bailout.

This “referred to an ongoing technical assistance mission by the IMF,” Nozaki said Thursday.

“The mission aims to strengthen the Macro Fiscal Unit at the Ministry of Finance and focuses on the training staff at the Unit, as part of our capacity development activities,” he added.

“The mission is being conducted virtually until February 9,” he said.

The IMF continues to “closely monitor economic and policy developments in Sri Lanka,” Nozaki added.

He said a fund team had visited Colombo in December last year as part of the annual bilateral discussions to review economic developments and policies.

A board meeting will be held at the end of February to review the latest economic data from the country.

UK Govt. takes ‘very seriously’ on ITJP allegations against Sri Lanka   

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UK Govt. takes ‘very seriously’ on ITJP allegations against Sri Lanka   

While claiming that the UK government takes ‘very seriously’ the allegations of torture and sexual violence in the report ‘Sri Lanka: Torture and Sexual Violence by Security Forces 2020-2021’, compiled by the report by the International Truth and Justice Project, Britain on Wednesday said that they have already raised serious concerns around the deteriorating human rights situation in SL.

In a written answer to a question raised by Labour MP Tonia Antoniazzi in the UK Parliament Amanda Milling, Minister of State (Foreign, Commonwealth and Development Office) stated that during the recent visit by UK’s Minister for South Asia, Lord (Tariq) Ahmad of Wimbledon, has raised the importance of these issues on several occasions with the Sri Lankan leaders.

“The Minister for South Asia, Lord (Tariq) Ahmad of Wimbledon, has raised the importance of these issues on several occasions with the Sri Lankan High Commissioner and the Sri Lankan Foreign Minister G.L. Peiris. 

During his visit to Sri Lanka on 18-20 January, he raised serious concerns around the deteriorating human rights situation when he met the President, Foreign Minister, and other members of the Sri Lankan Government. 

The Foreign Secretary raised the importance of upholding human rights when she met Foreign Minister Peiris on October 26, 2021,” she stated.

“We will continue to support the monitoring of the human rights situation and accountability in Sri Lanka by the Office of the High Commissioner for Human Rights (OHCHR) as mandated by the UN Human Rights Council resolution 46/1 on promoting reconciliation, accountability and human rights in Sri Lanka,” she further added.The UK’s Minister of State has responded to the question raised by the Labour MP Tonia Antoniazzi who asked what steps her Department is taking to support the Tamil population of Sri Lanka; and what steps her Department is taking in response to the recommendations for UN member states in that report

CSE revises regulatory framework of  IPO basis allotment  

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CSE revises regulatory framework of  IPO basis allotment  

The Colombo Stock Exchange (CSE) is in the process of revisiting the listing rules governing the basis of allotment of shares in an initial public offering (IPO) to ensure greater transparency and fairness in allotting shares to applicant subscribers by prospective issuers.

In this regard, the CSE has formulated a revised regulatory framework to be adopted by prospective issuers when allocating shares offered under an IPO.

Present Rule of the Listing Rules of the CSE sets out the manner in which shares of IPOs should be allotted to certain categories of investors. The CSE is in the process of revising same to ensure greater transparency and fairness in the share allocation amongst applicant subscribers by the Issuers.

The revised regulatory framework to be adopted in respect of the basis of allotment in an IPO is enumerated and such revised regulatory framework strives to addresses the following aspects:

– Where the value of the IPO is less than Rs. 3 billion, expanding the definition of ‘retail individual investors’ to accommodate investors applying for a value of Rs. 250,000/-

This would increase the number of applicant subscribers, who would be classified as ‘retail individual investors’ and thereby be eligible for the mandatory allotment of 40% of the shares of the IPO under the said category.

– Where the value of the IPO is above Rs. 3 billion, specifying a minimum percentage of shares that could be made available to the retail individual investors and to define ‘retail individual investors’ as those investors who would apply shares in the IPO for a value of Rs. 500,000.

– Requiring the Issuer to identify the categories/types of investors who would be considered by the Issuer as ‘strategic investors’ and receiving shares of the IPO on a preferential basis.

– Where the value of the IPO is less than Rs. 3 billion, specifying a maximum percentage of shares that could be made available to such ‘strategic investors’.

– Specifying a maximum percentage (%) of shares that could be made available to employees in any IPO.

This would ensure that no undue advantage is offered to the such ‘strategic investors’ or employees of the Issuer over and above the investing public at large.

– To introduce a requirement to lock-in of the shares allotted to all persons on a preferential basis.

– Mandating the disclosure of shares allotted to persons on preferential allotments.

– The allocation of shares to the unit trust category to be expanded to include any unit trust approved by the SEC.

– Where the value of the IPO is above Rs. 3 billion, specifying a minimum percentage (%) of shares that must be made available to the unit trust investor category.

The above proposed regulatory framework is now available on the website of the CSE (www.cse.lk) for public comments. The CSE invites the public to submit comments or opinions in writing on or before February 11, 2022.

Government’s relief package boomerangs on fiscal stability:Moody’s claim

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Government’s relief package boomerangs on fiscal stability:Moody’s claim

Sri Lanka Government’s relief package worth of Rs. 229 billion is set to boomerang on the country’s fiscal stability, several economic experts and international rating agencies claimed.

Moody’s Investors Service has warned that the relief package announced by Finance Minister Basil Rajapaksa recently, could compound Sri Lanka’s fiscal challenge.

On 3 January,the Finance Minister announced a fiscal relief package worth Rs 229 billion ($1 billion, 1.6% of our 2022 GDP forecast) to support the economy and alleviate the impact of higher consumer prices on low-income households.

Moody’s Investors Service said that while the size of the package is moderate and will be fully funded via reallocations from the budget (6% of budget expenditure in 2022), it reduces the scope for fiscal and debt consolidation at a time when fiscal flexibility is already severely limited by the large share of interest payments in government revenue (60-70%).

“Funding the package with reallocations from the budget in part reflects this limited fiscal space, which constrains the government’s ability to use fiscal policy to mitigate the impact of economic shocks,” Moody’s said.

Furthermore, Moody’s noted that the risk of fiscal slippage has increased with the emergence of the omicron variant of the coronavirus.

Some countries have tightened activity and travel restrictions, and any reintroduction of measures domestically or a delay in the recovery of Sri Lanka’s tourism sector would intensify fiscal and external pressures, Moody’s added.

Key features of the relief package include cash handouts of Rs 1,000 to citizens receiving income support, agricultural subsidies, the removal of certain taxes on food and medicine and an increase in public-sector salaries (Rs 5,000 a month from January).

Such measures would support domestic demand and the economic recovery as surging prices – particularly for food – stemming from global supply chain-related disruptions and some import restrictions over 2020-21 reduce the purchasing power of households.

Consumer price inflation rose to 8.3% year-over-year in October 2021 and accelerated to more than 11% in November , 12.1% in December 2021   and 14.2% in janury 2022 , with food prices surging day by day , Census and Statistics Department data showed.   

“The rating agency  expects inflation-adjusted real GDP growth to pick up to around 5% in 2022 from around 4-5% in 2021, in part because of a lower base and because domestic economic activity has largely normalised, with international borders open to vaccinated tourists since October 2021.

 However, risks remain as the new omicron variant of the coronavirus could delay such a recovery, and several countries have reversed their easing of travel restrictions. 

Should such risks materialise, the recovery in Government revenue would likely be delayed beyond our assumptions, with fiscal and debt metrics remaining very weak for longer,” Moody’s said.

Moody’s is forecasting that the fiscal deficit will narrow only slightly to around 9-10% of GDP in 2022 from around 11% in 2021, mainly reflecting their expectation for lower revenue growth than the budget envisages.

“Wide deficits will keep the government’s debt burden at higher levels for some time; we estimate that the debt burden will rise to around 108% of GDP by the end of 2022 from around 101% at the end of 2020 and 87% at the end of 2019, before stabilising at the elevated 2022 level thereafter, mainly reflecting the recovery in nominal GDP growth. 

Such levels are significantly above the Caa median and much higher than the government’s medium-term target of around 75% in 2025,” Moody’s said.

In addition, a delay in the recovery of tourism receipts would weigh on Sri Lanka’s precarious external liquidity position.

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CPC compels to introduce fuel price hike or fuel pump coupons 

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CPC compels to introduce fuel price hike or fuel pump coupons 

Government is now forced to introduce a quota system for essential imports and a coupon scheme for consumers in buying food and fuel, reliable high official sources divulged.

Leading policy makers of the government are now considering the option of implementing a quota-based importation system to save US$ 3 billion expected to flow into the country soon, a top official said. 

 Since the beginning of the year both the Central Bank and the Government have been actively pursuing possible avenues to replenish official reserves, with an emphasis on encouraging non-debt flows, so that the existing foreign debt could be managed in a sustainable manner.

As an immediate action to conserve fuel which is being imported on spot purchasing system amidst dollar crisis and rising international petroleum product prices, the government is contemplating a fuel price hike or the issuance of fuel on coupon system.

This emergency action has become inevitable owing to the massive increase in debt and interest to be paid by the Ceylon Petroleum Corporation (CPC) amounting to Rs. 515 billion up to now, CPC sources said.

This amount is inclusive of debt installment and interest payment for the Bank of Ceylon and Peoples Bank in spite of the monthly loss of the CPC amounting to Rs.6.7 billion and its monthly income of Rs.61 billion.

Under this set up the Corporation is incurring loss of Rs33 from the selling of liter of Diesel RS 5 per liter of Petrol due to the oil price hike in international market.

Despite the huge increase in fuel prices in the world market, the government has managed to hold the current fuel prices without revising them for the last six  months.

 Unfortunately, the government can no longer keep prices stable, the energy ministry said, adding that  there has never been a time in history when prices in the world market have not been revised for such a long time.

 A loss of Rs. 331 billion will be incurred by the Ceylon Petroleum Corporation (CPC) by the end of 2021 due to the continuous purchase of fuel at higher prices with low sales at lower prices, the ministry revealed.

 According to insight investigation, the CPC has been operationally profitable in the past. However, the recorded accumulated losses can be entirely attributed to poor treasury and financial management, which is reflected in interest costs, and large exchange rate losses.

Data from the Ministry of Finance show that the CPC made gross profits every year since 2013. That is, the revenue exceeded the cost of sales including taxes.  

Over the last 10 years, the CPC recorded a gross profit of Rs. 281 billion. Therefore, the CPC’s losses cannot be attributed to selling fuel at a price lower than its cost plus tax, a financial analyst said.   

Even when including operational costs related to sales and distribution, administration, and depreciation, the CPC still made profits in most years. 

The accumulated operational profit amounted to Rs. 29 billion over the last 10 years (2011–2020). Therefore, the substantial accumulated losses cannot be explained by the addition of operational overheads, nor by capital depreciation costs, he claimed. 

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