The Continuing War to Prevent Sri Lanka’s Independence

ee archive: eesrilanka.wordpress.com

Before you study the economics, study the economists!

The Continuing War to Prevent Sri Lanka’s Independence

e-Con e-News 24-30 January 2021

History Lesson 101: There was a National Trust seminar on Sailing Ships of Serendib – In Search of Lost Nautical Culture this week. ee wonders if the seminar mentioned this: The English could not compete with Sinhala boat and ship building, so they banned it. Out of this arose the dominance of ‘agency houses’ like George Steuarts, which started out as a merchant banking business, as agent of England’s Messrs Coutts & Co, which took control of Colombo Port (see ee Focus)

     Boat and ship building, more than later liquor renting, was once a major source of local capital accumulation. Boats rather than roads as the major form of transport, villages were totally cut off from each other (perhaps for security against invasions).

     This boat building had also enabled a vibrant woodworking, carpentry, lumber, fishing, iron and steel industry. This is what real industrialization means: one thing leads to another. Not like the garment ‘industry’ where pins, needles, every damn thread and button are imported, or tourism (where the expensive inputs needed are also imported). This is why the English and their agents have prevented modern industrialization, on which alone independence is based. (see ee Random Notes)

So here is what fake ‘independence’ and fake ‘industrialization’ wrought:

‘Five agency firms, George Steuart & Co, Whittall Boustead Ltd, Shaw Wallace & Hedges, Mackwoods Estates & Agencies, and Colombo Commercial (Agency), managed 171 companies in 1964, compared with 101 in 1950; their relative share of the total number of companies increased from 28% to 61%’ – SBD de Silva, The Political Economy of Underdevelopment

Here’s English Lesson 101: Passive voice: ‘Sri Lanka is a poor country’. Active voice: ‘English Banks still rob SL’. Passive voice: ‘Lost Nautical Culture’ Active voice: ‘The English banned local ship and boat building.’

Shipping agencies contributed to the commercial dominance of the European firms. As agents for shipping lines, they had a first claim on the available freight… direct access to shipping facilities was a prerequisite for large-scale trading. …The monopoly power of European trading enterprise was thus based on the pre-emption of markets and supply sources, economies of scale, access to funds, and the lateral integration with insurance and shipping business.’ – SBD de Silva, PEU

• It is easy to see why our ruling class is so beholden to what the white man thinks, with much electronic ink wasted on responding to ‘Vexatious Persecution’.

     An economy based on ‘exports’ (dependent on expensive imports) and ‘tourism’ makes us dependent on foreign forces and house-trained economists, more than ever.

     The ‘commissions’ such trading provides – this is why the top Englishman here is called ‘The High Commissioner’ – end up in European and Anglo-North-American banks and their safe tax havens. If our leaders feel threatened they can always flee to their white nests. This is perhaps the reason why the UNHRC feels their trump card is ‘travel’ sanctions!

If India is denied control of Colombo port’s deepest terminal, they’ll try to coup the government, foment rebellion again, perhaps among their upcountry ‘Malayagu Makkal’, suggest several ee readers. The US government has also come to bat for India’s takeover of the port. India also threatens to divert their transshipment freight away from Colombo. A hijacked UN, still controlled by whites, has also joined the vultures circling overhead and within.

     A coup has long been underway to ensure that a popular government – recall the Swiss Embassy snafu – will be squeezed on all sides to prevent them delivering any kind of social and economic justice in the midst of capitalism’s latest ‘crisis’.

     Sri Lanka has been under invasion, sometimes overt, most times covert, for over 500 years. The only way these forces can be defeated is by relying on the people.

     This week it was revealed that the US government’s promise of stopping NATO’s ‘never-ending’ war in Afghanistan is contingent on the Taliban joining them in attacking China, Russia, Iran!

     And it’s not only the international white mafia, and their local brow sahibs, Sri Lanka has to deal with:

‘When I was in the Health Ministry, I thought the pharmaceutical mafia was strong, but now I see that the sand and granite Mafia is as strong as the pharmaceutical Mafia. This Mafia controls the price of sand and granite.’ – Dr Anil Jasinghe, Secretary to the Ministry of Environment

Jasinghe adds: ‘A cabal of regional politicians and businessmen had put paid to the government efforts to ensure that rural communities enjoyed the benefits of natural resources around them. Regional politicians were controlling sand and granite extraction, and members of the vulnerable rural communities were working for them as labourers. Those politicians and businessmen also flouted laws openly…’ (see ee Industry)

But is it just a matter of mafias? Is it just old colonial processes in flower, of the old agency houses? What of the banking mafia that refuses to invest in modern production and got into debt importing ‘luxuries’?

‘The Government has to settle an International Sovereign Bond of $1,000million in July this year, and SL Development Bonds amounting to $1,325mn by next August.’ (see ee Economists)

Fund managers rule us. Who are these fund managers who can decide to crash the stock market and economy? When will they refuse to ‘roll over’ Sri Lanka’s supposed debt? This will presumably trigger a huge stock exchange crash. For all the talk of ‘transparency’, these fund managers are invisible, and more powerful than companies or politicians. This is why disinformation about who owns our debt is all the rage.

• It is ee-easy to understand why the merchant- and moneylender-controlled media fervently oppose a strong state. Railing against despotism, and militarization, they yet ever praise the US, England and EU, who have never stopped waging wars, as models of ‘democracy’.

     Again, a people united can never be defeated.

• Speaking against capitalism is ‘hate speech’ – on this basis a server was taken down during this week’s supposed investor revolt. Human Rights, the Environment is being weaponized by capitalism,……..Welcome to ‘The Moralization and Legalization of Capital’

Content:

A1. Reader Comments

ee’s collection of Gems • Revolutionary journalism • Private Wijewardena wants Public Rajakariya • False Nationalism & the JHU • Children & Industrial Education

A2. Quotes of the Week

• Most Buddhist Sites in North & East • The Sailing Ships of Serendib • Imported Plastic Thrown into Sea • Origins of N95 Mask • Wanted: State Pension Funds

A3. Random Notes

• ‘Independence’ Meant Multiple Thieves • English Media Gambling • Real English Lesson 101 • Media Lesson 101 • Economics 101: Real Industrialization • The Moralization and Legalization of Capital • So-called Investor Revolt • US Wooing Taliban • Fake Education • Our Graphite & Electric Vehicles – the Future • Ineffective Import Restrictions • Garments: from sewing to gluing • Rupee being Tumbled • Foreign Car makers refuse Local Products • Industrial Eco-system Needed • Why is CBSL promoting small? • Marx Plays the Market

B. ee Focus    

B1 George Steuart & Some Private & Public Sri Lankan History

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 email.

• ‘Last week’s collection of ee gems, in the form of the (authors’?) preliminary snippets about the news – Oh, what people miss by not taking the time for ee.’

• Re: SL & Congo – ‘The compression of ee into one extensive volume is revolutionary journalism. Compiling all these publications in one easily accessible volume makes ee an information treasure troves. We personally find it easy to cruise around and in the process gain invaluable information and, of course, in the end we’re better informed and educated mortals on a lot of stuff that is and has been going on not only in Sri Lanka but around the world. Bravo friends. This is indeed revolutionary information. Keep up the good work. Cheers.’

• ‘WA Wijewardena says public employees including MPs should do Rajakariya and work for free for a few months to help the budget deficit. Does it matter to know the banks and embassies he bats for?’

• ‘Tilak Karunaratne in 2001 told a newspaper, the Hela Urumaya did not believe in state-led industrialization. The Sihala Urumaya Manifesto openly stated it would embrace globalization without going back on the open economy.’

• ‘Industrialization (how to make things for everyone) and economics (why/how/what do societies produce and advance) and state politics (what can accelerate or prevent the mentioned) are quite graspable by children. It  would be incredible if by grade 5, instead of a scholarship exam on abstract and memorized maths, they were learning about these topics. I taught my children about machines making machines. I was damn surprised when my 5-year-old said: someone must have had to make the first machine by hand, no?

     I showed them robotic arms in car factories, etc, etc. I asked if they’d be willing to learn these secrets from foreign manufacturers by working for them, and then bringing it to SL to teach everyone. I asked just for fun –they seemed quite serious on how they’d “copy the notes in their books” and secretly bring them to SL! Haha!’

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A2. Quotes of the Week_

• ‘Here’s the truth. The vast majority of archeological sites in the island that are ‘Buddhist’ in character so happen to be in the Northern and Eastern Provinces. The vandalism of the same at the hands of the LTTE is very well documented.’ (see ee Sovereignty, UNHRC)

• ‘Sri Lanka was linked, by sea, to maritime cultures of the Euro-Asian landmass. Mariners and merchants spread ideas and technology between these cultures. While we had our own vernacular nautical culture, foreign mercantile communities settled in the country continued to use their own craft which would have sailed in our waters at the same time, for as long as necessarily needed. By the 20th century, due to European domination, all forms of non-English watercraft had ceased to be of relevance. Yet 3 survived: the vernacular “Yathra dhoni”, the hybrid technology “Thoni” of Jaffna and Valvettiturai and the isolated “Battal” of Mutur on the east coast, which were all sailing less than 40-80 years ago, even within approved limits. This is an account of efforts to re-discover material information of the 3 cultures behind these ships: how they came to be here, who built them, who sailed them, what they were like, and why they disappeared. It is about sailing ships and not boats: based on material evidence rather than literary references.’

– dailymirror.lk/life/SAILING-SHIPS-OF-SERENDIB-In-search-of-lost-nautical-cultures/243-204138

• ‘Each year, over 640,000 metric tonnes of plastic leak into the Indian Ocean from SL… The Western Province alone generates around 7500 metric tons of solid waste every day, out of which only 3500mt are collected (Central Environmental Authority, 2018). Of this, close to 15% become compost, 10% is recycled and 75% is thrown into open dumps.’ (ee Industry, Plastic)

• ‘In the early 20th century, a young Cambridge-trained doctor, Wu Lien Teh returned to practice in the British colony of Penang where he mobilised thousands against the opium trade. The authorities arrested him, forcing him to seek employment outside the English empire. He eventually found work with China’s Qing emperor in Manchuria where a plague was raging, eventually claiming 60,000 lives. Recognising it as pneumonic, Wu recommended use of multilayered masks he designed to protect users against airborne infection, now recognised as forerunner of the N95 mask.’ (see ee Security, Nothing to learn)

• ‘What this little story of GameStop shows is that company and personal pension funds run by the ‘smart people’ are really a rip-off for working people. What is needed are state-funded pensions not subject to the volatility of the financial game. The big hedge funds have been burnt in this latest skirmish by some small investors and they want to get these minions out of the game. What working people should want is to stop this game altogether.’

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

‘The independence of these colonies (say, India, Sri Lanka, Malaysia) had led merely to a broadening of their sources of foreign capital without a diminution in the absolute volume of investments held by the former metropolitan power. While metropolitan capital acquired new interests, it retained its traditional control over certain segments of the colonial export economy – plantations (and mines), banking, insurance and shipping. The foreign economic control of these countries is paralleled by the strong colonial tradition in their education system, social values and culture. Metropolitan countries when obliged to abandon imperial control have preferred, for this reason, to bequeath political power not to their own settlers but to “responsible” indigenous groups who would not seriously challenge metropolitan interests.’ SBD de Silva, The Political Economy of Underdevelopment

• The English media is shedding tears for cultivators, workers, migrant workers, the fate of the Colombo port, the environment. They’re as usual complaining about import restrictions, and the printing of money, while gambling with the economy.

English Lesson 101: Passive voice – ‘Sri Lanka is a poor country’ /Active voice: ‘English Banks still rob SL’. Passive Voice – ‘Lost Nautical Culture’ /Active voice: ‘The English banned local ship and boat building.’

     English is a lucrative business, much of the process dedicated to thwarting knowledge, and substituting fake fantasies. Those who claim to know English actually don’t know real English. The real English is the language and culture of ‘Industrial Revolution’. How this knowledge has been kept from us is a fascinating exercise.

Media Lesson 101: The news is full of promises. Rarely fulfilled. The news is full of retail violence. Take out ‘promises’ and the infinitive tense (‘to make’, to build, to assist, to ‘aid’, to ‘develop’) from headlines, take out the ‘awards’ and ‘prizes’ (usually self-awarded) and there’d be no ‘news’.

Economics 101: Mere assembly is not industrialization. Mere manufacture is not industrialization. Entrepreneurs are not people who just make more money.

     It’s not only the media and their economists who fail to understand or simply cannot conceive of what modern industrialization is all about. Even so-called self-proclaimed and state-funded (University?) Marxists and nationalists fail to understand what is meant by modern industrialization.

• People ask why we should industrialize as we don’t have raw material and mineral levels comparable with developed countries. Yet, we have vast deposits, not just iron and graphene. These are not taught about in our so called ‘local’ schools. Much of Sri Lanka’s middle-class – English educated – desire service sector employment.

     Electric vehicles (EVs) offer a huge opportunity for SL, particularly in Lithium-ion batteries with graphene anodes. Yet, is the government aiming at this? Bangalore became India’s Silicon Valley because Bharat Electronics – Indian state-owned aerospace and military company producing advanced electronics – was located there, generating the infrastructure and skills sets for both hardware and software development.

     The GoSL has no such vision, and is instead setting up ‘tech parks’ with just software firms, ignoring the need for ‘hard-soft synergy’. Some of the IT pundithayas think (kid you not) that IT parks in the outstations fail because they have no coffeeshops!

      The future of motor vehicles will be in EVs, from 2023 onwards. Battery prices have been slashed. This provides a huge opportunity for SL to bypass engine manufacture and go on to electric systems. However, there is no infrastructure for EVs, specifically charging points. The PUCSL published its guidelines for charging points, but leaves it to the private sector to set them up.

• Under Yahapalana, the vehicle import duty was reduced, then increased overnight. This government banned imports, but has not yet drawn up policy guidelines. Is it government policy to prevent vehicle imports and encourage local production? Will it suddenly do a u-turn as it has on other issues?

To expect low interest rates to boost the economy in SL is rubbish. Merchants will invest in speculation on land etc, or transfer funds overseas. Some see buying dollars or Bitcoin now as a clever move, given the depreciation of the LKR.

     The government needs to take the lead in manufacturing, re-establishing public sector industries. The government has much business in business. The clothing industry is shifting from sewing to gluing. This will accelerate automation, rendering huge numbers of women workers redundant.

The rupee is tumbling or being tumbled. This trend will continue. We printed Rs650billion from last March onwards. Which we spent for the Covid operations and to clear outstanding bills created by previous government. And we can’t afford to release further reserves to stabilize the rupee, for it could be even worse in the future. Government will have to further cut imports.

So why not invest in real production? Rather than constantly babbling about meeting balance of payments, and increasing exports (made from expensive imports of foreign inputs, parts & machinery), the simplest way is to invest in modern industrialization. That’s the real confidence investors need.

     Cutting imports is the short-term solution. They could invest in real production. But our banks and other financial institutions are very weak financially to absorb all the investments. And for that we need a whole ecosystem on our own. We need policy banks, incubators, consultation agencies, asset brokerage firms etc.

     Merchants claim the government’s handling of the import issue has shaken ‘business confidence’, so it’s unlikely they will invest in modern production. Specifically, the government ban on vehicle imports was also applied to vehicles on the high seas, for which payment had already been made through CBSL-guaranteed lines of credit (LCs). Hence there are 1,000 Toyota and 5,000 bikes imported by Toyota and AMW respectively, parked in Singapore for which storage must be paid.

     The foreign manufacturers are not willing to allow assembly or manufacture of cars in Sri Lanka given the lack of a firm policy – ie, they do not know if the ban on imports will be lifted overnight. In 1956-77, apart from the transitions in 1965 and 1970, industrial policy was fixed, investors knew under what parameters to operate.

Neoclassical critics say that there are global supply chains now. Few countries have totally industrial ecosystems. But a local industrial ecosystem supplies industry with a variety of needed inputs: raw materials,  machinery, spare parts and, most importantly, technical knowhow. It also needs markets. The markets need not be large, as proved by Sweden, Finland or Switzerland. Another requirement is easy access to credit. Each industry feeds off the next and nourishes another.

     The lack of this ecosystem manifests itself in many ways. When workshops attempted production they did not have the expertise to cast machineable but tough surfaces. An ecosystem contains many steel and cast iron foundries, and produce technicians with this knowhow. This is one of the biggest problems faced by countries attempting industrialization. Our so-called industry now is heavily dependent on imports and foreign expertise. White western embargoes will also cripple many industries, including those on which the whole economy depends. Minimizing waste and ensuring better quality control in key areas is vital.

• The Budget and Central Bank governor WD Lakshman at a recent press conference said the CB would introduce lending targets to provide a structure for the low-interest regime. But would it help industrialization? It depends on how the loans are structured. The emphasis hitherto has been on ‘entrepreneurship’, not industry. Will the loan targets specify which industries, which fields? Whether specifically manufacturing? Ask the BOI which sectors they prefer to be developed and they say ‘any’. The CBSL has said targets will be introduced for MSMEs, not any particular sector. The government expects the private sector to invest in manufacturing. The private sector expects the government to fund them. So why not just cut out the middle man?

     When the EDB is asked what their priorities are. They vaguely say, any and every malailauva.

Hate Speech against Capitalism – There was one more step taken this week to officially ban criticism of capitalism on the US-run internet – it’s being called the moralization/legalization of capital.

     This week’s ‘investor revolt’ over ownership of a US videoshop is being portrayed as some kind of evidence of economic democracy at work. No local media seem to have covered it. Yet the sequence shows how Discord, the company hostiing the server for the sub-reddit /r/WallStreetBets suddenly found there was ‘hate-speech’ in the threads, and unplugged the server. This was on the same day that hedgefund billionaires ‘declared them a huge threat for the crime of winning at their expense!’  Next the trading app Robinhood, which many of the amateur traders use, blocked further buys into the stock.

An Iranian foreign affairs expert linked to their security establishment exposed a behind-the-scenes agreement between the US Trump administration and the Taliban to mobilize local radical Islamic forces in Afghanistan, who have fought in Iraq and Syria, to pit them against Russia, China, Iran. Sweet dreams are being built on this deal to end one forever war and create several others. (see ee Sovereignty)

Karl Marx was shareholder of newspaper company, The Industrial, investing £4 in its shares. In a letter to Lion Philips, Marx wrote: ‘I have, which will surprise you not a little, been speculating partly in US funds, but more especially in English stocks, which are springing up like mushrooms this year (in furtherance of every imaginable and unimaginable joint stock enterprise), forced up to a quite unreasonable level and then, for most part, collapse. In this way, I have made over £400 now that the complexity of the political situation affords greater scope, I shall begin all over again. It’s a type of operation that makes small demands on one’s time, and it’s worthwhile running some risk in order to relieve the enemy of his money.’

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B. Special Focus_

B1. George Steuart’s & Some Private & Public Sri Lankan History

1843: English spies claimed, in April, Lanka, in ‘turbulent and disloyal’ Valapane, the ‘pretender’ of 1842, Bentota Unanse (Don Floris de Silva Gooneratne) was crowned king, with blessings from Skanda. Another Bhikku Moragolla Unanse planned an attack on the English garrison in Badulla. Armies were being raised from Uva, Matale, Harispattu, Tumpane, to cut off Kandy town. The people of 4 Korales would intercept the mail coach; forces from Dumbara, Hevaheta, Kotmale Sabaragamuva, 3 & 4 Korales were to capture Kandy, and drive the English out. June 6, Valapane forces attacked an English collaborator. June 30, Bentota Unanse was arrested.

• English Act No5 claimed to ‘emancipate’ Pallar and Paraiyar people, which the 1841 census listed as ‘slaves’. Caste distinction in jury selection ended. Yet ‘lower’ castes in the north still could not enter Hindu temples.

• >900,000 men, woman and children, 1843-59, brought as indentured workers to Lanka. Cost of transport deducted from wages, and they could not leave until kanganies were repaid. 1872: Governor Gregory estimated each kangany made ~5- 6 trips to India every year and returned with a gang of 6-7 workers.

To deflect conflict-of-interest charges, (Master Attendant in Colombo Port, Guardian & Keeper of the Pearl Banks) James Steuart, and owner of ship Mediterranean, set up brother George as George Steuart & Co. Brothers Joseph and George became agents for Arbuthnot, Latham & Co, London, Colombo Commercial Co, Gillanders, Arbuthnot & Co (Calcutta, Rangoon) etc. GS also became agents for insurers: Alliance Assurance Co, North British & Mercantile Insurance Co, Bank of Montreal etc, as well as for sterling companies and rupee companies. It became the largest agency house in the country (joining the Ceylon Chamber of Commerce, becoming their most senior member).

1845: James Steuart made a member of the Ceylon Civil Service.

• Barings Bros entrusted investments in Lanka to F Hudson & N Chandler & Co in Kandy, lending money on the security of mortgages on coffee estates, coffee crops, developing land under coffee, housing property in Colombo.1848: Barings Bros agent Hudson Chandler & Co collapsed. 1849: JM Robertson & Co set up, keeping separate books for Barings Bros estates.

• Western Bank of India opened in Colombo and Kandy with head offices in Bombay. Bank of Madras set up. 1844: Private bankers were extended privilege of issuing paper money on terms ‘unduly liberal’ to banks. 1845: Western Bank of India renamed The Oriental Bank. 1867: Bank of Madras Colombo branch set up.

• Profits from Lankan coffee peaked: European planters were allowed to select land, mark boundaries, and buy it at auctions, with 5-year interest-free loans, and exempt from taxes for 10 years, to develop plantations. Matale GA Lt Col Forbes noted, Kandyan villagers had only 3% of the land left to cultivate. Villagers were fined or had property confiscated for damages done by their cattle.

• Local government empowered to modify and amend provisions of 1833 Charter. Ordinance 12 gave District Courts criminal jurisdiction over cases punishable by one year’s imprisonment, a fine of £50 and 50 lashes. One Judge for each District to try cases involving large sums and intricate points of law as those for petty debts or Police offences. Then additional tribunals set up – Courts of Requests to try money cases under £5, and Police Courts to try minor criminal cases.

1851: • Master Port Attendant James Steuart (linked to George Steuart & Co) made Police Magistrate of the Police Court of Colombo. Steuart wrote to the Bank of England about fraud by the Oriental Bank with connivance of the colonial government in Ceylon. The Oriental Bank had also asked government to withdraw its paper currency. 1853: James Steuart wrote Bank of England’s Latham that there should be no chartered companies with special privileges: ‘It is difficult to understand why we have free trade in all things except money.’ 1860: George Steuart & Co.’s banking business superceded by estate agency business.

Era of ‘exchange banks’ began. Bank of Ceylon and Oriental Bank amalgamated as The Oriental Banking Corporation (OBC), by royal charter, with head office in London, financing coffee, adopting cash credit system, to help planters open estates. • London’s OBC was chartered to allow competition with the East India Company’s opium billing monopoly (which was unpopular in England). Branches were extended to Chinese treaty ports, becoming first bank in Hong Kong, and also opened in Japan, India, Mauritius, South Africa. • OBC charter limited it to ‘Eastward of the Cape of Good Hope’, but the OBC placed an agency for receipt of deposits in Edinburgh, where retired merchants, military and civil officials from India kept their wealth. Loans on immoveable property prohibited.

• Headquartered in Colombo, the Oriental Banking Corporation had branches in Galle, Kandy. Coffee crop was taken in Nov, Dec, Jan, with the berry pulped on estate and parchment coffee dried in barbecues sent to Colombo. Parchment coffee was milled in Colombo, dried and shipped in barrels made by local artisans. Delivery to London took 6 months, though bills were drawn against shipment, actual sale was 9 months after crops picked on estate, to estimate future crops and the amount advanced got coffee traders to form mercantile firms, with system of visiting agents who estimated amount of credit to be given. James Steuart wrote to Latham, governor of Bank of England, about Arbuthnot and Latham Co. 1863: OBC opened branches in Nuvara Eliya, Badulla, Jaffna. 1884: Oriental Banking Corporation fell after failure of City of Glasgow Bank. Armed force prevented depositors and ‘note holders’ from battering down doors: governor then guaranteed payment of bank notes. 1885: Government issued its own notes, as paper currency. 1886: The Oriental Bank Estates Co in London took over OBC assets. 1897: The Oriental Bank Estates Co became Anglo-Ceylon & General Estates Co Ltd. 1920: Agency of Anglo Ceylon and General Estates transferred to Bois Bros.

• Grandson of Galle Dutch East India Co (VOC) ‘Adminstrateur’ in Galle who switched allegiance from Holland to England, set up JJ Vanderspar & Sons in Galle: JJ Vanderspar became Justice of the Peace and the King of Netherlands Consul in Lanka. 1857: JJ Vanderspar & Co set up with holding agency and shipping agencies as well as consulates. 1871: JJV became agents for the Hongkong & Shanghai Banking Corporation.

• Volkart Bros set up in industrial Winterthur (in Zurich, northern Switzerland) and Bombay, exporting raw cotton and exporting manufactured goods to the Indies. Volkarts & Co is traced to Colombo’s CA Frei & Co, becoming leading exporters of coffee, coconut, coconut oil, cinnamon, pearls.

1860: Carpenters and teachers at the Industrial School run by Mr Thurstan in Colombo went on strike.

• 3,000 miles of macadamized roads built by unfree labor in Lanka – People had to serve 8 months without pay to build these roads. As for railways, they say one worker died per sleeper.

• Facing opposition, the Legislative Council paid off the Ceylon Railway Co, annulled the contract, and took over construction under Ceylon Government Railway (later SLR).

• Charles MacCarthy, made governor (1860-63), extracted ‘military contributions’, and made the railroad from Colombo to the coffee regions his highest priority.

• Coconut became the second largest plantations after coffee.

• Only now was a centralized Department of Irrigation given the right to interfere with the maintenance and use of village tanks.

• Second private opium shop opened under English in Lanka, in Hambantota, claiming to serve Malay population there.

George Steuart & Co’s banking business was superceded by estate agency business. 1864: Alfred Wise, partner of George Steuart & Co, made Chairman of Ceylon Chamber of Commerce. John L Gordon made a partner, and turned George Steuart into planters’ estate agency, with 25 estates. 1868: GS & Co became agents for Comptoir d’Escompte de Paris, London and Westminster Bank, Coutts & Co, Martin & Co.

• RB Carson set up import firm. 1861: Carson import firm became estate agency, and agent for London Assurance Co.

• H Don Carolis and Sons set up by Mudaliyar Don Carolis Hewavitarane of Matara, to supply planters with furniture using carpenters from Moratuwa on Keyzer St, Pettah. The Mudaliyar published the first Astronomical Year Book in Sinhala. 1872: Helped set up Vidyodaya Pirivena.

• Macan Markar jewellery business set up in Galle. 1870s: Shifted to Colombo.

• The first Sinhala journal, Lankaloka published in Galle. Ceylon Times & Examiner newspapers published overland issues.

• By 1860s, local upper-class brides in Lanka imported gowns from London (after 1920s, Indian saris imported).

(excerpts from: A Very Personal Ingrisi History of the World: BigBang 2 Imperialism, Amoeba 2 Lenin, Krisantha Sri Bhaggiyadatta)

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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.

• DEW warns foreign investments in ports and airports jeopardise national security

‘Deal on ECT based on Sirisena’s talks with Modi and Abe’

– island.lk/deal-on-ect-based-on-sirisenas-talks-with-modi-and-abe-govt/

• Ports and airports can’t be given away: DEW Gunasekara

– newsfirst.lk/2021/01/28/ports-and-airports-cant-be-given-away-d-e-w-gunasekara/

• On Selling the Port – Communist Party of Sri Lanka

– facebook.com/cpslsrilanka

• Leftists who are selling out to US Imperialism – Vagisha Gunasekera

– gammiris.lk

• A short history of corruption, destruction and criminal activity of Adani Group

 – lankaweb.com/news/items/2021/01/29/a-short-history-of-corruption-destruction-and-criminal-activity-of-adani-group/

• Wimal seeks common front against ECT deal

– island.lk/wimal-seeks-common-front-against-ect-deal/

– newsfirst.lk/2021/01/29/wimal-weerawansa-to-lead-discussion-against-ect-sale/

• Work to rule campaign

– dailymirror.lk/caption_story/Work-to-rule-campaign/110-204792

• Anti-Sri Lanka forces at home and abroad gearing up for devastating diplomatic assault

– island.lk/gotas-war-a-hagiographic-monograph/

• UNHRC Chief warns of asset freezes and travel bans for Sri Lankans

– sundaytimes.lk/210124/news/unhrc-chief-warns-of-asset-freezes-and-travel-bans-for-sri-lankans-430043.html

– island.lk/a-daunting-task-for-justice-nawaz/

– timesonline.lk/news-online/UN-HR-Chief-calls-for-ICC-investigation-on-Lanka/2-1131801

– ft.lk/columns/What-s-in-store-in-Geneva-for-the-Sri-Lankan-Government/4-712318

• SL, LTTE should be prosecuted for crimes against humanity, officials sanctioned: UNHRC

 – economynext.com/sri-lanka-ltte-should-be-prosecuted-for-crimes-against-humanity-officials-sanctioned-un-rights-chief-78288/

– island.lk/sri-lanka-on-alarming-path-towards-recurrence-of-grave-human-rights-violations-un-report/

– ft.lk/opinion/Bachelet-s-report-signals-uphill-battle-for-Govt-in-Geneva/14-712271

• U.N. rights boss calls for sanctions on some Sri Lankan ex-military

– lankaweb.com/news/items/2021/01/27/u-n-rights-boss-calls-for-sanctions-on-some-sri-lankan-ex-military/

• It’s the season of condescension

‘Come January and sometimes even late December, we notice an outpouring of ‘concern’ for Sri Lanka.’

– dailymirror.lk/opinion/Its-the-season-of-condescension/172-204617

• Dr Bachelet, heal yourself!

– gammiris.lk/dr-bachelet-heal-yourself/

• Sri Lanka likely to face tough resolution at UNHRC – Balachandran

– lankaweb.com/news/items/2021/01/25/sri-lanka-likely-to-face-tough-resolution-at-unhrc/

• Sri Lanka gears up for a hard battle at UNHRC – Balachandran

– lankaweb.com/news/items/2021/01/25/sri-lanka-gears-up-for-a-hard-battle-at-unhrc/

• Expect US hardline on China to continue under Biden, drive South Asia policy: Razeen Sally

– economynext.com/sri-lanka-can-expect-us-hardline-on-china-to-continue-under-biden-drive-south-asia-policy-razeen-sally-78339/

• UNHRC 46th Session Report on SL: GOSL Response Today (Jan 26)

– newsfirst.lk/2021/01/26/unhrc-46th-session-report-on-sl-gosl-response-today/

• Foreign Secretary sounds ‘consensual resolution’ as pressure mounts in Geneva

– island.lk/foreign-secretary-sounds-consensual-resolution-as-pressure-mounts-in-geneva/

– dailymirror.lk/opinion/Core-group-working-on-SL-seeks-consensual-resolution-at-UNHRC-Foreign-Secretary-Admiral-Prof-Jaya/172-204396

• Sri Lanka in last minute talks with OHCHR: Foreign Ministry

– dailymirror.lk/breaking_news/Sri-Lanka-in-last-minute-talks-with-OHCHR-Foreign-Ministry/108-204806

• Unless minority grievances addressed, SL future will be ‘cloudy’ – US Ambassador

– ft.lk/news/Govt-needs-to-step-up-on-promised-domestic-mechanisms-US/56-712234

• Was Prabhakaran used by the England and USA to kill Rajiv Gandhi?

– island.lk/what-we-must-say-at-the-unhrc-in-geneva/

• Government by, for and with the UNHRC or the people?

– island.lk/government-by-for-and-with-the-unhrc-or-the-people/

• US reviews views on Sri Lanka sent through UN

‘The US State Department Spokesman Ned Price said yesterday that the US was carefully reviewing a UN report on Sri Lanka’s human rights situation.’

– island.lk/us-reviews-views-on-sri-lanka-sent-through-un/

– dailymirror.lk/breaking_news/Carefully-reviewing-UN-report-on-human-rights-situation-in-Sri-Lanka-US/108-204700

• Support for human rights, not an effort to bully Sri Lanka – US Ambassador

– adaderana.lk/news/71081/support-for-human-rights-not-an-effort-to-bully-sri-lanka-us-ambassador

• Respect & accommodate religious faiths: US Department of State urges SL

– dailymirror.lk/breaking_news/Respect-accommodate-religious-faiths-US-Department-of-State-urges-SL/108-204789

• US Human Rights Watch calls new Commission of inquiry “disingenuous”

– economynext.com/human-rights-watch-calls-new-commission-of-inquiry-disingenuous-78189/

– dailymirror.lk/breaking_news/Adopt-new-resolution-to-enhance-scrutiny-of-deteriorating-human-rights-in-SL-Human-Rights-Watch/108-204754

• EU reiterates need for Sri Lanka to amend the Prevention of Terrorism Act

– newsfirst.lk/2021/01/26/eu-reiterates-need-for-sri-lanka-to-amend-the-prevention-of-terrorism-act/

• UK takes up forced cremation of Covid-19 victims

– island.lk/uk-takes-up-forced-cremation-of-covid-19-victims/

• SL enjoys well-deserved respect in the world as democratic state: Russian FM spokeswoman

– dailymirror.lk/breaking_news/SL-enjoys-well-deserved-respect-in-the-world-as-democratic-state-Russian-FM-spokeswoman/108-204760

• Tamil parties unitedly escalate demands at UN in Geneva – Jeyaraj

– ft.lk/columns/Tamil-parties-unitedly-escalate-demands-at-UN-in-Geneva/4-712182

• TNA was formed by LTTE & contested December 2001 elections

– lankaweb.com/news/items/2021/01/23/tna-was-formed-by-ltte-contested-december-2001-elections/

• Facts & Ground Realities in Indo-Lanka relations & ECT

– lankaweb.com/news/items/2021/01/24/facts-ground-realities-in-indo-lanka-relations-ect/

• ECT : Prostituting Sri Lanka’s best Port

– lankaweb.com/news/items/2021/01/24/ect-prostituting-sri-lankas-best-port/

• Third party won’t be allowed to take over our duties: Customs TUS warn Govt.

‘they have sensed certain corrupt and powerful businessmen with the aid of a few top bureaucrats with personal agendas, trying to create this unpleasant scene against the Customs, so they could continue their financial rackets unnoticed’

– dailymirror.lk/top_story/Third-party-wont-be-allowed-to-take-over-our-duties-Customs-TUS-warn-Govt/155-204548

• ‘Trade Unions to Protect the ECT’ make representations to clergy against deal with India

– ft.lk/front-page/Trade-Unions-to-Protect-the-ECT-make-representations-to-clergy-against-deal-with-India/44-712297

• Ranatunga Fires Salvo At Eastern Container Terminal Deal: Sharp Division Among Cabinet

– asianmirror.lk/news/item/32805-prasanna-ranatunga-fires-salvo-at-eastern-container-terminal-deal-sharp-division-among-cabinet-members-over-proposed-arrangement

• Storm over Colombo Port’s ECT project, SJB not ready to rock the boat

‘In terms of the latest move, both India, through the Adani group, and a yet-to-be identified Japanese company, are to make a joint investment in the project’

– sundaytimes.lk/210124/columns/storm-over-colombo-ports-ect-project-sjb-not-ready-to-rock-the-boat-430019.html

• Fiercely independent foreign policy a must: Eran Wickramaratne

– bizenglish.adaderana.lk/fiercely-independent-foreign-policy-a-must-eran-wickramaratne/

• Involvement of Indian company in ECT essential for SL’s maritime future – US Ambassador

– dailymirror.lk/breaking_news/Involvement-of-Indian-company-in-ECT-it-is-essential-for-SLs-maritime-future-Teplitz/108-204535

– ft.lk/top-story/Level-playing-field-will-bring-more-investments-US/26-712203

• It’s natural for U.S. ambassador to stand for Indian involvement in ECT

– dailymirror.lk/opinion/Its-natural-for-U-S-ambassador-to-stand-for-Indian-involvement-in-ECT/172-204615

• ECT deal with Adani Group

‘India will provide Sri Lanka with a currency swap of US$1 billion while another $500 million will come in as Adani’s investment in the ECT. The Adani funds will be channeled to the Treasury which will use the total ($1.5 billion) partly for boosting Sri Lanka’s foreign reserves and $500 million to be loaned to the SLPA for the ECT work.’

– sundaytimes.lk/210124/business-times/ect-deal-with-adani-group-429400.html

• Govt. caught between devil and deep blue sea – Times editorial

– sundaytimes.lk/210124/editorial/govt-caught-between-devil-and-deep-blue-sea-429920.html

– dailymirror.lk/opinion/UNHRC-Govt-between-the-devil-and-deep-blue-sea/172-204788

• India cannot solve Indo-Sri Lanka problems on Tamil lies – Mahindapala

– lankaweb.com/news/items/2021/01/23/india-cannot-solve-indo-sri-lanka-problems-on-tamil-lies/

• Call For Joint Proposal To Share 49% Stake In Colombo Port’s East Terminal – Balachandran

‘Japan Overseas Infrastructure Investment Corporation (JOIN) and India’s Adani Port are among foreign and Sri Lankan companies seeking a stake in the container terminal’

– lankaweb.com/news/items/2021/01/26/sri-lanka-call-for-joint-proposal-to-share-49-stake-in-colombo-ports-east-terminal-analysis/

• Handing over Colombo ECT to India is High Treason, rank incompetence, inept business

– lankaweb.com/news/items/2021/01/27/handing-over-the-colombo-ect-to-india-is-high-treason-rank-incompetence-and-an-inept-business-decision/

• India strikes hard bargain in Sri Lanka for stake in Colombo port

– lankaweb.com/news/items/2021/01/27/india-strikes-hard-bargain-in-sri-lanka-for-stake-in-colombo-port/

• India approves research project on origins of Sethusamudram

‘the UPA government proposed the Sethusamudram Shipping Canal Project, to build a shipping canal to link the Arabian Sea with the Bay of Bengal. For this, a channel passing through the limestone shoals of Ram Setu was to be dredged in the Sethusamudram sea, between Tamil Nadu and Sri Lanka’

– island.lk/india-approves-research-project-on-origins-of-sethusamudram/

• Sivajilingam stages drama to halt archaeological survey

– island.lk/sivajilingam-stages-drama-to-halt-archaeological-survey/

• Pathfinder and Asia Society co-host Sri Lanka – US dialogue

‘The US delegation was led by Robert O. Blake Jr., former Assistant Secretary of State for South and Central Asian Affairs under the Obama Adminstration and former Ambassador to Sri Lanka, the Maldives and Indonesia…’

– island.lk/pathfinder-and-asia-society-co-host-sri-lanka-us-dialogue/

• Nakandala joins Pathfinder Foundation as Centre for Indo-Lanka Initiatives Director

‘he also functioned as Permanent Representative of Sri Lanka to the Organization for Prohibition of Chemical Weapons (OPCW) and Executive Director to the Common Fund for Commodities.’

– ft.lk/news/Nakandala-joins-Pathfinder-Foundation-as-Centre-for-Indo-Lanka-Initiatives-Director/56-712082

• Why are these Western Countries and India interfering with everything and harassing SL

– lankaweb.com/news/items/2021/01/28/why-are-these-western-countries-and-india-interfering-with-everything-and-harassing-sri-lanka/

• Govt.’s choice is dialogue over confrontation – National Peace Council Perera

– island.lk/govt-s-choice-is-dialogue-over-confrontation/

• Sri Lanka faces the possibility of tough sanctions from UN – National Peace Council

– economynext.com/sri-lanka-faces-the-possibility-of-tough-sanctions-from-un-78253/

• SL-EU agree to enhance trade ties, work together on human rights, reconciliation issues

– ft.lk/news/SL-EU-agree-to-enhance-trade-ties-continue-to-work-together-on-human-rights-reconciliation-issues/56-712230

• Conundrum over diplomatic postings

‘Canada and Saudi Arabia have not accepted SL envoys; India says ‘no’ to Cabinet rank envoy’

– sundaytimes.lk/210124/columns/429926-429926.html

• Pakistan urges Biden to stick to Afghan troop withdrawal

‘Qureshi also called on the US not to view Pakistan’s close ties with China – an economic and political rival to the US – as a “zero-sum game”.’

– aljazeera.com/news/2021/1/21/pakistan-calls-for-us-to-stay-course-on-afghan-peace-talks

• US defence secretary-elect terms Pakistan ‘essential partner’

‘General Lloyd Austin lauds the country’s steps for Afghan peace process; vows to deter ‘regional actors’’

– tribune.com.pk/story/2280681/us-defence-secretary-elect-terms-pakistan-essential-partner

• Biden State Nominee Suggests Reviewing Taliban Deal

‘In the accord signed in Doha, the United States said it would withdraw all troops from Afghanistan by May 2021 and the Taliban pledged not to allow extremists to operate from Afghanistan, although the group has continued its attacks on government forces…But the agreement came with annexes that remain classified, leading to criticism in the United States that there were secret understandings with the Taliban’

– gandhara.rferl.org/a/antony-blinken-afghan-taliban-peace-deal-biden/31053388.html

• NSC Spokesperson Emily Horne on NSA Jake Sullivan’s Call with NSA Mohib of Afghanistan

– whitehouse.gov/briefing-room/statements-releases/2021/01/22/statement-by-nsc-spokesperson-emily-horne-on-national-security-advisor-jake-sullivans-call-with-national-security-advisor-hamdullah-mohib-of-afghanistan

• US-Pak reset to advance Biden’s Afghan settlement

‘The forthcoming White House review of the Doha pact will examine the secret understandings reached between the US special representative Zalmay Khalilzad and the Taliban interlocutors at Doha with Pakistan as the sole witness-cum-facilitator. ‘

– indianpunchline.com/us-pak-reset-to-advance-bidens-afghan-settlement/

• U.S.-Taliban Deal Hangs In The Balance

‘“Similar to U.S. presence in South Korea, Germany and Kuwait, American troops in Afghanistan serve as a stabilizing force,”’

– gandhara.rferl.org/a/taliban-peace-deal-biden-afghanistan/31074079.html

• Taliban scouting for regional support draws blank

– indianpunchline.com/taliban-scouting-for-regional-support-draws-blank/

• Taliban risks losing international legitimacy

– indianpunchline.com/taliban-risks-losing-international-legitimacy/

• US government woefully unprepared to deal with a nuclear terrorist attack in the US

– theguardian.com/world/2010/sep/22/barack-obama-afghanistan-book

• China cherishes Hanoi’s nay to ‘Quad’

– indianpunchline.com/china-cherishes-hanois-nay-to-quad/

• Iraq PM reveals reason why Soleimani was in Baghdad before death

‘Trump had asked him to intervene and arbitrate a discussion with Iran after protests outside the US embassy in Baghdad.’

– thenews.com.pk/latest/594521-iraq-pm-reveals-reason-why-soleimani-was-in-baghdad-before-death

• Syria – The U.S. Controlled Al-Tanf Serves As ‘ISIS’ Base – Truth Or Propaganda?

– moonofalabama.org/2021/01/syria-the-us-controlled-al-tanf-serves-as-isis-base-truth-or-propaganda.htm

• Obama started attacking Libya with no reason at all.

– island.lk/is-obama-a-humanist/

• Biden will be like his old boss Obama, not a lesser evil, but a more effective one

– blackagendareport.com/freedom-rider-pro-biden-propaganda

• European countries don’t seek confrontation with Russia — especially Germany and France

– indianpunchline.com/biden-and-putin-break-the-ice/

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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.

• GMOA: It is time for govt. to tell the truth about COVID-19

– island.lk/gmoa-it-is-time-for-govt-to-tell-the-truth-about-covid-19/

• Nothing to Learn from East Asia? The Invention of the N-95 Mask

– ksjomo.org/post/nothing-to-learn-from-east-asia

• Issues over different laws will be resolved through new Constitution – Public Security Minister

– island.lk/issues-over-different-laws-will-be-resolved-through-new-constitution-public-security-minister/

• Political, civil salvoes target youth ‘discipline’ via ‘military training’ idea

– sundaytimes.lk/210124/news/political-civil-salvoes-target-youth-discipline-via-military-training-idea-429819.html

• Radicalisation of youth

‘What the arrest of the Singaporean teenager for conspiring to carry out a massacre signifies is that the world will become a far more dangerous place to live in if the practice of allowing teenagers and youths to be exposed to radicalisation and/or bringing up children on a diet of extremism is allowed to continue’

– island.lk/virus-and-scourge/• Two veteran officers assume duties as new Army & Navy Chiefs of Staff

– island.lk/two-veteran-officers-assume-duties-as-new-army-navy-cofs-respectively/

• Invisible hand behind the National Thowheed Jamaat

‘Is there any truth in the media reports that the police were denied access to a luxury hotel room, where explosive detection canines led them to, following the Easter Sunday bombings?’

– island.lk/whose-hand-was-it/

• Political victimization commission releasing criminals – Vijitha Herath

– economynext.com/political-victimization-commission-releasing-criminals-vijitha-herath-78257/

• Now, President to recruit ex-military personnel to cleanse jails of drugs, etc.

– island.lk/now-president-to-recruit-ex-military-personnel-to-cleanse-jails-of-drugs-etc/

• Sri Lanka Police has 496 police stations; out of which 492 are on a VPN network

– ft.lk/columns/A-predictive-State-Sri-Lankan-context-of-predictive-policing/4-712051

• Public Service Commission Police Examination

– island.lk/a-wonderful-beginning-to-a-new-life/

• “Perils of a Profession’’ Plight of the Police after 1977

– dailymirror.lk/news-features/Perils-of-a-Profession-Plight-of-the-Police-after-1977/131-204397

• US-occupied Korea presents Army chief with Face masks and rapid antigen test kits

‘IME Korea and SD Biosensors through their local counterparts jointly donatedThe local partners of the Korean companies, Warrick SEO, Director, Seek Energy Private Limited, Country Head, Rumesh Ubayasiri, Seek Energy Private Limited and Udara Senanayake, Assistant Manager, Seek Energy Private Limited were present…’

– island.lk/face-masks-and-rapid-antigen-test-kits-worth-rs-25mn-presented-to-army-chief/…

• Training actors through Angampora:

– island.lk/training-actors-through-angampora/

• Incidents of violence against Buddhist monks: When commercialism clouds the meditative mind

‘Resistance towards Buddhist monks have emerged from time to time….’

– dailymirror.lk/news-features/Incidents-of-violence-against-Buddhist-monks-When-commercialism-clouds-the-meditative-mind/131-204676

• Parishioner says two tombstones he erected in church cemetery dislodged and discarded

– island.lk/parishioner-says-two-tombstones-he-erected-in-church-cemetery-dislodged-and-discarded/

• More courts, more judges, more prosecutors are the proclaimed remedies.

– sundaytimes.lk/210124/sunday-times-2/whither-law-and-order-of-a-sovereign-people-429776.html

• New SC judges stress people-friendly laws, quality judgments, adherence to noble principles

– sundaytimes.lk/210124/news/new-sc-judges-stress-the-need-for-people-friendly-laws-quality-judgments-and-adherence-to-noble-principles-429869.html

• Nothing prescribed as Parliament failed to enact legislation for contempt – Sumanthiran

– island.lk/theres-nothing-prescribed-as-parliament-has-failed-to-enact-legislation-for-contempt-of-court-sumanthiran/

• Another new ‘commission’ promises no relief to victims

– sundaytimes.lk/210124/columns/another-new-commission-promises-no-relief-to-victims-429839.html

• Fort Magistrate says PTA does not suspend criminal procedure code

– dailymirror.lk/breaking_news/Fort-Magistrate-says-PTA-does-not-suspend-criminal-procedure-code/108-204585

• More Cyber Crimes, Attributed To Russia, Are Shown To Have Come From Elsewhere

– moonofalabama.org/2021/01/more-cyber-crimes-attributed-to-russia-are-shown-to-have-come-from-elsewhere.html

• With a war-mongering president gone, is the world safe from nuclear brinkmanship?

– sundaytimes.lk/210124/sunday-times-2/with-a-war-mongering-president-gone-is-the-world-safe-from-nuclear-brinkmanship-430028.html

_____________________________________________________________

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.

• Sri Lanka sees strong economic rebound this year: Central Bank Governor

‘Priority sector lending targets will be introduced for Micro, Small and Medium Enterprises (MSMEs) to propel the rapid economic expansion.’

– sundaytimes.lk/210124/business-times/sri-lanka-sees-strong-economic-rebound-this-year-central-bank-governor-429344.html

• Sri Lanka facing 2021 with reckless MMT, stimulus mania: Bellwether

‘Sri Lanka is heading for one of the biggest economic challenges in its history in 2021, with the central bank printing money like there is no tomorrow under Modern Monetary Theory, ordinary people strangled by import substitution and the threat of expropriation for plantations firms.’

– economynext.com/sri-lanka-facing-2021-with-reckless-mmt-stimulus-mania-bellwether-78192/

• Lower trade deficit in 2020: Imports and exports decrease – Sanderatne

‘Early indications are that this year’s trade deficit will be much higher for reasons that will be discussed in next Sunday’s column.’

– sundaytimes.lk/210124/columns/lower-trade-deficit-in-2020-imports-and-exports-decrease-429844.html

• Positioning Sri Lanka as an innovation hub: Myths, obsessions & facts

‘almost 60% of Sri Lanka’s GDP is generated by services, 27% in industries and 7% in agriculture. Given that our domestic market size is limited..’

– economynext.com/brand_voice/positioning-sri-lanka-as-an-innovation-hub-myths-obsessions-facts/

• The East Asian disanalogy, or why Sri Lanka cannot be a Singapore

– island.lk/the-east-asian-disanalogy-or-why-sri-lanka-cannot-be-a-singapore/

• Ceylon Chamber to host Outlook 2021 Forum

‘The session will feature a presentation on the Global and Regional Outlook and perspective on Sri Lanka by Ms. Aayushi Chaudhary Economist, India and Sri Lanka HSBC Securities and Capital Markets India.’

– island.lk/ceylon-chamber-to-host-outlook-2021-forum-2/

• Bandaranaike created false patriotism by nationalising privately held assets and businesses.

– ft.lk/columns/How-sound-is-SriLanka-s-collective-consciousness/4-712310

• Sri Lanka’s Dinesh Weerakkody is a Serial Plagiarist and it Should Matter.

‘He’s currently the Chairman of the International Chamber of Commerce in Sri Lanka.’

– intpolicydigest.org/2021/01/26/sri-lanka-s-dinesh-weerakkody-is-a-serial-plagiarist-and-it-should-matter/

• Weerakkody takes a breather

– ft.lk/columns/Taking-the-long-term-view-of-investments/4-712275

• Covid and fictitious capital

‘Marx called financial assets, stocks and bonds, ‘fictitious capital’. Engels first composed this term in his early economic work, the Umrisse; and Marx developed it further in Capital Volume 3 (Chapters 25 & 29), where he defined it as the accumulated claims or legal titles, to future earnings in capitalist production; in other words, claims on ‘real’ capital, ie capital actually invested in physical means of production and workers; or money capital, cash funds being held.’

– thenextrecession.wordpress.com/2021/01/25/covid-and-fictitious-capital/

• The Consequences of Moving from Industrial to Financial Capitalism – Hudson

‘As hired professors they have to be able to publish in the refereed journals and the refereed journals are all essentially controlled by the Chicago School. So, you have a censorship of the kind of ideas that we’re talking about.’

– lankaweb.com/news/items/2021/01/23/the-consequences-of-moving-from-industrial-to-financial-capitalism/

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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, focusing on balance of payments, while calling for privatization and deregulation, more input-fed exports, etc.

• State companies soon on the CSE

– sundaytimes.lk/210124/business-times/state-companies-soon-on-the-cse-429431.html

• Finance Ministry wants its nominees as independent directors in private banks

‘The EPF has 9.63 per cent in Commercial, 8.01 per cent in DFCC and 9.76 per cent in HNB. SLIC has 14.63 per cent in HNB, 8.71 per cent in DFCC and 5.83 per cent in Commercial as at last year. The MOF is probably acting on behalf of the government institutions, one source pointed out.’

• Government to appeal to international investors to roll over bonds maturing this year

– sundaytimes.lk/210124/business-times/government-grapples-to-drive-economic-growth-amidst-fiscal-woes-429381.html

• CB requests banks to cut back non-essential expenditure

– bizenglish.adaderana.lk/__trashed-2/

• CB requests licensed commercial banks to refrain from forward forex contracts for 3 months

– bizenglish.adaderana.lk/cb-requests-licensed-commercial-banks-to-refrain-from-entering-into-forward-forex-contracts-for-3-months/

• Five new orders under 2017 Foreign Exchange Act to come before P’ment

– ft.lk/front-page/Five-new-orders-under-2017-Foreign-Exchange-Act-to-come-before-P-ment/44-712302

– economynext.com/sri-lanka-to-issue-new-orders-under-foreign-exchange-law-78338/

• Sri Lanka sells Rs55bn 2024, 2027 bonds after offering Rs75bn

– economynext.com/sri-lanka-sells-rs55bn-2024-2027-bonds-after-offering-rs75bn-78329/

• Import allocations used to settle debt : Patali

– newsfirst.lk/2021/01/28/import-allocations-used-to-settle-debt-patali/

• US$ hovers around Rs.200

‘It was unclear as to why the dollar was surging in the midst of import controls, some dealers said they believed this was due to letters of credit (LCs) coming to the market which had received a six month extension earlier at the request of the Central Bank to reduce pressure on the rupee. Traders said that smaller banks which have exhausted their limits were coming into the market seeking dollars while the Central Bank was not intervening in the market or was not seen as intervening. The banking regulator would normally pump dollars in the market to stabilize the rupee and curb its fall. Pressure on the rupee was also because exporters were seeking a higher rate for their dollar proceeds.’

– sundaytimes.lk/210124/business-times/us-hovers-around-rs-200-429406.html

• Does rise in the stock market imply that economy is doing better

‘Larger sectors of the economy such as garments, tea/rubber exports, IT, agriculture etc are under-represented in the Colombo Stock Exchange (CSE)…Interest rates have fallen sharply to single digit levels and these investors are now dabbling in stocks…there are limited opportunities for investment. For example, take the vehicle market. Dealers have huge stacks of cash idling, while importers of goods restricted by the import ban also have money to spend – so the only avenue seems to be in stocks.

  The market is driven by huge chunks of local money while foreigners are exiting. Apart from the usual high net-worth investors, there is also a new breed of 40-year-old high net-worth investors who see the share market as their salvation in making money… some analysts believe some black money may also be entering the market. The difference between the bull-run this time and the pump-and-dump era of trades in 2011-2013 when the market was overheated is that pension funds – the EPF and the ETF – are more on the selling side and not in investing; while the trading volumes are also much larger now than the 2011-2013 fiasco. Local companies like those involved in floor tiles and ceramic-ware, are making a killing due to import restrictions with their share prices reaching dizzy heights. Sectors like logistics and added value rubber products are also minting money due to an increase in COVID-19 related exports and air and shipping logistics support. While reputed shares are fetching good prices, there are others that are overvalued as investors buy and sell during day trades placing their bets akin to a gambling joint. There is also likelihood that some brokers are extending authorised credit to clients.’

– sundaytimes.lk/210124/business-times/shares-and-sugar-429396.html

• Keen on tax amnesty? Inland Revenue Department tells how

– ft.lk/front-page/Keen-on-tax-amnesty-Inland-Revenue-Department-tells-how/44-712087

• Rupee is under stress with mounting debt commitments – Colombage

‘The Government has to settle Sri Lanka Development Bonds amounting to $ 1,325 million by next August. In addition, an International Sovereign Bond of $ 1,000 million will have to be settled in July this year.’

– ft.lk/columns/Rupee-is-under-stress-with-mounting-debt-commitments/4-712268

• Sri Lanka rupee ends firmer near 192.25/193.00 to the dollar

– economynext.com/sri-lanka-rupee-ends-firmer-near-192-25-193-00-to-the-dollar-78273/

• Sri Lanka exporters should convert, rupee worth 185 to dollar: Minister Cabraal

– economynext.com/sri-lanka-exporters-should-convert-rupee-worth-185-to-dollar-minister-cabraal-78354/

• The World Bank said workers remittances would fall but they were wrong

– ft.lk/front-page/Economy-steering-well-despite-choppy-waters-Cabraal/44-712245

• India projects economic growth of 11% for 2021/22

– ft.lk/front-page/India-projects-economic-growth-of-11-for-2021-22/44-712345

• US Economy Excels at One Thing: Producing Massive Inequality

– newsclick.in/US-Economy-Excels-One-Thing-Producing-Massive-Inequality

• US Federal Reserve to print $120bn a month to increase inflation above 2.0-pct

– economynext.com/us-federal-reserve-to-print-120bn-a-month-to-increase-inflation-above-2-0-pct-78294/

• US economy in 2020 was the worst since 1946

– ft.lk/front-page/US-economy-in-2020-was-the-worst-since-1946/44-712299

_________________________________________________________________________

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

• Govt. mulling labour, insurance law changes

‘In Sri Lanka, about 4,000 accidents are being reported yearly and the number of working days lost due to accidents is estimated to be around 600,000 workdays every year. In Sri Lanka, considerations on occupational safety and health (OSH) was confined to mines and to the relevant machinery since year 1896 till 1950’

– ft.lk/top-story/Govt-mulling-labour-insurance-law-changes/26-712343

• Strict trade union actions from Friday, Port trade unions warn

– adaderana.lk/news/71088/strict-trade-union-actions-from-friday-port-trade-unions-warn

• Punishment transfers and inquiries initiated against ECT trade union leaders

– sundaytimes.lk/210124/business-times/transfers-inquiries-amidst-port-agitation-429417.html

• West Container Terminal to be sold to India – FSP Jagoda

– newsfirst.lk/2021/01/29/west-container-terminal-to-be-sold-to-india-jagoda/

• Ceylon Teachers Union stages protest over East Container Terminal

– newsfirst.lk/2021/01/27/ctu-stages-protest-over-east-container-terminal/

• ECT crisis: Port unions present their own management proposals

– sundaytimes.lk/210124/news/ect-crisis-port-unions-present-their-own-management-proposals-430037.html

• Female-heads of households see their struggles compounded by pandemic

‘Over a quarter of households (25.8% percent, or 1.4 million) are headed by women. More than half of those are run by widows – more than one in 10 of all the country’s households. Many of those lost their husbands in the civil conflict that ravaged the country from 1983 to 2009.

– island.lk/female-heads-of-households-see-their-struggles-compounded-by-pandemic/

• Estate workers’ wage hike through Wages Boards

‘ Both unions and RPCs warn welfare component could be lost if issue decided by Board’

– dailynews.lk/2021/01/26/local/239888/estate-workers%E2%80%99-wage-hike-through-wages-boards

– ft.lk/front-page/Cabinet-nod-for-Wages-Board-to-tackle-plantation-pay-issue/44-712200

– newsfirst.lk/2021/01/27/wages-board-to-discuss-estate-workers-salaries/

• Govt. to increase daily wage of estate workers to Rs. 1000

– dailymirror.lk/breaking_news/Govt-to-increase-daily-wage-of-estate-workers-to-Rs-1000/108-204517

• RPCs, trade unions issued one-week ultimatum to reach wage deal

– dailymirror.lk/business__main/RPCs-trade-unions-issued-one-week-ultimatum-to-reach-wage-deal/245-204572

• FSP blasts govt failure to deliver on promise to increase daily wage of estate workers to Rs 1000

– island.lk/fsp-blasts-govts-failure-to-deliver-on-its-promise-to-increase-daily-wage-of-estate-workers-to-rs-1000/

• Labour Minister determined to give Rs 1000 daily wage to estate workers thru Wages Board

– island.lk/labour-minister-determined-to-give-rs-1000-daily-wage-to-estate-workers-through-wages-board/

• Planters decry mob-violence on Park Estate, demands swift legal action against perpetrators

– island.lk/planters-decry-mob-violence-on-park-estate-demands-swift-legal-action-against-perpetrators/

• Northern fishermen stage protest against ongoing bottom trawling by Indians in SL waters

– timesonline.lk/news-online/Northern-fishermen-stage-protest-against-ongoing-bottom-trawling-by-Indians-in-SL-waters/2-1131794

• Lanka tightlipped over Indian protest over deaths of fishermen

– sundaytimes.lk/210124/news/lanka-tightlipped-over-indian-protest-over-deaths-of-fishermen-430039.html

• Bodies of recovered fishermen poachers handed over to Indian coastguard

‘Over 50 Indian fishing trawlers were poaching in Sri Lankan waters….Between 2006 to 2008 Sri Lanka has lost around US$ 41 million or LKR 5,293 million per annum due to Indians illegally fishing in Sri Lankan waters. The annual direct monetary loss to each member of the fishing households in the Northern Province is LKR 28,848. Furthermore, the annual direct monetary loss due to poaching (LKR 5,293 million) was equivalent to 1.4 percent of the Northern Provincial Gross Domestic Product in 2015, which was LKR 390,689 million.

– island.lk/bodies-of-recovered-fishermen-poachers-handed-over-to-indian-coastguard/

• COPE instructs Foreign Employment Bureau to fund repatriation of migrant workers

‘Foreign workers make up about 24% of the labour force, and remittances form 33% of the country’s foreign exchange and 8.3% of its GDP. Sri Lanka already has over two million migrant workers, mostly working in Middle Eastern countries, with 52% of them being women.’

– economynext.com/cope-instructs-foreign-employment-bureau-to-fund-repatriation-of-migrant-workers-78201

– dailymirror.lk/breaking_news/COPE-informs-SLBFE-to-use-its-funds-to-repatriate-migrant-workers/108-204515

– island.lk/cope-asks-slbfe-to-repatriate-stranded-lankan-workers-with-its-cash-pile/

– ft.lk/ft_view__editorial/Treating-migrant-workers-right/58-712273

• Hype Sri Lanka: Path to Youth Empowerment Advocacy

‘three projects namely Project Nexus, Hype Policy Tank and the Hype Academy for Human Capital Development are not set for specific time period’

– dailymirror.lk/news-features/Hype-Sri-Lanka-Path-to-Youth-Empowerment-Advocacy/131-204164

• US to provide health rooms to 120 schools

‘Located in Jaffna, Kilinochchi, Mullaithivu, Vavuniya, Trincomalee, Batticaloa, Ampara, Anuradhapura, Kandy, Moneragala, and Gampaha…’

– dailymirror.lk/breaking_news/US-to-provide-health-rooms-to-120-schools/108-204705

• JVP faults govt. for reopening universities, schools without providing proper facilities

– island.lk/jvp-faults-govt-for-reopening-universities-schools-without-providing-proper-facilities/

– island.lk/stalin-sounds-an-ominous-alarm-over-govt-attempts-to-reopen-schools-before-february-15/

• Doctors complete internship at about 30 years old – GMOA

– island.lk/admit-them-young/

• Private sector pension, the need of the hour

‘Introduce effective pension scheme to all private sector employees inclusive of unskilled workforce’

– ft.lk/columns/Private-sector-pension-the-need-of-the-hour/4-712111

• Young woman beautifying cadavers

– island.lk/young-woman-beautifying-cadavers/

• ‘Women’s vital contribution to tea sector going unrecognized’

‘tea smallholders, who number around 400, 000, and own small holdings, one or two hectares each in extent, produce 75% of the tea in the country…smallholder lands predominantly worked by women.’

– island.lk/womens-vital-contribution-to-tea-sector-going-unrecognized-2/

• UNFPA partners with Wijeya Digital to advocate for issues faced by SL women

– dailymirror.lk/breaking_news/UNFPA-partners-with-Wijeya-Digital-to-advocate-for-issues-faced-by-SL-women/108-204531

– dailymirror.lk/news-features/Partnership-formed-to-Bring-womens-and-Girls-issues-to-the-forefront/131-204545

– economynext.com/un-urges-social-protection-for-vulnerable-women-for-post-covid-recovery-78323/

• Women in Management, IFC and Govt. of Australia honour Sri Lankan women

– ft.lk/business/Women-in-Management-IFC-and-Govt-of-Australia-honour-Sri-Lankan-women/34-712291

• SLASSCOM’s People Summit 2021 showcase how organisations can build a resilient workforce

‘SLASSCOM HR Forum Lead and hSenid Business Solutions CEO/Director Sampath Jayasundara, with panellists LOLC Group Chief Human Resources Officer Pradeep Uluwaduge, Dialog Chief Customer Officer Sandra De Soyza, NDB Vice President Group HR Lasantha Dasanayaka and Brandix Group Chief People Officer Ishan Danthanarayana.’

– ft.lk/hr/SLASSCOM-s-People-Summit-2021-to-showcase-how-organisations-can-build-a-resilient-workforce/47-711751

• India lost seven times more doctors than soldiers in 2020

– island.lk/india-lost-seven-times-more-doctors-than-soldiers-in-2020/

• Indian farmers clash with police, face tear gas amid Republic Day protests

– newsclick.in/republic-day-farmers-storm-capital-big-protests-across-country

– dailymirror.lk/breaking_news/Indian-farmers-clash-with-police-face-tear-gas-amid-Republic-Day-protests/108-204522

– island.lk/protesting-farmers-hoist-flags-at-red-fort/

• Activists in the U.S. have debated race and class for decades to no resolution.

– blackagendareport.com/neither-class-reduction-nor-race-reduction-toward-revolutionary-left-framework-age-old-debate

• Amazon boss made $11.7m per hour while Workers Got Less Than Dollar As Pay Rise In 2020

– dailymirror.lk/opinion/Amazon-boss-made-11-7m-per-hour-while-WORKERS-GOT-LESS-THAN-A-DOLLAR-AS-PAY-RISE-IN-2020/172-204398

_________________________________________________________________________

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.

• Why Agriculture Shouldn’t Be Left to Free Market – Patnaik

 ‘The prices as well as the quantities of the agricultural produce in a free market would be far from socially optimal and are likely to be socially disastrous.’

– newsclick.in/Why-Agriculture-Shouldn%E2%80%99t-Be-Left-Free-Market

• Tokyo Cement gifts water purification plant to Nawakkulama village

– timesonline.lk/business/Tokyo-Cement-gifts-water-purification-plant-to-Nawakkulama-village/10-1131792

• Prices of veggies substantially increased

– dailymirror.lk/breaking_news/Prices-of-veggies-substantially-increased/108-204793

– newsfirst.lk/2021/01/30/substantial-hike-in-vegetable-prices/

• MONLAR: Govt. does not care to ensure food security

– island.lk/monlar-govt-does-not-care-to-ensure-food-security/

• Black gram farmers harvests have been destroyed, leaving them helpless.

– newsfirst.lk/2021/01/27/cse-records-billions-while-people-saddled-with-unbearable-cost-of-living/

• Farmers in Matara lament dropping harvests

– newsfirst.lk/2021/01/28/farmers-in-matara-lament-dropping-harvests/

– newsfirst.lk/2021/01/29/farmers-lament-over-damaged-crops/

• Mandatory to Obtain Permission to Fell Coconut Trees

– newsfirst.lk/2021/01/26/mandatory-to-obtain-permission-to-fell-coconut-trees/

• Coconut oil imported into the country contains nearly 70% of non-coconut oils

‘Due to insufficient coconut production in the country, it has become a challenge for nearly 500 coconut and allied factories to keep functioning.’

– ft.lk/front-page/Govt-to-crack-the-hard-nut-of-too-many-institutions/44-712301

• Cardamom scarcity sees prices hit the ceiling

‘The area under cultivation dropped “drastically” since 2001 after the Knuckles mountain range was declared a conservation forest the previous year,’

– sundaytimes.lk/210124/news/cardamom-scarcity-sees-prices-hit-the-ceiling-429911.html

• Tobacco Smoking Cessation: Lessons and Policy Options for Sri Lanka

‘Access the full report here: ips.lk/tobacco-smoking-cessation-lessons-and-policy-options-for-sri-lanka’

– timesonline.lk/news-online/IPS:-Tobacco-Smoking-Cessation:-Lessons-and-Policy-Options-for-Sri-Lanka/2-1131749

• Northern farmers unable to shed ‘tax’ imposed by separatists

– sundaytimes.lk/210124/news/northern-farmers-unable-to-shed-tax-imposed-by-separatists-429878.html

• Time to end IUU fishing in Sri Lankan waters

‘The number of IUU fishing trips made by Tamil Nadu trawlers has decreased from 40,000 per year to around 4,000. But just one Tamil Nadu trawler was enough to destroy the nets and livelihoods of small-scale Sri Lanka fishermen.’

– sundaytimes.lk/210124/news/time-to-end-iuu-fishing-in-sri-lankan-waters-429906.html

• Solidarity in Hatton extending support to protesting Indian farmers in New Delhi

 – timesonline.lk/news-online/Solidarity-in-Hatton-extending-support-to-protesting-Indian-farmers-in-New-Delhi/2-1131799

• Fire destroys plantation house in Udapussellawa

– timesonline.lk/news-online/Fire-destroys-plantation-house-in-Udapussellawa/2-1131798

• Ceylon Tea 2020 production lowest in 23 years

– sundaytimes.lk/210124/business-times/ceylon-tea-2020-production-lowest-in-23-years-429371.html

• Pelwatte to establish Chilling Centres and Milking Sheds in several areas

– bizenglish.adaderana.lk/pelwatte-to-establish-chilling-centres-and-milking-sheds-in-several-areas/

• Mt. Lavinia, a booming hotspot for wildlife trade

– dailymirror.lk/recomended-news/Mt-Lavinia-a-booming-hotspot-for-wildlife-trade/277-204546

• The Special Sri Lankan Elephant and the Import Export Trade.

– lankaweb.com/news/items/2021/01/24/the-special-sri-lankan-elephant-and-the-import-export-trade/

• Authorities turn blind eye to construction of hotels on elephant corridor

– island.lk/authorities-turn-blind-eye-to-construction-of-hotels-on-elephant-corridor/

– dailymirror.lk/news-features/Sinharaja-Elephant-Corridor-Destruction-continues-nonstop/131-204610

• Degazette more land area from Dahayiyagala sanctuary

– island.lk/sanctuary-land-grab-president-hoodwinked/

• Orchids snatched from forests to satisfy shutdown-driven craze

– sundaytimes.lk/210124/news/orchids-snatched-from-forests-to-satisfy-shutdown-driven-craze-429855.html

• Cost of restoration of Kallaru Forest Reserve Rs. 1.07 billion

– island.lk/cost-of-restoration-of-kallaru-forest-reserve-rs-1-07-billion/

• Now, new road to hotel poses danger to ecologically sensitive Roomassala

– island.lk/now-new-road-to-hotel-poses-danger-to-ecologically-sensitive-roomassala/

• Ambagamuwa big boss fells trees and flexes muscles

– dailymirror.lk/opinion/Ambagamuwa-big-boss-fells-trees-and-flexes-muscles/231-204547

• No construction at Muthurajawela Wetlands: Gampaha Dist. CC

– dailymirror.lk/breaking_news/No-construction-at-Muthurajawela-Wetlands-Gampaha-Dist-CC/108-204594

– island.lk/gampaha-dcc-decides-to-take-over-muthurajawela-sensitive-zone-area-claimed-by-private-party/

– island.lk/cej-challenges-through-writ-petition-illegal-landfills-and-dumping-of-waste-in-muthurajawela-wetlands/

_____________________________________________________________________

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, and claims that the market is too…

• We become importers or manufacturers depending on govt policy: industrialists

‘Sri Lanka Customs’ Valuation Book ‘unfairly’ favours importers of ceramic bathware, glass ware and allied products making things hard for local manufacturers’

– island.lk/we-become-importers-or-manufacturers-depending-on-govt-policy-industrialists/

• How did an Australian firm acquire a Sri Lankan mineral project?

– newsfirst.lk/2021/01/29/how-did-an-australian-firm-acquire-a-sri-lankan-mineral-project/

• Sri Lanka’s minerals under threat from Australian firm

– newsfirst.lk/2021/01/28/sri-lankas-minerals-under-threat-from-australian-firm/

• Environment Ministry Secretary laments regional cabals’ control over mining sand & granite

– island.lk/environment-ministry-secretary-laments-regional-cabals-control-over-mining-of-sand-and-granite/

• Geological Survey & Mines Bureau to Investigate Sand Mining in Marawila

– newsfirst.lk/2021/01/26/geological-survey-mines-bureau-to-investigate-sand-mining-in-marawila/

– island.lk/govt-gets-ready-to-sink-sand-mafia/

• Satyagraha in Madampe against sand mining racket

– newsfirst.lk/2021/01/27/satyagraha-in-madampe-against-sand-mining-racket/

• Sri Lanka to draft new Fossil Fuel Resource Development Act

‘“Since 1960s, the Minister of Power had all the regulatory power and we realised that a single person having such power was a barrier for world renowned companies to be attracted to Sri Lanka,” he said.’

– economynext.com/sri-lanka-to-draft-new-fossil-fuel-resource-development-act-78208/

• CPC, LIOC to enjoy extra duty waiver on fuel imports

– ft.lk/front-page/CPC-LIOC-to-enjoy-extra-duty-waiver-on-fuel-imports/44-712296

• Private power deals to increase end user electricity tariff: ADB

– sundaytimes.lk/210124/business-times/private-power-deals-to-increase-end-user-electricity-tariff-429356.html

• CPC to expand refinery venture with US$ 2.5 billion investment

‘“There are 1,325 CPC filling stations in the country of which 248 are owned by CPC…“On a daily basis, vehicles in Sri Lanka consume 3,500-4,000 metric tonnes of petrol and vehicles and power stations consume 4,500-5,000 metric tonnes of diesel”, they said.

– island.lk/cpc-to-expand-refinery-venture-with-us-2-5-billion-investment-2/

• Research, Universities & National Procurement Guidelines – Abeyratne

‘Why don’t we supply books in Sinhala and Tamil? The answer is again the small size of the market.’

– sundaytimes.lk/210124/business-times/bookmark-in-a-book-market-429384.html

• Hutch: poised to reorder the telco industry

‘acquire an 85% stake in the business of our competitor, Etisalat…

– economynext.com/brand_voice/hutch-poised-to-reorder-the-telco-industry/

• Govt. to press ahead with 289 infrastructure projects worth Rs. 5 trillion – Cabraal

– lankaweb.com/news/items/2021/01/28/govt-to-press-ahead-with-289-infrastructure-projects-worth-rs-5-trillion-state-minister-cabraal/

• A look back: Hambantota Port Deal

– newsfirst.lk/2021/01/25/a-look-back-hambantota-port-deal/

• The lost sailing ships of Lanka

‘An account of efforts to re-discover material information of the three cultures behind these ships: how they came to be here, who built them, who sailed them, what they were like, and why they disappeared. It is about sailing ships and not boats: based on material evidence rather than literary references.’

– sundaytimes.lk/210124/plus/the-lost-sailing-ships-of-lanka-429477.html

• Dhanusha Marine Exports 20M Fishing Vessel to Mauritius

‘creating more than 150 employment opportunities.. Kalutara District being the main district to accommodate the most number of boat manufacturers in Sri Lanka lacks a launching pad for the launching of the boats to the sea bed at the Beruwala harbor.’….

• Anchor handling tug Yevin joins GAC Sri Lanka fleet

‘GAC Sri Lanka, a subsidiary of the McLarens Group, has welcomed the newest and largest addition to its fleet of support vessels, the Anchor Handling Tug Yevin…Yevin will be used for towing, salvage, rescue and firefighting operations as well as other marine services such as bulk delivery of freshwater and lubricants.’

– bizenglish.adaderana.lk/anchor-handling-tug-yevin-joins-gac-sri-lanka-fleet/

• SLAF AOW repairs aircraft in SL

‘Saves nearly Rs.8 million in foreign exchange…’

– dailymirror.lk/news-features/SLAF-AOW-repairs-aircraft-in-SL/131-204609

• Sri Lanka to invite investors for BOT port warehouse complex

– economynext.com/sri-lanka-to-invite-investors-for-bot-port-warehouse-complex-78240/

• Three game-changing technologies from New Zealand Fonterra

– island.lk/three-game-changing-technologies-from-fonterra-2/

• Access Engineering invests Rs. 131 m to expand biz

‘The venture manufactures Autoclaved Aerated Concrete (AAC) blocks, a lightweight brick used in the construction industry.’

– ft.lk/front-page/Access-Engineering-invests-Rs-131-m-to-expand-biz/44-712202

• Elevated expressway from New Kelani Bridge to Athurugiriya Interchange

– dailymirror.lk/breaking_news/Elevated-expressway-from-New-Kelani-Bridge-to-Athurugiriya-Interchange/108-204521

• 34 companies got to import machinery in 2019 under Market Access Assistance Programme

– sundaytimes.lk/210124/business-times/market-access-assistance-initiative-for-companies-facing-funding-issues-429377.html

• Sri Lanka cabinet approves LKR 30 billion industrial city in Katunayake

– economynext.com/sri-lanka-cabinet-approves-lkr-30-billion-industrial-city-in-katunayake-78207/

– dailymirror.lk/breaking_news/Cabinet-nod-to-set-up-Industrial-City-in-Katunayake/108-204518

– ft.lk/front-page/New-industrial-estate-for-Rs-30-b-investment/44-712199

• Rubber, the Tree of economic development

‘According to statistics published by Rubber Research Institute (RRI) about 133,000 MT of rubber were produced in Sri Lanka in 1980. If my memory serves me right, only about 15% or 19,000 MT of rubber was locally used and the balance was exported in raw form.’

– lankaweb.com/news/items/2021/01/27/rubber-the-tree-of-economic-development/

• Lina Spiro begins operations as Sri Lanka’s first Metered-Dose Inhaler manufacturing plant

‘supplying a large variety of respiratory products to the Government sector and private sector’

– bizenglish.adaderana.lk/lina-spiro-begins-operations-as-sri-lankas-first-metered-dose-inhaler-manufacturing-plant/

• Focus on Sri Lanka’s plastic waste management

– island.lk/focus-on-sri-lankas-plastic-waste-management/

• Sticking To Science Best Way To Beat Superstition, Politricks, Corona & Communal Viruses

– lankaweb.com/news/items/2021/01/23/sticking-to-science-is-the-best-way-to-beat-superstition-politricks-corona-and-communal-viruses/

• Sci-Hub Case: The Court Should Protect Science From Greedy Academic Publishers

– science.thewire.in/the-sciences/academic-publishing-access-elsevier-sci-hub-alexandra-elbakyan-libgen-copyright-claims-delhi-high-court/

• The STI Policy Proposes a Transformative Open Access Approach for India

‘These proposals are a big shift in how we learn and do science, as a country.’

– science.thewire.in/the-sciences/the-sti-policy-proposes-a-transformative-open-access-approach-for-india/

• Intel invests additional $475m in Vietnam plant

– ft.lk/front-page/Intel-invests-additional-475-m-in-Vietnam-plant/44-712298

• China Builds massive new land port on the China-Kazakhstan border to attract global trade…’

– youtube.com/watch?v=ZpqtHvPS8OQ&feature=youtu.be

• The Secret Reason The U.S. Fears Huawei

‘Huawei is a worker-owned corporation and the US Empire cannot allow a good example to spread its influence unchallenged.’

– youtube.com/watch?v=twBjD7PsACs&feature=youtu.be

______________________________________________________________________

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

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

• Micro Finance Act, Samurdhi to be amalgamated soon

‘“It is the SME and the micro finance sectors that contribute mainly to the development of the rural economy’

– sundaytimes.lk/210124/business-times/micro-finance-act-samurdhi-to-be-amalgamated-soon-429353.html

• Private sector not allowed to import Covid vaccine: Govt.

– dailymirror.lk/breaking_news/Private-sector-not-allowed-to-import-Covid-vaccine-Govt/108-204588

• Steady outflow of foreign funds from Colombo in recent months

– island.lk/the-galloping-stock-market

• Low bank interest rates encouraging people to invest in bourse – top CSE official

– island.lk/low-bank-interest-rates-encouraging-people-to-invest-in-bourse-top-cse-official/

• CSE records billions while people saddled with unbearable cost of living

– newsfirst.lk/2021/01/27/cse-records-billions-while-people-saddled-with-unbearable-cost-of-living/

• The World’s Best Stock Rally Is in Sri Lanka

 ‘Local individuals were responsible for 79% of total market turnover last year, according to the nation’s stock exchange, amid a 70% increase in new accounts from 2019.’

– lankaweb.com/news/items/2021/01/27/the-worlds-best-stock-rally-is-in-sri-lanka/

• Fairfax based in Canada is excited about Sri Lanka

‘The Agency France Development (AFD) is set to expand the non-sovereign debt portfolio worth of Euro 400 m over the next three years.’

– ft.lk/front-page/Sri-Lanka-the-contrarian-investment-opportunity-of-2021-CAM/44-712353

• Sampath Bank to effect sub-division of shares

– island.lk/sampath-bank-to-effect-sub-division-of-shares-2/

• LOLC latest to be worth $1b on CSE

– ft.lk/front-page/LOLC-latest-to-be-worth-1-b-on-CSE/44-712196

– dailymirror.lk/business_247/LOLC-dethrones-JKH-to-become-most-valuable-corporate-on-CSE/395-204591

• Sri Lanka stocks in new high, LOLC Holdings becomes most valuable firm

– economynext.com/sri-lanka-stocks-in-new-high-lolc-holdings-becomes-most-valuable-firm-78266/

• Fitch Revises 9 Sri Lankan Financial Institutions’ Ratings on Recalibration; 2 Downgrades

– bizenglish.adaderana.lk/fitch-revises-9-sri-lankan-financial-institutions-ratings-on-recalibration-2-downgrades/

– economynext.com/fitch-cuts-ratings-of-9-sri-lanka-banks-finance-companies-after-sovereign-downgrade-78209/

– economynext.com/fitch-explains-sri-lanka-bank-ratings-impact-after-scale-recaliberation-sovereign-downgrade-78260/

• Fitch revises Abans Finance to ‘A(lka)’

– dailymirror.lk/business-news/Fitch-revises-Abans-Finance-to-Alka/273-204804

• Seylan Bank appoints Ramesh Jayasekara as COO

‘Jayasekara served as the Deputy Regional Financial Controller of the French Banking giant BNP Paribas, in the Middle East Region’

– island.lk/seylan-bank-appoints-ramesh-jayasekara-as-coo/

• Chandana de Silva appointed as chairman of Janashakthi Group

‘Chief Financial Officer of a Nasdaq quoted data communication services company during his 23 years of work in England’

– island.lk/chandana-de-silva-appointed-as-chairman-of-janashakthi-group/

• Two top biz executives arrive via ‘Investor Bubble’

‘Serial entrepreneur and Silicon Valley investor Insaaf Mohideen has arrived accompanied by Nomura International PLC Managing Director and Global Chief Digital Officer Jezri Mohideen.’

– ft.lk/business/Two-top-biz-executives-arrive-via-Investor-Bubble/34-712076

• Will Big Corporates Get to Control India’s Banking Sector?

‘A Reserve Bank Internal Working Group recommended that big corporates be allowed to promote banks. Aunindyo Chakravarty analyses the implications.’

– newsclick.in/will-big-corporates-get-control-banking-sector

• The System Is Rigged – Episode 4537: Game Stop Corp

– moonofalabama.org/2021/01/the-system-is-rigged-episode-4537-game-stop-corp.html

___________________________________________________________________________________

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 sales, tourism, insurance, advertising, etc. – the charade of press releases disguised as ‘news’

• Trading halted at CSE

‘due to a technical failure of a Broker Back Office system provider’

– bizenglish.adaderana.lk/trading-halted-at-cse/

• Moratuwa Municipal Council removes unauthorised vendors

– timesonline.lk/news-online/Moratuwa-Municipal-Council-removes-unauthorised-vendors/2-1131782

• Colpetty market to get major facelift

– ft.lk/front-page/Colpetty-market-to-get-major-facelift/44-712349

• Cargills Ceylon nearly doubles profits in 3Q on robust retail and FMCG operations

‘Cargills Ceylon promoters, CT Holdings PLC owns 70% stake in Cargills Ceylon. The Employees’ Provident Fund has 3.27% stake being its third largest shareholder. NDB Wealth Growth and Income Fund and Sri Lanka Insurance Corporations’ Life Fund have entered the top 20 shareholders list…’

– dailymirror.lk/business-news/Cargills-Ceylon-nearly-doubles-profits-in-3Q-on-robust-retail-and-FMCG-operations/273-204567

• Sri Lanka’s John Keells Holdings net down 59-pct in Dec

– economynext.com/sri-lankas-john-keells-holdings-net-down-59-pct-in-dec-78336/

• John Keells Properties extends Freedom Mortgages through partnership with DFCC Bank

– bizenglish.adaderana.lk/john-keells-properties-extends-freedom-mortgages-through-partnership-with-dfcc-bank/

• Expolanka upholds stable 3Q growth; records Rs. 57.8 b revenue and Rs. 4.5 b PAT

– ft.lk/front-page/Expolanka-upholds-stable-3Q-growth-records-Rs-57-8-b-revenue-and-Rs-4-5-b-PAT/44-712344

• LB Finance share sub division boosts price to all-time high

 ‘Dhammika Perera controlled Vallibel One Plc owns 51.75% whilst related parties Royal Ceramics holds 26%. Esna Holdings Ltd. of Eshana de Silva holds 10%. LB Finance’s public holding as at 30 September 2020 was 21.78% held by 2,380 shareholders.’

– ft.lk/front-page/LB-Finance-share-sub-division-boosts-price-to-all-time-high/44-712240

 • Sri Lanka Insurance Corporation buys 9% stake in Amaya Leisure

‘Lalin was the fourth largest shareholder at Amaya after Hayleys PLC (40.3%), Dean Foster (21.3%) and EPF (9.6%)’

– ft.lk/front-page/SLIC-buys-9-stake-in-Amaya-Leisure/44-712084

• Sri Lanka Insurance posts a staggering revenue of Rs. 55.2 billion during 2020

– island.lk/sri-lanka-insurance-posts-a-staggering-revenue-of-rs-55-2-billion-during-2020/

• Smoke over BOC loan to stockpile cigarettes; and heat over Ramanayake’s seat in Parliament

– sundaytimes.lk/210124/news/smoke-over-boc-loan-to-stockpile-cigarettes-and-heat-over-ramanayakes-seat-in-parliament-429956.html

• Sri Lanka to establish diplomatic relations with Liechtenstein

‘one of the wealthiest countries in the world with higher industrial capability and manufacturing mainly medical drugs and electronic equipment’

– bizenglish.adaderana.lk/sri-lanka-to-establish-diplomatic-relations-with-liechtenstein/

• 26th Annual General Meeting of the Sri Lanka – Korea Business Council

– bizenglish.adaderana.lk/26th-annual-general-meeting-of-the-sri-lanka-korea-business-council/

• Sunshine, Akbar complete collaboration to boost pharma biz

– ft.lk/business/Sunshine-Akabr-complete-collaboration-to-boost-pharma-biz/34-712189

• Hatch Open House returns for 2021

– dailymirror.lk/business-news/Hatch-Open-House-returns-for-2021/273-204803

• Japan’s Kirin to invest $ 30 m in maker of Indian craft beer Bira

‘U.S.-based Sequoia Capital holds a roughly 45% stake in Bira, while CEO Jain and his family own around 30%.

– ft.lk/dining/Japan-s-Kirin-to-invest-30-m-in-maker-of-Indian-craft-beer-Bira/39-711942

______________________________________________________

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.

• A note to those who are thrilled about Pavithra being tested Covid-19 positive

– gammiris.lk/a-note-to-those-who-are-thrilled-about-pavithra-being-tested-covid-19-positive/

• Call for a Special Presidential Com: CoI on political victimisation

– sundaytimes.lk/210124/news/call-for-a-special-presidential-com-coi-on-political-victimisation-430015.html

• Ranawaka has not been granted any post on SJB list

– adaderana.lk/news/71049/sjb-appoints-new-office-bearers

– ft.lk/news/Champika-to-join-SJB/56-712136

• The ferocious folly of the Sinhala far-right – Jayatilleka

‘The Minister finds comfort in a specious parallel with India’s recent policy on Kashmir’

– ft.lk/columns/The-ferocious-folly-of-the-Sinhala-far-right/4-712109

• A reckoning in Geneva – Jayatilleka

– ft.lk/columns/A-reckoning-in-Geneva/4-712219

• Relatives of politicians get foreign postings

– dailymirror.lk/breaking_news/Relatives-of-politicians-get-foreign-postings/108-204794

• The Pohottuwa Government of Sri Lanka Part 2 C11, 12 & 13

‘Cassandra compared the US Capitol invasion with two events in Sri Lanka Parliament. The first is the opening of Parliament chamber to members of the public in 1956. There is a difference which Cassandra has missed. The Sri Lanka public were not storming Parliament to kill and destroy, they came to rejoice. This was Ape Aanduwa’

– lankaweb.com/news/items/2021/01/25/the-pohottuwa-government-of-sri-lanka-part-2-c11/

– lankaweb.com/news/items/2021/01/26/the-pohottuwa-government-of-sri-lanka-pt2-c12/

– lankaweb.com/news/items/2021/01/28/the-pohottuwa-government-of-sri-lanka-part-2-c13/

• Subhas is rightly recognized as the co-architect of India’s freedom.

– island.lk/from-defeat-to-hero-ii/

__________________________________________________________

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.

• TV is king, print on retreat and social media still catching up in Sri Lanka: audience survey

‘More than 90% get their information on news and current affairs from terrestrial TV broadcasts and a fifth of news consumers watch only TV foregoing all other media….a clear divide between urban and rural users as 40% of urbanites use social media daily and over 30% of them get news off the web…’

– economynext.com/tv-is-king-print-on-retreat-and-social-media-still-catching-up-in-sri-lanka-audience-survey-78211/

• Recordings of the island’s history as seen by the compilers of the Mahavamsa – Usvatte-aratchi

– island.lk/recordings-of-the-islands-history-as-seen-by-the-compilers-of-the-mahavamsa/

• The Ignominious Disappearance of Buddhism from India

– island.lk/the-ignominious-disappearance-of-buddhism-from-india/

• Was there Buddhism in early Sri Lankan history?

– dailymirror.lk/news-features/Was-there-Buddhism-in-early-Sri-Lankan-history/131-204611

• Evolution from AM radio to Digital TV broadcasting

‘the Japanese Government has offered assistance to Sri Lanka to switch over to Digital Terrestrial Television Broadcasting’

– island.lk/evolution-from-am-radio-to-digital-tv-broadcasting/

• The Altered Natives

‘Time to re-learn that Jesus and Cleopatra were Black, that Egypt is in Africa and not entombed in a London Museum.’

– gammiris.lk/the-altered-natives/

• Was This Fakenews An Attempt To Get Khamenei Banned From Twitter?

– moonofalabama.org/2021/01/was-this-fakenews-an-attempt-to-get-khamenei-banned-from-twitter.html

• Twitter execs refused Israel’s request to remove Iran’s Ayatollah Khamenei tweets

– nypost.com/2020/07/30/twitter-execs-refused-request-to-remove-ayatollah-khamenei-tweets/

• Democratic Fascists Prepare to Drop the Hammer

‘Democrats are determined to snuff out freedom of speech and assembly to protect the corporate ruling order – while pretending it’s to safeguard Black people.’

– blackagendareport.com/democratic-fascists-prepare-drop-hammer

• English Police Trial of Scottish Journalist

– craigmurray.org.uk/

_________________________________________________

• Please note our new email address: econenews@gmail.com,

and our blog: eesrilanka.wordpress.com

_________________________________________________

Published by ee ink.

This site is inspired by the dedicated scholarship and work of S.B.D. de Silva, author of "The Political Economy of Underdevelopment"

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