Make the Central Bank Independent of Capitalism

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Make the Central Bank Independent of Capitalism

e-Con e-News 21-27 June 2020

1934 Ceylon Banking Commission • 1956 Ministry of Industries • No Lessons Learned • ‘Insurrection’ to Save Capitalism • Titanium Titanics • Finance’s Doom Loop • Unilever White&Lovely

“The most urgent problem is the opening of new industries, both agricultural & manufacturing, with the main object of catering primarily for the home market, and thereby rendering the economy less susceptible to the vagaries of markets abroad. …essential for the attainment of this goal of economic freedom that the public should have adequate financial assistance so as to enable indigenous capital and enterprise to participate more actively in the trade and industries of the country.” – Ceylon Banking Commission, 1934

“The creation of a Home Market for our industry is the pivot on which the future industrialisation of our country rests. In Ceylon’s context the Home Market essentially means the Peasant Market. To create the home market therefore we must substantially raise the living standards of the mass of the peasants so that they will be able to buy the goods produced by our industry. This demonstrates clearly the necessary connection between Industrialization & Agrarian Reform.” – Policy Statement of the Ministry of Industries, 1956

• No lessons have been learned! Capitalism, which has failed to protect people from disease, fear and economic insecurity, still insists on domination. So, what are we to make of this moment of presumed ‘insurrection’, as advertised on TV and in media (controlled in Sri Lanka by skin-whitener Unilever). This moment of statues being overturned, but not banks or prisons (Bastille anyone?), with workers not taking over any administration, and bankers still wearing their heads? Much like after the 2007-8 financial crash, the corporate media does not focus on the choice between socialism or mass murder, but on saving capitalism.

• Rural roads are full of lorries transporting ‘sand’, after the removal of the need for licenses. The grand looting of our mineral resources accelerate. Check out Australia’s Titanium Sands Co’s website and their mining (“drilling below the water table”) in Mannar. It’s not just ‘super high-grade’ Titanium. The Mannar Basin as a whole, with extensive oil & gas reserves, is seen as the prize about which all the wars have really been about! (see ee Industry). The use of titanium to produce aerospace & 100 other modern machineries is unexplained by our media busy promoting import consumer culture.

• The power of the advertising business to excite new desires, new demands and new appetites still remains unrelated to the country’s capacity to produce wealth. It’s no coincidence the multinationals that control the ad bizness and media, also control the import/export & home market.

• It’ll be soon be 100 years since the priority of industrialization and the home market was officially stressed by that 1934 English colonial banking commission. It’s been reiterated by nationalist governments, yet remains officially thwarted. Are we ruled by ‘fake patriots’ promoted by the import merchants who obstruct us from fulfilling such basic prerequisites for economic independence? This ee notes the role of “asset manager” BlackRock – a “vampire squid” that via the monopoly of Unilever and other huge multinationals, rules this country These financial dinosaurs are demanding official subordination of central banks to capitalism’s doom loop. (see ee Reader Comments, ee Focus)

• Hindustan Lever announced this week it will remove “Fair” from its skin-whitening brand “Fair & Lovely”. This is its parent Anglo-Dutch Unilever’s cynical gesture towards the current struggle over white psychopathology. Such is what Unilever calls “inclusion,” while still promoting whitening, or rather alienation from our (darker) selves. For alienation is after all what the advertising business thrives on: trying to fill the gap between us and the world we make, which they profit off.

Contents:

A1. Reader Comments –

• Asset Managers & Hedge Funds • Coups & Presidents • Germany Looting Graphite • Undersea Data Cables & Cyber Wars • 1944 State Project of Industrialization in Ceylon

A2. Quotes of the Week

• Indira Nationalized 14 Banks • 3-way US Struggle vs China • BlackRock & Central Bank • Nirupama Loves US

A3. Random Notes –

• Cancel Debt • World Bank & Keells • Aid’s Foreign Machinery • Leverhulme Research, Content Laws & Unilever • Fitch, IMF & Media • Unelected Technocrats, Independent CBs • Central Bank Import Financing • Flimsy Apparel Fig-Leaves • WB Consultants & Central Bank Coup • UN Global Compact

B. ee Focus       

B1. Make Central Banks Independent of Capitalism

B2. Agenda for the Global South after Covid

C. News Index

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A1. Reader Comments

• ee thanks Readers who send articles of interest. Please excerpt or summarize what is important about any article sent, or your comments, and place the e-link at the end. It’s better to send them as email.

• “Do asset managers manage other people’s hoards for them, to make a profit at a fee for themselves? Are hedge funds pots of money that belong to fund holders themselves?” (see ee Focus)

• “Presidential Power? Anyone or any group, movement or party that’s able to make significant changes (not necessarily changing the whole ‘system’) and that cannot be suppressed through the usual means – being sacked, threatened, blackmailed, blacked out, imprisoned (in solitary) – is snuffed out. Whether the person is a president, PM or ordinary citizen makes no difference either, nor whether from Australia, Sweden, USA or SL, the ruling cabal rules (or rocks)?”

• “Germany is looting Lankan Graphite and, having taken over Bogala Graphite, is mining tons of the mineral without the country benefiting, and this is a scam…” (see ee Industry, Titanium)

• “Lanka’s comparative advantage in R&D and manufacturing may be worth exploring in future pieces: 1. Marine resources sector, living and non-living and charging for protection of Undersea Data Cables, is the real reason that US is desperate to capture Lanka for its Cyber Wars”

• “Lost opportunities: 1. In 1944, the State Council resolved to launch a “State Project of Industrialization in Ceylon”…[and] the Industrial Corporation Bill. The concept of socialist industrialization was keenly advocated by the Marxist parties which believed full employment could be achieved only through industrialization. In the same year JR Jayawardene moved a motion in the State Council for the “preparation of a complete plan for industrialization”. There was a firm bipartisan consensus on industrialization with only a different emphasis on ownership… This is the most important opportunity missed by independent SL for an early start in a manufacture-based economy” – Vichara

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A2. Quotes of the Week_

• “It is sad to note that ever since the IMF took over running our country at the end of 1977, the Central Bank has been playing a dubious role.” – Garvin Karunaratne, lankaweb.com/news/items/2020/06/20/how-our-central-bank-sidetracked-their-real-duty-of-safeguarding-our-foreign-exchange

• “In 1969, PM Indira Gandhi nationalized 14 of India’s largest banks, not because they were bankrupt (usual justification today) but to ensure that credit would be allocated according to planned priorities, including getting banks into rural areas and making cheap financing available to Indian farmers. The US Congress could do the same today, but the odds are it won’t. As Sen. Dick Durbin said in 2009, “the banks… are still the most powerful lobby on Capitol Hill. And they frankly own the place.” (see ee Economists, Another Bank Bailout)

• “What’s coming is an epic 4-way struggle over US-China policy. On one side, we have Trump, and the primitive jingoists, engaging in hardline nativist rhetoric, but no coherent policy. Then we have the traditional bipartisan and corporate trade establishment, hoping that if the US keeps knitting together business deals with China, the Chinese Communist Party will somehow become more democratic and capitalist. Dream on. Finally, we have the progressive economic nationalists, who recognize that China has been eating the USA’s economic lunch…” – American Prospect

• “India’s leverage and balancing power within the Indo-Pacific and the world beyond… must be deployed much more effectively to counterbalance the Chinese ingress into this oceanic space that surrounds us… This is also an opportunity for India to align its interests much more strongly and unequivocally with the US as a principal strategic partner and infuse more energy into its relations with Japan, Australia, & ASEAN.” – Nirupama Rao, former Foreign Secretary & Ambassador to China, US and Sri Lanka, thehindu.com/opinion/lead/galwan-postscript-to-a-tragedy/article31863515.ece

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A3. Random Notes (‘Seeing Number in Chaos’)_

• The IMF is withholding funds to fight the Covid pandemic and for its ‘development’ program – a program that’s failed to develop Sri Lanka for 75 years now, yet for which they say we owe them a debt. Meanwhile, the IMF’s twin, the World Bank, announced this week $175 million loans to Keells to build 100 more supermarkets & hotels around the country. How did this deal come about between a ‘local’ conglomerate & a supranational front of the US Treasury? Who advised the WB that this is a priority need? Is this because supermarkets & hotels provide markets for foreign machinery, goods & services? The same goes for all the ‘aid’ announced this week, from the ADB to fight Covid, for Swiss tech, US Microsoft’s largesse, and German ‘aid’ to train workers, etc. (see ee Random Notes, linking WB, Consultants & US Corporations)

• With all this ‘aid’ to buy foreign machinery, it’s long past time to demand ‘content laws’ for any products sold here to have a certain percentage of the technology & goods made inside Sri Lanka. It’s time we demand that Unilever contribute scientific & technological knowhow to the country, which it’s occupied for more than a century. See how the Research Centre of Leverhulme (a huge shareholder in Unilever) invests in capital goods for England (ee Industry, Leverhulme).

     ee last week noted links between Unilever & another huge shareholder, asset manager BlackRock, which is heavily invested in warfare & fossil fuels. This week ee provides further links on BlackRock’s “horizontal” power as an agent of the US government; while highlighting once again, Unilever’s monopolizing of Sri Lanka’s media through advertising, and more importantly, its control of our home market, especially the rural home market, which is most vital for any industrialization program.

• Ratings Agency Fitch again assessed Sri Lanka’s ability to pay its so-called debts to the white man (see ee Economy, Fitch Optimistic). These ratings follow the usual media recipe: “Sri Lanka has yet to receive external financing from the IMF in 2020… Greater clarity on the government’s medium-term economic policies after the elections are held could facilitate such financing.”

     Notice how the business-media recipe plays the WorldBank game. First, the news tell us the IMF/WB/WTO is not happy with Sri Lanka’s economy, and would find it difficult to fulfil Sri Lanka’s requests. Then all the media faithfully reproduces these WB press releases.

     Subsequently, all the US-funded & schooled thinktanks (Advocata, Verite, Pathfinder, IPS) also echo the IMF gospel, with the chorus, “Yeah, Yeah, Yeah.” As prompted, they all demand cuts to free education, healthcare, agricultural subsidies, and higher prices for fuel, textiles, bus fares. All of them complain about public projects, and whine that private companies are neglected.

     It’s now obvious, except to the English media, that private companies are the biggest disgrace for ‘corruption’. Begging again for government money, despite decades of free-market bull, pro-business thinktanks now demand private-public partnerships (PPP). But how private is ‘private’ when the state is bailing them out with public money?

     The Sri Lankan state, put on the defensive by the private media’s massive monopoly, and financial ‘whitemail’, then also abdicates its historical responsibility to fully break out of the shackles of colonial servitude. The game is to prevent any full-on Sri Lankan state planning! (see ee Focus, Global South)

• Unelected Technocrats & Independent Central Banks – There was more propaganda this week on the need for an ‘independent’ Central Bank. Independent of whom is the zillion-rupee question? Most ‘independent’ bankers are heavily linked to private banks & corporations. The two new appointments to the Monetary Board triumvirate include an importer of chemicals from US & Europe, and a former director of the Vatican’s Hatton National Bank.

     This ‘independence’ business is therefore highly dubious. And the need of the hour is to make Central Banks independent of high finance!

     Take William Dudley, the former president of the New York Federal Reserve and a former partner at Goldman Sachs. Dudley was accused last year of “an attempt to overthrow a sitting president, a treasonous would-be coup that justified ending the Fed altogether”. Dudley’s crime was to write an Aug 2019 op-ed in Bloomberg, “The Fed Shouldn’t Enable Donald Trump ”. His op-ed showed, a Central Bank can manipulate the economy to ruin or promote a candidate’s chances. It was at the same conference that BlackRock called for the official linking of fiscal & monetary policy. (see ee Random Notes, &Quotes, Vampire).

• “It’s our money, & we should be able to decide where it goes” – The Central Bank says it’s launching investigation into allegations of links between CB officials & finance/leasing companies. Surely the investigation should be about CB links to local & foreign private banks and corporations as well?

     A democratic debate about Central Banks is sorely needed in the national media. The mythology that Central Banks have been or should be independent has served capitalism well. CBs can only serve some useful functions if they are nationalized and turned it into true public utilities, to serve the interests of the economy and the electorate.

     Getting the Central Bank and the government to coordinate fiscal policy (taxation & expenditure) and monetary policy (stable pricing & employment) is best when the process is transparent and public representatives have control over where the money is invested.

• A writer in the Financial Times, a former private apparel (JAAF) apparatchik, with a long set of credentials attached to his name at the article’s end, calls people “ignorant” for not recognizing “the net revenue from apparel exceeds the combined net revenue of tea, rubber, and coconut. Yet, some people laugh at the industry” (see ee Industry, Economic Pandemic). Why doesn’t he do some simple arithmetic and subtract this “revenue” from the amounts paid by the apparel flim-flam to import its inputs of yarn, fabric, pins, needles, threads, machines, etc. The FT or any media simply will not publish any article that exposes this import-export fraud. Such is the ‘free media’.

• It was perhaps in the 1960s, under Rand/Ford technocrat Robert MacNamara that the World Bank began to invest inordinate power in ‘consultants’ to influence ‘development’. These consultants were said to know what was & was not acceptable to the donors. These consultants were to ‘help’ recipient governments prepare or revise development programs, arranging for ‘feasibility studies’, determining ‘technical requirements’, identifying projects, and establishing investment priorities.

     The WB then undertook ‘research & analysis’ on behalf elected governments, while the recipient government was spared the burden of informing all the donors. The Bank would then recommended the types and terms of the “appropriate” aid.

     The recipient country then invited the WB to judge and recommend not its own funds but the funds of the donors. Since the World Bank operated on behalf of the US Treasury, and the US Treasury operated on behalf of US multinationals who dominate the US economy, it’s these MNCs who decided what a recipient country needed. Hence, ‘What is good for General Motors is also good for Sri Lanka’.

     The consultancy and NGO game exploded from the 1980s, perhaps with the flowering of multinational corporate power and financial capitalism, alongside the US and England striving to maintain power in these supranational bodies like the WB and the UN.

• Wonder why we hear very little news about last week’s UN Global Compact, the “world’s largest corporate sustainability initiative”, led by former Unilever CEO Paul Polman, which “brought together around 20,000 global leaders from 180 countries to achieve the goals of the 2030 Agenda for Sustainable Development”. Corporations like Unilever are at the forefront of such UNGC efforts & (as ee 10-15 Nov 2019 pointed out) are busily rebranding themselves as caring “NGOs”!

• Since the debts of private banks & corporations are being paid for by governments, why can’t the debts owed by governments be simply cancelled?

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B. Special Focus__

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B1. Make Central Banks Independent of Capitalism

BlackRock, Financial Coups d’etat & the Myth of Central Bank Independence

Here ee tries to answer such readers’ questions as: Do asset managers people manage other people’s hoards for them, to make a profit at a fee for themselves? Are hedge funds pots of money that belong to the fund holders themselves?

The General Law of Capitalist Accumulation refers to the historical tendency for capital and other productive assets to become concentrated and centralized in the hands of fewer and fewer individuals in the regular course of capitalist economic development.

     Large institutional investors (pension funds, mutual funds, hedge funds, sovereign wealth funds) invest on behalf of other smaller ‘investors’, but do not represent the interests of those smaller investors, instead, according to the General Law of Capital Accumulation, plan to gobble them up.

• ‘From 2006 to 2020, the total number of US banking institutions declined by 41%, and there is likely a lot more consolidation to come.’

– fool.com/investing/2020/06/22/could-eastern-banks-ipo-prompt-a-wave-of-mutual-sa.aspx

• 27 asset manager groups, led by 3 megafirms, now manage 61% of the asset management industry’s funds. BlackRock, Vanguard & State Street have nearly US$11 trillion in assets under management – more than all sovereign wealth funds combined and over 3 times the global hedge fund industry. These Big Three asset management funds lost about $2.8 trillion of their assets since Jan. BlackRock alone lost about $1.4 trillion, and its profits fell by 23% in the first 3 months of this year. Yet the US Central Bank – the Federal Reserve – then handed control over corporate debt to BlackRock.

– https://jacobinmag.com/2020/06/federal-reserve-fed-coronavirus-covid-junk-bonds

• Blackrock – the Company that Owns the World? – ‘There’s a good chance you’ve never heard of Blackrock. In less than 30 years, this US financial firm has grown from nothing to becoming the world’s largest and most trusted manager of other people’s money. Assets left in their care are worth a staggering 6.3 trillion US$ – a figure with 12 zeroes.’

– investigate-europe.eu/en/2018/blackrock-the-company-that-owns-the-world

• Meet BlackRock, the New Great Vampire Squid – ‘No private, unelected entity should have the power over the economy that BlackRock has, without a legally enforceable fiduciary duty to wield it in the public interest…BlackRock has been called “the most powerful institution in the financial system.”’

– commondreams.org/views/2020/06/22/meet-blackrock-new-great-vampire-squid

• BlackRock’s 1st Love – ‘BlackRock’s fiduciary responsibility is to its clients, not taxpayers, pension investors, or consumers, yet BlackRock has been entrusted with not just the US Federal Reserve’s “giveaways” to the banks, it is managing the savings of the pan-European Individual Retirement Savings Product, a new type of retirement savings plan scheduled for next year within the EU.’

– blackrocktransparencyproject.org/2018/08/27/how-canadas-infrastructure-bank-was-created-by-and-set-up-to-benefit-blackrock/

– investigate-europe.eu/en/2019/blackrock-the-financial-leviathan-that-bears-down-on-europes-decisions/

• BlackRock & SL – The fingers, or claws, of the world’s largest asset manager BlackRock maybe found inside Sri Lanka, not just through Unilever but via corporations like Exxon:

     “BlackRock, Vanguard & State Street… are the largest single shareholder in almost 90% of S&P 500 firms, including Apple, Microsoft, ExxonMobil, General Electric & Coca-Cola. This is the index in which most people invest.’ – see These 3 firms own corporate America (2017), theconversation.com/these-three-firms-own-corporate-america-77072

• BlackRock founder Blackstone was recently invoked in a Feb 23 Sunday Times story, complaining the Sri Lankan government was going ahead with 3 major liquefied natural gas deals with China, India & Japan, to add 1400MW to the national grid without considering a US/Canada project:

     “In a letter to President G Rajapaksa, Greenlink Global Consulting Inc, the local partner of Sithe Global Power Development Inc – a fully owned subsidiary of the Blackstone Group Inc USA – has appealed the awarding of the tender of Kerawalapitiya/Hambantota LNG project to a Chinese firm.”

• ‘BlackRock is the world’s most powerful financial institution, managing over $6 trillion in assets. As both an adviser to central banks and the largest shareholder in the industrial jewels of a nation, BlackRock has begun whispering in the ears of European states. Its key challenges: to counteract all financial regulation & drive funded retirement for all…

     “Then I realised that it was no longer the banks that had the power but the asset managers. We are often told that a manager is there to invest our money for our old age. But it’s much more than that… In my opinion, BlackRock reflects the renunciation of the welfare state. Its rise in power goes hand-in-hand with ongoing structural changes; changes in finance, but also in the nature of the social contract that unites the citizen & the state.”

     …BlackRock has also built up “horizontal” power in certain sectors through its investments in companies – aeronautics, construction, spirits, small electrical equipment, etc. Blackrock has made itself a shareholder of all the big names in the same sector. In chemicals, eg, BlackRock dominates on both sides of the Atlantic with significant holdings – 5 to 10% – in all major global chemical groups: Bayer, BASF, DuPont, Monsanto, Linde and the French companies Arkema & Air Liquide. (see, Blackrock: The financial leviathan that bears down on Europe’s decisions – investigate-europe.eu/en/2019/blackrock-the-financial-leviathan-that-bears-down-on-europes-decisions/

• The Fourth Branch of Government – Our ‘free marketeers’ claim our CBSL should be independent. Yet former US Federal Reserve Chairman Dudley’s op-ed calling for the Fed Reserve to ‘coup’ Trump clearly exposed the charade of the US central bank being ‘independent’. And Dudley was not the only one. He was ricocheting a call also made by Blackrock at the world’s A-list central banks’ 2019 annual conference in Jackson Hole. A call that came to life under Covid in March 2020:

• ‘BlackRock’s strategic importance and political weight were evident when 4 BlackRock executives, led by former Swiss National Bank head Philipp Hildebrand, presented a proposal at the annual meeting of central bankers in Jackson Hole, Wyoming, in Aug 2019 for an economic reset that was actually put into effect in March 2020. Acknowledging that central bankers were running out of ammunition for controlling the money supply & the economy, the BlackRock group argued that it was time for the central bank to abandon its long-vaunted independence & join monetary policy (the usual province of the central bank) with fiscal policy (the usual province of the legislature).

     They proposed the CB maintain a “Standing Emergency Fiscal Facility” that would be activated when interest rate manipulation was no longer working to avoid deflation. The Facility would be deployed by an “independent expert” appointed by the central bank. The Covid crisis presented the perfect opportunity to execute this proposal in the US, with BlackRock itself appointed to administer it.

     In March 2020, BlackRock was awarded a no-bid contract under the Coronavirus Aid, Relief & Economic Security (CARES) Act to deploy a $454bn slush fund established by the Treasury in partnership with the Federal Reserve. This fund in turn could be leveraged to provide over $4 trillion in Federal Reserve credit. While the public was distracted with protests, riots and lockdowns, BlackRock suddenly emerged from the shadows to become the “4th branch of government,” managing the controls to the central bank’s print-on-demand fiat money. How did that happen and what are the implications?’ (see ee Economists, Vampire)

     The US Federal Reserve is so independent, according to former Fed chair Alan Greenspan, “it is answerable to no one”. “A chief argument for retaining the Fed’s supposed independence is that it needs to remain a neutral arbiter, beyond politics & political influence.” Its power to affect the economy is evident when former US Fed Chairman Dudley asserted that the Federal Reserve could “mitigate the damage” caused by elected officials like the US President, by refusing to “play along”.

     Dudley said the Fed maintains its “independence” by adjusting monetary policy – only after political decisions are made – to “pursue their goals of stable prices & maximum employment”. Still, Fed policy subsequently affects government spending & trade policy.

     As a result, Dudley said Fed policy can encourage “bad” political behavior, done to gain votes, while endangering global capitalism.

     Dudley quoted Fed Chairman Jerome Powell, who hinted “he is aware of the problem”, at that Cenral Bankers’ 2019 annual meeting in Jackson Hole. Powell noted that monetary policy cannot “provide a settled rulebook for international trade”. Dudley saw this as a “a veiled reference” to the US waging a trade war on China and “a warning that the Fed’s tools are not well suited to mitigate the damage”.

     Dudley added, “The Fed could go much further. Officials could state explicitly that the central bank won’t bail out an administration that keeps making bad choices on trade policy, making it abundantly clear that Trump will own the consequences of his actions.”

     “Such a harder line could benefit the Fed and the economy in 3 ways. First, it would discourage further escalation of the trade war, by increasing the costs to the Trump administration. Second, it would reassert the Fed’s independence by distancing it from the administration’s policies. Third, it would conserve much-needed ammunition, allowing the Fed to avoid further interest-rate cuts at a time when rates are already very low by historical standards.

     “I understand and support Fed officials’ desire to remain apolitical. But Trump’s ongoing attacks on Powell and on the institution have made that untenable. Central Bank officials face a choice: enable the Trump administration to continue down a disastrous path of trade war escalation, or send a clear signal that if the administration does so, the president, not the Fed, will bear the risks – including the risk of losing the next election.

     “There’s even an argument that the election itself falls within the Fed’s purview. After all, Trump’s reelection arguably presents a threat to the US & global economy, to the Fed’s independence and its ability to achieve its employment & inflation objectives. If the goal of monetary policy is to achieve the best long-term economic outcome, then Fed officials should consider how their decisions will affect the political outcome in 2020.”

– bloomberg.com/opinion/articles/2019-08-27/the-fed-shouldn-t-enable-donald-trump

• At the forefront of saving capitalism are large multinationals who wish to “redefine neoliberalism as a progressive, dynamic force for reform in response to its own crisis – a nostalgic ‘technocratic populism’ that mobilizes the masses behind CEOs, managers, and ‘experts’ who apparently know best.

     “Their goal is to cement a renewed class alliance within the power bloc – a new form of finance capital – in which asset owners, asset managers & industrial corporations collectively reshape capital markets in the name of subordinating labour, nature & society to the financialized logic of global capital accumulation.

    Moreover, big business’ strategy of colonizing the ‘public’ world of governments, NGOs & international organizations has blurred the boundary between the public & private spheres. By seeking to ‘stakeholderize’ every conflict, MNCs embrace their critics… In this way, the new inclusive capitalism functions first and foremost to pre-empt, co-opt & neutralize demands for more radical transformation advocated by labour & social movements – a strategy consciously designed to split the left by giving ‘progressives’ the ideological ammunition they need to embrace the system.

     If the Left today is to advance beyond ‘Third Way’ social democracy’s embrace of financialized global capitalism, it therefore cannot settle for a more or less progressive capitalism that merely compensates those ‘left behind’ by neoliberalism at the margins, but must pose genuine worker-centred socialist alternatives – a dual social & ecological revolution that fundamentally transforms the exploitative capitalist system which generates these inequalities, degradations, and oppressions in the first place.” (see: ee 10-15 Nov 2019) – socialistproject.ca/2019/11/revaluing-capitalism-for-the-long-term

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B2. Agenda for the Global South after Covid – Tricontinental: Institute for Social Research

In 1974, the UN General Assembly passed a New International Economic Order (NIEO), which was driven by the Non-Aligned Movement (NAM). The resolution laid out a clear plan for the structural transformation of the world system, which was in the throes of a crisis at the time. However, the NIEO was set aside and the world order was shaped in a neoliberal direction; this neoliberal orientation furthered the crisis and brought us to this current cul-de-sac of human possibilities.

     Our team at Tricontinental: Institute for Social Research has developed a 10-point agenda for a post-Covid19 world. Last week, this agenda was presented at the High-level Conference on the Post-Pandemic Economy, organized by the Bolivarian Alliance for the Peoples of Our America (ALBA). We are certainly in need of a New International Economic Order.

     1. Tackle the global pandemic – Our priority is to tackle the global pandemic. To this end, enhancing and pivoting public-sector production toward masks, protective equipment, ventilators, field hospitals & tests for the entire population must be central – as it is already in places such as Vietnam & Venezuela. It is essential to establish worker control over working conditions so that workers – who are best placed to make these decisions – can be guaranteed a hygienic work environment. In the absence of adequate public action, governments need to create work plans to hire people for projects to break the chain of infection and to ensure that people are fed, clothed, and in good health; such public action can learn from the cooperatives in Kerala (India) and the Committees for the Defence of the Revolution in Cuba. The workforce in shuttered sectors – such as tourism – should be immediately hired into jobs that are geared toward countering the pandemic.

     2. Broaden medical solidarity – A united front of the Global South must reject the IMF and creditor-driven limits placed on government-sector salaries; because of these limits, former colonized countries have been losing medical personnel to the North Atlantic states. States must use their precious resources to enhance public medical education & train medical workers within communities to provide public health services. ALBA’s medical internationalism, with the Cuban brigades in the lead, must become a model for the world through the World Health Organization. Chinese medical internationalism would play a key role here as the US departs from the WHO. The entire private health sector must be nationalized, and smaller medical centres need to be created so that people can easily access public health facilities. Governments must withdraw public insurance from private healthcare; in other words, no more public subsidies for private healthcare. Public health systems must be strengthened, including the production of medical equipment & medicines and the distribution of essential medicines (whose prices must be controlled by regulations).

     3. Create an intellectual commons – The Global South must push for the annulment of the TRIPS (Trade-Related Aspects of IPR) Agreement, which provides unrestrained property rights on goods that must be part of the global commons. This applies directly to the Covid19 vaccine, which must be offered for production in countries without consideration of profits or intellectual property rights. This applies equally to any pharmaceutical drugs, many of them publicly financed – the profits of which are then privately appropriated – and to energy technologies that would swiftly move us from fossil to renewable fuels as well as to more efficient communications technologies (such as 5G). In the short term, the states of the Global South must enhance mechanisms for science & technology transfer among themselves.

     4. Cancel debt – Reasonable estimates suggest that the ‘developing countries’ owe $11 trillion in external debt, with debt service for this year alone estimated to be $3.9 trillion. With the coronavirus recession, such payments are unthinkable. Debt relief must go beyond the 47 ‘least developed countries’ and include all of the states in the Global South; this relief must not only postpone debt, but it must cancel debt (from both public & private creditors). An international alliance must be formed on a broad front to pressure creditors to cancel the debt so that all resources that go to service the debt can be channelled fully toward the dire needs of society.

     5. Expand food solidarity – Half of the world’s population struggles with hunger. Food sovereignty & food solidarity are essential antidotes, as has been shown by platforms such as Via Campesina. Corporate control over agriculture must be challenged, and food production must be made into a human rights priority. Funds need to be marshalled toward enhancing the production of food; these funds need to be spent on infrastructure for agrarian production (including to enhance such projects as the ALBA Seed Bank). Universal public distribution systems must be strengthened to provide higher incomes for farmers and to ensure distribution of food to the people. A more robust rural landscape will decongest cities and draw people to live meaningful lives in rural areas.

     6. Enhance & invest in the public sector – The CoronaShock has shown that the private sector is simply not capable of addressing emergencies, let alone human needs. States of the Global South must lead by offering a robust defence of the public sector, not only for the production of key goods and services (medicine & food), but for anything that is essential for modern life – more public housing, more public transportation, more public Wifi & more public education. Allowing the profit sector to commodify these parts of human life has eroded our capacity to build a civilized society.

     7. Implement wealth taxes – Currently, roughly $32 trillion is sitting in offshore tax havens, and untold amounts of money are simply not counted toward taxation. Two measures are necessary: first, that illicit financial flows be recovered, and second, that wealth taxes be properly imposed on the upper echelons of the bourgeoisie and the wealthy land-owning elite, as well as financiers and those engaged in financial speculation. These funds would be enough to redirect priorities to eliminate poverty, hunger, illiteracy, homelessness & indignity on a global level.

     8. Enact capital controls – Without capital controls, a country has no effective economic sovereignty. States of the Global South must create an international platform that binds each of them to undertake capital controls; this is a political issue that cannot be implemented by a single country. Capital controls are measures taken by a government to regulate the flow of finances into & out of a country. Such controls include transaction taxes, minimum stay requirements, and caps on the amount of currency that can move across borders. Capital controls & democratic control over Central Banks will prevent capital flight and should give governments sovereignty over their currency & economy.

     9. Shift to non dollar-based regional trade – Dedollarization is an essential part of a new agenda. 60% of the world’s reserves are held in US dollars, and world commerce is largely conducted in dollars. The dollar-Wall Street Complex has a near stranglehold on international finance & trade; it is no surprise that US unilateral sanctions are having a catastrophic impact on countries not necessarily because they rely upon the US$, but because their trading partners are enmeshed in it. The US$ has become a weapon to undermine development. Experimental alternative payment systems like the SUCRE need to be dusted off, and new global financial institutions need to be created to facilitate wire transfers. In the short run, this could begin with non$-based regional facilities, although there is a need for global institutions to set aside the immense advantage provided to the US by its $ being used as a global currency. Relatedly, there is a need to strengthen regional trade blocs that would honour barter as a mechanism for payment.

     10. Centralize planning, decentralize public action – The pandemic has shown us the power of central planning and the importance of decentralized public action. Economies that are not allowed to plan their use of resources have floundered before the virus. There is a need to establish participatory central planning mechanisms on an ever-increasing scale and to recast social production toward need – not toward profit. These plans must be derived from maximum democratic input and must be transparent to the public. Central planning would enable the nationalization of sectors such as mining (including energy production), the large-scale production & processing of food, and tourism; these would be placed under worker control of cooperatives. It would be an instrument to minimize waste, including profligate military expenditures. The enhancement of local self-government & cooperative production, as well as of associations & unions of the people, will allow social life to become increasingly democratic.

– socialistproject.ca/2020/06/agenda-for-global-south-after-covid19/

__________________________________________________________

C. News Index______________________________________________

• ee News Index provides headlines and links to gain a sense of the weekly focus of published English ‘business news’ mainly to expose the backwardness of a multinationally controlled ‘local media’:

C1. Sovereignty

(ee is pro-politics, pro-politician, pro-nation-state, anti-corporatist, anti-expert, anti-NGO)

ee Sovereignty news emphasizes sovereignty as economic sovereignty – a strong nation is built on modern industrialization fueled by a producer culture.

• US to train SL coast guard and navy personnel on maritime law enforcement and security

– newsfirst.lk/2020/06/26/sri-lanka-us-cooperate-to-train-personnel-on-maritime-security/

• Sri Lanka’s border and maritime security remain vulnerable – US Report

– colombopage.com/archive_20B/Jun27_1593229004CH.php

• What happened to US DAI project money as country goes to polls

‘Sri Lanka should seriously inquire into the three-year ‘Strengthening Democratic Governance and Accountability Project (SDGAP) worth Rs 1.92 bn (USD 13 mn) launched in 2016 November. The project implemented by Maryland headquartered Development Alternatives, Inc (DAI) was the first of its kind executed in SL. SL and the US finalized the agreement on SDGAP, in Sept 2016. On behalf of Sri Lanka, Speaker Karu Jayasuriya, also Chairman of the Constitutional Council, signed the agreement whereas Peter J. Roskam, Chairman of the House Democracy Partnership, represented the US. DAI operates in Asia, the Pacific, Eastern Europe, Central Asia, Latin America, the Caribbean, West Asia, North Africa as well as Sub-Saharan Africa…. Did Sri Lanka, in anyway benefit from such projects? Don’t forget that the parliament owed the public an explanation how 13.7 mn in US taxpayers’ money was utilized by the yahapalana government. Most importantly, did parliament consult the government as regards the SDGAP?’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223984

• Yahapalana government signed two agreements, received USD 10 mn

‘… supporting documents not available…Prof. Gunaruwan pointed out that the AG would be denied the right to represent the government in court. The academic said that the proposed agreement violated the powers exercised by parliament….’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224089

• No MCC grant monies were ever transferred to SL: US

– dailymirror.lk/breaking_news/No-MCC-grant-monies-were-ever-transferred-to-SL-US/108-190742

– adaderana.lk/news/65036/us-embassy-says-no-mcc-grant-monies-transferred-or-spent-by-sl-govt-under-480m-grant

• US State Department debunks two findings reported by Presidential Committee on MCC

– economynext.com/us-state-department-debunks-two-findings-reported-by-presidential-committee-on-mcc-71465/

• US Embassy disputes a key finding in the MCC review report

– colombopage.com/archive_20B/Jun26_1593191398CH.php

• Police assault on FSP, Neoliberalism and Mangala’s New Deal – Kulakulasuriya

‘US ambassador Alaina Teplitz too linked the police action to the coronavirus outbreak. “Today’s proposed demonstration in front of our Embassy was denied by #LKA police due to C-19 restrictions on gatherings” she asserted, in a tweet. A US embassy tweet meanwhile said that the embassy had not requested that the demonstration be blocked, and expressed appreciation to the government and law enforcement “for their efforts to keep diplomatic personnel and facilities in the country safe.”’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224172

• Govt. should decide on MCC before polls: SJB’s Harshana

– dailymirror.lk/breaking_news/Govt-should-decide-on-MCC-before-polls-Harshana/108-190757

• Weerawansa would never be party to a government that signs the MCC agreement

– newsfirst.lk/2020/06/25/weerawansa-threatens-to-split-from-govt-if-mcc-is-signed/

• Controversial MCC deal to be made public – Presidential Secretariat

‘The economics professor however warned in his report that once the MCC deal is instituted through an Act of Parliament it will be illegal for a counter proposal or amendments to be made. The committee chair also said that according to the agreement, two representatives of the MCC could change the conditions of the deal and the Attorney-General could not oppose such a change in court.’

– economynext.com/controversial-millennium-challenge-deal-to-be-made-public-presidential-secretariat-71434

– lankabusinessonline.com/mcc-review-final-report-presented-to-president-report-to-be-published/

– colombopage.com

• The Expert Committee Report on MCC Agreement

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224068

• JVP: If SLPP or UNP wins Lanka will become US Colony thanks to MCC

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224161

• Rathana Thera raises many a sinister doubt about the govt vis-à-vis US MCC

‘Ven Athuraliye Ratana Thera, Gampaha district candidate of Ape Jana Bala Pakshya yesterday said that the US embassy in Sri Lanka called for the procurement process of the Millenium Challenge Corporation agreement through its website.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224087

• Many complications in MCC: Committee informs President

‘The Committee members who informed the President on the current status of countries which had implemented the MCC said the fate of these countries is tragic’

– dailymirror.lk/breaking_news/Many-complications-in-MCC-Committee-informs-President/108-190670

• Sri Lanka Voters Dilemma – What Did Gota Tell O’Brien?

‘No, I will not sign the MCC Agreement” or OK, I will sign the MCC?’

– lankaweb.com/news/items/2020/06/24/sri-lanka-voters-dilemma-what-did-gota-tell-obrien/

• Voters Dilemma – This is with reference to today’s article by Gandara John

– lankaweb.com/news/items/2020/06/25/voters-dilemma-this-is-with-reference-to-todays-article-by-gandara-john/

• Final review report on MCC handed over to PM

– dailymirror.lk/breaking_news/Final-review-report-on-MCC-handed-over-to-PM/108-190595

• We will not sign MCC as Committee found it is not suitable for SL: Ramesh Pathirana

– newsfirst.lk/2020/06/21/we-will-not-sign-mcc-as-committee-found-it-is-not-suitable-for-sl-ramesh-pathirana/

• Nepal too has difficulty in accepting the MCC Compact

– lankaweb.com/news/items/2020/06/23/nepal-too-has-difficulty-in-accepting-the-mcc-compact/

• Nepalese citizens oppose MCC agreement

– newsfirst.lk/2020/06/20/nepalese-citizens-oppose-mcc-agreement/

• US to provide ‘technical assistance’ to SL power, energy sector – Ambassador

– adaderana.lk/news/65034/us-ready-to-provide-technical-assistance-to-sl-power-energy-sector-ambassador

– colombopage.com/archive_20B/Jun26_1593187572CH.php

• EDB initiates digital promotions to revitalise exports

‘A webinar on USA Food and Drug Authority (FDA) requirements for Personal Protective Equipment (PPE) for USA market was conducted for the apparel sector in collaboration with USA Embassy in Sri Lanka, USAID and Joint Apparel Association Forum, Sri Lanka (JAAF).’

– ft.lk/business/EDB-initiates-digital-promotions-to-revitalise-exports/34-702030

• Tense situation in Pottuvil following archaeological survey

– ft.lk/news/Tense-situation-in-Pottuvil-following-archaeological-survey/56-701991

• CIA revelation of a political hand to prevent archaeological survey of the Muhudu Viharaya land (Video)

– lankaweb.com/news/items/2020/06/20/cia-revelation-of-a-political-hand-to-prevent-archaeological-survey-of-the-muhudu-viharaya-land-video/

• Easter attacks: Suspect lawyer Hizbullah NTJ theoretician – DSG

‘… his role compared to that of Balasingham’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224042

• Obscene attack by Muslim professor on President

– lankaweb.com/news/items/2020/06/26/obscene-attack-by-muslim-professor-on-president/

• Young lawyers allege PCoIs undermine law of the land

‘…demand justice for Easter Sunday suspect’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224027

• USD 5mn promised by World Muslim League was never received: Catholic Church

– dailymirror.lk/breaking_news/USD-5mn-promised-by-WML-was-never-received-Church/108-190763

• Questions over funds given to Zion Church finally answered

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224168

• Norway supports PAFFREL to follow health and safety measures during election

– ft.lk/news/Norway-supports-PAFFREL-to-follow-health-and-safety-measures/56-702023

• Can Yasmin Sooka & ITJP produce a Civilian list of Missing/Dead instead of LTTE Terrorists!

– lankaweb.com/news/items/2020/06/25/can-yasmin-sooka-itjp-produce-a-civilian-list-of-missing-dead-instead-of-ltte-terrorists/

• The LTTE Diaspora will be happy….

– lankaweb.com/news/items/2020/06/24/the-ltte-diaspora-will-be-happy/

• Karuna and the killing of 2,000-3,000 soldiers in one night at Elephant Pass – Jeyaraj

 – ft.lk/columns/Karuna-and-the-killing-of-2-000-3-000-soldiers-in-one-night-at-Elephant-Pass/4-702086

• “Col” Karuna’s Eastern Tiger Revolt Against LTTE Chief Prabhakaran – Jeyaraj

– dailymirror.lk/opinion/Col-Karunas-Eastern-Tiger-Revolt-Against-LTTE-Chief-Prabhakaran/172-190784

• R. Premadasa supplied weapons to LTTE, says Karuna Amman

– adaderana.lk/news/65042/r-premadasa-supplied-weapons-to-ltte-says-karuna-amman

• Karuna’s attempt to market his past

– dailymirror.lk/opinion/Karunas-attempt-to-market-his-past/172-190673

• Federalism – Covid-19 & Sri Lanka

‘Let’s just imagine a scenario where the 9 provinces of Sri Lanka were given substantial autonomy to make its own decisions but remain within the ambit of what is oft described as “a united Sri Lanka”.

– lankaweb.com/news/items/2020/06/22/federalism-covid-19-sri-lanka/

• Abolishing Provincial Councils

– lankaweb.com/news/items/2020/06/26/abolishing-provincial-councils/

• Milinda Moragoda urges political parties to consider abolishing the Provincial Council system

– lankaweb.com/news/items/2020/06/26/milinda-moragoda-urges-political-parties-to-consider-abolishing-the-provincial-council-system/

• Key LTTE activist in Norway arrested at BIA

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223954

• JVP on Fake Patriots

– newsfirst.lk/2020/06/25/fake-patriots-misleading-people-sunil-handunnetti/

• Dayan backs Vellala caste fascism disguised as Tamil nationalism

‘No community in Sri Lanka has dehumanized their fellow-man and reduced him/her to the lowest depths of wretched slavery as the Vellalas—the dominant casteist elite of Jaffna — who ruled Jaffna with a fascist fist from feudal times’No community in Sri Lanka has dehumanized their fellow-man and reduced him/her to the lowest depths of wretched slavery as the Vellalas—the dominant casteist elite of Jaffna — who ruled Jaffna with a fascist fist from feudal times’

– lankaweb.com/news/items/2020/06/20/dayan-backs-vellala-caste-fascism-disguised-as-tamil-nationalism/

• Ensuring Executive Power to Minorities

‘Although there were one or two Tamil Ministers in certain Cabinets, they were generally not Tamil people’s elected representatives, but handpicked Tamils from Colombo Tamil elites, appointed through the Senate or National Lists.’

 – island.lk/index.php?page_cat=article-details&page=article-details&code_title=223991

• UN Security Council vote: Sri Lanka sends message to Western nations

‘In a hard-hitting message, SL this week abstained from voting for any candidate–Canada, Ireland or Norway–from the Western European and Other States Group (WEOG) in a contest for the UN Security Council’s (UNSC) non-permanent seats….The Government felt that, even if SL had voted in favour of a WEOG candidate, the same country would have “turned around and let us down at the next international forum”– with Ireland adopting European Union (EU) positions often unfavourable to the dispensation in Colombo, and both Canada and Norway easily influenced by the Tamil diaspora.’

– sundaytimes.lk/200621/news/un-security-council-vote-sri-lanka-sends-message-to-western-nations-406489.html

• PM discloses conspiracies against President

‘“Within the first 2 or 3 days after the new President took office, we noticed odd stories appearing in the media. One news story said that pedestrians crossing the road without using marked pedestrian crossings would be fined by the police. Another story said that Colombo beggars would be rounded up and sent off to camps…’

– sundaytimes.lk/200621/columns/heroic-policeman-killed-night-operations-to-nab-drunk-drivers-406468.html

• Leave no room for the military to thirst after political power – Kumar David

‘Therefore, there is an unavoidable contradiction in championing democracy.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223801

• Pakistan had warned Sri Lanka about Easter Sunday attack, says envoy

– lankaweb.com/news/items/2020/06/21/pakistan-had-warned-sri-lanka-about-easter-sunday-attack-says-envoy/

• Bohra leader’s visit suddenly shrouded in secrecy

– sundaytimes.lk/200621/news/bohra-leaders-visit-suddenly-shrouded-in-secrecy-406474.html

• London Stock Exchange Group backs initial COVID-19 donation with additional funding

‘… donated an additional Rs. 3.0 million to a project to convert the Kattankudy Base Hospital into a COVID-19 isolation and treatment hospital.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223814

• Between India and China: Sri Lanka’s choices and challenges – Jayatilleka

‘Future historians may conclude that the achievable dream of the 21st century as an Asian Age in a multipolar world order, died in mid-June 2020 in the Himalayas, in the Galwan valley in Ladakh.’

– ft.lk/columns/Between-India-and-China-Sri-Lanka-s-choices-and-challenges/4-702137

• Peoples of the Indian Ocean rim states should end colonization of the Indian Ocean

‘…and call for defunding of the US-UK military business industrial complex..’

– wilpf.org/decolonise-and-demilitarise-the-chagos-islands/

• Pakistan PM discusses regional situation, debt relief with Sri Lankan president

– colombopage.com/archive_20B/Jun26_1593140696CH.php

• Cooperation, not confrontation key to realise true potential of South Asia: Imran Khan

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224158

• Pakistan rejects baseless allegations made by Indian Ministry of External Affairs

‘The latest Indian action is a part of India’s desperate attempts to divert attention from its state-terrorism and worst human rights violations in Indian occupied Jammu and Kashmir (IoJ&K).’

– ft.lk/news/Pakistan-rejects-baseless-allegations-made-by-Indian-Ministry-of-External-Affairs/56-702166

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224088

• Pakistan condemns India’s expulsion of dozens of diplomats at ‘delicate’ time after China clash

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224051

– ft.lk/news/Pakistan-condemns-India-s-expulsion-of-diplomats-at-delicate-time-after-China-clash/56-702266

• Sri Lanka can gain from the idea of a Free & Open Indo-Pacific – Rakesh Sood

‘Director of Lakshman Kadirgamar Institute Ganeshan Wignaraja interviewed Sood from the Observer Research Foundation (ORF), former Prime Minister Manmohan Singh’s Special Envoy for Disarmament and Non-Proliferation, and India’s Ambassador to Afghanistan, Nepal and France, Ambassador and Permanent Representative to the Conference on Disarmament in Geneva and the Deputy Chief of Mission in the Embassy of India in Washington DC. Ambassador Sood also held senior roles in Indian missions in several locations including to the UN in Geneva and Pakistan.’

– dailymirror.lk/opinion/Sri-Lanka-can-gain-from-the-idea-of-a-Free-Open-Indo-Pacific-Rakesh-Sood/172-190217

• The Fallacy of Denouncing ‘Both Sides’ Of U.S. Aggression on China – Qiao Collective

‘In order to challenge the USA’s New Cold War on China, the Left must abandon the “neither Washington nor Beijing” and “denounce both the USA and China” false equivalencies that inherently endorse and advance US imperialist violence on China.’

– readpassage.com/the-fallacy-of-denouncing-both-sides-of-the-u-s-china-conflict/

• When Sirimavo stepped in to defuse Sino-Indian conflict in 1962.

– lankaweb.com/news/items/2020/06/25/when-sirimavo-stepped-in-to-defuse-sino-indian-conflict-in-1962/

• New era of India-China rivalry is emerging; Sri Lanka take note

‘SL should take note of assorted geopolitical risks of its overdependency on China… Last but not least, there is a very important historical lesson: India is the only country that has destabilized Sri Lanka. It trained and armed terrorists and intervened when they were losing.’

– dailymirror.lk/opinion/New-era-of-India-China-rivalry-is-emerging-Sri-Lanka-take-note/172-190491

• Asia’s bully boys row, with US egging them on – Editorial

‘SL too has a complicated history with India, which trained and armed the rebel Tamil militant groups which were attempting to divide the country. The Maldives too have complained of Indian interference. As a result of that, many South Asian countries are turning to China to counter-balance India.’

– dailymirror.lk/opinion/Asias-bully-boys-row-with-US-egging-them-on-EDITORIAL/172-190404

• Singh talks tough as India moves tanks near border

‘Chinese forces have put up tents, dug trenches and moved heavy equipment several kilometres inside what had been regarded by India as its territory. The move came after India built a road several hundred kilometres long connecting to a high-altitude forward air base which it reactivated in 2008.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223846

• India moves fighter aircraft to forward bases facing China

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223832

• An anti-China backlash in India

– nytimes.com/2020/06/18/briefing/china-india-salmon-us-protest-art.html

• Armies of India and China to disengage from friction points in eastern Ladakh

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223978

• India once called Zionism racist. Today it moves to replicate it

– middleeasteye.net/opinion/whereas-india-once-called-zionism-racist-today-it-moves-replicate-it

• Labour Party has lost it: Starmer sacks Long-Bailey for sharing an article

‘Long-Bailey was shadow education secretary but after she supported an article which claimed police responsible for George Floyd’s death had received training from the “Israeli secret services”, Leader of the Labour Party Sir Keir Starmer used the excuse to sack her.’

– labourheartlands.com/the-labour-party-has-lost-it-starmer-sacks-long-bailey-for-sharing-an-article-from-the-independent-newspaper/

• What the United States Did in Indonesia

‘As the documents show, U.S. officials knew most of his victims were entirely innocent. U.S. embassy officials even received updates on the executions and offered help to suppress media coverage’

– theatlantic.com/international/archive/2017/10/the-indonesia-documents-and-the-us-agenda

• US Sanctions Iranian Ship Captains as Russia Hosts Venezuelan FM

– venezuelanalysis.com/news/14920

• Syrian Sanctions

‘Last week the United States imposed new sanctions on Syria: a “sustained campaign of economic and political pressure” to end the nine-year war by forcing President Bashar al-Assad to UN-brokered peace talks where he would negotiate his departure from power.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224077

• Meng, Huawei and Canadian Law: Soap, Rinse and Dry-Laundered

 ‘Canadian Prime Minister requested that John McCallum resign as Ambassador to China after he had made public statements which indicated that he thought the case against Meng was trumped up and, therefore, should lead the government to reject the extradition request. This would help Canada in its negotiations with China which, in apparent retaliation, had jailed two Canadian citizens.’

– socialistproject.ca/2020/06/meng-huawei-and-canadian-law-soap-rinse-and-dry-laundered/

• China lodges solemn representations over Canadian FM’s irresponsible statement: embassy

‘The embassy said the two Canadians were arrested by competent Chinese authorities according to Chinese law for crimes against China’s national security.’

– xinhuanet.com/english/2019-12/10/c_138620547.htm

• A Little Known Reality.

 ‘Golden Dragon Precise Copper Tube Group, Inc. recently broke ground on a $100 million plant in Thomasville, Alabama. Many of the residents of Thomasville, Alabama will be glad to have jobs, but it will also become yet another community that will now be heavily dependent on communist China.’

– lankaweb.com/news/items/2020/06/20/a-little-known-reality

• China Policy: Is There a Grown-Up in the Room?

– prospect.org/world/china-policy-trump-xi-jinping-election/

• Boris Kagarlitsky – Post Communist Russia in a Multipolar World

… at Inaugural Conference of the Geopolitical Economy Research Group at Winnipeg, Manitoba in 2015… a prominent a critic of Western stereotypical reportage on Russia and Ukraine…how Yeltsin sent troops into parliament and nobody called him a dictator. Crash of rouble in 1998…

– youtube.com/watch?v=mEz1L5PDqvU

• Burundian President Pierre Nkurunziza, 1964-2020

‘Burundi is Africa’s Syria and Venezuela, a developing nation that dared to defy US dictates under Nkurunziza’s leadership’

– blackagendareport.com/burundian-president-pierre-nkurunziza-1964-2020

• “We have to decide, are we for the people or are we imperialist?” – Evo Morales, President, Plurinational State of Bolivia

‘Excerpt from Evo Morales’ remarks to the “Indigenous Resistance to Militarism & Imperialism” webinar on June 21. Translated from Spanish by Ana Rugamas.’

– peoplesvoice.ca/2020/06/22/we-have-to-decide-are-we-for-the-people-or-are-we-imperialist

• All of Us Began with Marta Harnecker

‘Marta Harnecker (1937–2019) was the most important disseminator of Marx and Lenin’s ideas among waves of activists in Latin America, starting with the publication of her “Booklets for Popular Education” in the 1970s and followed shortly after by The Basic Concepts of Historical Materialism.’

– socialistproject.ca/2020/06/all-of-us-began-with-marta-harnecker/

• Church of England and Bank of England apologise for historic slavery links

‘Nearly 100 clergymen, including a bishop, who benefited from slavery were from the Church of England…27 former members of the Bank of England benefited or had links to the slave trade, including 11 former bank governors and 16 early directors….Royal Bank of Scotland, Lloyds Banking Group and Barclays all said this week that they were not proud of their roles in the slave trade’

– telegraph.co.uk/news/2020/06/18/exclusive-church-england-bank-england-apologise-historic-slavery/

– edition.cnn.com/2020/06/19/business/bank-of-england-slavery-apology/index.html

– ft.com/content/cdb403c9-453d-493f-9077-abf5ef122ca1

• ‘It’s going to be an angry mob’: Kentucky cuts number of polling stations by 95% ahead of primary voting

‘“There will be one polling place for 616,000 registered voters in Louisville’s Jefferson County, where half state’s black voters live.”’

– independent.co.uk/news/world/americas/us-politics/kentucky-cuts-polling-locations-angry-mob-long-lines-georgia-election-day-disaster-confusion-a9577501.html

• Trump & civil unrest in America – Chandraprema

‘One gets the feeling that the silent majority are just biding their time till the elections to put things right with the ballot… the US economy was doing well under Trump’s policies. His programme of bringing manufacturing jobs backs to the USA instead of allowing US companies to produce everything abroad just to make more profits, makes good economic sense.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223828

• ‘Black Lives Matter’ and Iconoclasm: Moral Relativism of the Western Media

‘These were the very journalists and news agencies who applauded and hailed the bringing down of the statues of Lenin in various parts of the former Soviet Union and in other Eastern European countries when Communism collapsed there in early 1990’s.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223982

• Seize the Time or Face Fascism

‘Though most people still romanticize Barack Obama, the lack of hope and change after eight years of a Black president is more stark to more and more Black people’

– blackagendareport.com/seize-time-or-face-fascism

• Paul Robeson didn’t scream ‘BLM’ but he knew what mattered

– malindawords.blogspot.com/2020/06/paul-robeson-didnt-scream-blm-but-he.html

• Never waste a crisis: Corporations invest to ‘recover better’ from COVID-19

‘The UN Global Compact, the world’s largest corporate sustainability initiative, recently made a special appeal for private sector leaders to control the coronavirus outbreak and operate in ways that align with its 10 business principles on human rights, labour, environment and anti-corruption.’

– un.org/en/coronavirus/never-waste-crisis-corporations-invest-%E2%80%98recover-better%E2%80%99-covid-19

• UNWTO builds key corporate partnerships at UNGC Leaders Summit 2020

‘The world’s largest voluntary corporate sustainability initiative, the UNGC event brought together around 20,000 global leaders from 180 countries to discuss how business can support countries and communities around the world, with a particular emphasis on achieving the goals of the 2030 Agenda for Sustainable Development.’

– bwhotelier.businessworld.in/article/UNWTO-builds-key-corporate-partnerships-at-UNGC-Leaders-Summit-2020/24-06-2020-290537/

– businessdailyafrica.com/lifestyle/society/Business-can-ride-out-storm-by-going-green/3405664-5578274-n48anl/index.html

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C2. Security (the state beyond ‘a pair of handcuffs’, monopolies of legitimate violence)

ee Security section focuses on the state (a pair of handcuffs, which sposedly has the monopoly of legitimate violence), and how the ‘national security’ doctrine is undermined by private interests, with no interest in divulging or fighting the real enemy, whose chief aim is to prevent an industrial renaissance as the basis of a truly independent nation.

• Banks Use Thugs

‘It is not only such companies that hire seizers. There are also reputed banks which use them to recover dues including non-payment of credit card fees by using illegal methods. Not only those defaulters who are harassed by these goons but also their relatives and friends. It is time that the government warns banks that such acts under their supervision is both illegal and not in the public interest. Such seizers are usually those from the armed forces, the police who have been sacked for misconduct or known thugs with bad records. There are instances of midnight calls and even assaults to recover money. The banks hire companies that provide such services. There are instances when pressure is used on the Police by these banks when complaints are made. Banks on the other hand say they have no other legal hold since recoveries are often difficult and after litigation, they receive only small amounts. Only a probe will reveal the degree of the malaise that has taken root.’

– sundaytimes.lk/200621/columns/president-faces-manifold-challenges-august-5-polls-vital-406375.html

• Finance companies received parliamentary approval to seize vehicles – Wijeyadasa

‘… blame for creating underworld lies with House’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224043

• CID probes PNB sleuths who sold 100 kilos of heroin to drug dealer in Dubai

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224044

• Underworld uses banking system to carry out illegal fund transfers

‘The Director of the Financial Investigation Unit (FIU) of the Central Bank of Sri Lanka was not available yesterday to seek clarification as regards its responsibilities.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224075

• Fort police OIC (Crimes) interdicted for conveying SDIG’s message to tourist hotels

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224093

• Two de-miners arrested for carrying 4.5kgs of TNT explosives

– dailymirror.lk/breaking_news/Two-de-miners-arrested-for-carrying-4-5kgs-of-TNT-explosives/108-190458

• The challenges of cyber security in Sri Lanka

‘The Institute of National Security Studies webinar on ‘The Challenges of Cyber Security in Sri Lanka’ was sponsored by MAC holdings on 17 June from 3 to 4 p.m. via Zoom and the guest speaker was Sri Lanka Computer Emergency Readiness Team (SLCERT) Chief Executive Officer Lal Dias. The webinar was moderated by INSSSL Director General Admiral (Prof.) Jayanath Colombage.’

– ft.lk/it-telecom-tech/The-challenges-of-cyber-security-in-Sri-Lanka/50-702036

• Karuna’s history not a secret: MR

– dailymirror.lk/breaking_news/Karunas-history-not-a-secret-MR/108-190599

• Statement by Karuna Amman cannot be taken lightly – former State Defense Minister

– colombopage.com/archive_20A/Jun21_1592678586CH.php

• Law should be enforced against Karuna Amman – Patali Champika

– colombopage.com/archive_20B/Jun21_1592756426CH.php

• HRW: Karuna should have been investigated for war crimes

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224029

• UNDP provides COVID-19 protective gear to National Police Commission

– dailymirror.lk/business-news/UNDP-provides-COVID-19-protective-gear-to-NPC/273-190771

• Heroic policeman killed: Night operations to nab drunk drivers

“We have arrested 45,750 drunk drivers from July 5, 2019 until June 15, 2020…”’

– sundaytimes.lk/200621/columns/heroic-policeman-killed-night-operations-to-nab-drunk-drivers-406468.html

• Canada’s illicit drug and gun trade

‘“Toronto has the highest rate of cargo theft in all of North America… all perpetrated by organized crime.”… much of Canada’s illicit drug and gun trade is transported by commercial vehicles…”

– torontosun.com/news/local-news/mto-says-hands-off-tow-trucks-claim-enforcement-officers

• Insurance workers ‘muscled’ by body shops as probe into tow truck wars continues

‘Over the past two years, more than 50 tow trucks have been set on fire, multiple people have been shot, and at least four men with ties to the tow-truck industry have been killed.’

– theglobeandmail.com/canada/toronto/article-more-arrests-in-toronto-tow-truck-turf-wars-after-insurance-workers/

• Canadian Military lists radical first-nation groups among terrorists

– theglobeandmail.com/news/national/military-to-apologize-for-listing-radical-first-nation-groups-among-terrorists/article1320857

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C3. Economists

(Study the Economists before you study the Economics)

ee Economists shows how paid capitalist/academic ‘professionals’ confuse (misdefinitions, etc) and divert (with false indices, etc) from the steps needed to achieve an industrial country.

• Another Bank Bailout Under Cover of a Virus

‘Why are elected local governments, which are required to serve the public, penalized for shortfalls in their budgets caused by a mandatory shutdown, when private banks that serve private stockholders are not penalized?’

– commondreams.org/views/2020/05/18/another-bank-bailout-under-cover-virus

• CB requests CIABOC to probe allegations against staff

‘… the move followed reports in some print & online media accusing 50 senior officers of CB of obtaining monetary & other benefits from finance, leasing & micro finance companies.’

– ft.lk/front-page/CB-requests-CIABOC-to-probe-allegations-against-staff/44-702068

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224017

• Constitutional Council approves Ranee Jayamaha & Samantha Kumarasinghe to CBSL Monetary Board

‘The President nominated industrialist-cum exporter and Chairman of Nature’s Beauty Creations Ltd. and Multichemi International Ltd. Samantha Kumarasinghe and former Central Bank Deputy Governor Dr. Ranee Jayamaha, who was a former chairperson of the Hatton National Bank.’

– bizenglish.adaderana.lk/constitutional-council-approves-ranee-jayamaha-and-samantha-kumarasinghe-to-cbsl-monetary-board/

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223992

– bizenglish.adaderana.lk/two-new-members-to-monetary-board-constitutional-council-to-meet-tomorrow/

• MONLAR blows whistle on microcredit mafia Central Bank ignores

‘Village thugs had been entrusted with the task of recovering microcredit loans granted by many companies…”The Central Bank of Sri Lanka (CBSL) is responsible for this. Only four microcredit companies are registered with the CBSL, but there are close to 11, 000 such outfits operating in all parts of the country. Everyone knows that these companies operate but no action is taken. The CBSL evades responsibility saying that Sri Lankans don’t have financial literacy.”’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223917

• Statement by CBSL on Regulation and Supervision of Non-Bank Financial Institutions

– bizenglish.adaderana.lk/statement-by-cbsl-on-regulation-and-supervision-of-non-bank-financial-institutions/

• Central Bank shuns sole blame for collapse of NBFIs

– ft.lk/top-story/Central-Bank-shuns-sole-blame-for-collapse-of-NBFIs/26-702287

 • President: continuous involvement by government will hinder small scale businesses

‘Around 90,000 hair and beauty parlours exist around Sri Lanka and more than 450,000 people are employed at these centers, providing for around 1.5 Mn families.

– newsfirst.lk/2020/06/26/president-continuous-govt-involvements-will-hinder-the-development-of-small-scale-bussinesses/

– adaderana.lk/news/65038/give-space-for-small-entrepreneurs-to-grow-president

• What is your interest in zero interest rate regimes?

‘Action should be taken to prevent the Central Bank and state-owned banks being robbed from inside. Moreover, undue influence should not be brought to bear on the financial industry professionals to meet the political agendas or to grant licences for opening banks.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223987

• Accelerating credit flows: Address structural issues first

‘The gainers are the borrowers, the government and those in the private sector. Both parties will find a fall in interest payment commitments leaving a sizable cash savings which they can use for other purposes. A likely unintended consequence is the development of an informal financial services market that would lure depositors of banks on the promise of higher interest rates….Some undesirable outcomes would be the dwindling of the savings flows, rising savings-investment gaps, need for borrowing abroad to fill the gap, trapping the country in an external debt trap and above all, pressure for the rupee to depreciate in the market. These costs would have been avoided by the Board if it had gone for a credit guarantee scheme and streamlined CRIB reports when assessing loan applications.

– ft.lk/columns/Accelerating-credit-flows-Address-structural-issues-first/4-701937

• Agenda for the Global South After COVID-19

‘In 1974, the United Nations General Assembly passed a New International Economic Order (NIEO), which was driven by the Non-Aligned Movement (NAM). The resolution laid out a clear plan for the structural transformation of the world system, which was in the throes of a crisis at the time.’

– socialistproject.ca/2020/06/agenda-for-global-south-after-covid19/

• Sri Lanka has become a poorer nation! – Reductio Ad Abeyratnum

‘It was only last year on July 1 that the World Bank declared that Sri Lanka has graduated from lower-middle to upper-middle income category. And within six months since then, we are back to lower-middle income category status again.’

– sundaytimes.lk/200621/business-times/sri-lanka-has-become-a-poorer-nation-406154.html

• Sri Lanka’s central bank explains Covid-19 credit scheme in FAQs

– economynext.com/sri-lankas-central-bank-explains-covid-19-credit-scheme-in-faqs-71302/

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224151

• CB dismisses claims it succumbed to President’s ire

‘Says announced measures were already underway and decided at Monetary Board prior to incident’

– dailymirror.lk/business-news/CB-dismisses-claims-it-succumbed-to-Presidents-ire/273-190500

• The Central Bank in August elections – Philips

‘Suffice it, for now, to take note of the birth of a new-normal economic principle in SL, that if the government owes money to a company or companies for contractually provided goods and services, and if the government is unable to make those payments, then it can direct the country’s banks to extend loans to those companies using their outstanding dues as collateral, for the stated purpose of letting the companies run the economy.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223805

• Sri Lanka ex-Finance minister defends central bank, says credit guarantees needed

‘“On the one hand the CBSL is castigated for allowing finance companies to fail and on the other hand they are being asked to push banks to lend to risky businesses setting banks up for failure as well.”’

– economynext.com/sri-lanka-ex-finance-minister-defends-central-bank-says-credit-guarantees-needed-71310/

• The SJB and UNP defend independent institutions

‘Eran Wickramaratne took particular issue at the public dressing down given to the Governor of the Central Bank and the monetary board recently, on the rather well-established grounds that Central Banks the world over are independent institutions, which govern monetary policy, independent of the executive, which manages fiscal policy. The independence of Central Banks, evolved in the post second world war era, as the global economy developed, financial markets became more complex and countries dropped the gold standard for their currencies and replaced it with the full faith and credit of the issuing state. The post dressing down solutions proposed by our CB, of ever cheaper money or demand stimulation, as in the West, Wickramaratne contended may not work in Sri Lanka, where the bottlenecks are more likely on the production or supply side, rather than on the demand side.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224023

• Central Bank printing new money

‘It is a pity that the CB is not more transparent and keep the public informed about changes in the banknotes they are expected to trust. (The writer maintains an educational website on Lankan banknotes since 1785 athttp: //notes.lakdiva.org).’

– sundaytimes.lk/200621/business-times/central-bank-printing-new-money-406136.html

• CBSL’s COVID-19 Relief Measures

‘This press statement aims to create public awareness about the operational and policy measures undertaken by the Central Bank of Sri Lanka thus far during 2020…’

– bizenglish.adaderana.lk/cbsls-covid-19-relief-measures

– economynext.com/sri-lanka-central-bank-lists-measures-taken-for-covid-19-relief-money-printed-for-budget-71429/

• Viyath Maga according to President Gotabaya Rajapaksa

‘The Rajapaksas would know that their base is hurting economically. They doubtless remember the critical role economics played in their January 2015 defeat. The electoral tide is still in their favour, but the massive majority they want will elude them if the economic fallout is not handled. Lacking a plan to halt the downslide, they cannot but seek salvation in excuses and scapegoats.’

– ft.lk/columns/Viyath-Maga-according-to-President-Gotabaya-Rajapaksa/4-702010

• SOE sector: Promises of change on the horizon? – Advocata

– ft.lk/columns/SOE-sector-Promises-of-change-on-the-horizon/4-702139

• SL Treasury, Central Bank should consider credit guarantees for Covid-19 distressed bank loans – Advocata

– lankabusinessonline.com/sri-lanka-treasury-and-central-bank-should-consider-credit-guarantees-for-covid-19-distressed-bank-loans/

• SL should aim for V-shaped economic recovery post COVID 19 : Cabraal

– lankabusinessonline.com/sl-should-aim-for-v-shaped-economic-recovery-post-covid-19-cabraal/

• Private sector cornerstone of COVID-19 recovery: Dr. Hans Wijayasuriya

– ft.lk/business/Private-sector-cornerstone-of-COVID-19-recovery-Dr-Hans-Wijayasuriya/34-702216

– dailymirror.lk/business__main/Post-COVID-recovery-depends-on-effective-execution-of-public-private-vision-CCC/245-190772

• ICC calls for relief from debt servicing obligations

‘ICC Chair Paul Polman addressing a high-level United Nations Event on Financing for Development in the Era of COVID-19 and Beyond…pointed out that without adequate fiscal interventions we risk the wholesale systems collapse of local private sectors – which will bring with it devastating social impacts and significant international ripple effects.’

– ft.lk/business/ICC-calls-for-relief-from-debt-servicing-obligations/34-701990

• What is China’s cryptocurrency alternative sovereign digital currency and why is it not like bitcoin?

– scmp.com/economy/china-economy/article/3083952/what-chinas-cryptocurrency-sovereign-digital-currency-and-why

• Hezbollah head prefers China to IMF for Lebanon bailout

– asiatimes.com/2020/06/hezbollah-head-prefers-china-to-imf-for-lebanon-bailout

• COVID-19: A View from the Great Depression of the 1930s

‘In the end, a nineteenth-century liberalism that had long been challenged by various socialisms from the left and by protectionism, racism, and nationalism from the right, was finally replaced by Keynesianism, a philosophy of mixed economies and class compromise.’

– socialistproject.ca/2020/06/covid19-view-from-great-depression-of-1930s/

• Yanis Varoufakis: Confessions of an Erratic Marxist: Varoufakis

‘All along, from my student days to this very day, the only way I could make sense of the world we live in is through the methodological ‘eyes’ of Karl Marx’

– m.youtube.com/watch?v=A3uNIgDmqwI

• “For too long, economists have dodged the issue of racism and discrimination”

‘Economists don’t want to admit the history of race at the founding of modern economics at the beginning of the 20th century’

– marketplace.org/2020/06/18/for-too-long-economists-have-dodged-the-issue-of-racism-and-discrimination

• Food, Land and Power: Revisiting Black Cooperative Movements

‘Land loss has plagued black America since emancipation – is it time to look again at ‘black commons’ and collective ownership?… “79.1% of white Americans own a home compared to 41.8% of black Americans.”.’

– blackagendareport.com/food-land-and-power-revisiting-black-cooperative-movements?

• Can A Hedge Fund Create Long-Term Impact?

‘Jeff Ubben is leaving his $16 billion hedge fund ValueAct Capital to launch a first-of-its-kind impact hedge fund: Inclusive Capital Partners, which he will lead along with Coalition for Inclusive Capitalism founder Lynn Forester de Rothschild.’

– karmaimpact.com/can-a-hedge-fund-create-long-term-impact/

____________________________________________

C4. Economy

(Usually reported in monetary terms)

ee Economy section shows how the economy is usually measured by false indices like GDP, etc, and in monetary terms, confusing money and capital, while calling for privatization and deregulation, etc.

• Sri Lanka to extend exchange controls for six months: Minister

– economynext.com/sri-lanka-to-extend-exchange-controls-for-six-months-minister-71409

• Inward foreign exchange remittances Gazette to be amended

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224085

• Sri Lanka rupee ends weaker, bond yields fall

– economynext.com/sri-lanka-rupee-ends-weaker-bond-yields-fall-71394/

• Sri Lanka development bond yield overtakes rupee Treasuries at auction

– economynext.com/sri-lanka-development-bond-yield-overtakes-rupee-treasuries-at-auction-71449/

• Bourse dampened initially by profit-taking but picks-up

 – island.lk/index.php?page_cat=article-details&page=article-details&code_title=224155

 • Sri Lanka central bank injects Rs459bn from Feb, spent forex reserves US$1.3bn

– economynext.com/sri-lanka-central-bank-injects-rs459bn-from-feb-spent-forex-reserves-us1-3bn-71437/

• April trade data highlights SL’s stubborn reliance on imports for consumption

‘Trade deficit expands on decline in exports, which surpassed decline in imports. Sri Lanka’s April merchandise trade data reflected some harsh reality, showing the stubborn reliance of the country on imports for food and beverages as Sri Lanka could not cut down on such imports as the bill on such goods further increased in the period when people remained mostly in their homes’

– dailymirror.lk/business-news/April-trade-data-highlights-SLs-stubborn-reliance-on-imports-for-consumption/273-190641

• SJB and JVP support President GR’s call for debt moratorium

‘the real challenge was the International Sovereign Bonds (ISBs) which had hundred of investors.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223911

• Bankers to meet Prez tomorrow (Monday)

‘Heads of commercial banks…’

– sundaytimes.lk/200621/business-times/bankers-to-meet-prez-tomorrow-406165.html

• Fitch optimistic about SL’s ability to meet foreign debt obligations this year

“We believe the government will be able to finance its maturing external debt in 2020 through loan disbursements from bilateral and multilateral agencies, apart from the sovereign bond obligation that is due, which we assume will be met out of reserves”

– dailymirror.lk/business-news/Fitch-optimistic-about-SLs-ability-to-meet-foreign-debt-obligations-this-year/273-190643

• Sri Lanka’s external Strains set to persist beyond elections : Fitch

‘SL has yet to receive external financing from the IMF in 2020, either as part of emergency support during the coronavirus pandemic or as part of a regular programme. Greater clarity on government’s medium-term economic policies after the elections are held could facilitate such financing, but agreeing on policies to place public finances on a consolidation path will be challenging.’

– bizenglish.adaderana.lk/sri-lankas-external-strains-set-to-persist-beyond-elections-fitch/

• Finance Ministry, CB unveil plans to revive economy

– sundaytimes.lk/200621/business-times/finance-ministry-cb-unveil-plans-to-revive-economy-406182.html

• Central Bank Approves Rs. 28 Billion Loans at 4% among 13,861 Businesses Affected by the COVID-19 Outbreak

– bizenglish.adaderana.lk/central-bank-approved-rs-28-billion-loans-at-4-among-13861-businesses-affected-by-the-covid-19-outbreak/

– ft.lk/front-page/CB-says-Rs-28-b-loans-at-4-approved-for-COVID-19-hit-13-861-biz/44-702183

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224058

• Sri Lanka insurance watchdog appoints Dutch actuarial consultant

‘..as part of a World Bank funded project to modernize the sector…Teyus Mouric, has been appointed to provide Actuarial Expert Consultancy by the Insurance Regulatory Commission of Sri Lanka. The cabinet of ministers had approved his contract for 400,000 US dollars, the information office said. The regulator will appoint five experts. The consultancies are a part of a World Bank insurance sector modernization project which will total 9 million US dollars. (Colombo/June21/2020)

– economynext.com/sri-lanka-insurance-watchdog-appoints-dutch-actuarial-consultant-71285/

• The sting in the Japanese missive to the Treasury

“The Japanese are questioning the Government’s debt policy and request for a debt moratorium from Japan… They are asking questions about Sri Lanka’s (non-existent) Energy Plan. They want to know about the LNG project and the underground cable project from Kerawalapitiya to the Colombo harbour. They are asking about the Light Rail (overhead) project that the government seems to want cancelled.’

– sundaytimes.lk/200621/editorial/rs-44-million-to-elect-one-mp-406366.html

• Sri Lanka imports, exports collapse in April amid Coronavirus

– economynext.com/sri-lanka-imports-exports-collapse-in-april-amid-coronavirus-71334/

• Sri Lanka’s headline inflation decreased further in May

‘The monthly change of NCPI was at 0.4 % in May 2020 mainly due to increases in Food prices’

– lankabusinessonline.com/sri-lankas-headline-inflation-decreased-further-in-may/

• External sector performance – April 2020 Highlights

‘The expenditure on merchandise imports also declined, with disruption to import related supply chains and restrictions imposed on non essential imports by the government and the Central Bank.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223972

• Dip in foreign outflow encouraging investors to remain in local market

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223973

• IMF says decline in global growth worse than forecast

– bizenglish.adaderana.lk/imf-says-decline-in-global-growth-worse-than-forecast/

– ft.lk/front-page/IMF-predicts-deeper-global-recession-due-to-COVID-19/44-702291

_________________________________________________________________________

C5. Workers

(Inadequate Stats, Wasteful Transport, Unmodern Plantations, Services)

ee Workers attempts to correct the massive gaps and disinformation about workers, urban and rural and their representatives (trade unions, etc), and to highlight the need for organized worker power

• Bank Workers to Strike in July

‘The Ceylon Bank Employees Union (CBEU) said that they have decided to go on strike on July 7 and 14…”Over 20,000 state bank employees will be mobilized for the token strikes out of our 30,000 strong membership…The government is grooming political or less qualified people or complete outsiders to be appointed as general managers of the Bank of Ceylon, NSB and RDB…. At BOC, there are about 1,500-2000 young employees who face labour exploitation. They have been put on contract-basis work for three years before making them permanen…’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224018

• Postal Unions protest

‘…against decision by the Treasury to stop delivery on Saturday to save money as there was a severe cash crunch….Unions had now agreed to a 20% overtime cut, but they would get work on Saturday’

– economynext.com/addresses-of-42000-airmailed-parcels-to-sri-lanka-lost-at-sea-in-coronavirus-crisis-minister-71225/

• PHIs threaten to stop work from Friday

‘“PHIs have been tasked with the prevention of public gatherings and observing various election-related activities. But party representatives and candidates have rarely adhered to the COVID-19 prevention guidelines, setting a bad example to the public.’

– dailymirror.lk/breaking_news/PHIs-threaten-to-stop-work-from-Friday/108-190525

• Trade unions blame “hidden entity” for obstructing development of the East Terminal

“There are corrupt senior officials within the SL Ports Authority who are trying to privatize operations at the East Container Terminal to occupy top positions,” Shyamal Sumanarathna, a unionist said.”

– newsfirst.lk/2020/06/23/trade-unions-accuse-hidden-entity-of-blocking-terminal-development/

• Trade unions urge Sri Lanka Ports Authority (SLPA) to install three cranes to develop the East Container Terminal at the Colombo Port

– newsfirst.lk/2020/06/25/trade-unions-urge-development-of-east-container-terminal/

• Make positive suggestions on wages of estate workers, PM tells estate owners

– colombopage.com/archive_20B/Jun26_1593147788CH.php

• Medical students protest against private medical college

– sundaytimes.lk/article/1121551/in-pictures-medical-students-protest-against-private-medical-college

• 3 more months of reduced wages

‘The Labour Ministry on Friday reached agreement to extend the consensus between employers and workers to ensure that private sector staff continues to be paid half the basic or Rs.14, 500 for the next three months. This extension of the agreement, initially reached in May, between the Employers’ Federation of Ceylon, the trade unions and the Labour Ministry came after much discussion since trade unions insisted that employers continue to layoff despite the agreement to retain this staff under the circumstances on the newly agreed payment structure.’

– sundaytimes.lk/200621/business-times/3-more-months-of-reduced-wages-406179.html

• Swindlers deal to deprive Rs. 5000 allowance

 ‘President of the United Self Employed Workers’ Union Charles Pradeep said that there are around 50, 000 self-employed workers in Pettah alone and they have not received the Rs. 5000 allowance.’

– dailymirror.lk/recomended-news/Swindlers-deal-to-deprive-Rs-5000-allowance/277-190489

• President’s Message Is For All State Employees

‘We need to identify industries and entepreneurial businesses, and fund them during this time to bring back the economy’

– lankaweb.com/news/items/2020/06/26/presidents-message-is-for-all-state-employees/

• Workers’ remittances decline 32.3% in April

– bizenglish.adaderana.lk/workers-remittances-decline-32-3-in-april/

• US Supreme Court rules to expel Lankan immigrant seeking asylum

‘The Trump administration says US asylum system is abused & most claims turn out to have no merit.’

 – sundaytimes.lk/article/1121525/us-supreme-court-rules-to-expel-lankan-immigrant-seeking-asylum

• Only a small number of migrant workers want to return to Sri Lanka – Cabinet Spokesman

– economynext.com/only-a-small-number-of-migrant-workers-want-to-return-to-sri-lanka-cabinet-spokesman-71422/

• Over 9,500 Sri Lankans repatriated from 38 countries

– colombopage.com/archive_20B/Jun25_1593088745CH.php

• Exodus of Sri Lankan Employees Back to Homeland From Overseas

Iit has come to young people’s minds that the purpose of education is to go overseas for employment than using it for the country where they were born.’

– lankaweb.com/news/items/2020/06/23/exodus-of-sri-lankan-employees-back-to-homeland-from-overseas/

• Discussions on Lankan workers in Lebanon

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224086

• A way forward for the Tamil-speaking people of Sri Lanka

‘The Sri Lankan economy has grown in the 2005 – 15 decade, with Mahinda Rajapakse as President, from the level of a poor country to become a middle income country. But we cannot be satisfied with the continuing low economic level of a large section of our population – poor farmers, fisherfolk, manual labourers and others. Nearly 40% of the Sri Lankan population live in poverty with a daily income of less than Rs. 500. Like in all countries, the rich/poor gap is widening with the income of the top 1% being equal to that of the bottom 50% in Sri Lanka.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223834

• Stop those children from working! – Editorial

‘The large number of children used in employment in Sri Lanka is of concern. This issue of exploiting children in labour activities is often not taken seriously because Sri Lanka is an Asian country.’

– dailymirror.lk/opinion/Stop-those-children-from-working-EDITORIAL/172-190274

• Sri Lanka Port Authority ensures the safety of seafarers

– colombopage.com/archive_20B/Jun26_1593149050CH.php

• Group of Sri Lankans, Indian sailors arrive from India

‘Indian nationals who were working on foreign ships anchored at the Colombo port.’

– colombopage.com/archive_20B/Jun22_1592810210CH.php

 • Würth & German Development Bank signs MoU with VTA to support entrepreneurship of Sri Lankan craftsmen

‘Technipreneurs Lanka PPP was co-founded by Würth Lanka and German Development Bank DEG/KfW within the frame of Rs. 60 million…There is an increasing demand for professional craftsmen such as electrical, mechanical, air-conditioning, plumbing, carpentry, welding, aluminium, and general fabrication, and fitters… With the increased number of residential apartments, thousands of high-end apartments are currently in the finishing stage – there will be even higher pressure to find skilled and professional craftsmen.’

– ft.lk/business/W%C3%BCrth-signs-MoU-with-VTA-to-support-entrepreneurship-of-Sri-Lankan-craftsmen/34-702032

• UNICEF: 30% of Sri Lankan families reduced food consumption in May

‘”One of the most powerful means of hearing children’s voices is through the various helplines that UNICEF supports..in SL, we see an increase of 40% increase in calls from children reporting abuse”’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224032

• What comes first, business or jobs?

‘Business and jobs can’t be separated, it’s a partnership.’

– ft.lk/columns/What-comes-first-business-or-jobs/4-702198

• Unprecedented world food shortages, hunger, starvation and deaths amidst corona pandemic

‘According to the United Nations World Food Programme (WFP), more than 260 million people will face starvation and about 18 million people are estimated to die of starvation and illnesses related to food shortages. Most of these deaths would be in Africa and South Asia.’

– sundaytimes.lk/200621/columns/unprecedented-world-food-shortages-hunger-starvation-and-deaths-amidst-corona-pandemic-406358.html

• English taxpayers were paying compensation to slave traders until 2015

“Descendants of slaves are paying compensation to slave owners?”

– thelondoneconomic.com/politics/uk-taxpayers-were-paying-compensation-to-slave-traders-until-2015/11/06

• Workers won’t recover without class struggle

– peoplesvoice.ca/2020/06/11/workers-wont-recover-without-class-struggle/

• Unsanitized: Big Structural Unemployment

 ‘The Becker Institute at the University of Chicago puts the number higher, at 42 %. That translates into millions and millions of jobs never coming back.’

– prospect.org/coronavirus/unsanitized-big-structural-unemployment/

• How the Fed Bailed Out the Investor Class Without Spending a Cent

‘Aviation-related grants that the Treasury supplied came with a requirement to keep workers on the payroll for six months. Freed from any restrictions, Boeing almost immediately announced that it would cut 16,000 jobs. Similarly, General Electric, another company that spurned a direct bailout and floated $6 billion in bonds, cut 13,000 jobs in its aviation unit shortly thereafter….“You can get loans, but loans don’t replace income,” said Nathan Tankus, research director at the Modern Money Network. Menand likened the moment to August 2007, when the Fed provided enough liquidity to avert crisis for a while. Eventually, there was a reckoning when asset prices declined and losses hit the system. “This is more like August 2007 than September 2009,” he said. “The idea that we won’t have massive insolvency at big companies is crazy. And the Fed will not be there.”’

– prospect.org/coronavirus/how-fed-bailed-out-the-investor-class-corporate-america/

• What is happening to unemployed US workers

– prospect.org/coronavirus/the-journey-of-the-jobless/

• Redlining In Chicago Creates Home Loan Inequality

City Bureau and WBEZ examined $57 billion of Chicago mortgages between 2012 and 2018, and found that 68% of the money went to majority white neighborhoods. Black neighborhoods got 8%.’

– nbcnews.com/nightly-news/video/inequality-in-america-modern-day-redlining-in-chicago-creates-home-loan-inequality-85110853978

• China Launches An Inquiry Service Where You Can Check If Your Partner Has A History Of Abuse Before You Marry

– iharare.com/check-if-your-partner-has-a-history-of-abuse/

• Top Trump economic adviser says next stimulus checks should go to ‘people who lost jobs’

– businessinsider.in/stock-market/news/a-top-trump-economic-adviser-says-the-next-wave-of-stimulus-checks-should-go-to-people-who-lost-their-jobs-and-are-most-in-need/articleshow/76539903.cms

_________________________________________________________________________

C6. Agriculture

(Robbery of rural home market; Machines, if used, mainly imported)

ee Agriculture emphasizes the failure to industrialize on an agriculture that keeps the cultivator impoverished under moneylender and merchant, and the need to protect the rural home market. Also, importation of agricultural machinery, lack of rural monetization and commercialization, etc.

• Bayer Settles Glyphosate Cancer Lawsuit for $10.9 Billion

– lankaweb.com/news/items/2020/06/24/bayer-settles-glyphosate-cancer-lawsuit-for-10-9-billion/

• CIC Holdings after-tax profit by 133% to Rs. 1 billion

‘CIC’s crop solutions business maintained its profitability at Rs. 1.25 billion,…Directors of CIC Holdings comprises of Chairman Harsha Amarasekera, S. Fernando, R.S. Captain, S.M. Enderby, M.P. Jayawardena and P.R. Saldin.’

– ft.lk/front-page/CIC-Holdings-turns-resilient-ups-FY20-after-tax-profit-by-133-to-Rs-1-b/44-701999

• Lanka to reach self- sufficiency in paddy fertilizer

‘Annual saving of US 57 mn in foreign exchange – ‘The Government has directed the full compilation of a feasibility report which is being done and has not ruled out the possibility of having the project either a Joint Venture basis or as a Private-Public Partnership where the investment will be Rs. 7 billion. The recovery period of the investment will be around six years. Meeting have been held between the officials of the Ministry of Agriculture and Industries along with the three Government owned companies – Lanka Phosphate Co. Ltd, Lanka Fertilizer Co. Ltd and Colombo Commercial Fertilizer Company Ltd, who have all expressed their consent to the project and willingness to invest as well.’

– dailynews.lk/2020/06/22/finance/221243/lanka-reach-self-sufficiency-paddy-fertilizer

• Singer with John Deere partners national mission to cultivate fallow paddy lands

‘The national mission to cultivate all fallow paddy lands takes place under the full supervision and coordination of Sri Lanka Army’s newly established Agricultural and Livestock Directorate. Singer Sri Lanka PLC, the importer and distributor of John Deere tractors…’

– ft.lk/business/Singer-with-John-Deere-partners-national-mission-to-cultivate-fallow-paddy-lands/34-702031

• Ash from Lakvijaya coal power plant fall on nearby crops

– sundaytimes.lk/article/1121396/ash-from-lakvijaya-coal-power-plant-fall-on-nearby-crops

• Sri Lanka tea prices mixed, best teas take hit

– economynext.com/sri-lanka-tea-prices-mixed-best-teas-take-hit-71466/

• The story of Jaffna’s Nelli crush and more …

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224026

• Alleged rape of Wilpattu:

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224031

• Chaos returns to Yala National Park thanks to political interference

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224033
• Poultry producers look to crack new markets impacted by COVID-19

‘Nearly half of the corn needed can be sourced locally but price controls are needed to prevent third party vendors from charging exorbitant prices for it, he opined’

– ft.lk/front-page/Poultry-producers-look-to-crack-new-markets-impacted-by-COVID-19/44-701935

• Steady demand for eggs helps Three Acre Farms to boost profit

‘Ceylon Grain Elevators PLC is the controlling shareholder of TAF with 57.21 % of the company. Additionally, Singapore based interests and related parties are among the top twenty shareholders. The directors of TAF are Messrs. W.S. Weerasooria Jr., Primus Cheng, Tang Ben Chuan, Bernard Chen Koh Chuen, Sunil Leeniyagoda, Dr. Prathap Ramanujam and R.N. Asirwatham.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223841

• Crysbro successfully spearheads export of poultry to the Gulf

‘Crysbro’s temperature-controlled distribution facility and marketing office in Kaduwela. Crysbro’s high-tech, environment-controlled broiler farm in Galgamuwa…The maiden consignment consisted of 30 metric tonnes of chicken products, which was delivered to Al Hamadi Trading & Cont. LLC; one of the largest frozen meat importers in Oman.’

– ft.lk/business/Crysbro-successfully-spearheads-export-of-poultry-to-the-Gulf/34-702033

• Ancient Sri Lankans built canals. Their legacy today? A new type of forest.

‘For centuries, SL’s ancient civilization diverted river water to large reservoirs & man-made canals for agriculture. After the collapse of the island’s hydraulic civilization about 700 years ago, these canals were abandoned. But water still flows through them today, nurturing a different type of vegetation.’

– lankaweb.com/news/items/2020/06/22/ancient-sri-lankans-built-canals-their-legacy-today-a-new-type-of-forest/

• Sri Lankan asparagus farmer puts down roots in Nara village

– lankaweb.com/news/items/2020/06/20/sri-lankan-asparagus-farmer-puts-down-roots-in-nara-village/

• Nestlé to sell its bottled water brands in the US and Canada – What is behind this maneuver?

‘The ‘selling’ of Nestlé brands changed nothing in Brazil. The bottling operations and environmental damage caused by bottling water facilities continued after the transfer from Nestlé to the Brazilian company. In fact, the only visible change was in the media attention paid to the citizens’ movements efforts: they got LESS attention from the press because the fight against a giant transnational corporation like Nestlé has much more appeal than the fight against a locally owned bottling company.’

– defenddemocracy.press/nestle-may-sell-its-bottled-water-brands-in-the-us-and-canada-what-is-behind-this-maneuver/

_____________________________________________________________________

C7. Industry

(False definitions, anti-industrial sermons, rentier/entrepreneur, etc)

ee Industry section notes the ignorance about industrialization, the buying of foreign machinery, the need to make machines that make machines, build a producer culture. False definitions of industry, entrepreneur, etc, abound.

• Red Alert on Mannar Mineral Extraction Project

‘Mannar has a large scale mineral extraction operation by Australian mineral exploration company Titanium Sands Ltd….Titanium Sands Ltd. (formerly known as Windimurra Vanadium Ltd.) has an agreement with Srinel Holdings Ltd. to acquire a high grade ilmenite-leucoxene project on Mannar Island where ongoing drilling is expanding resources and reserves…Chairman of Geological Survey and Mines Bureau (GSMB) Anura Walpola said nine licenses had been issued for mining purposes in Mannar. “Six of them have been issued to Lanka Mineral Sands Pvt. Ltd and three others to private projects which are pending renewal. In order to issue a mining license we need an Environmental Impact Assessment (EIA) report. But so far we haven’t received it from the said company. There are ongoing projects in Mannar and Pulmudai and we are looking at mining mineral sands in Aruwakkalu. The Northern coastal belt has rich deposits of ilmenite and zirconium. Another area we are looking at is the Southern sea which has an abundance of garnet sand.’

– dailymirror.lk/expose/RED-ALERT-ON-MANNAR-MINERAL-EXTRACTION-PROJECT/333-190634

• Titanium Sands Ltd holds five exploration licences a for heavy mineral sands located in North West Sri Lanka on Mannar Island and the adjacent mainland coast.

– titaniumsands.com.au/company-projects/

• Titanium Sands’ new land acquisition and current drilling in Sri Lanka (video)

– youtube.com/watch?v=2GtYbuNO_Us

• Man killed during confrontation between Army and sand traffickers in Kilinochchi

– colombopage.com/archive_20B/Jun21_1592715215CH.php

• Northern Governor calls for report over Pallai shooting incident

‘Residents said sand mining activities are rising after government removed permit system to transport sand. Soon after the shooting, some people blocked the Colombo-Kandy A9 road at Pallai to protest.’

– sundaytimes.lk/article/1121339/northern-governor-calls-for-report-over-pallai-shooting-incident

• LOLC Technologies team with US pioneer Gridtential Energy for new bipolar battery tech

‘To collaborate on prototyping lead batteries with combined advantages of Silicon Joule bipolar silicon plates by US firm AltaLABGX, graphene battery additive applied to active materials by Ceylon Graphene Technologies. Preliminary work indicates combination of these elements will lead to higher performing batteries in energy density, charging rates, cycle life’

– ft.lk/business/LOLC-Advanced-Technologies-team-up-with-US-pioneer-Gridtential-Energy-for-new-bipolar-battery-tech/34-702201

– bizenglish.adaderana.lk/lolc-advanced-technologies-team-up-with-gridtential-energy-for-new-bipolar-battery-technology/

• Imports restricted; now commence production – President tells industrialists

‘Representatives of several fields including motor vehicle assembly industrialists, motor spare parts manufacturers association, packaging manufacturers, power cables industrialists, national marine manufacturers association, metal industrialists, leather industry advisory committee, rubber related products manufacturers association, advisory committee of electrical & electronic equipment, timber and timber-related products industrialists association, joint apparel association forum, apparel industrialists, cosmetic manufacturers association and advisory committee on the drug manufacturing attended in this meeting. Minister of Industries, Wimal Weerawansa, Secretary to the President, P.B. Jayasundera and Ministry Secretaries participated in the discussion.’

– bizenglish.adaderana.lk/imports-restricted-now-commence-production-president-tells-industrialists/

– colombopage.com/archive_20B/Jun23_1592887405CH.php

– lankaweb.com/news/items/2020/06/22/imports-restricted-now-commence-production-president-tells-industrialists/

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223970

• Sri Lanka President expects businessmen to produce goods after controlling imports

‘Motor Spare Parts Manufacturers Association, National Marine Manufacturers Association, Cosmetic Manufacturers Association, Rubber Related Products Manufacturers Association, Timber and Timber-Related Products Industrialists Association, Joint Apparel Association Forum had attended the forum. Advisory Committee of Electrical & Electronic Equipment, Leather Industry Advisory Committee, Advisory Committee on Drug Manufacturing had also attended. The Joint Apparel Association Forum represents export oriented businesses who do not exploit domestic customers with high prices.’

– economynext.com/sri-lanka-president-expects-businessmen-to-produce-goods-after-controlling-imports-71347/

• Multiple tax relief measures for SMEs

‘These relief measures come on top of many other decisions that have been made such as slashing interest rates and limiting imports to create a market for local industries…”

– ft.lk/top-story/Multiple-tax-relief-measures-for-SMEs/26-702245’

• Govt. releases duties related to all types of taxes during lockdown period

– bizenglish.adaderana.lk/govt-releases-duties-related-to-all-types-of-taxes-during-lockdown-period/

• Sri Lanka to issue Rs80bn in Treasury guarantees for road, water project loans

– economynext.com/sri-lanka-to-issue-rs80bn-in-treasury-guarantees-for-road-water-loans-71423/

• President sets one year deadline for Lanka Salt to earn profit

‘Lanka Salt Ltd which was earmarked to be privatized in 1998 was vested under the purview of Employees Trust Fund (ETF) with the intervention of then Minister of Labour Mahinda Rajapaksa.’

– dailymirror.lk/breaking_news/President-sets-one-year-deadline-for-Lanka-Salt-to-earn-profit/108-190598

• Navy renders technical assistance to restore Valaichchenai Paper Mill

‘One of the two major machinery at the Valaichchenai Paper Mill has been made operational and a group of electrical and electronics engineering technicians attached to the Eastern Naval Command…’

– sundaytimes.lk/article/1121433/navy-renders-technical-assistance-to-restore-valaichchenai-paper-mill

• Unibuffels for UN Peacekeepers from SL Army

‘Sri Lanka Electrical and Mechanical Engineers (SLEME) troops of the Army handed over nine modernized Unibuffels (improved version of Unicorns), one recovery vehicle and three containers produced by the SLEME to the shippers, to be sent to the Combat Convoy Company (CCC) of the Sri Lankan UN Peace-Keepers serving in Mali.’

– dailymirror.lk/caption_story/Unibuffels-for-UN-Peacekeepers-from-SL-Army/110-190743

• BOI firm imports beedi leaf as yarn duty free!

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224084

• Customs detain Rs 122 Mn worth beedi wrapper leaves consignment

– sundaytimes.lk/article/1121473/customs-detain-rs-122-mn-worth-beedi-wrapper-leaves-consignment

• SriLankan Airlines supports export industries by converting passenger aircraft to full freighter

– bizenglish.adaderana.lk/srilankan-airlines-supports-export-industries-by-converting-passenger-aircraft-to-full-freighter/

• Doppler Snafu – Met Dept. & USA

‘In 2007, Sri Lanka had formed a trust fund with the World Meteorological Department and pumped in USD 2.8 million to install the doppler radar system on the Gonagala Mountain in Ratnapura…. The World Meteorological Organization had handed over the tender to procure the radar machine to American Institute of Enterprise Electronics Cooperation.’

– newsfirst.lk/2020/06/24/sri-lankas-million-dollar-doppler-radar-system-project-riddled-in-irregularities/

• Economic recovery mandates banks to be proactive

‘Construction industry can be the pivotal sector to stimulate economic activity across a wide spectrum’

– ft.lk/columns/Economic-recovery-mandates-banks-to-be-proactive/4-702095

• Sri Lankan SMEs Need Some Introspection

‘Most SMEs are ignorant of even the basic techniques of productivity which have been practised in the western world for over 120 years…. Solving the access to finance problem, debt moratoria, and low-interest rates may give them some breathing space for now, but the deeper and more fundamental issues need to be addressed…’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223905

• Dealing with an apolitical president Driven by performance not votes

‘We saw the UNP regime privatising state enterprises to improve performances. United Motors, Lanka Steel Corporation, the textile factories at Thulhiriya, Weyangoda and Pugoda and Ceylon Oxygen were privatised. These also happened under a dictatorial president called Ranasinghe Premadasa.’

– dailymirror.lk/opinion/Dealing-with-an-apolitical-president-Driven-by-performance-not-votes/172-19063

• Sri Lanka’s Brandix tech firm gets Microsoft’s AI grant for healthcare app

‘This grant provides access to Microsoft’s Azure cloud computing service and provides training and resources to organizations looking to tackle problems relating to work, life, and human connections.’

– economynext.com/sri-lankas-tech-firm-gets-microsofts-ai-grant-for-healthcare-app-71369/

• South Asia Textiles partners with HeiQ Materials AG

 ‘South Asia Textiles, a subsidiary of Ambeon Holdings… HeiQ Materials AG, a Swiss based global leader…creating some of the most effective, durable and high-performance textile technologies…’

– ft.lk/business/South-Asia-Textiles-partners-with-HeiQ-Materials-AG/34-702118

• Light rail project: Govt. shifts track from JICA to unnamed entity

– sundaytimes.lk/200621/news/light-rail-project-govt-shifts-track-from-jica-to-unnamed-entity-406495.html

• Sri Lanka plans US$4bn PPP for LRT in place of Japan funded soft-loan project

– economynext.com/sri-lanka-plans-us4bn-ppp-for-lrt-in-place-of-japan-funded-soft-loan-project-71399/

• Shipping agents object to monopoly to Avant Garde and Rakna Arakshaka Lanka

– sundaytimes.lk/200621/news/shipping-agents-object-to-monopoly-to-avant-garde-and-rakna-arakshaka-lanka-406498.html

• Challenges for Colombo Port City amidst uncertainty & volatility of current markets

‘PricewaterhouseCoopers (PwC) recently hosted a webinar on Colombo Port City…speakers included Thulci Aluvihare, Head of Strategy and Business Development – CHEC Port City Colombo (the “Project Company”), Aruna Perera, Director – Corporate Finance & Valuation Consulting and Dr. Wignaraja Ganeshan, Executive Director – Lakshman Kadiragamar Institute.

– lankabusinessonline.com/challenges-for-colombo-port-city-amidst-uncertainty-volatility-of-current-markets/

• No US dollars to fund Central expressway

‘Under the project agreement, China’s EXIM bank is to provide a loan of US$ one billion for the project, but 15 % of the local funding should be provided in US dollars.’

– sundaytimes.lk/200621/news/no-us-dollars-to-fund-central-expressway-406500.html

• Highways Ministry seen keen to award expressway building to CHEC

– sundaytimes.lk/200621/news/highways-ministry-seen-keen-to-award-expressway-building-to-chec-406519.html

• Power Minister halts Rs 17.5 million legal consultation

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224028

• “Fuel prices will not be changed till the end of this year” – Minister

– colombopage.com/archive_20B/Jun24_1593022159CH.php

• Rs.26 fuel surcharge removed; govt. says no price hike till year end

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224091

• Sri Lanka’s electricity generation decreased by 22.7 % in April from January due to lower demand

‘Lower demand as industrial, hotel and manufacturing sectors halted operations temporarily…’

– sundaytimes.lk/article/1121334/sri-lankas-electricity-generation-decreased-by-22-7-percent-in-april-from-january-2020-due-to-lower-demand

• Approving power projects – Yahapalana minister paid Rs.500 Mn as commission: CEB

– dailymirror.lk/breaking_news/Approving-power-projects-Yahapalana-minister-paid-Rs-500-Mn-as-commission-CEB/108-190530

• CEB has tapped 400 MW of solar power

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224083

• Startup Genome and Information and Communication Technology Agency of SL Launch 2020 Global Startup Ecosystem Report

‘New regulations by the Central Bank of Sri Lanka has empowered Sri Lankan FinTech startups, which have also found new support with the launch of HatchX, which is Sri Lanka’s first FinTech accelerator and the first virtual accelerator in South Asia. The accelerator was launched in April 2020 and is an initiative by Hatch in partnership with the Lankan Angel Network.’

– bizenglish.adaderana.lk/startup-genome-and-information-and-communication-technology-agency-of-sri-lanka-launch-2020-global-startup-ecosystem-report/

• Ignorance and attitude – the economic pandemic of Sri Lanka

‘The net revenue from apparel exceeds the combined net revenue of tea, rubber, and coconut. Yet, some people laugh at the industry…such ignorance is the economic pandemic of this nation’

– ft.lk/columns/Ignorance-and-attitude-the-economic-pandemic-of-Sri-Lanka/4-702191

• Sri Lanka Coronavirus testing capacity upped 30-pct with ADB funded lab

‘The Manila-based lender said, “The building, constructed within the hospital premises on hospital land, is equipped with PCR machines, consumables, pharmacological refrigerators and freezers, generator, reagents, and dedicated utilities such as water supply, electricity, and telecommunication…”

– economynext.com/sri-lanka-coronavirus-testing-capacity-upped-30-pct-with-adb-funded-lab-71393/

• COVID-19 lessons from Vietnam’s success

‘Vietnam was prepared technically and logistically following the outbreak of SARS on earlier occasions. Vietnam has many research laboratories and research centres to cope with viruses.’

– sundaytimes.lk/200621/business-times/covid-19-lessons-from-vietnams-success-406144.html

• Unilever: £81 million materials innovation factory (2018)

‘A collaboration between the University and Unilever, the Materials Innovation Factory brings together materials chemistry expertise with the latest computational and robotic equipment to accelerate research and reduce the time it takes to develop new products…The Leverhulme Research Centre for Functional Materials Design, created to drive a design revolution for functional materials at the atomic scale, is also located in the facility….Located in Liverpool’s Knowledge Quarter, the Materials Innovation Factory was awarded £11m through the government’s UK Research Partnership Investment Fund (UKRPIF), a programme administered by Research England (formerly HEFCE), which helped secure significant private co-investment towards the project.’

– eurekalert.org/pub_releases/2018-10/uol-mi100818.php

______________________________________________________________________

C8. Finance (Making money from money, banks, lack of investment in modernity)

ee Finance tracks the effects of financialization, pointing to the curious role of ratings agencies, again false indices, etc.

• Can microfinance bail out the poor from COVID-19 devastation?

‘22.6% of the population lives in households headed by females in Sri Lanka according to the Department of Census and Statistics (2017)…Out of the total ‘economically inactive population’ of the country, 75% are females, and out of the total ‘economically active population’ (labour force) females account for only 36% (Department of Census and Statistics, 2015).’

– ft.lk/columns/Can-microfinance-bail-out-the-poor-from-COVID-19-devastation/4-702200

• Foreign outflows at CSE

‘Foreign investors seem to be pulling out of the CSE with the anticipation of a Covid 19 second wave globally. In the wake of the fear, most international stock markets had declined yesterday

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224060

• Retired bankers, wake up!

‘All government servants have become “Yes Men” from the day of independence – that is why some governments fell. This is quite understandable.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224036

• Sri Lanka bank bad loans in March 2020 pick up to 5.1-pct

– economynext.com/sri-lanka-bank-bad-loans-in-march-2020-pick-up-to-5-1-pct-71313/

• Department for the Supervision of Non-Banking Institutions of the Central Bank

‘Greed for higher interest offered by some dicey entities put many depositors in trouble. The Department for the Supervision of Non-Banking Institutions of the Central Bank is legally required to only overlook companies registered with it. It must be said in fairness that the CB widely advertised the names of these companies to make the public aware of those that are registered and those that are not. But a large number of flybynights operate in the country’s finance industry. In the context of this reality, why did not regulators of the CB seek to widen their remit?’

– island.lk/index.php?page_cat=news-section&page=news-section&code_title=69

• Bankers say overnight CBSL measures after president’s outburst may not be helpful

‘Ceylon Bank Employees’ Union (CBEU) said, if the problem was the slow speed of delivering the Government’s post-pandemic relief measures, the answer was to form a dedicated taskforce to grant faster approvals.’

– sundaytimes.lk/200621/news/bankers-say-overnight-cbsl-measures-after-presidents-outburst-may-not-be-helpful-406464.html

• Sri Lanka allows banks to buy cheap sovereign bonds with new dollars

– economynext.com/sri-lanka-allows-banks-to-buy-cheap-sovereign-bonds-with-new-dollars-71266/

• World Bank approves additional financing of $87 mn for Sri Lanka’s COVID-19 Emergency Response and Health Systems Preparedness Project

– colombopage.com/archive_20B/Jun23_1592924723CH.php

• John Keells Holdings & World Bank Announcement

‘JKH entered into a long-term financing agreement with the International Finance Corporation (IFC) for US Dollars 175 million to support funding of the Company’s investment pipeline.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223975

• Sri Lanka’s John Keells Holdings gets US$175mn from IFC

‘JKH plans to open about 100 new supermarkets in Sri Lanka over the next three to five years, with a focus on less developed areas.’

– economynext.com/sri-lankas-john-keells-holdings-gets-us175mn-from-ifc-71373/

• JKH secures US$ 175mn IFC funding for supermarkets, hotels

‘JKH currently operates 109 supermarkets; plans to open 100 new stores…Manages 8 resort hotels and accounts for 10% of 4-5 star accommodation, and 4 resort hotels in the Maldives with 454 rooms’

– dailymirror.lk/business__main/JKH-secures-US-175mn-IFC-funding-for-supermarkets-hotels/245-190543

– bizenglish.adaderana.lk/ifc-invests-175-million-in-john-keells-holdings-businesses-in-sri-lanka-and-the-maldives-to-boost-retail-and-tourism/

• JKH share price contributes mainly to ASPI’s gain

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224015

• Sri Lanka’s start-ups slammed by Coronavirus, seeking help

‘Hatch & KPMG joint survey stated that around 70% of SL startups was funded by family & friends while only a small percentage comes through banks, venture capital, private equity & angel funds.’

– economynext.com/sri-lankas-start-ups-slammed-by-coronavirus-seeking-help-71378/

• SLI’s new investments will influence economic growth, not corporate profit: Sri Lanka Insurance Chairman

‘SLI has a share of about 57% in Lanka Hospitals, but I don’t want to buy any further stake as it may not directly help the growth of the national economy directly.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224049

• Priyantha Wijesekera, new CEO at Softlogic Finance

‘Entered industry through Merchant Bank Group, later joined City National Investment Bank as Head of Legal and Compliance. In 2001, he moved to Mercantile Leasing, as its Head of Legal and Human Resources and after a series of mergers and acquisitions, became a part of NTB and John Keells Group

– sundaytimes.lk/200621/business-times/priyantha-wijesekera-new-ceo-at-softlogic-finance-406147.html

• Rajan Brito, Dharmarajah join Renuka City Hotel Board

‘Brito is a former Chairman of DFCC Bank, SriLankan Airlines and Employers’ Federation of Ceylon and was Deputy Chairman and Managing Director of Aitken Spence PLC for 18 years…Dharmarajah is the Senior Partner (Audit & Assurance) of Amerasekera & Company and serves as a Director of LOLC Development Finance PLC, NatWealth Securities Ltd. (NWSL), National Wealth Corporation Ltd. (NWCL), Management Applications Ltd., and DHS Medical Group…the Board of Directors of Renuka City Hotel Plc comprises Ravi Thambiayah (Chairman), N.A. Thambiayah (Deputy Chairman), S.R. Thambiayah (Joint Managing Director), A.L. Thambiayah (Joint Managing Director), M.A. Jayawardana, N.R. Thambiayah, R.S. Tissanayagam, T. Dharmarajah and J.M.S. Brito.

– ft.lk/business/Rajan-Brito-Dharmarajah-join-Renuka-City-Hotel-Board/34-702120

• BOC pioneers new bond issue to raise Rs. 5 b

– ft.lk/front-page/BOC-pioneers-new-bond-issue-to-raise-Rs-5-b/44-702238

• BOC steps up post-COVID banking support

‘State-owned industry leader Bank of Ceylon is stepping up support to the private sector especially the small and medium enterprises (SMEs) to spur revival of businesses…’

– ft.lk/top-story/BOC-steps-up-post-COVID-banking-support/26-702003

• People’s Bank introduces multiple loan schemes to boost Govt.’s development program

‘for the benefit of young professionals (18-40 years) who are looking for funds to buy a plot of land, build a new house, furnish a home, buy a vehicle, pursue higher education and other similar aspirations. Professionals eligible for this loan scheme include doctors, dentists, vets, engineers, architects, accountants, IT professionals/software engineers etc.’

– ft.lk/front-page/People-s-Bank-introduces-multiple-loan-schemes-to-boost-Govt-s-development-program/44-701997

• Ranjith Kodituwakku New CEO/GM at People’s Bank

‘He further serves as a Director of People’s Insurance PLC, Lankan Alliance Finance Ltd. Bangladesh, Regional Development Bank Sri Lanka, Board of Financial Ombudsman Sri Lanka (Guarantee) Ltd, Credit Information Bureau of Sri Lanka and as an Alternate Director of the Lanka Financial Services Bureau… and is an Associate Member of the Institute of Bankers of Sri Lanka.’

– bizenglish.adaderana.lk/ranjith-kodituwakku-new-ceo-gm-at-peoples-bank

• People’s Bank to boost small & medium businesses with Rs.15 billion allocation for loans at 6%

– bizenglish.adaderana.lk/peoples-bank-set-to-boost-small-and-medium-businesses-with-rs-15-billion-allocation-for-loans-at-6/

• Sampath Bank Revive Sri Lanka Continues to Power Revival of COVID Impacted Economy

– bizenglish.adaderana.lk/sampath-bank-revive-sri-lanka-continues-to-power-revival-of-covid-impacted-economy/

• ComBank further slashes lending rates

‘The rate cut, effective 24 June 2020, covers all new Home Loans, Leasing, Personal Loans, Pawning, Diribala Development Loans for SMEs, Green and Pensioners’ Loans as well as loans provided under the special Bank-funded Agri Business and COVID-19 relief loan schemes.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224059

• ‘Enjoy instalment plans on anything, anywhere with Nations Trust Bank American Express’

‘The bank operates 94 branches across the country, boasting an ATM network covering 127 locations and 47 Cash Deposit & Withdrawal Machines, plus more than 3,500 ATMs…and is the issuer and sole acquirer for American Express Cards in Sri Lanka.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224019

• Nations Trust Bank PLC launches Rs. 7 Billion “Nations Diriya” fund to support economic revival

‘The “Nations Diriya” platform offers financial support to businesses in local manufacturing, fisheries, value added agriculture, tea, processed food, beverages, spices, coconut and coconut-based products, as well as manufacturers of chemical products, minerals and essential oils.’

– bizenglish.adaderana.lk/nations-trust-bank-plc-launches-rs-7-billion-nations-diriya-fund-to-support-economic-revival/

• Nation Lanka Finance appoints Suresh Amerasekera as CEO

‘He was the CEO of Pan Oceanic Bank, the Solomon Islands… also served as the Assistant General Manager at Seylan Bank and as the Chief Operating Officer at Alliance Finance Co PLC and had his initial training in banking at the Colombo branches of State Bank of India and Bank of America.’

– lankabusinessonline.com/nation-lanka-finance-appoints-suresh-amerasekera-as-ceo/

• Mukesh Ambani now world’s ninth richest, added $28 billion to fortune in 4 months

– bizenglish.adaderana.lk/mukesh-ambani-now-worlds-ninth-richest-added-28-billion-to-fortune-in-4-months/

• China tops currency bond market in East Asia

‘China remains the largest local currency bond market in emerging East Asia’

– asiatimes.com/2020/06/china-tops-currency-bond-market-in-east-asia/

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C9. Business (Rentierism: money via imports, real-estate, tourism, insurance, fear, privatization)

ee Business aka ee Rentier focuses on diversions of the oligarchy, making money from unproductive land selling, tourism, insurance, advertising, etc. – the charade of press releases disguised as ‘news’

• Kasturi Wilson appointed Group CEO of Hemas Holdings

‘She serves as Board member of Capital Alliance & is President of Sri Lanka Chamber of Pharmaceutical Industry.’

– dailymirror.lk/breaking_news/Kasturi-Wilson-appointed-Group-CEO-of-Hemas-Holdings/108-190661

• Officials purchased car companies after losing match: Aluthgamage

– dailymirror.lk/breaking_news/Officials-purchased-car-companies-after-losing-match-Aluthgamage/108-190322

• Allegations can have boomerang effect on minister Aluthgamage

– sundaytimes.lk/200621/sports/allegations-can-have-boomerang-effect-on-minister-aluthgamage-406303.html

• 11 ways a Lankan Consumer has changed: Post COVID-19

‘Among the SEC ‘A’ consumers – 40% are stating that they will lose their jobs. This means that the usership in gyms, restaurants and hotels will see a hit. This must be driven by the apparel, tourism and entertainment industries. In the age groups of 35-54 years, the loss of jobs will be around 28%, …. Which means that the housing, car leasing and family outings will be negatively impacted.’

– ft.lk/columns/11-ways-a-Lankan-Consumer-has-changed-Post-COVID-19/4-701970

• UNDP facilitates to compile roadmap to build resilient tourism sector in Sri Lanka

– sundaytimes.lk/article/1121503/undp-facilitates-to-compile-roadmap-to-build-resilient-tourism-sector-in-sri-lanka

• Property Development declares highest ever profit and declares Rs. 5 per share dividend

‘Property Development PLC (PDL), the Bank of Ceylon subsidiary owning the bank’s headquarters building…BoC owns 95.55% of PDL which has a total of 3,361 shareholders in its register, the vast majority of whom (2,960) own up to 1,000 shares each with the second biggest shareholder holding just 0.23 million shares against the bank’s 63.06 million.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223840

• Court restrains SLTDA from cancelling deal with resort company

‘Lanka Reality Leisure claimed that a company owned by the SLTDA Chairperson’s husband, Wild Coast Lodge, owned a property adjoining its own property and that in discussions with her she had indicated her unhappiness that they would develop the property, and also indicated that she wanted to give their property to another party. They claimed this was a Conflict of Interest.’

– sundaytimes.lk/200621/news/court-restrains-sltda-from-cancelling-deal-with-resort-company-406493.html

• ‘Kimarli Fernando’s husband, Malik J. Fernando, calling the whole saga a smear campaign against his family and the integrity of Fernando, in a Facebook post quipped that he would frankly prefer Jamaldeen’s resort next to his resort rather than the African lodge specialist for “obvious reasons.”’

– dailymirror.lk/business-news/SLTDA-in-tussle-with-Lanka-Realty-Leisure-over-leased-property-in-Yala/273-190770

• Commercial High Court grants ground-breaking Interim Order in Intellectual Property rights

‘…preventing Defendants from using trade name, trademark and the logo ‘Varnam TV’/’Varnam FM’ on their own unlawfully in its television and radio channels, internet broadcasting or video streaming.’

– ft.lk/business/Commercial-High-Court-grants-ground-breaking-Interim-Order-in-Intellectual-Property-rights/34-702029

• Elpitiya Plantations partners Singapore’s Sim Leisure for theme park in Galle

– colombopage.com/archive_20B/Jun25_1593055065CH.php

• Asia Pacific consumers shift to digital commerce; show no signs of turning back: Mastercard

– ft.lk/business/Asia-Pacific-consumers-shift-to-digital-commerce-show-no-signs-of-turning-back-Mastercard-study/34-702165

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C10. Politics  (Anti-parliament discourse, unelected constitution)

ee Politics points to the constant media diversions and the mercantile and financial forces behind the political actors, of policy taken over by private interests minus public oversight.

• Rs. 44 Million to elect one MP

– sundaytimes.lk/200621/editorial/rs-44-million-to-elect-one-mp-406366.html

• The SLPP and the SJB: Which way forward?

‘President Gotabaya seemed destined, when the first Viyath Maga seminars were held 4 years ago, to jettison the Joint Opposition. The two were founded on conceptually different ideologies, and… reflect the dominant passions of the two Rajapaksa brothers: the populist JO headed by Mahinda Rajapaksa, the professional Viyath Maga-Eliya (VME) headed by Gotabaya. In its emulation of the technocracy movement in the US and Canada, which was founded on the same principles (that politicians should be replaced by professionals, especially entrepreneurs, scientists, and technical experts) against the same backdrop (a period of growing resentment against neo-liberal economic policies and internationalism), VME made use of the public’s distrust with the bureaucracy, a sentiment widely shared among the middle class. In fact the role of populist in last year’s presidential election fell on Sajith Premadasa mainly because the VME factor made the SLPP’s and SLFP’s pandering to populist rhetoric obsolete’

 – dailymirror.lk/opinion/The-SLPP-and-the-SJB-Which-way-forward/172-190779

• The next steps after presidential admonitions – NPC’s Jehan Perera

‘The rot that set in terms of the overpoliticisation of the public service got a boost with the 1972 constitution. This sought to give elected politicians control over the economy with laudable aim of democratising the economy. This was in line with the socialist dogmas that prevailed at that time. The 1972 constitution deliberately weakened the public service and judiciary and made them subservient to the political authority. One of the most significant changes was to change the position of the Permanent Secretary to the Ministry whereby the Secretary to the Ministry could be changed with every change of government. An effective and problem solving system of governance needs more independent institutions and the rule of law that continues beyond the government in power.’

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=223936

• Constitutional Council accepts resignation of Prof. Dhanapala

– dailymirror.lk/breaking_news/CC-accepts-resignation-of-Prof-Dhanapala/108-190761

• Why the infamous National List should be scrapped?

– island.lk/index.php?page_cat=article-details&page=article-details&code_title=224176

 – lankaweb.com/news/items/2020/06/25/why-the-infamous-national-list-should-be-scrapped/

• When greedy party bosses fail

‘The preferential vote leads to clashes because of party leaders’ failure to restrain violent candidates, and the NL has become a problem owing to party leaders’ craving for self-aggrandizement.’

– island.lk/index.php?page_cat=news-section&page=news-section&code_title=60

• Jacinda Ardern’s leadership under question in New Zealand despite being lauded abroad

– abc.net.au/news/2020-02-26/whats-eating-jacinda-arderns-ratings-new-zealand-politics/11998556

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C11. Media (Mis/Coverage of economics, technology, science and art)

ee Media shows how corporate media monopoly determines what is news, art, culture, etc. The media is part of the public relations (corporate propaganda) industry. The failure to highlight our priorities, the need to read between the lines. To set new perspectives and priorities.

• Hindustan Unilever to drop ‘fair’ from ‘Fair and Lovely’ product line

– thehindu.com/business/Industry/hindustan-unilever-to-drop-fair-from-fair-and-lovelyproduct-line/article31913037.ece

• Sajith uses services of Champika’s Media Director

‘Dhanuskha Ramanayake…is the Media Director for former minister and Jathika Hela Urumaya (JHU) stalwart Champika Ranawaka.’

– sundaytimes.lk/200621/columns/heroic-policeman-killed-night-operations-to-nab-drunk-drivers-406468.html

• Lankan President seeks new guidelines to select foreign content for telecasting

‘Media should help preserve national identity and cultural values’

– lankaweb.com/news/items/2020/06/23/lankan-president-seeks-new-guidelines-to-select-foreign-content-for-telecasting/

• Ven. Ellawala Medhananda Part 9

– lankaweb.com/news/items/2020/06/20/ven-ellawala-medhananda-part-9/

• Outsourced content moderation on Facebook led to offline violence in Sri Lanka? – NYU study

“That would be a danger in countries with authoritarian governments. In such countries, I would be very hesitant to encourage any government involvement with content regulation…”

– economynext.com/outsourced-content-moderation-on-facebook-etc-may-have-led-to-offline-violence-in-sri-lanka-nyu-study-71433/

• Five global organisations call on Govt. to end persecution of journalist Bastians

‘Amnesty International, Committee to Protect Journalists, Front Line Defenders, Human Rights Watch and Reporters Without Borders…’

– ft.lk/news/Five-global-organisations-call-on-Govt-to-end-persecution-of-journalist-Bastians/56-702169

• Lowkey: Why I had to say no to Westwood TV

‘What does ‘black music’ have to do with the occupation of Afghanistan? And why should BBC Radio 1Xtra listeners be subjected to this propaganda?’

– ceasefiremagazine.co.uk/lowkey-no-to-westwood-tv/

• The US National Book Critics Circle Has Imploded

– vulture.com/2020/06/national-book-critics-circle-resignations.html

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