China’s Sinopec plans to initiate work on its new refinery in Hambantota by June,.Power and Energy Minister Kanchana Wijesekera announced on Thursday 28

Taking to ‘X’ he noted that Sinopec Overseas Investment Holding (SOIHL) Vice President updated on the progress of the negotiations with stakeholders for the construction of the proposed refinery in Hambantota.

A group of key officials of the SOIHL called on the Power and Energy Minister on Wednesday and they have indicated that the management of Sinopec has decided to double the capacity of the refinery form the original proposal and the investment. 

“They intend to sign the agreements for the project and commence work by June 2024,” the Minister noted. 

On 27 November 2023, the Cabinet of Ministers approved awarding the contract to Sinopec to forge an agreement for the establishment of a petroleum refinery and associated product processing centre in Hambantota. 

The proposed refinery project is expected to invest a minimum of $ 4 billion to be built in the Industrial Zone at the Hambantota Port. 

Wijesekera also added that discussions regarding the water supply, power supply, land allocation and BOI facilities took place yesterday with the relevant authorities.

Sinopec, stands as the largest oil and petrochemical products supplier and the second-largest oil and gas producer in China, bringing its expertise to the table for this venture, signalling a strategic partnership between Sri Lanka and China.

The firm holds the distinction of being the largest refining company and the third-largest chemical company worldwide. The company’s extensive network comprises a large number of gas stations, ranking it second globally. In 2021, Sinopec secured the fifth spot on Fortune’s Global 500 List.

Sinopec, stands as the largest oil and petrochemical products supplier and the second-largest oil and gas producer in China, bringing its expertise to the table for this venture, signalling a strategic partnership between Sri Lanka and China.

The firm holds the distinction of being the largest refining company and the third-largest chemical company worldwide. The company’s extensive network comprises a large number of gas stations, ranking it second globally. In 2021, Sinopec secured the fifth spot on Fortune’s Global 500 List.

A Japanese investor has stepped up to breathe new life into Pettah’s floating market and spearhead the revamp to the iconic landmark underlining Sri Lanka’s position as a premier tourist destination.

The memorandum of understanding (MoU) for the project was signed by the Urban Development Authority (UDA) Chairman Nimesh Herath and the Japanese investor Akira Hirose yesterday at UDA in Battaramulla. 

The total amount invested in the renovation is Rs. 300 million. The local partner is J&S Masters Ltd.Herath reiterated the commitment to select the most suitable investor to revive the Pettah floating market while ensuring minimal disruption to existing businesses. 

The Japanese investor will manage and operate the Pettah floating market under a 30 year lease agreement. The envisioned transformation aims to position the floating market as a Japanese Town and a tourist attraction. 

The project, slated for completion within six months, will undergo a comprehensive redevelopment to address issues such as inadequate maintenance, security concerns and declining business activity.

The UDA faced severe criticism over the management of the floating mall and taking heed of these concerns, Urband Development and Housing Minister Prasanna Ranatunga directed the UDA to explore opportunities for development through public-private partnerships (PPPs), given the current economic challenges in the country.

Minister Ranatunga said the importance of ensuring that existing shop owners are not disadvantaged during the development process.

Originally opened on 25 August 2014, the Pettah floating market was conceptualised under the guidance of former Defence and Urban Development Secretary Gotabaya Rajapaksa. However, under the previous administration, the floating market faced neglect, resulting in deteriorating conditions and dwindling business activity.

Following a complete renovation in accordance with the vision for developing Colombo Fort as a commercial and historical hub, the floating market was reopened on 7 April 2021.

About 80 percent of the shops at the Pettah Floating Market had closed down by the beginning of the year, Urban Development Authority (UDA) announced on Wednesday.The UDA said that the floating market was declared open in 2014 at a cost of 352 million rupees.However, shop owners have been moving out during the last few years due to the lack of maintenance, unhygienic surroundings and various illegal activities taking place there, the UDA said

Supreme Media proudly announces that it has forged a strategic alliance with TNL, a pioneering force in electronic media in Sri Lanka, to significantly broaden its electronic media offering and experience across the nation. This historic partnership promises to create a momentous chapter in Sinhala language television and electronic media in Sri Lanka by expanding its horizons.

Supreme, one of the nation’s fastest-growing channels, has recently embarked on a new brand journey identified by its inspiring slogan “Mage Handa Mage Rata – My Voice My Country”. With this strategic alliance in place, the Reach of Supreme Media gets expanded to more than double across Sri Lanka, allowing it to connect with a broader spectrum of audience to deliver its unique, premium variety of content and fulfil its inspiring brand commitment.

This monumental partnership further extends into the radio domain, with TNL’s Radio channels at 89.1 and 89.3 MHz undergoing a rebranding as ‘Supreme’ with the same inspiring brand message – Mage Handa Mage Rata. 

This move not only enhances Supreme Media’s ability to connect with a wider audience through multiple media forms but also signifies its formal arrival as a Media Network, with offerings that include two TV channels, One radio channel, and three distinct digital channels.

The partnership comes at a pivotal moment for Supreme, coinciding with the launch of the Indian Premier League (IPL) cricket matches on its platform starting on 22nd March 2024. Hence, this development proves to be a boon for cricket enthusiasts across the island, offering them an array of viewing options – Bringing the spectacle of IPL closer to every home in Sri Lanka. 

With this long-term partnership in place, Sri Lankan media audiences now can look forward to a broadened spectrum of unique and premium Sinhala language programming and News, not only fulfilling their entertainment and infotainment needs.

 It will be extending its supporting hands to all local artistes, local arts, local brands, home-grown businesses and industries to grow and compete in the world stage and boosting the Sri Lankan Economy as its Mission.

March 29, Colombo (LNW): The deficit in the merchandise trade account widened to US dollars 319 million in February 2024 from US dollars 39 million recorded in February 2023, mainly with a higher increase in imports than the increase in exports, Central Bank announced. . 

Similarly, the cumulative deficit in the trade account during January to February 2024 also widened to US dollars 860 million from US dollars 484 million recorded over the same period in 2023.

Earnings from merchandise exports increased by 7.9 per cent to US dollars 1,059 million in February 2024 compared to US dollars 982 million in February 2023. 

An increase in earnings was observed in all major categories of exports, including industrial, agricultural, and mineral. 

An increase in industrial goods exports in February 2024 compared to the same period in 2023 was mainly contributed by petroleum products due to the increase in volumes of bunkering and aviation fuel exports.

 Earnings from exports of agricultural goods improved in February 2024 compared to a year ago mainly driven by tea due to both higher export volumes and prices. 

Earnings from mineral exports also increased marginally in February 2024. Meanwhile, earnings from exports in February 2024 increased compared to January 2024, led by higher textiles and garment exports.

Expenditure on merchandise imports recorded an increase of 35.0 per cent to US dollars 1,378 million in February 2024 compared to a significantly lower base of US dollars 1,021 million in February 2023.

This increase was a result of increases across all major import categories as a result of the relaxation of import restrictions, normalisation of economic activities and loosening monetary conditions. 

The increase in expenditure on consumer goods imports in February 2024 compared to a  year ago was due to a broad-based increase in expenditure on both food and non-food consumer goods. 

Meanwhile, expenditure on intermediate goods imports increased driven by higher fuel and textile imports compared to February 2023.

 In contrast, expenditure on wheat imports decreasedsignificantly led by lower import volumes in February 2024. 

Expenditure on investment goods also recorded a broad-based increase, which was driven by machinery and equipment (mainly cranes) and building materials (mainly iron and steel). 

Meanwhile, expenditure on imports in February 2024 declined notably compared to January 2024, driven by lower expenditure on all categories of fuel, led by the availability of stocks and reduced demand.

 Earnings from tourism in February 2024 were estimated at US dollars 346 million, in comparison to the estimates of US dollars 342 million for the previous month and US dollars 162 million for February 2023.

 The major outflows from the services sector in February 2024 were mainly attributed to air transport, sea transport, and technical, trade-related and other business services.

Total services sector outflows were estimated at US dollars 193 million in February 2024, in comparison to US dollars 152 million in February 2023.

March 29, Colombo (LNW):Finance State Minister Ranjith Siyambalapitiya announced that the Cabinet of Ministers has approved a proposal to suspend the Special Commodity Levy Act from 01 January 2025. Speaking to the media in Ruwanwella on Friday morning (29), the lawmaker outlined the government’s intention to introduce new legislation aimed at safeguarding both consumers and local manufacturers.

During its meeting on Monday (25), the Cabinet instructed the Legal Draftsman to prepare a Draft Bill to suspend the Special Commodity Levy Act, No. 48 of 2007. This decision comes as the government has identified various challenges encountered during the implementation of the legislation.

The Special Commodity Levy Act imposes taxes on 64 commodities categorized under 210 HS Codes to facilitate their importation. However, recognizing the need for reform, the government plans to suspend this act and introduce new measures to address the concerns raised by consumers and local manufacturers alike.

The proposed suspension reflects the government’s commitment to creating a more favorable environment for both consumers and domestic industries. As preparations for the new legislation progress, stakeholders will closely monitor developments to ensure that the interests of all parties are adequately addressed.

March 29, Colombo (LNW): Today, on the 29th of March, Christians around the world commemorate Good Friday, a solemn occasion that marks the crucifixion and death of Jesus Christ at Calvary. This significant religious observance holds particular importance for Christians and Catholics, symbolizing the ultimate sacrifice made by Jesus for humanity’s salvation.

According to the New Testament, Good Friday falls on the Friday preceding Easter Sunday, the day of Jesus’s resurrection from the dead. It is the culmination of Holy Week, which begins with Palm Sunday and includes Holy Thursday, commemorating the Last Supper, and Good Friday, a day of fasting and penance.

As Sri Lanka still grapples with the aftermath of the tragic events of Easter Sunday in 2019, where suicide bombings rocked the nation, claiming the lives of over 250 individuals and injuring hundreds more, security concerns loom large. In response, the police have implemented a comprehensive security plan across all churches in the country.

Working closely with church authorities, the police have tailored security arrangements for each church, particularly during Holy Masses from the 29th to the 31st of March. A significant deployment of security personnel, including 6,837 police officers, 464 Special Task Force (STF) personnel, and 2,882 Tri-Forces personnel, has been mobilized to ensure the safety of worshippers.

Under this heightened security plan, thorough inspections of church premises are conducted before sermons commence, with additional security measures such as body searches implemented where necessary. Special focus is placed on churches that typically attract large congregations.

As Sri Lankan Christians observe Good Friday under the shadow of past tragedies, these security measures aim to provide reassurance and safeguard worshippers as they gather to reflect on the solemn events of the crucifixion and the message of hope and redemption that Easter Sunday brings.

March 29, Colombo (LNW): In a significant step towards safeguarding children online, an online platform was inaugurated on Thursday (28) at the Presidential Secretariat, under the patronage of President Ranil Wickremesinghe. This platform aims to swiftly remove websites, photos, and videos containing or potentially containing instances of child sexual abuse.

Recognizing the urgent need to address child abuse in cyberspace, this initiative specifically targets the dissemination of nude photos and indecent videos of children through the internet and social media channels.

Implemented by the National Child Protection Authority (NCPA) in collaboration with the Internet Watch Foundation (IWF), renowned for its expertise in internet child safety enforcement, this program receives financial support from Save the Children and Child Fund.

With the launch of this online system, individuals can now visit the website of the National Child Protection Authority at www.childprotection.gov.lk to report incidents of indecent photos and videos of children exchanged online.

Reports submitted through this platform will be handled by the Internet Watch Foundation (IWF), a UK-based global charity dedicated to hunting down and removing videos and images of child sexual abuse shared online. Working in collaboration with the NCPA, the IWF will ensure that offending videos are promptly removed from the internet, and legal action will be pursued against the perpetrators.

While many institutions in Sri Lanka are plagued with corruption and irregularities, Colombo Swimming Club is the only organization who forced a change of management, led by a group of concerned members.

Amid claims of disputable actions on the part of the Committee of 2022 led by President Kishan Karunaratna and Vice President Pam Pieris who came under heavy criticism for their dictatorial attitudes and the club always being under construction.

Members brought out these issues at the AGM and at subsequent SGMs held in 2023 and as a result everyone in the Committee except the newly elected VP resigned.

The members then demanded an audit of the accounts for 2022 and the audit report by the prestigious auditors BDO found that the 2022 millions have been spent by the President, VP and the committee member who had approved all the work Mr. Sanjeev Jayasinghe without the approval of the house when the club’s constitution and past practices have been to follow proper procedure.

Whereas the amount approved at the 2022 AGM was Rs 11,265,125 million a staggering Rs. 135,241,913 million without obtaining committee approval had been spent as per audited accounts, it has been revealed following a Special Audit on Project approval buckets shared by the former head of finance Namal Perera.

Most of these prestigious clubs in Sri Lanka were established during the time of the British governed by a set of rules and a constitution, but very few checks and balances. During the British period certain men of honour ran these clubs, but as most of us have seen now in Sri Lanka, most organizations are run by not so honorable people.

This actually demands a proper examination of the rules of all the clubs and proper practices for checks and balances should be adopted.

Sri Lanka Insurance, in collaboration with Sri Lanka Insurance Life Limited (SLICLL) and Sri Lanka Insurance General Limited (SLICGL), organized an enriching seminar focused on “Enhancing Law Enforcement Leadership and Communication.” Held on March 7, 2024, at the SLIC head office, the event featured Senior Deputy Inspector General for the Eastern Province, Mr. Ajith Rohana, as the keynote speaker.

During the seminar, Senior DIG Mr. Ajith Rohana delivered a captivating session, drawing from his extensive experience in law enforcement and public communication. His discourse emphasized crucial elements of effective communication and leadership strategies tailored for professionals in law enforcement.

One of the key highlights of the event was the discussion on the recently enacted Online Safety Act, with Mr. Ajith Rohana providing valuable insights into its implications for the general public. Attendees gained a comprehensive understanding of the Act and its significance in ensuring online safety and security.

The seminar, attended by both the management and staff of SLIC, served as a valuable platform for knowledge enhancement. Participants gained insights into the nuances of the Online Safety Act and acquired essential communication skills vital for success in a competitive working environment. Mr. Ajith Rohana’s expertise offered practical guidance on fostering teamwork and collaboration within law enforcement agencies.

The success of the seminar highlights SLIC’s commitment to continuous learning and development for its workforce and reaffirms its dedication to nurturing a knowledgeable and skilled workforce capable of adapting to evolving challenges in the insurance industry and beyond.

Photo Caption: Mr. Lalith De Silva, Head of Distribution (SLICGL) (Right) handing over the token of appreciation to Mr. Ajith Rohana, Snr. DIG, Eastern Province (Left) while Mr. Rohitha Amarapala, Deputy General Manager – HR & Administration (SLICLL) (Center) looks on.