February 07, Colombo (LNW): Continental has announced a significant expansion of its manufacturing capabilities in Sri Lanka. With a €13 million investment aimed at enhancing the pre-production capacities of its Kalutara plant.
It aims to make its material handling tyres production self-sufficient, signaling a robust step towards optimizing its global manufacturing footprint.
Continental is expanding the global manufacturing footprint of its specialty tires business area in Sri Lanka.
By further enhancing local pre-production capacities, its Kalatura plant in the future may produce material handling self-sufficiently. This ensures an optimised manufacturing process and limits cross-country dependencies in the logistic supply chain.
Continental will be investing around 13 million euros over the next three years, creating around 200 additional jobs. Customers will benefit from better product availability due to the optimised supply chain.
The investment in Sri Lanka is part of Continental’s ongoing efforts to advance innovative technologies and sustainable products and services throughout the tyre value chain.
This includes the procurement of sustainable materials and the recycling of end-of-life tyres, underscoring the company’s commitment to sustainability and innovation in its operations.
Business Field Material Handling Head Klaus Framenau said, “Our Kalutara plant is an integral part of our global production network. The most recent investment decision is a testament to that. At Kalutara we manufacture tailor-made specialty tyre products for our customers worldwide.”
“Continental’s material handling business field is looking to further expand its share of the growth markets worldwide. We continue to systematically grow our specialty tires business, as laid out in our Vision 2030 strategy program,” he added.
Since 2009, the Kalutara plant has produced industrial solid tires for forklifts and other material handling vehicles. The plant manufactures press-on-band tires and super elastic tires with a strong focus on serving American, Asian and selected European markets.
With its specialty tire brands Continental, General Tire and Barum that cover a wide range of applications, Continental serves the many different requirements of its customers worldwide.
Continental’s specialty tires business area develops, produces and markets a great variety of different tire applications. From agricultural, earth-moving and port vehicle tires to material handling, bicycle, motorcycle and racing tires.
It also offers tailor made digital tire solutions that enhance its customer’s efficiency, helping to sustainably reduce their operational costs.
Continental is continuously working to advance innovative technologies and sustainable products and services along the entire tire value chain, from the procurement of sustainable materials to the recycling of end-of-life tire.
February 07, Colombo (LNW): The ongoing practice of not harvesting cashew crop in Sri Lanka has severely affected the lives of thousands of farmers and day workers.
While the farmers are unable to sell their produce even at reduced prices, let alone getting remunerative prices, the workers are struggling to make their ends meet as the processing units remain shut and business operations came to a halt.
Various reasons such as plummeting of rates, competition from imported cashew and an unexpected decline and uncollected yield have prompted the owners of cashew processing units and traders in the market to shut down their operations. .
The Cabinet of Ministers has granted approval to import 15,000 tonnes of cashew nuts in shell since the country’s annual requirement of cashew nuts in shell has not been met due to the fact that the crops have not been harvested as expected in the last season.
Joining the Cabinet press conference held in Colombo Cabinet Spokesperson Minister Bandula Gunawardena said that the country’s annual requirement of cashew nuts in shell is around 25,000 Metric Tonnes.
However, currently only 12,500 tonnes of cashew nuts can be procured locally and the cashew industry in the country is facing a very unfortunate situation as the crop has not been harvested as expected in the last season, according to the Minister.
Therefore, the Cabinet of Ministers has approved the proposal presented by the Minister of Agriculture and Plantation to import a maximum of 15,000 tonnes of cashew nuts in shell for this year.
Threafter it has to import a quantity of cashew nuts determined by a committee consisting of senior officials of the relevant ministries during the period from December to April when the local cashew harvest is not available in the next 4 years.
Cashew is imported in large quantities from India and is re-exported with value addition to address the inadequacy.
It is expedient; therefore, existing plantations have to be managed efficiently for increased productivity, and fresh plantations have to be established to increase production substantially.
Thus, new technology and management practices must be adopted to enhance the productivity of plantations. Cashew Corporation introduces new technology and management practices extensively.
In Sri Lanka, cashew is observed to thrive and flourish in significant ground stretches in the Dry and Intermediate Zones. Cashew cultivation is prominent in Puttalam, Kurunegala, Anuradhapura, Hambantota, and Batticaloa.
As far as Sri Lanka is concerned, removing the obstacles in increasing the productivity, enhancing the knowledge and skill of the farmers, and eliminating the hindrances in adopting technology in the industry, the quantity of cashew produced could be increased substantially.
Police Dept says that in the 50 days since its launch, Operation “Yukthiya” has apprehended 56,541 suspects in relation to drug trafficking and other criminal activities: 49,558 for trafficking, possessing & using illicit drugs, and 6,983 who have been listed in the “Island Registered Criminal” (IRC) list.
State Minister Anuradha Jayaratne says a programme to place those guilty of civil offences under house arrest will be implemented this year: also says that relevant laws are currently being drafted by the Legal Draftman’s Dept: asserts the intention is to reduce overcrowding in prisons.
Former Health Minister Keheliya Rambukwella who is presently in remand custody, resigns as Environment Minister: granted permission to attend today’s Parliamentary session, but he declines to participate.
Export Development Board, Apparel Sourcing Association, SL High Commission in UK and Joint Apparel Association Forum jointly organize SL’s first ever textile & apparel roadshow in UK: aim is to boost apparel exports to USD 1 bn in 2 years from around USD 600 mn at present.
SL Family Health Bureau report reveals that the percentage of pregnant mothers suffering from anemia has increased to 16.0%: highest percentage reported from Jaffna at 28.3%: pregnant mothers suffering from iron deficiency is 11% and those suffering from Vitamin D deficiency is 35.6%.
SL banks convert clients’ credit card balances into loans of extended tenor, lower interest rates, and better settlements, to combat credit card defaults: since of late, banks had witnessed an increase in non-settlements of credit card balances.
PHU Leader & rebel SLPP MP Udaya Gammanpila denounces the Govt move to grant land deeds to farmers: says such shortsighted decisions would result in the loss of land of the farmers: points out that former land Ministers, including former PM D S Senanayake, C P de Silva, Gamini Dissanayake and D M Jayaratne refrained from granting land deeds to people looking for political benefits.
Foreign Affairs Minister Ali Sabry say Free Trade Agreements with China, Indonesia, Malaysia and Vietnam are being pursued and expected to be completed by the end of this year: asserts that more FTAs will boost exports, foreign investments and economic growth: Sabry was the Finance Minister at the time SL announced bankruptcy on 12th April’22.
Ports Authority to shortly receive 12 nos. STS Gantry cranes and 40 ARMG cranes from China at a total cost of USD 282 mn: such cranes to be installed at the Eastern Container Terminal (ECT) of the Port of Colombo: the total cost of the cranes is borne by SLPA.
Former SL Cricket white-ball skipper Dasun Shanaka excluded from the 16-member squad for the Afghanistan 3-match ODI series starting on 9th February at the Pallekele Int’l Cricket Stadium: bowling all-rounder Chamika Karunaratne re-called to the squad.
February 07, Colombo (LNW): In a Cabinet media conference held at the Government Information Department, Cabinet Spokesman and Minister of Transport, Highways, and Mass Media, Dr. Bandula Gunawardhana, revealed that Rs.10 billion has been allocated for this year’s elections, specifically earmarked for the Presidential and Parliamentary Elections scheduled for 2024.
Minister Gunawardhana clarified that this budget allocation is exclusively designated for the mentioned elections and emphasized that the funds will need to cover all related expenses. He specified that amendments proposed by the Commission of Inquiry, through a special gazette, will not be effective for the upcoming elections in 2024 and the subsequent elections in 2025.
During the conference, the Cabinet spokesman highlighted the government’s financial constraints and underscored that the budget estimates for 2024 have accommodated the Rs.10 billion allocation for election-related activities. The Cabinet of Ministers acknowledged that funds for the Provincial Council Election and Local Government Election, slated for 2025, will need to be provided within the limited financial space of the government.
Minister Gunawardhana informed that any necessary amendments to election laws, based on the recommendations of the Commission of Inquiry established under the Commission Act (Authority 393), will be considered. However, he emphasized that such amendments should be introduced with parliamentary approval.
The Cabinet of Ministers, after considering the facts presented by President Ranil Wickremesinghe, has decided to give its consent to take the necessary steps in accordance with the recommendations and requirements for the upcoming elections.
February 07, Colombo (LNW): Mainly fair weather will prevail over the island.
There is a possibility of ground frost at some places in Nuwara-Eliya district during the early hours of the morning.
Misty conditions can be expected at some places in Central, Sabaragamuwa, Western and Uva provinces and in Galle and Matara districts during the morning.
February 06, Colombo (LNW): Central Bank has deprived of over Rs. 700 billion in revenue due to interest rates reduction in domestic debt optimization process (DDO)
United Republican Front (URF) leader MP Patali Champika Ranawaka said the Central Bank had been denied over Rs. 700 billion due to Treasury bill interest rates reduction and it would be serious in case a financial crisis emerged.
Making remarks at the event to mark Independence Day celebrations by his party, he said the Central Bank reduced interest rates in the process of Domestic Debt Optimization last year.
He said the interest rates for Treasury Bills held by the government were reduced from 25-26 percent to 5-6 percent and the Central Bank lost as much as Rs. 700 billion as a result.
The Central Bank claims DDR is voluntary, where interest rates on existing Treasury Bonds are reduced to 12% until 2025 and further reduced to 9% from 2025 onwards,. eminent economic expert Ahilan Kadirgamar disclosed.
However, retirement funds not participating in a DDR will be subjected to an increased tax rate from 14% to 30% leading to an effective reduction of interest earnings on Treasury Bonds to 7.7% over the sixteen-year period. This strategy is in effect a threat to ensure compliance with DDR.
Sri Lanka’s domestic debt is held by various entities, including the central bank, commercial banks and pension funds. Given that the country’s banking system is already severely weakened, pension funds will almost certainly bear the brunt of the expected adjustment,
This will have a significant impact on the retirement savings of workers who have already been hit by massive price increases.
By reducing the interest rates on sovereign bonds held by Sri Lanka’s largest pension funds from more than 20 per cent to 12 per cent, and then to 9 per cent from 2025 until maturity, the government aims to reduce its interest burden by 0.5 percentage points of GDP annually, he added.
The EPF was established for private and semi-government sector employees and is the largest retirement fund in Sri Lanka, with 19.2 million accounts.
Sri Lanka’s retirement funds hold a total asset value of Rs 4,354 billion. Furthermore, 90% of retirement funds are invested in Treasury Bonds.
The Central Bank claimed that there would be no haircut on retirement funds. However, it plans to reduce the interest earnings of Treasury Bonds held by retirement funds, including the EPF. It intends to reduce the returns of retirement funds each year by 0.5% of GDP in order to reduce the GFN by an equal amount.
February 06, Colombo (LNW): In a landmark move aimed at resolving land ownership issues for over two million Sri Lankans, the eagerly anticipated “Urumaya” program is set to be officially launched on February 5 in Dambulla. Tourism, Lands, and Sports and Youth Affairs Minister Harin Fernando unveiled the details of the program during a press briefing at the Presidential Media Centre, emphasizing its goal of providing permanent land ownership solutions.
The initiative is poised to benefit over 10,000 land licensees currently holding Ran Bhoomi, Jaya Bhoomi, and Swarna Bhoomi licenses, as their licenses will be converted into freehold deeds, granting them full ownership of their land. This transformative step is expected to bring about a significant improvement in the lives and livelihoods of millions grappling with land ownership uncertainties.
Minister Harin Fernando stressed the program’s significance as a pivotal step towards building a stable and prosperous Sri Lanka. The “Urumaya” initiative underscores a commitment to addressing long-standing land issues, providing citizens with the security and freedom that accompanies land ownership.
The official launch on February 5 is anticipated to usher in a new chapter for many Sri Lankans, offering them a brighter future rooted in secure land ownership. Minister Harin Fernando reflected on the challenges faced by the nation, likening it to a critically ill patient two years ago. He drew parallels between essential yet uncomfortable treatments administered by a doctor and the adjustments made under President Ranil Wickremesinghe’s leadership, which were deemed crucial for the nation’s recovery.
The Minister emphasized that challenges are embraced not for personal glory but for the sake of the country’s success, citing his role in revitalizing the tourism industry as an example. He pointed to the lifting of the ban on cricket as a significant victory and a beacon of hope, symbolizing the potential for future achievements.
Acknowledging that the journey is far from over, Minister Harin Fernando highlighted the “Urumaya” program as a special initiative to bring about positive change for over two million people in Sri Lanka. The program aims to empower citizens by granting freehold land deeds, fostering a new era of stability and prosperity.
In addition to the “Urumaya” program, the Ministry takes pride in an ambitious initiative aimed at igniting the entrepreneurial spirit of the youth. This program seeks to empower a million young minds, positioning Sri Lanka for a golden age of rural revival and innovation.
February 06, Colombo (LNW): Five to six years ago, Sri Lanka Rugby, which had been going on for many years, changed its recent history and took a unique path as a sport. Not for the politics, we also stood up for that regime, which kept its back straight so that if even Asia tried to reach its own country and lay hands on it beyond their limits. Due to the harsh memories, we have in recent history, a different story happened. Foreigners were deployed to play in matches and had to strip in front of the world. We are still paying the fine.
The Rugby account gradually became empty while holding various carnival tournaments, inviting the country’s leader, and keeping the authorities get credit marks, and working on their existence outside of Rugby. It was the debt that went up.
As a result, the team led by Rizly Illyas demonstrated a genuine rugby personality, capable of standing independently with a distinctive identity. Even if he resigns as he should strategically go forward with that foam, we expected Sri Lanka Rugby to go ahead with that backbone. Following the acceptance, we hoped that there would be a proper investigation within the official system regarding the matters that caused the ban on behalf of Sri Lanka Rugby and that there would be a request to ask the facts from both sides as the defense and the complaint. But the Acting President, who is in a daze with the power he has suddenly received, is intoxicated by the random surprise, instead of working to confirm the previous opinion, he is pushing himself to the point of praising and flipping by himself the opposite opinions. However, it is evident now that the rugger personality we witnessed during that period has dissipated following Illyas’s departure. The current Acting President, who was the head of a sub-committee, has begun to backtrack even the decisions taken by the sub-committee under his leadership. The remaining members of the executive committee must decide whether to get on his swing or not.
When a sub-committee led by him declared that the league champions Kandy Team would withdraw from the Clifford Cup, Kandy Club was banned from the Clifford Cup, affecting this year as well. They decided to leave because the Rugby administration did not act to provide their stadium, the Nittawela Rugby Stadium. Instead, they were provided with a stadium in Kandy as an alternative. The reason for this was the decision of the Rugby administration not to allow any sports club to play at the designated stadium where they act as hosts. No matter how well and vigorously the tail wags, the dog has the right to wag it. The Rugby administration’s decision at that moment prevented the tail from becoming the dog and keep the tail in right place.
But now, the Acting President is now exerting his influence on the Executive Council, asserting that it is imperative to include Kandy in this year’s Clifford Cup, citing the birth story of the Kandy Sports Club. Now it can be seen that Sri Lanka Rugby has reached the state of showing the form of a dog that wags its tail as needed, because several tails that have worked to hinder the administration of rugby in the past are showing this hilarious type of dog wag tails.
From now on, based on the importance of the birth of a sports club, the rugby administration, which is the paternity of the national responsibility of the sport, not tailgating, but the signal that comes from this is dangerous. The foundation of an administrative operation that took the lead in changing many rights, the scandal, the debt load, etc., caused by rugby dancing to their tune by having a group of people sit on a few chairs to administer rugby, was lost in this way. It is sad that with that escape, the useless pieces of stone that were trying to be stuck somewhere that could have been seen before have appeared and started acting like mountains.
At another moment, In another instance, if the Asia president appoints his amicable ex-president, who has been associated with the most disgraceful stain on Sri Lanka Rugby, to lead , the personality that the current leadership has developed as Sri Lanka Rugby, which indicates that he is ready to show his work to the level of saying “Yes Sir” It feels like it is slowly melting away.
It is well known to the Acting President that through the crises caused by directness last season, the Asia President managed to use to down the Sri Lanka Rugby , which has more history than him, with the help of Sri Lankan own personnel, and succeeded in the rugby game of his country, which in the Asia Rugby region.
Despite that, the people who opposed the Sri Lanka Rugby should prove the size of their backs by whether they become puppets in hands or not. Or the extent of their love for rugby. Also, if an investigation has been conducted through the ministry and told to leave, Hassan Sinhawansa’s course of action should be to exit his profession. Also, the Acting President should take appropriate measures for that. This non-departure also shows that it is necessary to think about whether only the outgone president had the desire to create a background where he could work independently for Sri Lanka Rugby last season and to maintain it. If this is not the case, the Acting President should keep the decisions of the sub-committees that he led as before and not act to spoil the personality of Sri Lanka Rugby by fulfilling the needs of the people who are hindering it at this moment.
Also, Sinhawansa should refrain from allowing individuals, including himself, who hindered the organization, to assume leadership roles. At times, it is determined that stepping down is more important than remaining. Rather than persisting in a position by any means and wielding power arbitrarily, people who come stepping down for the truth will stay in society. Is there any possibility to think Sri Lanka Rugby like that? We are awake and waiting to see if the pride that has been built up in recent times will be folded in two and will be twisted by ‘Sir theory’ and will be crushed or will fight. What is happening now is the tail wagging the dog according to the visible movements.
Whether this tail represents Sri Lanka Rugby as a whole or the actions of an individual or a group is discerned through the conduct of the entire Executive Council.
February 06, Colombo (LNW): Sri Lanka–UK collaboration has opened a crucial investment corridor to effectively represent Sri Lanka to attract foreign investments. It has focused on various sectors pertinent to investment and trade relations
This was disclosed by High Commissioner of Sri Lanka to the UK Rohitha Bogollagama who underscored key objectives in facilitating the SL-UK Chamber of Commerce business roundtable meeting.
The Sri Lanka High Commission in the United Kingdom successfully organised this business roundtable on 26 January between the Sri Lanka–UK Chamber of Commerce and Foreign Minister Ali Sabry. The event marked a significant milestone in fostering trade and investment relations between Sri Lanka and UK.
Sri Lanka-UK Chamber of Commerce President Shehan Silva emphasised the significant growth the chamber has experienced since its establishment two years ago.
The roundtable successfully convened experts from various industries, such as tea, tourism, banking, and finance, contributing to the development of the strong institution it has become today.
At the meeting several crucial factors were addressed concerning Sri Lanka’s economic environment and its suitability for foreign investment.
Key points included leveraging talent within the technology industry, the stability of the Sri Lankan rupee, and the streamlined process for foreign investment especially in the Colombo Port City Project and repatriation of funds.
The highlights also encompassed Sri Lanka’s potential as a hub for finance and technology, with specific references to projects such as the solar power initiative and advancements in renewable energy.
In wrapping up the session, Foreign Minister Ali Sabry outlined the current economic challenges faced by Sri Lanka in 2022 and the subsequent need for policy adjustments.
He said that despite setbacks, Sri Lanka has emerged strong in a short span of time, a feat he attributed to the country’s strong institutions, democracy, and independent judiciary.
The Minister expressed confidence in overcoming difficulties and highlighted the Government’s commitment to creating an investor-friendly environment.
In relation to Sri Lanka’s foreign policy, he emphasised the nation’s dedication to upholding an independent foreign policy and engaging with countries exclusively on commercial terms.
Articulating that ‘in a multipolar world, Sri Lanka understands that Sri Lanka needs everyone to work with’, he expressed optimism about the growing influence of the Global South.
This alignment positions Sri Lanka to effectively address challenges and seize opportunities in the evolving multipolar landscape. Foreign Minister Sabry extended an invitation to foreign investors, encouraging them to explore the myriad of opportunities in Sri Lanka.
He highlighted the nation’s robust institutions, democratic stability, and strategic location as compelling factors for investment consideration.
February 06, Colombo (LNW): Sri Lanka is set to explore granite exports with the aim of earning much needed foreign exchange as the local demand for granite has come down in recent times, industry ministry sources said.
As per Volza’s Sri Lanka Export data, Granite export shipments from Sri Lanka stood at 43.4K, exported by 1,379 Sri Lanka Exporters to 1,747 Buyers. Sri Lanka exports most of it’s Granite to United States, India and Maldives
Sri Lankan granite imports are set to reach 4.4 million kilograms by 2026, showing an average growth rate of 3.3% year on year.
Since 1999, domestic demand for Sri Lankan granite has increased by an average of 7.9% every year. In 2021,
Sri Lanka was ranked 30th in the world, with Thailand overtaking it at 3.6 million kilograms. The UK, Russia and Denmark were placed 2nd, 3rd and 4th respectively in this ranking
The Cabinet of Ministers recently approved the immediate export of granite stocks, paving the way for a potential economic boost. Cabinet Co-Spokesman and Minister Bandula Gunawardena
Cabinet approval has been granted for the appointment of a committee to study the facts and submit a report with recommendations on the possibility and appropriateness of exporting up to one million metric tons of granite.
Cabinet Co-Spokesman and Minister Bandula Gunawardena said at present, the requirement of Granite for construction and development activities in the country is relatively low and the livelihoods of the miners engaged in the granite mining industry and the communities associated with it have been severely affected due to this.
The livelihoods of the miners engaged in the granite mining industry and the communities associated with it have been severely affected due to this, he pointed out. .
Minister Gunawardena further said that a stock of granite removed during the construction of Hambantota Magampura port is currently piled near the administrative building of the port area and in the Hambantota new hospital premises and the said granite stock needs to be removed immediately.
Taking into account a proposal presented by the Minister of Environment, the Cabinet of Ministers approved to take necessary steps for the immediate export of the said granite stocks under the supervision of the Geological Survey and Mines Bureau.
Cabinet Co-Spokesman and Minister Bandula Gunawardena outlined the dire circumstances faced by the quarry sector, with 50,000 workers witnessing a significant impact on their livelihoods due to the economic downturn.
He said the construction industry is grappling with challenges amid the economic crisis, experiencing reduced domestic demand, prompting the Government to explore opportunities for the export of granite resources.
