Colombo (LNW): The Sri Lankan Rupee (LKR) indicates a slight depreciation against the US Dollar at leading commercial banks in the country today (09), in comparison to yesterday.
Accordingly, Peoples Bank reveals that the buying price of the US Dollar remains unchanged at yesterday’s Rs. 321.15, and the selling price has increased to Rs. 334.41 from Rs. 332.92.
At Commercial Bank, the buying price of the US Dollar has increased to Rs. Rs. 322.63 from Rs. 321.15, and the selling price to Rs. 333 from Rs. 331.50.
At Sampath Bank, the buying price of the US Dollar has increased to Rs. 323 from Rs. 322, and the selling price to Rs. 333 from Rs. 332.
Colombo (LNW): Sri Lanka takes every possible step to expedite the implementation of all proposed renewable energy projects to add more power to national grid.
Minister of Power and Energy Kanchana Wijesekara reviewed the progress of 06 large-scale renewable energy projects at the Ministry of Power and Energy (MoPE) on Tuesday (07).
Sri Lanka government has identified over 60,000 acres of land for wind power development in the Northern Province and over 19,000 acres mainly in the North and East of the island nation for solar power plants, the latest official data showed.
The island nation has planned to have 70 percent of its energy generated from renewable energy in 2030 before being carbon neutral by 2050.
The new projects will help to generate 772 MW capacity of electricity through wind power plants and 3,863 MW from solar power plants.
Accordingly, Minister Wijesekara has instructed the officials of the ministry, the Ceylon Electricity Board (CEB) and the Sustainable Energy Authority (SEA) to expedite the evaluation, approval process and the power purchase agreements to have them ready by the end of the month, subject to Environment and Land Clearance approvals.
Taking into X (formerly Twitter), the Minister assured that the proposed 06 projects will add 1,110 MW to the national grid in the next 03 years.
Meanwhile, the CEB had recently called for expressions of interest (EOI) for the construction of two 100 MW floating solar power plants on the Samanalawewa Reservoir.
Interested parties are sought for the construction of floating solar photovoltaic (PV) power plants to be installed on the reservoir, with the goal of enhancing the country’s renewable energy capacity.
This initiative is reported to be a part of a broader effort to integrate solar power with the existing hydroelectric power generation during daytime hours.
The project, which is anticipated to have a 20-year contract period, is expected to be connected to the national grid as early as possible, including all necessary components such as transmission lines and substations.
Minor solar and wind power generating projects have been adding cumulatively up to 9 percent of the total electricity demand, the state-run Ceylon Electricity Board (CEB) data show.
State Minister for Power and Energy Indika Anuruddha said pending debt restructuring has delayed some renewable projects which had been in the process before Sri Lanka declared bankruptcy.
“For instance, all the projects signed under JICA, ADB, World Bank and Europe grants have been suspended until the debt restructuring discussions conclude,” he said.
Separately, Sri Lanka has planned some larger renewable power projects including $442 million worth two wind power plants by India’s Adani Green Energy Ltd.
The plan from the larger projects is to add 1,084 MW from ground solar power plants and 484 MW from wind power plants.
Colombo (LNW): China reiterated that their companies are willing to invest in the Northern Province of Sri Lanka in a big way in spite of India’s similar interest in Tamil dominated areas.
Chinese Ambassador Qi Zhenhong who recently visited the Northern Province for the second time said Chinese enterprises are keen to invest in the north.
China’s latest attempt to develop its footprint in northern Sri Lanka within the garb of infrastructure initiatives is welcome sign for the people living in once war torn area
The Chinese embassy said the ambassador made his second visit to donate 5,000 boxes of dry rations worth Rs. 37.5 million under the Faxian Charity Project to needy families in Jaffna, Vavunia, Mullaitivu, Kilinochchi, and Mannar.
Ten donation ceremonies were held in district secretariats, Buddhist temples, Hindu kovil, and church, benefiting a large number of local people.
Ambassador Qi Zhenhong, “China and Sri Lanka enjoy a longstanding traditional friendship which has withstood the test of the time. No matter what difficulty and challenge our Sri Lankan friends encounter, China has stood and will always stand firmly with you and provide assistance to the best of our capability.
By emphasizing the friendly relations of the two countries, Ambassador Qi further mentioned that the Chinese government has promised to donate Rs. 150 million to the Northern Province to buy food rations, fishing nets, and to build housing units.
He said, “President Wickremesinghe paid a successful visit to China, reaching an agreement with President Xi Jinping to facilitate the export of Sri Lankan seafood to China. China is the second largest economy with a huge market.
We look forward to importing more seafood from Sri Lanka instead of exporting them to you. Chinese enterprises are interested in investing in the Northern Province and I hope you will welcome and support them,” he said
However “Proliferation of Chinese economic activity and proposed infrastructure development projects in the Northern province of Sri Lanka, which could be later exploited for strategic reasons, is certainly a matter of concern for India,” indian media, highlighted.
Earlier, the Chinese initiatives have been largely restricted to southern Sri Lanka.
But the government is now facilitating several Chinese ventures in northern Sri Lanka as well.
India has already protested in opposition to Sri Lanka’s choice to award a $12 million hybrid wind and photovoltaic power undertaking to the Chinese Sinosar-Etechwin three way partnership in three islets off the Jaffna Peninsula.
With the islets being barely 50 km from the Tamil Nadu coast, India has countered with a suggestion of a $12 million grant to Sri Lanka for execution of the initiatives.
“Another Chinese joint venture has been allotted land in a coastal village in northern Sri Lanka for farming sea cucumber fish despite protests by local farmers.
Colombo (LNW): Singer (Sri Lanka) PLC, the leading consumer durables company with unmatched presence throughout the country is to amalgamate subsidiaries Singer Industries (Ceylon) Plc and Regnis (Lanka) Plc with the parent subject to regulatory and shareholder approval.
The proposed effective date of the amalgamation will be 31 January 2024, Singer Sri Lanka announced.
This parent company currently holds 58.29% stake in Regnis (Lanka) Plc and 87.72% in Singer Industries.
Singer said the proposed amalgamation will be carried out in furtherance of a proposal of the Singer group of companies to streamline the group structure by rationalising the number of operating companies.
This is with a view to: eliminating undue value leakages in optimising cost synergies.
Thereby this merger wil be enhancing profitability of the Singer group of companies and returns of the shareholders; minimising duplication of management functions.
It will be ensuring operational efficiency; and benefiting from stronger financial strength with an increased asset base.
The Board of Directors is of the view that this proposed amalgamation will enable the Singer group of companies to operationally and strategically drive planned value creation.
Since the activities of the three companies are interdependent, bringing them under one entity would eliminate complexity arising from transfer pricing and other duplication of costs.
The Board of Directors strongly believes that this proposal is beneficial to all shareholders of the three entities, who would be the beneficiaries of enhanced value creation.
The proposed amalgamation of the companies will allow the consolidation of the businesses of the three companies under Singer (Sri Lanka) PLC.
Subsequent to the proposed amalgamation, Singer (Sri Lanka) PLC would become the amalgamated company, with the particulars of Regnis (Lanka) PLC and Singer Industries (Ceylon) PLC being removed from the register maintained by the Registrar General of Companies.
Shares in the amalgamated company (i.e. Singer (Sri Lanka) PLC) will be issued to the minority shareholders of Regnis (Lanka) PLC and Singer Industries (Ceylon) PLC based on the fair values of the shares of the three companies determined based on an independent valuation carried out by Acuity Partners Ltd.
PRESS RELEASE – SLC Clarifies Misinformation Regarding Fund Transfers The Sri Lanka Cricket (SLC) would like to issue a statement clarifying recent assertions made by the Minister of Sports in Parliament regarding the transfer of USD 2 million from its accounts.
SLC categorically denies any attempt to transfer funds from its accounts to third party accounts and wishes to address the matter to provide clarity to the public.
As the governing entity for cricket in Sri Lanka, SLC receives funds and sponsorship income in USD, which are intentionally kept in our USD accounts to leverage exchange rate fluctuations. However, it is important to note that SLC needs to carry out its operations in Sri Lanka and fulfill financial obligations to stakeholders, including suppliers, on a regular basis.
To meet these expenses, SLC follows the practice of transferring funds from its USD account to its local currency (LKR) accounts. This has been a longstanding practice, as SLC does not derive significant income in local currency. It is crucial to highlight that these transfers are solely for operational purposes and are not indicative of any attempt to transfer funds out of SLC’s accounts.
Thus, any claims stating that SLC is trying to transfer funds out of its accounts are false and factually incorrect. It is evident that such assertions have been made with ulterior motives, aiming to create unnecessary public unrest against SLC.
Additionally, we wish to state that SLC operates in accordance with the provisions of its constitution, which prohibits cash payments exceeding Rs. 10,000/-. Accordingly, and to clarify the misconceptions, we have taken steps to release a schedule to the Parliament and to the Ministry of pending payments, for which cheques have been issued to suppliers, stakeholders, and third parties who have provided services to SLC. The schedule covers the period from 17th August 2023 to 8th November 2023 and ensures that the necessary funds are available in our LKR account to fulfill these payments upon presentation to the bank. SLC remains committed to transparency and upholding the integrity of its operations. We urge the public to disregard any misinformation and rely on authentic sources for accurate information. SLC will continue working diligently to support cricket development in Sri Lanka and maintain good governance.
State Finance Minister Shehan Semasinghe informs Parliament that the beneficial interest rates for the year 2022 provided for the Central Bank Staff EPF was 29.27%, the Private Sector Workers’ EPF was 9.00%, and the ETF was 8.75%.
Resilience indicator published by Washington-based Center for Global Development states Sri Lanka & Argentina remain very vulnerable amid a worsening in global financial conditions: Policy-makers in Argentina which is following an IMF programme since January 2022, have raised its Central Bank policy rate to 133%, and more than tripled its policy rate from 38% that prevailed in January’22.
NPP leader Anura Kumara Dissanayake says his Party may have to reach out to individual MPs of other parties if the NPP is victorious in an election but unable to secure 113 seats: asserts it would have to do so if the election result indicates that voters have attempted to form an NPP Govt as opposed to relegating it to its traditional role of “the security guard of Parliament”.
Cabinet approves a proposal to initiate the establishment of an Economic Commission to replace & merge the Board of Investment & Export Development Board.
President Ranil Wickremesinghe declares the postal service as an “essential public service”, in the face of a threat by Postal employees to stage a strike prompted by the executive action of the Govt “taking-over” the Nuwara-Eliya Post Office for a different purpose.
Minister Bandula Gunawardene says he agrees with the President’s decision to implement a project at the site of the historic Nuwara Eliya Post Office: affirms that by relocating the Post Office to another location and using the area for a viable project ensures new income avenues to the people in the area, employment opportunities, & also boost tourism.
State Minister Anupa Pasqual says his Ministry is “actively crafting” fresh legislation to improve the rights & well-being of differently-abled individuals: emphasizes the Govt’s commitment to ensure such persons are no longer considered a dependent population and are not relegated to 2nd-class status.
Sports Minister Roshan Ranasinghe tells Parliament that the President’s security was breached when he went to watch the LPL finals as some “underworld figures” who happened to be body guards of SLC chief Shammi Silva were also there: asserts “the President should decide whether he wants Roshan Ranasinghe or ‘betting’ Shammi against such a backdrop”: calls for the passports of SLC officials to be impounded.
US announces a USD 553 mn project to build a “deep-water shipping container terminal in SL’s Port of Colombo” to compete with China in international development financing: Chinese Ambassador in SL Qi Zhenhong says Chinese enterprises are keen to invest in the North while the Chinese Embassy donates 5,000 boxes of dry rations worth Rs.37.5 mn to needy families in Jaffna, Vavuniya, Mullaitivu, Kilinochchi, & Mannar in 10 “donation ceremonies” held in District Secretariats, Buddhist temples, Hindu kovils, & Churches.
Popular Cricket Website reports that Umpire Richard Illingworth who officiated at the SL vs Bangladesh Cricket match had told SL batsman Angelo Mathews that he had 30 seconds left to be ready to face when he walked in to bat: Mathews is the first and only batter in international Cricket who had been given out, “timed-out”.
Colombo (LNW): Sri Lanka Insurance (SLIC) has launched its ‘Early Cash’ life insurance plan online, marking a significant milestone for the company.
This online offering aligns with SLIC’s commitment to innovation and technology adoption to meet the needs of today’s digital customers.
The ‘Early Cash’ policy was developed based on extensive market research, recognising the preferences of modern, value-conscious customers who seek early returns and comprehensive protection.
It allows customers to conveniently purchase this life insurance plan online. The introduction of this online product is seen as a stepping stone for SLIC to potentially offer other life insurance plans online in the future.
The ‘Early Cash’ policy is a long-term plan that provides up to 50 per cent of the policy value in two advance payments before the policy period ends, based on the policy term.
Policyholders also receive an unmatched bonus calculated from the total policy value, even if advance payments have been made, making it a unique insurance solution in the market.
Additionally, the policy can be customised with additional covers such as Critical Illness Cover, Hospitalisation Cover, Additional Life Cover, Permanent Disability Benefit, Accidental Death Cover, and Spouse Cover to enhance protection.
Colombo (LNW): Showers or thundershowers will occur at several places in most provinces of the island after 01.00 p.m, the Department of Meteorology said in its daily weather forecast today (09).
Fairly heavy showers above 75 mm are likely at some places in Western, Central, Sabaragamuwa, North-western and Uvaprovinces, and showers may occur at several places in Northern and Eastern provinces during the morning as well, the statement added.
Misty conditions can be expected at some places in Western, Sabaragamuwa, Central and Uva provinces during the morning.
The general public is kindly requested to take adequate precautions to minimise damages caused by temporary localised strong winds and lightning during thundershowers.
Marine Weather:
Condition of Rain:
Showers or thundershowers will occur at several places in the sea areas off the coast extending from Hambantota to Kankasanthurai via Pottuvil, Batticaloa and Trincomalee. Showers or thundershowers will occur at several places in the other sea areas around the Island, particularly during the afternoon or night.
Winds:
Winds will be North-easterly or variable in direction and wind speed will be (20-30) kmph.
State of Sea:
The sea areas around the island will be slight. Temporarily strong gusty winds and very rough seas can be expected during thundershowers.
Colombo (LNW): The Sri Lanka Apparel Exporters Association (SLAEA) took part in the 16th Global Textile and Apparel Supply Chain Conference in Shanghai, focusing on innovation and the development of high-end textile manufacturing clusters.
SLAEA President Indika Liyanahewage emphasised sustainable fabric manufacturing.
Despite challenges from COVID-19 and an economic crisis, Sri Lanka’s apparel industry continued business operations.
The country’s economy is stabilising with debt restructuring and IMF support.
The apparel sector is committed to sustainability, embracing certifications and renewable energy, he further noted.
SLAEA called for collaboration in fabric manufacturing and invited investors to the Eravur Fabric Park, emphasising Sri Lanka’s strategic location.
The conference included officials and stakeholders from the apparel industry worldwide.
Colombo (LNW): Minister of Ports, Shipping, and Aviation, Nimal Siripala de Silva, received assurance from Saudi Arabian Ambassador to Sri Lanka, Khalid Hamoud Nasser Alkahtani, of Saudi Arabia’s support for Sri Lanka’s ongoing economic recovery efforts.
This was when a meeting was held between the two parties on November 6.
The Saudi Arabian Ambassador commended the rapid progress made by Sri Lanka’s shipping and aviation sectors in rebounding from a recent economic recession.
He pledged unconditional support through the Paris Club to assist Sri Lanka’s debt restructuring process, currently overseen by the International Monetary Fund (IMF).
Minister Nimal Siripala de Silva expressed gratitude for Saudi Arabia’s historical bilateral and diplomatic relations with Sri Lanka.
He acknowledged Saudi Arabia’s substantial contribution to Sri Lanka’s foreign exchange generation through employment opportunities for Sri Lankans in the kingdom.
Discussions also included the resumption of “Saudi Air” flights, the possibility of recruiting and deploying trained Sri Lankan seafarers to Saudi Arabian government shipping lines, and plans to sign a Memorandum of Understanding (MOU) between Sri Lanka and Saudi Arabia on this matter.
Additionally, the Minister extended an invitation to the Saudi Arabian Ambassador for a group of Saudi academics to visit Sri Lanka.
The visit aims to evaluate the courses offered by the Mahapola Ports and Maritime Academy (MPMA) of the Sri Lanka Ports Authority (SLPA) and other private sector universities in the shipping and naval sectors.
The Minister assured the Ambassador of Sri Lanka’s readiness to collaborate closely with Saudi Arabia in the fields of shipping, aviation, and foreign employment, and commended Saudi Arabia’s support for Sri Lanka’s socio-economic development.
Additional Secretary of the Ministry of Ports, Shipping, and Aviation, Mrs. Nayana Somaratne, also participated in the discussions.
