May 31, Colombo (LNW): The prevailing showery and windy conditions over the island are expected to continue due to the active South West Monsoonal conditions.
Showers will occur at times in the Western, Sabaragamuwa, Central, and Southern provinces, with several spells of showers also occurring in the North-Western province. Fairly heavy showers, exceeding 50 mm, are likely in some areas within the Western and Sabaragamuwa provinces, as well as in the Nuwara-Eliya district.
Showers or thundershowers are expected in a few locations within the Uva, North-Central, and Eastern provinces during the evening or night. Strong winds, ranging between 40-50 km/h, can be expected intermittently over the western slopes of the central hills and in the North-Central, Western, Southern, and North-Western provinces, as well as in the Trincomalee and Monaragala districts.
May 30, World (LNW): We all heard the tunes, the most beautiful high pitch of Agnetha and the perfect low pitch of Frida, combined in an uncanny multiplication of themselves at a studio in Archipelago, articulated by and glued with the brilliant guitar sounds of Björn and the dreamy piano gliding of Benny – simply put, ABBA – the legacy that continues to live on for five decades since the group’s formation, from winning the Eurovision Song Contest in Briton in 1974, dominating the world’s pop industry in the 70s, producing eight studio albums with two major world tours, falling short in a hiatus in the 80s, developing musicals based on their greatest hits in the 90s, contributing to the rumours of a reunion in the late 2010s, to finally regrouping in their digitally mastered younger-appearances in a holographic realm with a brand new album ‘Voyage’ released post-Covid, people of five generations still crave for the music of ABBA.
ABBA | Photo: https://abbasite.com/
Their music remains timeless, innovative, and according to some musicians quite complex despite the melodies sounding simple, and still continues to captivate audiences worldwide. As they built and navigated the pillars for the modern pop landscape, ABBA’s future looks promising with exciting developments on the horizon.
But what future will hold for this amazing foursome that once dominated the world? All four members of ABBA are in their seventies, resting as senior citizens preferring privacy over fame.
The first ‘A’ Agnetha Fältskog, who had already earned her superiority pre-ABBA with seven solo albums from 1967 to 1981 that hit Swedish charts, upon her departure from ABBA in 1982 produced three more solo albums, and quite recently in 2023 a rebranded version of her 2013 album ‘A’ as ‘A+.’ The ‘Bs’ Björn Ulvaeus and Benny Andersson, whose careers pre-ABBA as ‘The Hootenanny Singers’ and ‘The Hep-Stars’, respectively, had already been granted musical royalty in Sweden in the 60s, carried out a number of ABBA-inspired projects, out of which the “The ABBAtars,” a concert in which the actual four members of ABBA perform in their digitised younger-selves, is truly bright as a button pumping money and fame, in a strategic move for future generations to recognise their legacy. The last ‘A’ Anni-Frid Lyngstad, whose recognition for pitch perfection and opera through her debut winning of the Flugan Contest as the “Vocalist of the Year” in 1964 and the subsequent Barnens Dag Contest in Stockholm in 1967 gained her royalty in Swedish music, contributed her part for ‘Voyage’ as a vocalist and as a performer in “The ABBAtars”.
The ABBAtar show, as groundbreaking and state-of-the-art as it sounds, featuring digital avatars of the foursome, has been a significant milestone in ABBA’s journey. The revolutionary concert experience allows fans to enjoy a virtual performance that feels remarkably real.
In a recent interview with Björn Ulvaeus, he revealed that all four members of ABBA are set to reunite to discuss the future of this record-breaking show. The ABBAtar alias “The Voyage Concert” has not only brought ABBA’s music to a new generation but has also set a precedent for other artists exploring virtual performances.
Björn Ulvaeus and Benny Anderson | Photo: Getty
According to ‘The US Sun,’ the upcoming reunion of Agnetha, Björn, Benny and Frida will mark a pivotal moment for ABBA. This meeting will focus on evaluating The Voyage Concert’s success and planning future ventures. The band members have expressed both excitement and caution about expanding their virtual presence. This careful and strategic move underscores their commitment to maintaining the quality and integrity of their brand. It further illustrates the enduring appeal of ABBA’s sound and their ability to adapt to modern music trends while staying true to their roots.
The Eurovison Song Contest 2024 pays tribute to ABBA | Photo: Getty
This blend of old and new not only attracts long-time fans but also engages younger audiences who may be discovering ABBA’s music for the first time. To prove further, the official music video for “Little Things” features a group of children who performs ABBA-style for Christmas. This strategic approach ensures that ABBA remains relevant in an ever-evolving music industry.
ABBA members Benny Andersson, Agnetha Faltskog, Anni-Frid Lyngstad and Björn Ulvaeus attend the World Premiere of “ABBA Voyage” in London in May 2022. David M. Benett | Photo: Getty Images
ABBA’s latest album ‘Voyage,’ released after a 40-year hiatus, topped charts worldwide and reaffirmed their place in contemporary music and even was nominated for the Grammys in 2022. In 2010, ABBA was included to “Rock and Roll Hall of Fame”. Despite the four being nominated for the Grammys for first time in their career, Benny is of the viewpoint that his proudest moments were the winning of the 1974 Eurovision Song Contest with “Waterloo” and being included in the “Rock and Roll Hall of Fame’s” artist inductees, according to ‘The Independent’.
Björn Ulvaeus and Benny Andersson outside the Abba Voyage arena (Bjorn Ulvaeus and Benny Andersson)
As ABBA charts its future course, they face both challenges and opportunities. The Voyage Concert’s success has set high expectations for future projects. Expanding their virtual performances or exploring new technological innovations will require significant investment and creativity. Additionally, the band must navigate the complexities of preserving their legacy whilst embracing new opportunities.
On the flip side, ABBA’s rich musical catalogue and strong brand identity provide a solid foundation for future endeavours. Collaborations with contemporary artists, new music releases, and expanded virtual experiences are all viable paths that can further cement their legacy.
ABBA’s future is a fascinating blend of nostalgia and innovation. With the upcoming reunion to discuss the ABBAtar show’s future, fans can look forward to new developments that honour ABBA’s legacy while embracing modern technology.
May 30, Colombo (LNW): The Monetary Policy Board of the Central Bank of Sri Lanka (CBSL) has decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) at their current levels of 8.50 per cent and 9.50 per cent, respectively.
The Board arrived at this decision, at its meeting held on 27 May 2024, after carefully assessing the current and expected macroeconomic developments and possible risks on the domestic and global fronts with a view to maintaining inflation at the targeted level of 5 per cent over the medium term while supporting the economy to reach its potential, the statement said.
While the medium term inflation outlook remains compatible with the current level of policy interest rates and inflation expectations are well anchored, the Board said it observed the need for a further reduction in market lending interest rates.
This was in line with policy interest rates and other benchmark interest rates, which is imperative for the easing of domestic monetary conditions and domestic economic recovery.
The aim is to provide the previous rate cuts to do their work in bringing down the rest of the market lending rates further as inflation expectations remain well anchored.
After staying the rates, Central Bank Governor Dr. Nandalal Weerasinghe said the Board would like to give more time for market lending rates to adjust to its previous policy actions.
There are long and variable lags between the monetary policy action and their impact on the financial markets and the real economy.
Therefore, he said it is natural for the lending rates, which have already come down substantially, to further respond to more recent policy rate cuts.
The Central Bank in March cut its key policy rate by 50 basis points as inflation remained well below expectations and also to spur economic activities which were crushed by their own follies.
It is increasingly becoming evident that the inflationary spiral back in 2022 and part of 2023 was misread, and reacted by making the monetary policy bone crushingly tight.
That pushed swaths of businesses and people out of business and jobs, tipped scores of people into dire poverty and hunger.
What exacerbated economic hardships were the standard International Monetary Fund prescription which raised taxes to sky high levels, slapped new taxes and tied energy and utilities prices to market prices. And all these policies crushed demand and prolonged an otherwise short term economic dip. Perhaps understanding the folly, the Central Bank changed track and pivoted to cut policy rates from June last year.
President Ranil Wickremesinghe says none of the current presidential candidates plan to abolish executive powers: emphasises the importance of these powers in economic development and conflict resolution: discusses the disconnect between the Executive President and the government during his tenure: stresses the need to strengthen parliament’s role while reaffirming the commitment to holding the presidential election.
Sources suggest seven opposition members would join the government on May 31, but recent developments indicate the defections may occur during a parliamentary session: Two scenarios are proposed: either three MPs will defect on June 4 or individually on June 3, 4, and 5: A senior politician is expected to switch allegiance: Given past shifts, certainty is elusive until the last moment: Nonetheless, government sources express confidence in the impending defections, leaving the media to observe the situation unfold.
The Appeal Court issues a notice against former President Maithripala Sirisena over contempt of court allegations: The notice follows a petition by an SLFP member claiming Sirisena violated a court order by acting as SLFP Chairman: The court ordered the petitioner to serve notice to Sirisena to confirm the facts.
Finance State Minister Ranjith Siyambalapitiya discloses five companies illegally imported gold into Sri Lanka this year, resulting in fines totaling Rs. 1,243 mn: One company faces a penalty of Rs. 179 mn: warns licenced importers to cease such activities immediately: Efforts to stabilise state income are ongoing, addressing revenue loss loopholes: The government remains resolute despite mafia pressure, progressing to the second phase of combating illegal imports, following a special gazette notification issued in March last year.
Sri Lanka’s Trade Minister and the Iraqi envoy met to plan the upcoming economic forum: discuss enhancing bilateral ties, Sri Lanka’s economic situation, and potential business opportunities in Iraq: Talks also included reopening a Sri Lankan Embassy in Iraq and improving trade routes.
Thailand’s cabinet approves visa-free entry for Sri Lankan tourists for up to 60 days starting June 1, 2024: The move aims to boost tourism and was proposed by the Foreign Ministry to attract more international visitors.
A Kotelawala Defence University lecturer, Dr. Punsara Amarasinghe, was arrested by the TID for allegedly making irresponsible statements about national security and community issues: He claimed in a televised interview that four Sri Lankans arrested in India for ISIS links were on a list of extremists from the 2019 Easter Sunday attacks, criticised law enforcement for inadequate monitoring, and made several inaccurate statements about religious extremists and legal cases: He was later granted bail by the Fort Magistrate’s Court.
A group of Presidents’ Counsels and members of the Bar Association of Sri Lanka demand accountability for alleged misconduct related to a Japan International Cooperation Agency (JICA) project: insist on suspending implicated individuals pending inquiry by a five-member committee: The letter stresses impartial investigation and adherence to professional ethics to maintain credibility and trust.
Sri Lankan filmmaker Isuru Gunathilake has been honoured with the award for ‘Best Dance Film’ at the World Film Festival in Cannes for his film “Sheysha“: The film, directed by Gunathilake and written by Samantha Kumara Gamage, explores Sri Lanka’s traditional dance and the intricate relationship between a father and son.
Sports Minister Harin Fernando suspends several national sports federations – Sri Lanka Cycling Federation, the Sri Lanka Rugby Federation, the Sri Lanka Automobile Federation, and the Sri Lanka Netball Federation – and appointed Professor (Rear Admiral) Shemal Fernando to oversee their elections: The Gazette notification cites Sections 32 and 33 of the Sports Law for the temporary suspension: No interim committees will be appointed, ensuring proper governance until new office bearers are elected.
May 30, Colombo (LNW): The much awaited Duty Free Zone within the Colombo Port City project is nearing completion, the Department of Government Information announced.
State Minister for Investment Promotion, Dilum Amunugama, recently engaged in an observation tour of the site to assess progress and address any existing challenges.
The terminal, which will house the Duty Free zone, is currently in its final stages of construction.Unlike traditional airport duty-free shops, this facility will cater to a broader audience.
Individuals who do not purchase goods at the airport will now have the opportunity to shop within the Colombo Port City, directly related to their passports.
However the Colombo Port City duty-free shopping complex set to be opened in April this year has come under extensive scrutiny of the Committee on Public Finance (COPF) at its meeting held recently
The Committee has assessed operational procedures of the duty free shopping complex, its feasibility and potential consequences and directed to conduct a comprehensive study to evaluate the potential effects on local businesses and the taxation framework within Sri Lanka.
Singapore-owned omnichannel retailer, One World Duty Free (ODF), and Port City Colombo have signed two agreements to operate the duty-free shopping complex.
The partnership was underscored with the formalisation of two critical agreements: an Authorised Person Agreement between ODF and the Commission and a lease agreement between ODF and CHEC Port City Colombo Ltd (CPCC).
However the Department of Fiscal Policy (DoFP) has to evaluate and guide the design of all tax incentives, including those based on the Strategic Development Project Act and the Port City Act, Finance Ministry sources said.
Preparing the necessary structures, including data sharing protocols and legal documents that assign authority to the DoFP will take time, it was stated.
There was to be a US$5,000 allowance for returning Sri Lankans and any amount for foreigners, according to concessions gazetted on May 29, 2023.
COPF chaired by Dr. Harsha De Silva MP, summoned officials on the opening of a duty-free shopping mall soon in Colombo’s Port City.
The committee stressed the need for the Investment Promotion Ministry Secretary’s intervention to resolve the issues promptly.
The Attorney General and the Port City Economic Commission have submitted different viewpoints regarding the legal framework governing the proposed duty-free shopping mall.
Acting Secretary of the Ministry of Investment Promotion Anoja Herath told the committee that draft regulations relating to duty-free shopping malls had been submitted to the cabinet for review and approval.
May 30, Colombo (LNW): The overall land prices in the Western Province increased by 7.8% compared to the previous year, according to the 2024 Western Province Land Price Index (LPI), developed by LankaPropertyWeb (LPW).
The Land Price Index (LPI), updated annually, monitors the trends in asking price values of lands for sale across all three districts of the Western Province – Gampaha, Kalutara, and Colombo.
Based on the Index findings, land prices in Gampaha District surged by 13% from the preceding year, while Kalutara witnessed an 8% rise. In the Colombo district (excluding Colombo 1-15), a growth of 8% was observed, with Colombo 1-15 explicitly marking a 2.3% increase.
The increase in the land prices in all three districts of the Western Province reverses last year’s decline in the Gampaha and Kalutara districts. In contrast, the Colombo district (including Colombo city) has shown a consecutive price increase.
In Gampaha District, land prices have experienced an average increase of 13% in 2024 compared to the previous year.
Variations in land prices have been observed across various cities. Leading the surge in prices are Negombo, Ragama, and Kadawatha, which have emerged as frontrunners with substantial escalations.
Negombo, in particular, boasts an impressive 34% increase, underscoring its growing prominence as a desirable living and investment destination.
Similarly, Ragama showcased a commendable 27% increase, attracting savvy real estate investors with its promising prospects, thus contributing to the overall growth and appeal of the Gampaha region.
In Kalutara, land prices have experienced an average increase of 8% in 2024. Land price changes have been observed in critical areas, showcasing the region’s vibrant real estate landscape. Ingiriya stands out with an exceptional 27% surge, accompanied by a growth of 500% from Q1 2019 to Q1 2024, underscoring its potential as a promising investment destination and a testament to the region’s growth trajectory.
Similarly, Panadura reflects buoyant market sentiment with a noteworthy 27% rise, reaffirming its status as a thriving locale and further bolstering the attractiveness of the Kalutara district to investors and developers alike.
Colombo 1-15 in the most recent period analysed (2023-2024), land prices rose by 2.30%, highlighting sustained growth. Having demonstrated continuous price growth from 2018 to 2021, Colombo’s 1-15 prices experienced a -2.33% dip in 2022; however, they rebounded in the following two years.
These fluctuations reflect the dynamic nature of Colombo 1-15’s real estate market, shaped by economic, social, and regulatory factors while maintaining appeal for long-term investors.
In other areas of Colombo in Colombo District (apart from Colombo 1-15), land prices have experienced an average 8% increase in 2024. Specific areas have witnessed significant movements in land prices, reflecting the varied nature of the district’s real estate market.
May 30, Colombo (LNW): Dairy giant Fonterra’s “full or partial divestment” of its consumer business in Sri Lanka received strong buyer interest in the move towards a “step-change in strategic direction” for the company to prioritize its dairy s production. Miles Hurrell, CEO of Fonterra disclosed.
Fonterra will now appoint advisors to assist with analyzing divestment options, for which it seeks shareholder support.
“We recognize a divestment of this scale would be significant for Fonterra. Throughout this process we will be considering how best to maximize overall returns to our farmer shareholders and unit holders,” says Hurrell.
“The choices we make when considering divestment options will be driven by a clear-eyed view of the best value-creating pathway for the co-op, both in terms of the potential proceeds from a sale and the ability for Fonterra to generate consistent economic returns over the long-term.”
Fonterra, which is selling its Sri Lanka business, says it has received “a high volume of interest” from potential buyers for its consumer and associated businesses.
“It’s still early days in this process, and we commit to providing farmer shareholders, unit holders, our people and the market updated on new developments as they occur,’ says Fonterra chief executive Miles Hurrell.
“We are also progressing work on our updated strategy and expect to share further detail over the coming months,” says Mr Hurrell.
Earlier this month, the co-op announced plans to divest, either fully or partially, its consumer business that includes iconic brands like Anchor, Mainland, Kapiti and Perfect Italiano.
The consumer and associated businesses that are being put on the block – which include Fonterra Oceania and Fonterra Sri Lanka – collectively utilised approximately 15% of the co-op’s total milk solids and represented approximately 19% of Fonterra’s group operating earnings in the first half of the 2024 financial year.
Hurrell provided an update on the divestment plan during its third quarter result announcement this morning.
“Following our announcement earlier this month of a step-change in our strategic direction, we have received a high volume of interest from parties looking to be involved in the potential divestment of our Consumer and associated businesses,” he says.
Meanwhile Fonterra announced profit after tax from continuing operations of $1 billion, up $20 million from last year or equivalent to 61c per share.
This result is driven by continued strong earnings across all three of the co-op’s product channels.Hurrell says the co-op’s Food service and Consumer channels had a strong third quarter with a lift in earnings compared to the same time last year.
May 30, Colombo (LNW): With the presidential election approaching, the political climate in Sri Lanka is becoming increasingly unpredictable, mirroring the fluctuating weather these days.
However, recent developments have altered this narrative.
The latest information suggests that the defection will occur on a day when Parliament is in session.
There are two prevailing scenarios regarding how this transition will unfold.
One version suggests that on June 4, three MPs from the Samagi Jana Balawegaya (SJB) will cross over to the government.
Alternatively, another account posits that these defections will occur individually on June 3, 4, and 5.
Notably, there is a senior politician among those expected to switch allegiance, according to sources.
Given the history of switching party affiliations over the past two years, it is challenging to predict with certainty until the final moment.
Notwithstanding, government sources remain confident that this time the defections will materialise, and the media, therefore, is compelled to wait and see how the situation develops.
May 30, Colombo (LNW): A lecturer at the Kotelawala Defence University, was apprehended by the Terrorist Investigation Division (TID) for allegedly making irresponsible statements on national security and sensitive community issues, Police said.
The arrestee, Dr. Punsara Amarasinghe, was accused of making controversial claims about four Sri Lankans recently arrested in India for suspected links to to ISIS during a televised interview on May 25.
Amarasinghe alleged that these individuals were on a list of 300 to 400 radical extremists identified by the commission investigating the 2019 Easter Sunday attacks.
He criticised Sri Lankan law enforcement and intelligence agencies for failing to monitor these suspects adequately.
Additionally, Dr. Amarasinghe incorrectly stated that a 2020 ban on certain textbooks at Madrasas, which purportedly distorted religious teachings, had been lifted in 2023.
He later admitted this was a mistake.
He also made unsubstantiated claims about fundamentalist preachers named Zakir Hussain and PJ, and inaccurately reported on the legal status of an individual named Aadhil X, arrested in 2019, stating he had been acquitted when the case was still ongoing.
The police described Dr. Amarasinghe’s remarks as misleading to the public.
After recording a statement, he was arrested by the TID on Wednesday. Subsequently, he was granted bail by the Fort Magistrate’s Court.
May 30, Colombo (LNW): Sri Lankan filmmaker Isuru Gunathilake has been honoured with the award for ‘Best Dance Film’ at the World Film Festival in Cannes for his film “Sheysha“.
“Sheysha,” directed by Gunathilake and written by Samantha Kumara Gamage, explores Sri Lanka’s traditional dance and the intricate relationship between a father and son.
The film portrays a ‘Gurunnanse‘ (a master of dance) and his son striving to preserve their art in a society marred by political and cultural corruption.
The narrative highlights their struggle to maintain a unique and endangered art form.
Gunathilake is no stranger to accolades. His 2020 short film, “The Vultures,” garnered the Human Rights Prize at the Agenda 14 Short Film Festival and received both a Merit Award and a Jury Award for Best Actor at the ninth Youth Film Festival.
It was also officially selected for the Jaffna International Cinema Festival.
Additionally, he has directed other notable short films including “The Circle of Life” and “The Dummy.”
The World Film Festival in Cannes, themed “Remember The Future,” conducts both monthly and annual competitions across various genres for international filmmakers.
The festival, an IMDb qualifier, celebrates feature films, short films, independent films, documentaries, experimental films, animated films, music videos, screenwriters, songwriters, singers, bands, commercials, and Web/TV series, among others.
