Author: admin

China renews support for Sri Lanka

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China renews support for Sri Lanka President Wickremesinghe finally meets Chinese counterpart Xi Jinping in Beijing Xi assures China will continue to provide assistance to Sri Lanka without any political strings attached Says China and Sri Lanka should strengthen collaboration on international and regional affairs, oppose politicisation of the human rights issue and bloc confrontation, and safeguard the common interests of developing countries Expresses China’s willingness to import more quality and specialty products from Sri Lanka and encourage Chinese enterprises to invest and do business in Sri Lanka Says China…

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Abolition of time-tested Exchange Control Act Only 18 opposed it and 113 skipped vote

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Abolition of time-tested Exchange Control Act Only 18 opposed it and 113 skipped vote By Shamindra Ferdinando Amidst allegations that the abolition of the time-tested Exchange Control Act of 1953 contributed to the country’s bankruptcy and foreign exchange crisis, The Island, in terms of the Right to Information Act No 12 of 2016 requested from the Office of Secretary General of Parliament, the names of the MPs who had voted for the new law (Foreign Exchange Act No 12 of 2017) and those who opposed it. According to parliamentary records, 94…

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July exports decline by 12% YoY to $ 1 b

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July exports decline by 12% YoY to $ 1 b Cumulative earnings in first seven months down by 10.26% to $ 6.89 b Apparel and textiles, rubber and rubber-based products, coconut and coconut-based products drop due to sluggish demand Services exports in January-July up by 17.32% to $ 1.22 b Exports to major markets US and EU plunge Sri Lanka’s export sector in July managed to sustain over $ 1 billion performance compared to June 2023, though on a year-on-year (YoY) basis, it fell by 12% due to sluggish demand…

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Ranil, Modi unveil new Indo-Lanka economic partnership vision

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Ranil, Modi unveil new Indo-Lanka economic partnership vision Following historic meeting in New Delhi, announce series of measures to catalyse prosperity via promotion of greater cooperation and connectivity in areas of maritime, air, energy and power; trade, economic and financial services and people-to-people Agree to undertake discussions on Economic and Technology Cooperation Agreement with an aim to comprehensively enhance bilateral trade and investments in new and priority areas To undertake mutually agreed joint exploration and production of hydrocarbons in Sri Lanka’s offshore basins with an aim to develop Sri Lanka’s…

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India and SL must forge together long term: President

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India and SL must forge together long term: President In keynote at Indian CEO Forum’s annual fellowship banquet Wickremesinghe says together, India and Sri Lanka possess immense potential Ahead of visit to India and meeting with Modi next week President moots long-term relationship between the two nations must transcend individual leaders or political parties  Stresses relationship between India and SL not solely driven by governments but by people who are moving forward at a rapid pace President Ranil Wickremesinghe on Thursday said both India and Sri Lanka should forge together…

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‘Presidential control over DDO undermines power of Parliament’

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‘Presidential control over DDO undermines power of Parliament’ By Shamindra Ferdinando Dissident SLPP MP Gevindu Cumaratunga has strongly opposed the government move to place the debt-restructuring programme under President Ranil Wickremesinghe’s control as the latter does not represent Parliament. Addressing Parliament on Saturday (01), the leader of civil society group ‘Yuthukama’ pointed out that the Resolution on the Domestic Debt Optimisation (DDO) was meant to bring the whole process under Finance Minister Wickremesinghe’s power. How could Parliament grant such authority to a person not among elected or appointed members of the current…

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PAFFREL calls for Private Member Bill on LG bodies to be defeated

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PAFFREL calls for Private Member Bill on LG bodies to be defeated .Says the bill is a death blow to the sovereignty of the people and democracy  Claims bill does not specify for how long a Minister will be able to reactivate LG bodies  Stresses governments could misuse the law to not hold elections when unfavourable Independent election monitors, People’s Action for Free and Fair Elections (PAFFREL) yesterday called for the recently gazetted Private Member’s Bill presented by Sri Lanka Podujana Peramuna (SLPP) MP Jayantha Ketagoda to be defeated. According…

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Parliament unplugs powerful regulator

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Resolution for ouster of Public Utilities Commission Chairman receives 123 votes in favour and 77 votes against in Parliament   Janaka Ratnayake says ouster not defeat but loss for people and MPs who voted for it  Opines vote exposed MPs acting on baseless allegations to oust Chairman of independent commission who put people’s interest first and challenged unfair actions by Govt.   President Wickremesinghe’s Government has increased electricity tariffs by 1200% in August last year and by 275% in February 2023  Power and Energy Minister Kanchana Wijesekera charged politically motivated Ratnayake’s actions…

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Restoring Ferry Service Will Rewrite History of India-Lanka Ties

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Restoring Ferry Service Will Rewrite History of India-Lanka Ties The ferry service between India and Sri Lanka, as well as railway connections, have all but vanished since the turn of the 19th and the 20th centuries, and the use of a comfortable Singaporean passenger vessel ‘IndSri‘ to sail between Karikkal (KKL)Port in South India and Kankesanthurai (KKS) Port in Sri Lanka’s Northern Province next month (Mid-May), will rewrite the history of sea connections between Indo-Sri Lanka. There was formerly a regular ferry service between India and Sri Lanka that served…

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Northern Province, ILO and EY collaborate to advance private sector investments

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Northern Province, ILO and EY collaborate to advance private sector investments The Northern Province Governor’s Office, International Labour Organisation (ILO) and Ernst & Young (EY) collaborated to organise stakeholder meetings on generating investment-driven growth in the Northern Province.  These meetings focused on the agriculture, animal husbandry, fisheries/aquaculture, apparel, food processing, and tourism sectors and were attended by private and public sector representatives relating to these sectors. The Northern Province has extensive, but largely underutilised, resources that are very favourable for agriculture, animal husbandry, fisheries/aquaculture, and food processing activities and is…

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