July 17, Colombo (LNW): TThe prevailing windy conditions over the island are expected to continue further, due to the active South West Monsoonal condition.
Showers or thundershowers will occur at times in Western, Sabaragamuwa, Southern and North-western provinces and in Kandy and Nuwara-Eliya districts.
Fairly heavy showers about 50 mm are likely at some places in Western and Sabaragamuwa provinces and in Kandy and Nuwara-Eliya districts.
Strong winds of about (50-60) kmph can be expected at times over Western slopes of the central hills and in Northern, North-central and North-western provinces and in Trincomalee, Monaragala and Hambantota districts. Fairly strong winds about (30-40) kmph can be expected at times elsewhere of the island.
July 16, Colombo (LNW): The Lawyers Collective, a group of legal professionals in Sri Lanka, has strongly criticised the proposed Twenty-Second Amendment (22A) to the Constitution, which has recently received approval from the Cabinet of Ministers.
The proposed amendment seeks to require a two-thirds majority in Parliament and a referendum to extend the President’s term or Parliament’s duration beyond five years.
The current limit, set by the Nineteenth Amendment (19A), is five years, although it did not necessitate a referendum as the six-year upper limit remained unchanged.
The Lawyers’ Collective highlights that this amendment appears to be an attempt to extend President Ranil Wickremesinghe’s term, a move that has provoked widespread public discontent.
The Supreme Court has previously rejected attempts to delay Presidential Elections, affirming the necessity of timely electoral processes.
With the Election Commission expected to commence the Presidential Election process shortly, and elections anticipated for late September or early October, the amendment’s passage would compel a simultaneous referendum, further straining national resources.
The government has already cited financial constraints as a reason for postponing local government elections.
There is no pressing need to alter the term limits and suggests that such changes could be considered as part of broader constitutional reforms expected to be undertaken by the new administration, the Collective argued.
The proposed bill is an unnecessary complication and a potential manoeuvre to disrupt the electoral process, they emphasised.
The Lawyers Collective urge all democratic forces to oppose the amendment, deeming it a manipulation of the political landscape.
The statement is endorsed by prominent legal figures, including President’s Counsels Mr. Upul Jayasuriya and Dr. Jayampathy Wickramaratne, among others, who call for a united front against the proposed bill.
July 16, Colombo (LNW): Audrey Azoulay, the Director-General of UNESCO, currently visiting Sri Lanka, has met with President Ranil Wickremesinghe at the President’s House in Colombo.
Invited by the Sri Lankan Government, Azoulay arrived at Bandaranaike International Airport (BIA) in Katunayake this morning (15th) with her delegation.
During her three-day visit, she is scheduled to hold discussions with Education Minister Susil Premajayantha, Acting Foreign Affairs Minister Tharaka Balasuriya, and other senior government officials.
Azoulay will also participate in the celebration of the 75th anniversary of Sri Lanka’s membership in UNESCO at the Nelum Pokuna Theatre and visit various UNESCO World Heritage Sites across the island.
July 16, Colombo (LNW): Petronet LNG Ltd, India’s largest liquefied natural gas company, will begin supplying LNG to Sri Lanka in 2025. Initially, LNG will be delivered in containers loaded on ships, with plans to construct an import terminal later.
Petronet’s new venture with Sri Lanka signifies a significant step in regional energy collaboration, highlighting the strategic importance of LNG in meeting energy needs and supporting economic growth in both countries
Sri Lanka has been in discussions with Petronet and other suppliers for years to meet its energy needs for electricity generation and other industries. The agreement with Petronet marks the conclusion of these discussions.
Petronet’s CEO, Akshay Kumar Singh, announced that the company will ship 850 tonnes of LNG daily to Sri Lanka in containers of 17 tonnes each.
This arrangement is set for five years, during which Petronet will build a floating LNG receipt facility at Colombo port.
The LNG supplies are expected to commence in about 18 months. Petronet imports LNG from Qatar, Australia, and other countries through its terminals in Dahej, Gujarat, and Kochi, Kerala. The LNG for Sri Lanka will be loaded in containers from Kochi, with a ship ferrying 100 containers every two days.
In Colombo, a small regasification unit will convert the LNG back into gas for use in gas-fired power plants.
Additionally, Petronet plans to commission a floating storage regasification unit (FSRU) in Colombo, pending approval from the Sri Lankan government by 2025, with the facility expected to be built by 2028.
The estimated investment for this project is around Rs 2,500 crore, subject to a detailed feasibility report once the FRSU proposal is approved.
Petronet, which recently extended a 7.5 million tonnes per year LNG import deal with Qatar for an additional 20 years beyond 2028, is exploring further gas sourcing, including long-term contracts. The company is expanding its Dahej facility from 17.5 million tonnes per annum to 22.5 million tonnes and plans to construct a new terminal in Odisha.
Furthermore, Petronet’s Kochi facility, which currently operates at a fifth of its capacity, will start operating at full capacity next year following the commissioning of a pipeline to Bengaluru.
Given India’s rapidly expanding economy and its energy demands, natural gas is viewed as a transition fuel towards achieving net zero carbon emissions.
The Indian government aims to increase the share of natural gas in the primary energy mix to 15% by 2030 from the current 6.2%. As domestic production meets only half of the demand, LNG imports are crucial. Besides the 7.5 million tonnes from Qatar, Petronet also imports LNG from the Gorgon project in Australia. Currently, India imports 1.44 million tonnes of LNG annually, which is expected to increase by 1.2 million tonnes between 2025 and 2028.
July 16, Colombo (LNW): Sri Lanka is crafting a new tourism strategy, aiming to build on a promising 2024 by offering visa free travel for several selected countries following Thailand’s initiative to allow visa-free entry for travellers from 93 countries and territories.
It may even have a chance to capitalize on shifting geopolitical winds amid tensions between neighboring India and the Maldives.,a senior official of the tourism ministry said,
Thailand will allow visa-free entry for travellers from 93 countries and territories, including Sri Lanka from yesterday (July 15).
This marks the first time Sri Lankans can travel to Thailand without obtaining a paper visa. Thai citizens can already visit Sri Lanka visa-free, subject to a USD 10 processing fee.
The new policy, announced by Thailand’s Ministry of Interior, extends the visa-free stay from 30 to 60 days. Visitors must have proof of funds, accommodation, and return or onward tickets. Entry remains at the discretion of immigration officers at airports.
According to Ministry spokesperson Traisuree Taisaranakul, this change will benefit tourists and short-term business travellers. The number of countries eligible for visas on arrival will increase to 31.
Thailand has seen a 35 percent rise in foreign arrivals this year, totalling 18.2 million visitors and generating 858 billion baht (USD 24 billion) in revenue. China, Malaysia, and India have been the largest sources of tourists in 2024, with around 350,000 Sri Lankans travelling to Thailand annually.
Also, Thailand will introduce the Destination Thailand Visa (DTV) on July 15, targeting digital nomads, freelancers and those seeking to learn skills like cooking and martial arts.
This visa allows stays of up to 180 days and is valid for five years. Applicants must apply for the DTV at the Thai Embassy in their country.
Moreover, visiting students earning a bachelor’s degree or higher in Thailand will be permitted to stay for one year post-graduation to seek employment, travel or conduct research.
Meanwhile Sri Lanaka welcomed over 1.48 million visitors last year — roughly double that of 2022, when the country defaulted on sovereign debt, suffered severe shortages and saw protests topple the government. Buoyed by glowing tourism features in international magazines like Forbes and Conde Nast Traveler, the country is hoping for at least 2.3 million in 2024.
“Official plans have yet to be revealed, but Sri Lanka is understood to be considering a nomad visa that would allow a yearlong stay with an option to extend. Currently, visitors must apply for a 30-day electronic travel authorization, which can be extended for a stay up to 270 days.
Overall, a 10-year tourism plan calls for attracting 5 million tourists by 2029, of which 2.5 million would be “high-end” travelers.
Sri Lanka was offering free visas for tourists from China, India, Indonesia, Russia, Thailand, Malaysia and Japan until March 31.
July 16, Colombo (LNW): The Port City Colombo yesterday announced that China Duty Free (CDF) and One World Duty Free (ODF) have been granted status as Businesses of Strategic Importance (BSI) by the Cabinet of ministers.
It said this approval paves the way for the commencement of travel retail operations at the upcoming Downtown Duty-Free Mall.
Discussing the significance of this milestone, CHEC Port City Colombo Ltd., Managing Director Xiong Hongfeng said: “We are pleased to announce that our duty-free partners, China Duty Free and One World Duty Free, have successfully obtained BSI status and received approval from the Cabinet.
Our partners are now empowered to operate within the Colombo Port City Special Economic Zone, allowing for the eagerly anticipated opening of the Downtown Duty-Free Mall to go ahead before the close of Q3 2024. We look forward to this, and to many other important developments in due course, with many prospective global investors ready to invest in Sri Lanka through Port City Colombo.”
Being the pioneering duty-free mall concept in Sri Lanka, the Downtown Duty-Free Mall at Port City Colombo is set to feature world-renowned travel retail operators.
Capitalising on the city’s prime location and connectivity to the Bandaranaike International Airport (BIA), the Downtown Duty-Free Mall will showcase unparalleled convenience and a diversity of brands that will appeal to the modern-day traveller.
The Downtown Duty-Free Mall promises to transform Colombo into a leading travel retail hotspot in the South Asian region, which will emulate the success of other competitive downtown duty-free markets including Singapore, Australia, and China.
China Duty Free and One World Duty Free, both acclaimed global travel retail giants, will soon begin operations at Port City Colombo, further bolstering the project’s emergence as a tourism hub. China Duty Free, in particular, is ranked as the world’s number one travel retailer, having recorded a revenue of $ 9.3 billion in 2023, according to a recently released Moodie Davit Report.
The forthcoming opening of the Downtown Duty-Free Mall is anticipated to draw increased tourist traffic, showcasing a unique shopping experience with its upscale travel retail offerings and competitive pricing strategy.
Along with CDF and ODF, a third international luxury duty-free brand is set to explore a collaboration at this revolutionary duty-free mall concept, providing travellers arriving in Sri Lanka significantly more choice.
The Downtown Duty-Free Mall will also be complemented by a curation of duty-paid brands and dining experiences, including Nihonbashi by Dharshan, Spa Ceylon, Café Chill, etc.
These developments underscore the swift pace of progress at Port City Colombo, heralding a new era of economic growth and international appeal for Sri Lanka. Port City Colombo’s strategic location, combined with the introduction of premier travel retail establishments such as CDF and ODF, is thus set to redefine the shopping and tourism landscape in South Asia.
July 16, Colombo (LNW): The Bandaranaike Academy for Leadership & Public Policy (BALPP) is the first and premier institute in Sri Lanka for education and training on leadership skills with public policy as a core discipline.
Beginning its second year of operations, the BALPP is now launching a new flagship course: ‘Executive Credential in Leadership & Public Policy’ (ECLPP), in October 2024.
The primary reason for commencing this course stems from the importance of leadership and public policy education in Sri Lanka, particularly during these challenging times.
As Sri Lanka navigates through a crisis of leadership, a crisis of political direction and governance, it needs a new generation of leaders who are equipped with futuristic knowledge, modern skill sets within an ethical grounding and a sense of social responsibility.
All these are necessary not just to emerge from today’s multiple crises and to steer the country towards a bright and prosperous future, but also to sustain the successes we manage to achieve.
The ECLPP one-year, two-semester course would target degree-holders, those with professional qualifications and those with work experience after completing the GCE A ‘Level.
The ECLPP Faculty consists of about 40 expert academics and professionals from a variety of sectors connected to public policy and governance, as well as experienced trainers in leadership.
The pedagogy in this course would include student-led participatory learning, case-study-based discussions, immersive learning experiences, project work, debates and quizzes, in addition to conventional lectures.
During the first semester, students would experience a deep dive into different types of leadership skills required to navigate diverse and difficult circumstances, as well as politics and governance, ethics and corruption, policy formulation, analysis and implementation strategies.
During the second Semester, students will choose one elective where they would engage in an intensive study on a subject of their choice.
The Electives would be on Economic Policy, Education Policy, Emerging Technologies & Cybersecurity, Environment & Climate Resilience, Renewable Energy policies and Health Policy. All students will do a Capstone project after completing the second semester.
The BALPP website (www.balpp.com) describes details of the course; email Aeshani Periera ([email protected]) or call 0712310648 for inquiries and registration.
July 16, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates depreciation against the US Dollar today (16) in comparison to yesterday, as per the official exchange rates released by the Central Bank of Sri Lanka (CBSL).
Accordingly, the buying price of the US Dollar has increased to Rs. 297.73 from Rs. 297.19, and the selling price to Rs. 307.05 from Rs. 306.40.
The LKR indicates slight depreciation against several other foreign currencies as well.
ECONOMYNEXT – Sri Lanka’s central bank was a net seller in forex markets in June 2024, official data shows, data shows after a build-up of excess liquidity from dollar purchases up to May.
The central bank sold 57 million US dollars to banks in June and did not buy any dollars, data shows, after buying 224.5 million US dollars and selling 32 million dollars in May.
There was a build-up of excess liquidity up to 200 billion rupees after dollar purchases in April and May.
Sri Lanka operates a so-called flexible exchange rate, which analysts says is not backed by consistent policy.
When there is higher import demand, usually due a pick up in private or state enterprise credit or both, the flexible exchange rate slides triggering a confidence shock in both importers and exporters.
Importers try to cover early and exporters try to delay, when the exchange rate weakens.
In July the rupee has stabilized.
The flexible exchange rate is one of several ‘age-of-inflation’ developed by Western Mercantilists and are peddled to unfortunate countries without a doctrinal foundation is sound money, critics say, but are not used in stable Western nations.
Excess liquidity reduced in June and July but liquidity was injected overnight to some banks as the system tightened.
The central bank has also injected 7 day money, below the overnight window rate, data show.
July 16, Colombo (LNW): The Cabinet of Ministers has granted policy approval to modify paragraph (b) of Article 83 of the Constitution, replacing the phrase “exceeding six years” with “exceeding five years” in relation to the President’s tenure.
The legislative proposal, drafted accordingly by the legal draftsman, has received clearance from the Attorney General.
