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CEB Engineers’ Union responds to allegations regarding housing loans scheme

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January 23, Colombo (LNW): The Ceylon Electricity Board Engineers’ Union (CEBEU) issued a statement addressing recent allegations regarding the housing loans scheme provided to its employees.

The union clarified that since 1984, the CEB has opted for a scheme where employees secure housing loans from banks, and the CEB subsequently reimburses two-thirds of the interest paid.

Contrary to accusations, the union emphasised that this approach aligns with practices in various institutions that offer concessional loans to staff using their own funds.

The statement highlighted that the two-thirds interest reimbursement model has been deemed more advantageous for the CEB, allowing the organisation to allocate funds for crucial development initiatives.

The union expressed concern over what they perceive as a smear campaign against CEB staff, particularly as the energy sector undergoes major reforms, potentially leading to privatisation and divestiture of state assets.

The statement deplored the Minister’s conduct, accusing him of treating dedicated CEB staff, who have tirelessly worked to electrify the entire nation, as adversaries.

Moreover, the union condemned what they described as continuous harassment by the Minister, noting restraining orders preventing trade union actions and restricting the disclosure of information relevant to the public institute.

The CEBEU urged the public to understand the context and motives behind the campaign while emphasising their commitment to serving the nation.

Environmental activists demand international support to address human-elephant conflict (PHOTOS)

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January 22, Colombo (LNW): Sri Lankan environmental activists gathered in front of the United Nations Office in Colombo and staged a protest this (22) afternoon, demanding the international community’s support to address the ongoing human-elephant conflict in the island nation.

The protest, titled “Rakimu Pana Men Hasthi Nija Bima” (Let’s Protect the Elephants’ Motherland as Our Own), demanded solutions to the human-elephant conflict which had failed to meet closure under various regimes throughout the course of time, for three decades.

The protest was organised by a number of environmental organisations and stressed that the government exhibits no genuine interest of solving the human-elephant conflict in Sri Lanka.

Therefore, the protesters demanded equal protection for the elephant and human populations alike, and the international community’s intervention in this regard.

Photo Courtesy: Ajith Senevirathne

To view full photos, visit READPHOTOS

Supreme Court sets date for consideration of Cardinal’s FR petition against Acting IGP

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January 22, Colombo (LNW): The Supreme Court of Sri Lanka has scheduled the consideration of the Fundamental Rights (FR) petition lodged by Archbishop of Colombo, His Eminence Cardinal Malcolm Ranjith for January 31, 2024.

The FR application seeks the removal of Deshabandu Tennakoon from the post of Acting Inspector General of Police (IGP) and an interim order barring his appointment as the IGP.

The application urges the dismissal of Acting IGP Tennakoon and the issuance of an interim injunction preventing his appointment as the Inspector General of Police.

Appearing before Supreme Court Justices Prithi Padman Suriyasena, Achala Vengappuli, and Mahinda Samayawardena, Additional Solicitor General Nerin Pulle appearing for the Attorney General’s Office proposed that two petitions filed by other parties on this matter be considered on the same date as the Cardinal’s petition.

After due consideration, the Bench decided to call this petition on January 31st.

Shamil Perera PC represented the petitioner, while Romesh De Silva PC appeared on behalf of the respondent, Deshabandu Tennakoon.

The Constitutional Council, led by Speaker Mahinda Yapa Abeywardena, and Deshabandu Tennakoon are also named as respondents in the petition.

Sri Lankan investors invited to invest in Bangladesh’s special economic zones

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By: Staff Writer

January 22, Colombo (LNW): Sri Lankan businessmen have invested US$ 4.5 billion in various sectors of Bangladesh, including the ready-made garment sector, as the political situation in Bangladesh is stable, Sri Lankan businessmen are keen to invest more.

State Minister for Shipping Khalid Mahmud Chowdhury said Sri Lankan businessmen are interested to increase their investment in Bangladesh.

Noting that the relationship between Bangladesh and Sri Lanka is friendly, Khalid said the main concern of these two countries is to move forward by assisting each other in the days to come.

“Our discussion has been fruitful. Discussions have been held to increase ship traffic between Chattogram and Colombo ports. Logistic support is being extended to Colombo Port,” he added.

Mahbubul Alam, President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), invited the Sri Lankan businessmen and investors to invest in the special economic zones of Bangladesh.

The FBCCI President made this call during a courtesy meeting with High Commissioner of Sri Lanka in Bangladesh Dharmapala Weerakkody at FBCCI’s Gulshan office on Sunday, said a press release.

The FBCCI president said the government is establishing 100 special economic zones across Bangladesh.

“All kinds of facilities including oil, gas, and electricity are being provided in these economic zones apart from one-stop service and e-platform,” he added.

Mahbubul said attractive incentives are on offer to facilitate business and investment in Bangladesh.

“Sri Lankan businessmen can be benefitted by setting up industry here on their own or in joint ventures,” he added.

Mahbubul Alam said garments, pharmaceuticals, eco-tourism and hospitality are some of the potential sectors in Bangladesh.

“If Sri Lankan investors want to invest in Bangladesh, FBCCI will provide all kinds of support,” he added.

While speaking at the meeting, Sri Lankan High Commissioner to Bangladesh Dharmapala Weerakkody said that Sri Lanka has many business entrepreneurs who are interested in doing business in Bangladesh.

Besides, many potential sectors, Sri Lanka receives a large number of tourists from Bangladesh every year.“Now it is time to increase bilateral trade between the two countries.” He added.

The FBCCI leaders praised the Sri Lankan Central Bank’s role in overcoming the economic challenges.

Dhaka Chamber of Commerce and Industry (DCCI) President Rizwan Rahman explored the possibilities for Bangladesh to invest in Sri Lanka in tourism, agriculture, shipping, and logistics sectors in addition to pharma and education in Sri Lanka. 

He stated that Sri Lanka could be an attractive destination for Bangladesh investors and expressed DCCI’s readiness to support the High Commission in its economic promotional activities. 

Sri Lanka Ports Authority (SLPA) records notable growth in 2023

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By: Staff Writer

January 22, Colombo (LNW): The Sri Lanka Ports Authority (SLPA) had notable development in 2023, which is a result of its effectiveness and strategic alliances. It has handled 1,965,128 TEUs overall in 2023, a 2% increase over the 1,925,895 TEUs handled by SLPA in 2022.

The SLPA anticipates positive growth in container operations, despite a percentage drop in global container volumes in 2022. SLPA is optimistic that the present growth rates will persist with the expected improvement in import and export activities in the global market and the gradual recovery of the country’s economy.

In 2023, the Port of Colombo (POC) operated 6,951,003 TEUs, marking a 1.17% growth compared to the 6,862,184 TEUs handled in 2022.

The recent growth at the SLPA can be attributed to increased efficiency levels at its terminals that include the Jaya Container Terminal (JCT) and the East Container Terminal (ECT) and their ability to attract new services, establishing connections with new Terminal Services Agreements (TSA) with shipping lines.

SLPA expressed confidence in attracting more services at its terminals. This confidence will be reinforced by the successful completion of constructions at the East Container Terminal (ECT) and the JCT-V project in near future.

SLPA also extends appreciation to all the stake holders including shipping lines, both Main Line Operators & Feeder Operators and especially the management and employees of SLPA who had done a yeoman service during the period.

Sri Lanka Port Authority (SLPA) has made a profit of Rs. 35 billion in 2023 and he attributed this increase to exchange gain as the dollar was trading higher than the present rate.

The Chairman of the authority also said the SLPA is now charging in US dollars and to date is the highest foreign exchange earner among State Owned enterprises in Sri Lanka.

SLPA which was paying a loan installment to China towards the construction of the Hambantota harbour is no longer shouldering this burden as the Treasury has taken over the obligation to settle it.

He said the much awaited West Container Terminal (WCT) project undertaken by the Adani Group of India with its local partner John Keells Holdings, together with SLPA, is progressing as a 35-year Build-Operate-Transfer (BOT) project.

The USD 700 million project is expected to complete construction in the second quarter of 2025. and  this would be a very viable venture for both Sri Lanka as well as the Adani group since out of the 80% transshipment business done by Colombo Port 70% goes to India. Out of this 35% goes to Adani operated Ports.

He also said that 20% progress has been made in the construction of the East Container Terminal (ECT) of Colombo Port and is scheduled to be completed in the second quarter of 2025. Total investment would be around Rs. 600 million and is expected to be completed by the end 2024.

EDB and international fair trade networks sign cooperation framework

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By: Staff Writer

January 22, Colombo (LNW): In a strategic move to promote international fair trade and foster global cooperation, Sri Lanka officially signed the Framework of Cooperation (FOC) with international fair trade networks in Colombo recently.

The signing ceremony, attended by representatives from major fair trade and supporting organisations, took place at the Colombo Ramada Hotel.

The primary objective of the cooperation framework is to strengthen and improve relationships between fair trade networks and related institutions in Sri Lanka.

It aims to promote the development, diversification, and wider market access of fair trade products from Sri Lanka to the global market.

The collaborative framework outlines multiple objectives and related activities that will be further developed into comprehensive action plans in collaboration with supporting institutions in the near future.

Representing Sri Lanka, Sri Lanka Export Development Board Chairman and Chief Executive Dr. Kingsley Bernard, said that as the key signatory institution to this FOC, EDB will take the responsibility of implementing the activities agreed upon in the FOC together with support institutions.

He added that EDB plans to hold the initial meeting involving all relevant institutions during January to discuss future plans, an action plan and the scheduled activities for the year 2024.

Fair Trade International is a global network dedicated to promoting fairer distribution of trade benefits. This is achieved through the implementation of standards, certification processes, support programs for producers, and advocacy efforts.

Collaborating organisations such as the Fair Trade Advocacy Office (FTAO), Fair Trade Network of Asia & Pacific Producers (Fair Trade NAPP), Fair Trade NAPP-Sri Lanka (FNSL), and World Fair Trade Organization-Asia (WFTO-Asia) function as partners within global fair trade networks.

These fair trade standards aim to empower both farmer and worker communities by addressing power imbalances in trade relations, volatile markets, and inequities in conventional trade. By doing so, farmers can secure better prices for their goods.

Consequently, this approach contributes to increased foreign exchange income for the country and fosters the socio-economic development of farmers and workers in Sri Lanka.

More than 25 Small Scale Producer Organizations (SsPOs) have received Fair Trade certification, along with 20 wage labour plantations, collectively involving around 25,000 farmers and workers, nationwide.

Products such as tea, spices, fruits and vegetables, coconut-related items, floriculture, handicrafts, toys, and various hand-made products are currently presented to the global market with the Fair Trade and WFTO labels.

The signing of the cooperation framework with international fair trade networks signifies a noteworthy step forward in the ongoing initiatives to champion fair trade practices within Sri Lanka.

India’s ITC’s Hotel Group to launch its first international luxury hotel in Sri Lanka

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By: Staff Writer

January 22, Colombo (LNW): ITC’s Hotel Group, one of India’s leading luxury hotel chains, is gearing up to launch its first international luxury hotel, which is coming up in Sri Lanka, within the next two months.

The company is reported to have invested close to ₹3,000 crore in the Sri Lankan luxury property, which is being set up under a subsidiary WelcomHotels Lanka. The luxury hotel — ITC Ratnadipa in Colombo — will feature about 352 rooms.

While announcing the reopening of the company’s property Welcomhotel by ITC Hotels on Cathedral Road in Chennai, Zubin Songadwala, Vice President – Operations (South & East), ITC Hotels, said, “By the end of this fiscal, we will be launching our maiden international venture in Sri Lanka where ITC Hotels has invested in building a luxury property.”

He also said that the group would continue to launch new hotels in different geographies of the country as there is a robust pipeline of projects.

ITC Hotel Group operates properties under 6 brands — ITC Hotels, Mementos, Welcomhotel, Storii, Fortune, and WelcomHeritage. It has about 130 properties with about 12,000 keys in 80 destinations across the country.

In the past two years, it opened 22 hotels and is expected to open 25 hotels in the next two years (January 2024-December 2025). Overall, it is targeting 200 hotels with about 18,000 keys over the next 5 years with two-third of the keys in the managed portfolio, according to the company’s recent investor document.

Earlier discussing the new avatar of Welcomhotel by ITC Hotels in Chennai (which was known as Chola Sheraton), Songadwala said the relaunched iconic hotel in Chennai, which was established in 1975, had many of the architecture and design elements, back then and today, to carry a lot of influence of the local culture, arts and crafts, etc.

“The Welcomhotel brand of premium hotels, positioned as an upper upscale brand, are designed for the demanding customers who are looking for a bespoke experience while giving the rich heritage of the location where the hotel is positioned.

Today, we are a strong 24-hotel network under the Welcomhotel brand. We will be opening the 25th hotel under this brand in Belgaum next month,” he said.

 He also said ITC Hotels had embarked on a journey towards sustainability and 22 of its hotels were built as per the LEED Platinum Certification Standards.

Ila Prabhu, General Manager of Welcomhotel by ITC Hotels, Chennai said the renovation work was completed in a record time of 10 months and the rebranded hotel offers 90 rooms across three categories — Executive Suites, Club Rooms and Superior Rooms. In F&B section, it presents five different outlets including one that offers Chinese cuisine.

Sri Lanka archives commendable progress towards debt sustainability: IMF

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By: Staff Writer

January 22, Colombo (LNW): The Sri Lankan authorities have made commendable progress with putting debt on a path towards sustainability while engaging with its private bond holders and expected to complete the agreement by end of the March quarter of 2024.

However, it is yet to reach consensus on the debt restructuring with sovereign bond holders, who had lent over $25 billion before Sri Lanka declared default in April 2022.

“By the first quarter,the government  will conclude the MOUs,” state minister of finance Shehan Semasinghe said, referring to striking a deal with private or sovereign bond holders.

“Now we are engaging with bond holders and they are also engaging with interest to conclude it as early as possible.”he added.

“Our expectation is to come to a resolution with bond holders as early as possible. They have shown a positive signal of coming into a debt resolution with usm he disclosed.

The execution of the domestic debt restructuring was an important milestone. A swift completion of final agreements with official creditors and reaching a resolution with external private creditors remain critical, senior Internatuonal Monetary Fund ( IMF )mission Chief Peter Breuer told a media conference recently.

Progress in meeting key commitments under the IMF supported program will be formally assessed in the context of the second review of the EFF arrangement alongside the forthcoming 2024 Article IV Consultation, which will assess Sri Lanka’s economic health, he added.

On the question with respect to the debt restructuring. So there’s sort of two important things that need to happen going forward. First, it should be said that having reached agreements in principle with official creditors is an important milestone, and that follows the milestone of having completed the domestic debt operation.

So now what needs to be done is to finalize these agreements in principle, or rather to convert them into actual agreements with the official creditors so as to complete that portion of the debt restructuring.

And secondly, reach agreements in principle with the commercial creditors where the bondholders are, of course, a significant proportion.

So our understanding is that negotiations are ongoing, proposals are being exchanged, and it is important for that process to continue and be completed as quickly as possible.

It’s our strong expectation that there would be an agreement in principle by the time of the second review m he claimed.

Sri Lanka’s economic reform program implemented by the Sri Lankan authorities is yielding the first signs of recovery with positive real GDP growth in the third quarter of 2023, low inflation, increased revenue collection, and a build-up of external reserves.

Official exchange rates in SL today (Jan 22)

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January 22, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates further appreciation against the US Dollar today (22) in comparison to last week’s Friday, as per the official exchange rates issued by the Central Bank of Sri Lanka (CBSL).

Accordingly, the buying price of the US Dollar has dropped to Rs. 315.50 from Rs. 315.92, and the selling price to Rs. 325.37 from Rs. 326.06.

The Sri Lankan Rupee, meanwhile, indicates fluctuation against other currencies.

Police launch specialised CCTV programme to ID traffic violators in Colombo

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January 22, Colombo (LNW): The Police inaugurated a specialised programme today (22), utilising the CCTV system in Colombo to identify motorists breaching traffic regulations.

Public Security Minister Tiran Alles and Acting Inspector General of Police Deshabandu Thennakoon officially launched the initiative at the CCTV division in Colombo, marking the first traffic violation identification through the CCTV system.

The Colombo city boasts at least 108 CCTV cameras strategically placed in key locations and flyovers. Despite the programme’s initiation, there will be a week-long awareness campaign for motorists to familiarise them with the new initiative.

Starting from February 01, the law against traffic violators will be actively enforced, as communicated by the IGP.

Thennakoon highlighted the efficacy of the CCTV traffic violation identification system, emphasising its role in enabling traffic duty officers to deliver efficient services, ultimately reducing traffic congestions.

Video evidence of offenses captured by the Traffic Division’s CCTV system will be transmitted to respective police stations, and fines will be issued to offending drivers.

Minister Alles expressed plans to expand the programme nationwide, incorporating the latest technology. He further underscored the importance of enhancing each division of the Sri Lanka Police with modern technology to bolster overall effectiveness.