January 18, Colombo (LNW): The Sri Lankan Rupee (LKR) today (18) indicates appreciation against the US Dollar 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 dropped to Rs. 316.07 from Rs. 316.78, and the selling price to Rs. 325.69 from Rs. 326.43.
The Sri Lankan Rupee, meanwhile, has appreciated against several other foreign currencies as well.
By: Staff Writer
January 18, Colombo (LNW): Sri Lanka’s tea crop improved marginally in 2023, reflecting the struggle for recovery after detrimental policy decisions and climate change.
The cumulative production for the year 2023 was 256.04 million kilos, registering an increase of 4.20 million kilos compared with 251.84 million kilos in 2022.
Data analysed by Forbes and Walker Research said all elevations have shown positive variances in the year 2023 aside from the low-grown elevation in comparison with the corresponding period of 2022.
However, it noted that compared to 299.49 million kilos in 2021, cumulative production of 2023 shows a decrease of 43.45 million kilos. On a cumulative basis, all elevations also show a decrease over the corresponding period of 2021.
High-grown elevation produced over 57.4 million kilos up by 2.50% year-on-year (YoY) whilst, medium elevation production was 41.29 million kilos up by 6.27% YoY and green tea production was at 2.28 million kilos up by 26.17% YoY. The low-grown elevation crop was down by 0.07% YoY to over 155 million kilos.
Sri Lanka was optimistic that the tea output will exceed 260 million kilos by the end of 2023 recovering from the 26-year low in 2022.
In December 2023, tea production increased mere 0.51% YoY to 19.81 million kilos vis-à-vis 19.71 million kilos of December 2022.
Forbes and Walker Research confirmed that in December all elevations except for the low grown have shown an increase in comparison with the corresponding period of 2022. However, it said compared to 20.52 million kilos of December 2021, the production of December 2023 still shows a decrease of 0.71 million kilos.
High-grown elevation produced over 4.46 million kilos up by 1.62% YoY whilst, medium elevation production was over 2.9 million kilos up by 2.38% YoY and the production of green tea was at 180,806 kilos up by 8.17% YoY. The low-grown elevation crop was down by 0.42% YoY to over 12.25 million kilos.
Sri Lanka Tea Board Chairman Niraj de Mel outlining plans for 2024 insisted on the need for a strategic, unified approach to achieve common industry objectives, emphasising the importance of collaboration over working in isolation.
By: Staff Writer
January 18, Colombo (LNW): In an effort to better position and promote high quality exports of Ceylon Cinnamon, the International Finance Corporation (IFC) together with the Ministry of Plantation Industries and Sri Lanka Export Development Board (EDB) recognized the first batch of Geographical Indication (GI) certified Ceylon Cinnamon growers in the country.
The initiative to enhance competitiveness of Ceylon Cinnamon – which is indigenous to Sri Lanka – was supported by the European Union (EU), alongside industry stakeholders including Sri Lanka Standards Institution, the Industrial Technology Institute and the Department of Cinnamon Development.
Ceylon Cinnamon is Sri Lanka’s second largest agricultural export crop – after tea – accounting for 90 percent of global market share. It supports the livelihood of over 70,000 smallholder growers and providing jobs to over 350,000 Sri Lankans, the majority of which are women.
In 2022, Ceylon Cinnamon was granted the GI status when Sri Lanka first received the GI certification from the EU, with support from United Nations Industrial Development Organization (UNIDO). The certification acts as a source of competitive advantage, helping increase market differentiation and product turnover for the spice, while allowing for a premium price from the consumer.
“An enhanced competitive position of Ceylon Cinnamon in the EU market will have a positive impact in terms of an increase in exports for Sri Lanka, higher income and employment generation across the cinnamon value chain,” said Dr. Kingsely Bernard, Chairman/CEO of Sri Lanka Export Development Board.
The project supported EDB, the Department of Export Agriculture and the Department of Cinnamon Development to implement the GI process, including training of farmers. Forty-five farmers/processors met the GI requirements and obtained their certification, making them Sri Lanka’s first-ever GI certified Ceylon Cinnamon growers.
“Sri Lanka has been historically renowned for its richness in spices, including of Ceylon Cinnamon. Now with a renewed focus, we want to better position this unique spice for the authentic, quality it brings by reaching across high-value global markets,” said Alejandro Alvarez de la Campa, Country Manager for IFC Sri Lanka and Maldives.
“Lack of knowledge on quality requirements in high value markets, specifically among smallholders, presents a challenge in Sri Lanka. This certification will help build confidence among higher value markets, bringing in new opportunities for the agriculture sector.
EU’s support for this initiative is built on our overarching efforts in boosting export potential of agricultural products – such as Ceylon Cinnamon – to the EU.
Strengthening agricultural value chains can improve productivity, create more jobs and help Sri Lanka steer towards a more sustainable, resilient and productive agriculture sector,” said Dr. Johann Hesse, Head of Cooperation for the European Union Delegation to Sri Lanka and Maldives.
By: Staff Writer
January 18, Colombo (LNW): Sri Lanka will go all out to lure private investments, particularly in infrastructure development and the divestment of state-owned enterprises, President Ranil Wickremasinghe disclosed.
He highlighted lucrative opportunities for potential investors in key sectors such as telecommunications, financial services, and energy.
The collaborative efforts with India on renewable energy projects, focusing on offshore wind and solar sources, underscored the commitment to sustainable energy solutions.
Plans for a high-capacity power grid and bidirectional electricity trade further showcased the dedication to energy and power connectivity.
President Ranil Wickremesinghe took centre stage in a recent roundtable discussion organized by the Consortium of Indian Industry (CII) and World Economic Forum yesterday (16), unveiling a comprehensive economic vision for Sri Lanka.
Bilateral trade and economic engagement were central themes, with plans outlined for liberalizing trade in goods and services, customs cooperation, and trade facilitation with India.
The emphasis on technology cooperation and the use of the Indian rupee for trade settlement reflects a commitment to strengthening economic ties. Sri Lanka’s vision also extends to tourism and people-to-people connectivity, fostering cultural and educational collaborations.
The President emphasized the successful resolution of supply bottlenecks, the removal of import restrictions and the restoration of foreign exchange liquidity as key factors contributing to sustained economic growth.
Sri Lanka is actively expanding its trade agreements, with a recently completed comprehensive Free Trade Agreement (FTA) with Singapore and an upcoming FTA with Thailand in February. Ongoing discussions with India, China, and Southeast Asian nations highlight the nation’s commitment to global economic integration.
Engaging with top Indian CEOs across various sectors, President Wickremesinghe discussed opportunities in supply chain efficiency, healthcare, consumer products, telecom, and clean energy.
The roundtable positioned Sri Lanka as an attractive destination for diverse investments. Recognizing the importance of digital technologies in logistics, the President highlighted the potential for collaboration in enhancing infrastructure efficiency. In conclusion, President Ranil Wickremesinghe’s dynamic vision, shared during the roundtable, underscores Sri Lanka’s commitment to economic prosperity, regional collaboration, and sustainable development. The dialogue with Indian CEOs lays the groundwork for robust partnerships and investments, fostering a new era of economic growth for Sri Lanka.
By: Staff Writer
January 18, Colombo (LNW): Sri Lanka’s manufacturing and service sectors are currently expanding amidst significant challenges due to demand destruction policies and a temporary slowdown in the apparel export market.
Monetary tightening and higher inflation in major markets like the US and Europe have contributed to a drop in the Industrial Production.
However, there are signs of improvement, with the Central Bank’s Purchasing Managers’ Index for December 2023 showing an expansion in the broader manufacturing and service sectors after a long term decline.
Manufacturing PMI recorded an index value of 52.7 in December 2023, indicating an expansion in manufacturing activities. This improvement was attributable to the increases observed in all the sub-indices except Employment.
The increases in New Orders and Production were driven by the manufacture of food and beverages sector with the seasonal demand.
However, New Orders and Production in the manufacture of textiles and apparel sector declined during the month, which mainly contributed to the decline in Employment as well.
Meanwhile, stock of purchases increased during the month due to the increase in Production and New Orders. Further, Suppliers’ Delivery Time continued to lengthen in December.
Expectations for the manufacturing activities for the next three months remain positive. However, the firms are concerned about the impact of tax revisions from January 2024, and the shipping disruptions due to the unrest in the Red Sea, Central Bank predicted.
Services sector PMI recorded an index value of 58.9 in December 2023 indicating an expansion in the services activities.
This was led by the increases observed in New Businesses, Business Activities and Expectations for Activity, CB report revealed.
New Businesses increased in December 2023 compared to November 2023, particularly with the increases observed in wholesale and retail trade, financial services, insurance, other personal service activities and accommodation, food and beverages sub-sectors.
Business Activities continued to expand in December 2023 at a higher pace in line with the positive developments observed in many sub-sectors.
Accordingly, significant improvements were observed in business activities related to other personal service activities, transportation and accommodation, food and beverage sub-sectors, amid the festive and holiday seasons, and tourist arrivals reaching its peak.
Further, the wholesale and retail trade sub-sector showed a strong growth due to seasonal sales. Meanwhile, financial services also improved further in line with the increase in lending activities.
Employment declined despite some new recruitments made to meet the seasonal demand, while Backlogs of Work also continued to decline during December.
Expectations for Business Activities for the next three months continued to rise in December at a slower pace despite concerns regarding the adverse impacts of VAT amendments and related increases in fuel and utility costs.
January 18, Colombo (LNW): The Ministry of Human Resource Development, Government of India, announces a fully funded scholarship opportunity for Sri Lankan nationals to pursue Hindi language studies at the Kendriya Hindi Sansthan (Central Institute of Hindi) in Agra for the academic session 2024-2025.
Under this scheme, selected candidates will benefit from comprehensive support, including return airfare, a stipend, hostel accommodation, and an annual book grant, a statement by Indian High Commission in Colombo said.
Eligibility Criteria: All students aged 21-35 who have studied Hindi at the beginner/intermediate level are invited to apply for this scholarship.
Application Process: Interested and eligible candidates are required to fill out the application forms, available on the official website: https://hcicolombo.gov.in/what.
Completed forms should be submitted in person during an interview at the Swami Vivekananda Cultural Centre (Indian Cultural Centre), 16/2, Gregory’s Road, Colombo 07, on 26 February 2024, between 10 am to 01 pm.
This initiative aims to foster cultural exchange and strengthen the linguistic ties between Sri Lanka and India. Students seeking to enhance their Hindi language skills are encouraged to seize this valuable opportunity.
For additional information, interested candidates can refer to the official website or contact the Swami Vivekananda Cultural Centre.
January 18, Colombo (LNW): The Sri Lankan Rupee (LKR) indicates appreciation against the US Dollar today (18) in comparison to yesterday, as per leading commercial banks in the country.
At Peoples Bank, the buying price of the US Dollar has dropped to Rs. 315.05 from Rs. 315.79, and the selling price to Rs. 326.03 from Rs. 326.79.
At Commercial Bank, the buying price of the US Dollar has dropped to Rs. 314.05 from Rs. 315.42, and the selling price to Rs. 325 from Rs. 325.50.
At Sampath Bank, the buying price of the US Dollar has dropped to Rs. 315.50 from Rs. 317, and the selling price to Rs. 324.50 from Rs. 326.
January 18, Colombo (LNW): Non-academic staff members of state universities have initiated a one-day token strike this (18) morning to express their dissatisfaction with the government’s decision to raise allowances for lecturers.
Earlier this month, the Cabinet of Ministers approved President Ranil Wickremesinghe’s resolution to increase the study allowance for university lecturers by 25 per cent, with the adjustment set to be reflected in their January salaries.
However, the University Trade Union Joint Committee has raised concerns about this decision, asserting that the salary increase for lecturers has caused unrest among non-academic staff members.
There is need for a comprehensive approach, the committee emphasised, urging authorities to consider raising the salaries and allowances for all employees if adjustments are made in the university sector.
Co-Secretary of the Inter-University Trade Union Federation, K.L.D.G. Richmond, stated that 23 trade unions are participating in this token strike.
Simultaneously, the past week witnessed disruptions in hospital services as various health sector trade unions, including paramedical services, supplementary medical services, and nursing officers, engaged in token strikes.
These actions were in response to the Cabinet’s decision to double the Disturbance, Availability, and Transport (DAT) allowance for government doctors, increasing it from Rs. 35,000 to Rs. 70,000.
The series of strikes across different sectors reflects the growing concerns and discontent among various employee groups regarding recent government decisions on allowances and salary adjustments.
January 18, Colombo (LNW): The residents of Horton Place have voiced their opposition to the Colombo Municipal Council’s (CMC) proposal to rename the road as “Ponnambalam Arunachalam Mawatha”, Daily Mirror reported citing residents.
Former Mayor of Colombo, Omar Kamil, raised concerns about the proposed renaming, highlighting that residents in the area received notices calling for objections to the change.
Kamil questioned the rationale behind passing a motion for renaming when the council has reportedly ceased to function for the past year.
The distributed notice informed residents about the motion passed by the CMC, outlining the proposed new name for the road. The specified stretch falls within the administration limits of the CMC, starting from assessment number 75 of C.W.W. Kannangara Mawatha and assessment number 75 of Horton Place, terminating between assessment numbers 11 and 120 of Horton Place.
Kamil also questioned the necessity of renaming the road, especially when there is already an avenue named Ponnambalam Arunachalam Avenue in close proximity, just off Horton Place, according to Daily Mirror report.
Former CMC Member Shermila Gonawala, commenting on the matter, indicated that no such motion had been presented during the council’s active days.
Gonawala conveyed that concerned residents, particularly women residing along Horton Place, had reached out to her, expressing their apprehensions about the proposed change.
They highlighted the potential inconvenience of altering various official documents if the renaming were to proceed.
The proposed renaming has sparked discussions and objections from residents, prompting a closer examination of the decision-making process and its impact on the local community, the report added.
