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email: econenews@gmail.com
“Before you study the economics, study the economists!”
Monitor UN! Boycott Multinationals!
e-Con e-News 21-27 March 2021
Social media, news, gossip columns are abuzz with stories about ministers robbing the treasury, trees being cut (FB photos show lorries with logs in Moratuva, as if that town never had a furniture industry before), sand being stolen. ‘Former’ SLPP supporters are headlined vowing never to vote for them again. The real story is quite different, involving the wholesale mafia and the lack of a development banking system (see ee Economy, Wholesale Trading). Only a powerful state can deal with this mafia. But the import mafia media is full of nonsense about creeping ‘despotism, militarism.’ This mafia are the real despots, sabotaging the economic security of the people.
• This president and government came to power promising to prevent the previous government’s undermining of the country’s sovereignty at the UN. This is what it has done in Geneva, despite the supposed ‘defeat’ by white countries. It’s time to monitor the UN as well as their agencies, hijacked by multinationals, interfering in countries in the name of good deeds, (ee Agriculture, UNESCO). If Sinharaja is a world heritage site, what about the Bank of England and US Federal Reserve, World Bank, IMF? Not just that, let’s monitor the EU & US and their multinational banks’ and corporations’ hijacking of Sri Lanka’s economy!
‘What can Sri Lanka do? 2 things – 1) The government has to realize one important truism: Only a government that has the people’s full backing can resist these kinds of vexatious prosecutions. Such backing can only be obtained if the government trusts the people, listens to the people and takes care of the people AND the land. In other words, only a government that affirms in word and deed notions of sustainable livelihoods and the security of all the land’s natural resources can protect such a people and indeed itself.
2) The government should realize that one way of winning over other countries similarly persecuted or potential victims of similarly pernicious moves, is to take a strong and principled stand against vexatious persecution. In other words, if ‘the cesspool of bias’ wants to compile lies, then Sri Lanka could compile all the truths that have not even been footnoted in Geneva, not just in relation to this country, but all the countries in the world. A vast repository can be developed.’ (ee Sovereignty, Vexatious)
• Are EU & US banks behind NGOs exploiting the rural debt issue? A ‘collective protest’ and satyagraha ‘by women victimized by microfinance’ begun 8 March, International Women’s Day (IWD), continues in Hingurakgoda, Polonnaruva. Organizers say an estimated ‘28 million people are caught in a debt trap’, facing violence and sexual abuse, with ‘over 200 forced to commit suicide’.
The ‘Collective of Women Victimized by Microfinance’ wishes to ‘enhance the awareness of the microfinance debt crisis… and build solidarity action locally and internationally, strong enough to force the government to address the crisis with short term, intermediate and long term solutions’.
They’re demanding: ‘All microfinance debt be abolished! All microfinance debt collection be immediately ceased until a debt audit is conducted! All legal action against microfinance borrowers be stopped! De-list all microfinance borrowers from the Credit Information Bureau (CRIB) of Sri Lanka! Establish an autonomous and socially emancipatory credit mechanism, collectively owned by women!’
(see: cadtm.org/Collective-protest-by-the-collective-of-women-victimised-by-Microfinance)
In November 2019, an unnamed Colombo finance company (possibly LOLC) withdrew a case at the Hingurakgoda District Court, informing court, the woman ‘victimized by the microfinance credit crisis’ paid the entire amount due.
The ‘victim’s lawyer’, Attorney-at-law Radika Gunaratne, stated, ‘Not only this finance company, but the vast majority of finance companies in Sri Lanka have filed thousands of lawsuits on null-and-void contracts. If properly challenged, these cases can be won to some extent.’
Gunaratne is a director at the Nelumyaya Foundation, which partners with the Collective of Microfinance Victims Protection, backed by Law & Society Trust (LST), Movement for Land & Agricultural Reform (MONLAR), and they joined the Hingurakgoda Microfinance Victims Protection Organization, and The Social Architects (TSA) to support court proceedings. (see: lankanewsweb.net/67-general-news/51578-Woman-tortured-by-microcredit-wins–Company-withdraws-case-)
A MONLAR demonstration on IWD, demanded ‘the government fulfil President Gotabaya Rajapaksa’s election pledge to scrap micro-credit loans.’ (ee Workers, Suicides). So why can’t the government just scrap these loans, and why aren’t the EU & US banks behind these microfinance companies being named? What’s the real story? (see ee Random Notes)
• There can be no economic recovery unless there is investment in new means of production & employment rises (ee Economists, Sugar Rush)
Yet, the Central Bank governor is reported to have pointed this week to the ‘lack of an effective development banking system’: ‘A wide range of responsibilities’ have instead been ‘entrusted to the commercial banking sector’ (ee Economists, CB Chief)
How does this relate to the type of colonial economy our economists wish us to sustain? What exactly is a colony? SBD de Silva saw type of investment at the real basis of 3 types of colonies – what ee shorthands as – genocidal colonies, settler colonies and non-settler colonies, SB viewed them in a continuum. ee’s latest excerpt from his book shows regions like Indonesia and IndoChina as appearing to be exceptions to his categories. Settler and nonsettler investments are also linked to resident and nonresident capital,or entrepreneur & rentier investments (ee Focus).
• They who yearn to transform the country, to truly take over the reins of power, must take control of the banks. If they do not, they will have no real power. Investment or the lack of investment in industrialization is the key to understanding continuing colonialism. A businessman said this week: before they can make a big (Rs5 billion) investment, there should be clarity for long-term continuity of fiscal policy. Yet, in the last 73 years capitalists have shown no interest in truly industrializing the economy (we do not mean handicraft or assembly).
Contents:
A1. Reader Comments –
• Boycott Unilever • Banks & Finance Companies Play with People’s Lives • Biggest Pandemic Profiteers • Why Universities are Run down • Ecocide Brigade • We Need Our Own Social Media • Digitization Scam • Will CB Governor Succumb • Amazing Mao • Need an Economic Plan
A2. Quotes of the Week
• Government Must Take over Wholesale Trading • Suez Snafu • Our Graphene Must Be Developed Here • Väddas Not Primitive • Japan Makes Big Industrial Promises • US Trained Terrorists for Syria • Why US Supports Death Squads • Blackrock vs Morgan: Who’s Bigger?
A3. Random Notes –
• Rural Debt & Industrialization • Fake Business News • Take Control of Banks • US Destroys Reporters • US, TNA & Sarath Fonseka • Sharpeville • Fake Lament about UN Defeat • EU & US Banks & Greece • NGOs & Fake Protests? • LOLC & EU Banks • Big Banks, Fund Managers & Rural Debt • UNP Left & NGOs • Herding Debt Victims • Sunday Times Can’t Locate EFC • MNCs Hijack Eco Brigade
B. ee Focus
B1. Investment Patterns, Settler & Nonsettler, Part 2 – SBD de Silva
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 news sent, or your comments, and place any e-link at the end. It’s better to email: econenews@gmail.com
• ‘I watched the Philippines Foreign Minister’s statement on the resolution against Sri Lanka. Also Venezuela & Bolivia’s. They have suffered so much for so long. It is the only positive in that entire UNHRC episode. Any Sri Lankan angry at the most unjust, punitive and entirely ridiculous resolution taken against us, should commit to boycotting any & all Unilever products etc. I for sure will be. The very thought of giving more money to those persecuting and impoverishing us disgusts me.’
• ‘I’ve been interested in the ‘economic game’ as ee calls it, for a while. I can’t speak for other people of my generation but I personally have had incentive. Thaththi lost his job at Seylan Bank in the banking crisis in 2007. Ammi lost her savings in the Golden Key/F&G Finance crash. Our entire world was turned upside down. It was an insanely hard time for us. At the time they definitely didn’t understand what had happened. Ammi fell into a depression and it affected all of us. She had to start working to make ends meet. She still hasn’t recovered all the money. After years and years of voting for the UNP, they both finally realized the UNP will never help them get their money back and voted SLPP in the last election. (It made me so angry to read, the Central Bank knew about these finance companies dealings and hadn’t done anything, let alone warn people!) I hadn’t even heard of the GFC [great financial crisis] till a year ago. After that I started learning about these financial bubbles and the insanity that is capitalism, and think I finally get it. It’s so horrible. They play with people’s lives.’
• ‘The scale of cashflow to the USA during the pandemic is amazing… see “10 Biggest Pandemic Profiteers”’ (ee Economists)
• ‘Re “Now universities are run down”: From within and without. The JVP and Frontliners are a more effective force in destroying local university education than the foreigners’ other forces combined… the 1971 grads now in the imperial camp were in it, in ‘71 too… only some were aware – and also willing.’
• ‘The ecocide brigade is getting stronger and must be effectively countered. But I don’t think it can happen in the extant platforms open to us. I personally support building an alternative indigenous social media platforms for SL that will offer anything anyone needs, like Weibo, Wechat in China. This is vital I think. It’s also possible to do since SL’s social media users are still a small percentage relatively. It might have to be subsidized. The point is communication must be strong and protected for our interests. ee has shown how advertising agencies rule the roost here. There has to be a solution. People must be educated so they know things to even defend a govt policy. What often happens is repetition of allegations and a whole lot of gaslighting by opposition and NGOs, end up cornering even thinking people and their will gives way. They are trained and use many tactics of course.’
• ‘Despite all the harping about decentralization & bitcoin being an alternative, it’s ALL a scam. There is no alternative to industrialization and producing. Everything else is scam and theft. Theft from the poor and middle classes to the rich. There is no trickle-down economy. It’s just a flood-up economy. This is what I’ve realized. So yes I’ve personally always searched for answers to these things because I’ve been a victim of it. That’s why the whole digitization drive worries me so much. I think there is a point of no return. (see english.newsslbc.lk/?p=23466)’
• ‘The government is under tremendous pressure. It is do or die. I hope this CB governor does not succumb to it though. I read this (ssalanka.org/a-comment-on-neoliberalism-in-sri-lanka-wd-lakshman) which gives me hope. But yes it remains to be seen. And it’s best we don’t see, for they might have to feint. I think Gota is committed to industrialization. Don’t know about Mahinda, lol. But yes it’s complex. And the foundation must be strong, effective communication that reaches everyone. People have to support the government as well. They can’t do anything on their own. A cultural movement as said. But first, for that, communication channels must not be compromised.
Yes, as ee notes, we need an economic plan that doesn’t get thrown away. So it must be legislated? Were plans legislated in the 1960s? How was it so easy for JR to waltz in and change everything in the late 1970s? Where did it go wrong? I understand that JVP were agitating (for the UNP) and India was stoking militancy in the North, but when u talk to people they all remember only a supposed “saagathaya’’. We didn’t have a cultural movement then, did we? But the plans were sustained for a while impressively.’
• ‘It’s amazing to read about how Mao succeeded in getting people to resist capitalism.’
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A2. Quotes of the Week_
• ‘The government has not yet taken over the role of wholesale trading. The government depends on the wholesalers in the market and impose certain restrictions which won’t work. They cannot be enforced effectively. Therefore, the government must get into wholesale trading and assume monopoly in certain areas including imports. Then, it can maintain stable prices of essential items. Presently, we depend on the wholesalers of the market, who are unscrupulously increasing their profits.’ – Vasu (see ee Economy)
• ‘The grounding of Ever Given in the Suez also has exposed how the complex ownership structures in global shipping might make it difficult to hold anyone accountable. The Ever Given is operated by Taiwan-based shipping company Evergreen Maritime [linked to Colombo Port’s SAGT]. Evergreen charters the ship from a Japanese firm; a Dubai-based company acts as the agent for the ship in ports; and the ship flies the flag of Panama.’ (ee Industry, Big Ships)
• ‘Graphene promises miracles. As a consequence of extreme thinness, it behaves very different from graphite. Mechanical strength and electrical properties of graphene surpass other materials. Electrons travel so fast in graphene invoking Einstein’s relativity into material science for the first time. Possibilities of applications of graphene in diverse variety of areas stands sky high. Graphite is a basic raw material used to manufacture graphene. Sri Lankan vein graphite stands topmost in purity and other properties for the purpose. Graphite is a resource-limited critical mineral; the demand will escalate exponentially, once graphene based electronic become a practicality. SL needs to prepare for this eventuality not only by manufacturing graphene but gaining know how make such electronic devices ourselves. Advanced fundamental research in modern context as well as higher education with stronger emphasis on physics, mathematics and electronic engineering is a prerequisite.’ – Prof. Keerthi Tennakone (ee Industry, Nanotech)
• ‘The Seligmanns were blind to the historical past of the Väddas, and had not even the remotest idea that it was a Vädda chief, a Kandyan aristocrat, who with his fighting force was a major player in the 1817-18 rebellion against the British. Kivulegedera as he was called was captured and executed, and soon the English forces raided and decimated much of the Vädda population in the very area that the Seligmanns studied. When they visited Väddas 100 or so years later, is it a wonder they were living under conditions of dire poverty? It seems the Seligmanns conflated poverty with primitivism.’ – G Obeysekera (ee Media, Anthropologist)
• Promises? ‘Factories that produce black tea in Sri Lanka have to be modernized to enhance productivity. Japanese companies together with Sri Lankan companies can modernize factories. State-of-the-art technology should be used to harvest agricultural products and Japanese companies can assist such endeavours. He said the SL government’s policy on manufacturing 50% of the drug requirement domestically is timely. “We have had a dialogue with local pharmaceutical companies on setting up of joint ventures in this regard. Following the Covid-19 pandemic, Ayurveda products have a niche market in Japan,” he added. Chief Representative, Japan International Cooperation Agency (JICA) Fusato Tanaka said JICA started its operation in Sri Lanka 60 years ago and in 1982 JICA’s office was set up in SL.’ (ee Industry, Japan opposes ban on imports)
• ‘The US is known to have trained at least 10,000 rebel fighters at a cost of $1billion annually since 2012. President Barack Obama reportedly admitted to a group of senators, the operation to insert these CIA-trained rebel fighters into Syria.’ (ee Sovereignty, Syria)
• ‘Former CIA head Bill Casey told students in 1983, when explaining why the Agency was supporting death squads in Central America: “It is much easier and less expensive for us and our friends to support an insurgency than to resist one. It takes relatively few people and support to disrupt the internal peace and stability of a small country.”’ – counterpunch.org/2021/03/26/roaming-charges-12/
• ‘BlackRock is the world’s largest asset management firm, overseeing nearly $9trillion in assets. That’s more than double where it was 10 years ago. To put that in perspective, Blackrock manages more assets than the entire GDP of Japan, or Germany, or Great Britain or any other nation in the world, except the US & China. BlackRock may, indeed, pose a systemic risk to the US financial system, but it’s not because it holds a stake in just about every company listed on the S&P 500. It’s because it produces Exchange Traded Funds (ETFs) which promise intraday liquidity for buyers and sellers, which clearly is not the case during a market panic. During the market panic over the pandemic last year, the Fed gave a no-bid contract to BlackRock to manage its corporate bond-buying programs, which included allowing BlackRock to bail out its own junk bond and investment-grade bond ETFs that were tanking… But if we’re going to seriously talk about systemic risk to the US financial system we need to start at the top rung of the ladder. That’s JPMorgan Chase. According to the Office of the Comptroller of the Currency, the regulator of national banks, JPMorgan Chase “maintains one of the world’s largest & most complex fiduciary businesses with total fiduciary & related assets of $29.1 trillion, including $1.3 trillion in fiduciary assets and $27.8tn of non-fiduciary custody assets.” Not to put too fine a point on it, but $29.1 trillion is 5.8 times the $5 trillion GDP of Japan in 2020, while BlackRock’s assets are just 1.8 times Japan’s GDP in 2020.’ (ee Economists, Blackrock)
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A3. Random Notes (‘Seeing Number in Chaos’)_
Rural debt is an old continuing tragedy. The English left us the most impoverished peasantry in Asia. This is the real English legacy. The control of rural agriculture by merchants and moneylenders, and the failure to modernize agriculture and set up industry, is because the rural home market is captured by foreign multinationals (like Unilever) and banks, going to the very root of our economic underdevelopment.
There’s both a rural labor surplus and a high cost of rural labor, raising food prices. How is this possible? This is because the cycle of rice cultivation sometimes requires large numbers of workers and sometimes not. This could be resolved by providing high-skilled industrial work to agricultural workers during their off-season. Setting up industry requires a strong rural economy. Yet most of the rice produced by small cultivators is consumed by them. Harvests are promised in advance for industrial goods lent by merchants and or paid for by moneylenders. This leads to a lack of rural monetization and commercialization necessary to create a rural market for industrialization.
NGOs highlighting microfinance debt on behalf of those who borrow are helping to hide this and several other big secrets. They will not divulge that people are actually borrowing from EU and US banks! These EU and US banks are behind the microfinance companies. These microfinance companies lend for people to buy or lease imported machinery and goods etc. Rural people are borrowing to buy EU and US goods! These borrowers also work (as in the garment fraud) for companies exporting goods and services to the EU and US. Goods and services made with expensive EU and US inputs. So who are these EU and US lenders? (see below)
• The NewsFirst story is awkwardly headlined and carelessly spelled:
NDB being awaded (sic!) the best bank in Sri Lanka by Global Finance
The last line in the story: ‘Paid Content submitted by NDB’
This just about summarizes the state of copy-and-paste business journalism in the country. This is a week after Norway became the NDB’s largest shareholder? NDB is the ‘National Development Bank’. Is this the same mag that called Ravi K the best banker in Asia? Hijacking banks like NDB and DFCC is a story yet to be fully told. Let alone the failure of the Bank of Ceylon and the Peoples Bank to encourage investment in industry.
• Wonder why the USA, TNA, UNP etc backed the ‘war-winning general’ Sarath Fonseka in the 2010 election, and then when their candidate lost, decided to pursue ‘war crimes’? Is it a defeat when the UN remains hijacked by a white minority? Is it a defeat when we refused to accede to the Indian-imposed 13A that gained the so-called 2009 victory at the UN? Some of these countries vote via paypal. Is Nepal independent yet? Are Mexico, Argentina leftish as claimed? Argentina’s finance minister was in Washington last week to beg US bankers and IMF. Mexico is run by a ‘fiscal conservative’ wheeling & dealing on their ‘free trade’ with the USA… Meanwhile check out English & US sponsorship of terrorism against Syria, which our ‘international advisors’ ignore.
A South African diplomat once told ee, their UN delegation did not know they had voted to oust Gaddafi, who had fully backed the anti-apartheid movement. Check out the story of Sharpeville: how Robert Sobukwe and his Pan-Africanist Congress sparked the most significant event to liberate South Africa. But then the limelight was hijacked by Sobukwe’s fellow Robben Island prisoner: Nelson Mandela’s African National Congress, set up by white missionaries, with very similar colonial origins to the Indian National Congress and Ceylon National Congress… (ee Sovereignty, Sharpeville)
• The white media is full of lament about SL ‘defeat’ at the UNHRC, and the request for a war chest of ~$3million to ‘monitor’ Sri Lanka. Critics are happy to ignore the blatantly obvious: the UN and its offices have long been hijacked by a powerful yet decadent white minority, on behalf on the world’s largest capitalist organizations. Rather than this unrepresentative elite ‘monitoring’ the country, it is we who should be not just monitoring but also preparing to recapture this world body. History is on our side, but only if we are organized!
But first, we must also capture our own economy. The President, if not the government, has to move fast, very fast. While there’s a worldwide economic crisis, brought on by capitalism, and exacerbated by Covid, people are desperate The very same invasive forces, coupled with their local allies, are seeking to ‘fish in a mud lake’, attempting to siege the government from all sides of the political spectrum. We should expect no less…
• ‘The same EU & US banks behind microlending are the same institutions who were behind the Greek pre-crisis lending. This is what Germany did to Greece. The EU pumped money into Greek banks, to lend to the service sector, real-estate, etc. People bought German goods, like Benzes over Greek cars. The Greek industrial sector collapsed, as did the Greek ability to pay off debts.’
These banks then structured these instruments and lent to intermediary financial institutions. These lenders hold them as securitized assets and they are mostly sold as collateralized asset-based securities. So questioning them is taboo for these NGOs for obvious reasons. Unlike in Greece, where there was a strong anti-EU movement, here it is used as a tool to attack the government instead of understanding how to solve the issue.
‘When people default, and when these microfinance companies default, it is the Central Bank who has to pay the EU and US banks!’
Why don’t these NGOs also name and protest the EU banks that are behind these microfinance companies?. Isn’t this, outside of prevention of investment in modern industry, one source of the scandal of underdevelopment, let alone that these banks led by the World Bank etc were behind destroying the rural credit coops etc? ee has recalled before the campaign launched by the English and US banks against Philip Gunawardena’s attempt to set up a rural development bank (which People’s Bank & Bank of Ceylon were hijacked away from accomplishing), which ended in the SWRD assassination.
Why don’t NGOs demand the EU and US banks to cancel those debts? Very simple. These NGOs are paid by the EU and the US!
Supporters of the protest argue: ‘People fighting for something identify their immediate adversary as the target? That’s natural. They’re dead against LOLC etc. That’s what they experience. Widening the discussion is up to others on the condition they stand in solidarity with those who are suffering now.’
Yet, many posting on social media about rural debt are highly educated people, who can clearly see who is funding LOLC? It’s the responsibility of such intellectuals to provide analysis and articulate a program.
If NGOs like Law & Society Trust are involved, who are funded by EU, isn’t it strange the link to the EU and US is left out? The demand is for all debt to be abolished. But if all borrowers default then the Central Bank has to pay out of the country’s reserves? Shouldn’t one of the demands call for the EU and US banks to pay up? (including reparations for preventing agricultural renaissance). These reparations must be paid not just in cash but in transfer of modern industrial processes.
• LOLC Micro Credit Ltd (LOMC) was formed in 2009, with FMO (Netherlands Development Finance Co) owning 20% of LOMC. LOMC said it then served 160,000 customers through its 128 service outlets, and invited Dutch Triodos, a ‘sustainable bank’. In 2013, BRAC, ‘one of the world’s largest microfinancing providers’, allied with the LOLC, to control Nanda Investments. In 2014, the LOLC Group acquired BRAC Lanka Finance. LOLC is now accused of illegally acquiring the loans owed to BRAC by rural people. BRAC was claimed as ‘the largest development organization in the world’. Founded in Bangladesh, it’s Chairman, Fazle Hasan Ahbed received the Ramon Magsaysay Award, UNDP Mahbub Ul Haq Award, inaugural Clinton Global Citizen Award & WISE Prize for Education. BRAC spanned 11 countries in Asia, Africa, the Caribbean.
ee 1 August 2020 provided a list of EU, US & US-occupied Korean ‘development’ and other banks behind LOLC. But it’s not just LOLC, many of these microfinance companies are funded by them. ee has recorded how Citizens Development Business Finance, claimed as one of Sri Lanka’s top-5 non-banking financial institutions, got tens of millions of dollars in foreign funding from the Belgian Investment Company for Developing Countries, Netherlands’ FMO and Switzerland’s Blue Orchard Microfinance Fund, to help ‘SMEs’. Senkadagala Finance also received a US$25mn financing facility…from the Netherland FMO ‘to enhance its green vehicle portfolio’. And there is more…
• The big banks – like Citibank, Standard Chartered, HSBC etc, including these so-called ‘Development Banks’ behind the microfinance companies – are all fund managers (FMs) preying on (rather than investing in) so-called emerging (also called frontier) markets. These FMs manage their countries’ pensions, mutual funds, asset-backed securities etc. These FMs strike a contract with these microfinance companies like LOLC who promise them a set rate of return (ROR) over a set period of time. These FMs then gamble with this promised ROR, which can fluctuate, collateralizing them into debt instruments for secondary markets such as ‘futures’, options and hedging, etc. The ROR can fluctuate because microfinance companies then are faced with default, non-payments, inflation, the whims of rating agencies, and the state of the economy and financial system.
Critics of the rural debt protests note how limited their demands are, and see a pattern in the other issues raised by what’s called the ‘UNP Left’ –red shirts wearing green lunkets. This UNP Left raise issues not to resolve them, instead use these issues as ammunition to attack the government by using debt victims as human shields. If they really care about these people then they should create a debt restructuring framework, where lenders and borrowers attain a productive equilibrium, with space to cut out punishments. There’s no serious technically oriented discussion around such issues, other than crisis pimping for the UNP and NGO sector.
The CBSL already suggested a bad bank framework but it’s been delayed due to its overwhelming workload, coupled with the fact the CB’s work is sabotaged by UNP agents within. There are 2 finance companies already under CBSL. It’s not only inhumane but also problematic to use these victims for their own career gains.
Most of these issues are very real and grassroots resistance can be real too. But most of those bringing these things to social media are social capital vultures. They’re driving these people to abolish debt which is never gonna happen. And from an industrial perspective, these people actually need credit to ignite the performance of these assets, through policy-oriented banking rather than market-oriented banking to promote modern industrialization. For that there should be proper debt restructuring and an asset revitalizing framework. Amortization needs to be calibrated to run parallel with their business cycle.
Credit doesn’t have to be super exploitative. But the government should open alternative avenues to credit that don’t embolden exploitative practices which kill people. We never hear of multimillionaire businessmen who also are in debt committing suicide. Their debt is very easily dealt with to run operations smoothly. This is a political choice.
Millionaires do not commit suicide because of debt. They get better credit arrangements and can also renegotiate that debt, which can also be done for rural ‘debt victims’. They should come to a better credit arrangement, restructure debt, and even provide adequate credit to ignite their assets. This has been done by so many countries in the recent past. China did the biggest debt restructuring. Debt restructuring even under the best conditions is a natural phenomenon. You find debt restructuring even in the Pharaoh’s Egypt. There should be a healthy debate about this. However. this particular practice of market-oriented lending needs to be revised, with an accompanying policy aspect to it (the actual political task). Instead, basically what these NGOs are demanding is for the government to use our reserves to pay these EU fund managers. That’s the NGO angle in this, to demand that the SL government pay for the nonperforming loans from our own reserves. These NGOs are herding debt victims as a human shield for that.
• Sunday Times can’t locate EFC? The Labor Minister criticized the Employer’s Federation of Ceylon (EFC) at a meeting of the National Labor Advisory Council (NLAC). The EFC represents the private sector and plantations companies on the NLAC. The Times then claims: ‘EFC officials were not immediately available for comment.’ Wonder why the otherwise intrepid Wijeya Group’s Times could not find them? EFC illuminati feature in Financial Times columns all the time.
• Corporations have hijacked the environmental movement, as they’ve done other movements: workers’, women’s, gay etc. They’ve achieved this through both massacring, discrediting and bribing independent leadership of these movements. The corporate environmental movement mixes Christian Armageddonism (the end of the world is eminent!), Malthusianism (too many people except capitalists) and life-boat theory (hunger games etc), Eugenicism (too many stupid races), elitism (we know best, we should be saved first) etc.
• Recall a few weeks ago, when a US President Biden press official said he would ‘destroy’ a reporter? Such power links to the power of the banking house JP Morgan – ‘When you are talking Media USA – NBC’s paws and more generally General Electric’s claws are found everywhere. GE controlled Hollywood. How? Very simple. Though the control of electricity and sound equipment. JP Morgan, that most powerful of financiers in the USA, owned GE. In fact, Edison the inventor was himself an invention of Morgan. Morgan also owns Sri Lanka’s sovereign bonds. And Morgan owns the media.’ (ee Economists)
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B. Special Focus_
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B1. Investment Patterns in Settler & Nonsettler Situations – Economic Underdevelopment & the Settler-Nonsettler Dichotomy – SBD de Silva (Cont’d from last week)
There are 3 territories which do not closely fit this settler/nonsettler typology: the Belgian Congo, Indonesia. and Indochina. The pattern of economic development in the Belgian Congo and Indochina did not conform with their largely nonsettler status; their economic structures somewhat resembled those of the settler colonies. On the other hand, Indonesia was demographically and socially more like a settler colony than Belgian Congo & Indochina, but its pattern of economic development was very much nonsettler in its orientation. In the case of the Belgian Congo the scale and character of economic development was unusual for a largely nonsettler colony. Likewise Indochina which, though demographically and socially even more of a nonsettler colony than the Belgian Congo, exhibited an economic pattern which in some respects resembled that of a settler colony. These deviant cases will be discussed in some detail in a later chapter. Here I shall examine the conflicting elements in the demographic & social character of the white population in both Indonesia and Indochina which make their position on the settler/nonsettler scale difficult to locate.
Indonesia held a complex position in the settler/nonsettler typology. The Dutch settlers, inclusive of Eurasians, were few compared with the Indonesians but were greater in number than the Europeans in a typical nonsettler colony. The ratio of Europeans to the total population in 1920 was 3.5 per 1,000; in India at about this period the corresponding ratio of Europeans (and Anglo Indians) was only seven-eighths per 1,000. In Indonesia the ‘relative numerical strength’ of the Europeans was thus 4 times that in India, and twice that in Indochina. Though the ratio of Europeans to the total population had increased by 1930 to nearly 4 per 1,000, the ‘indigenization’ of the Dutch was checked with the influx after 1900 of a new type of migrant – the trekker or temporary sojourners. The cultural and social life the earlier Dutch settlers (blijvers) was swamped by the newcomers whose lifestyle set the pace for the established Dutch community. The latter now developed a rigid Dutch identity, withdrawing into a closed community as the English did from the outset in the nonsettler colonies. The trekkers migrated to the Indies, usually with Dutch wives, for a specific period, and went home on leave or on retirement. ‘Thus, they differed markedly from the older, smaller group of Dutch blijvers (stayers), who thought of the Indies as their home.14
Despite this change in social outlook, which made the Dutch community more clearly identified with the mother country, a high proportion of the Dutch in Indonesia were settlers. In 1930 nearly 70% of them were born locally.15 They were employed at most levels of the administration and engaged in a large range of economic activities. These included the lower ranks of the public service – the railway, tramways, and posts and telegraphs – and junior supervisory jobs on the plantations. They even worked as unskilled labour and as shop assistants.16 In contrast with the settler colonies, in Indonesia there was a class of poor whites. Indonesia was even looked on as an outlet for Holland’s surplus population; and the social and economic heterogeneity of the Dutch in Indonesia was reflected in their political activity, which followed the lines of division in the Netherlands. There was both a Social Democratic Party and a Liberal Party. The presence of working-class Dutchmen encouraged political radicalism, and even fraternization with Indonesian labour. The first trade union in Indonesia formed in 1908 by railway workers was composed of Europeans, Indo-Europeans and Indonesians.
A seminal figure in the Indies Social Democratic Association, which later became the Indonesian Communist Party, was a Dutchman employed in Indonesia, and the ISDA’s first meeting in 1914 was attended mostly by Dutch.17 A situation such as this was impossible in the nonsettler colonies. However, though the Dutch in Indonesia, as indicated earlier, had some of the features of a settler community, they made little impact on the economy, unlike the European settlers in other colonies. The Indonesian economy closely resembled that of a nonsettler colony – e.g. India, Malaysia, Sri Lanka; it was based on primary production for export to the metropolitan countries and on a backward peasant sector, and there was an almost complete lack of manufacturing industry.
Indochina occupies much more of a border position on the settler/nonsettler scale than Indonesia. In 1937 there were about 42,000 Europeans out of a total population of 23 million, or a ratio of 0.18 per 1,000. They included some non-whites having the status of Europeans, and the real whites numbered only about 30,000. The French residents in Indochina were mostly retired government officers, discharged military personnel, and missionaries. In the early 1940s over 10,000, or 20%, of those gainfully employed were army or navy personnel and 3,900, or 9%, were ‘functionaries’. The expatriate nature of the European community was also shown in its demographic composition: there was a preponderance of males; few Europeans were in the age group of 10-20 years, and about 70% had been in the country for less than 16 years. There was, however, a skeleton European settlement of about 11,000. Many of them had completely adapted themselves to the country, having lived there fifteen years or more, while some had even married Indochinese women. There was also a sprinkling of career women and students at Hanoi university.18
From the 1890s France encouraged settlement in Indochina but met with little response. Though there was a distinct settler element, their small numbers cannot be satisfactorily explained by geopolitical reasons, such as the absence of population pressure in France or the remoteness of Indochina. Perhaps the real reason was the presence of the Chinese who were an ‘exceedingly powerful racial minority’. At the time of the French occupation, they were more or less established in Indochina, and monopolized foreign trade. Later they owned about 80% of the rice mills and controlled the entire rice trade and about half of the semi-wholesale trade in commodities such as corn and salt. Shortly before WW2 there were about a million Chinese, a virtual ‘state within a state’.19
If we leave out these deviant cases which do not readily fit a settler/nonsettler model, the economic structures that emerged in the underdeveloped countries seem to be connected with the type of colony which they represented. The relative economic viability of the settler colonies, and the politico-economic impulses to their development, will be explained in the succeeding three chapters. As a prelude to that discussion I shall here refer to the perceptions of a few earlier writers and indicate in the barest outline the developmental significance of the settler/nonsettler distinction.
Countries with many settlers, both Europeans & ‘alien’ Asians, were regarded by J Van Gelderen as being more ‘intensely colonized’ than those where expatriates predominated.20 On this basis he distinguished colonialism in Indonesia from that in India. CF Remer made a similar distinction between ‘entrepreneurial’ or ‘direct’ investments and ‘rentier’ and portfolio investments or government borrowings. Entrepreneurial investment, he explained, ‘almost always does bring the foreigner himself, whose residence in the country of investment enables him to play an ‘active part’ in his enterprise, unlike the rentier, and to get a hold over the host economy and society. Remer therefore regarded entrepreneurial investments and the physical presence of the foreigner, as the ‘mark of colonial status’.21
In distinguishing between resident & nonresident capital, or between entrepreneur & rentier investments (which in our terminology correspond to settler & nonsettler investments), both Van Gelderen and Remer also emphasized the political implications of the 2 types of investment. Resident or entrepreneurial investments result in foreign domination and control.
Professor Heinz Arndt expressed the different implications for economic development of absentee and resident capital, respectively, in terms of ‘exploitative colonial investment’ and ‘nation-building investment’. The former – eg, in colonial Africa, the Middle East, India and Southeast Asia – was ‘unaccompanied by any permanent emigration [of the investors]’ and such investment ‘concentrated on the exploitation of raw materials, and sometimes [always!] cheap labour, for export to the mature lending countries’. The latter ‘nation-building investment’ involved the migration of the investor as well – as in ‘the US, the white British Dominions and possibly parts of Latin America’.22 WHB Court also mentioned ‘colonies of exploitation of the African type’ and ‘colonies of settlement, Australia, New Zealand, Canada and South Africa’; or ‘colonisation d’exploitation’ and ‘colonisation de peuplement’.23
Though these 2 groups of countries can be distinguished by their different economic structures and their politico-economic relations with the metropolitan countries, there has been little or no recognition of their divergent patterns of entrepreneurship. In one case, the locus of investment and decision-making was the country of investment, and in the other the metropolitan centre.
To bring out fully the development implications of these 2 types of investment it is, however, necessary to go beyond the polar opposites of the expatriate colonies and the regions of new settlement, and to consider the settler colonies as well. These colonies were of a hybrid character. They differed from the USA, Canada, Australia, etc., which were composed wholly or almost wholly of settlers, as well as from the nonsettler colonies where expatriate investors predominated. The white dominions outgrew their colonial status quite early and became developed economies. The other imperial possessions continued as colonies until after WW2, with persistently underdeveloped economies. Their centre-periphery relations were fundamentally different.
Among these imperial possessions the settler colonies had a pattern of economic development which differed in several respects from that of the nonsettler colonies. I can now elaborate on what I said earlier. First, the settler colonies underwent greater industrial and/or urban growth and established a diversified system of agriculture (including grain, livestock, fruit farming) like the advanced economies. Second, development was internally oriented with a corresponding reinvestment of profits, which extended beyond the original lines of investment; a large volume of production was for local or regional markets. Third, settler communities replicated to some extent the socio-political structure of the metropolis country. These communities had a far greater social heterogeneity than the expatriate communities and they usually included a class of workmen, artisans, small farmers and petty traders. Political activity, in many instances was patterned on class lines, and labour unions were formed by the white workers. In Southern Rhodesia, European labour soon after WW1 resorted to strikes. Though white workers organized themselves on strictly racial lines, preventing competition from poorly paid Africans, their militancy in defence of their interests contrasted with the class solidarity of Europeans in the nonsettler colonies.24 Fourth, the settlers exercised considerable political and administrative control over the disposition of local resources. The expropriation of peasant cultivators to secure their labour had parallel in the nonsettler colonies. Finally, the settlers developed a sense of economic and cultural identity different from that of the parent societies, tending thereby to transform themselves into proto-nationalities.
The relative autonomy of the settlers and their greater involvement in the local economy and society were reflected in their often sharp conflicts with the mother country. The French colonies in the Maghreb, though closely integrated with France, were not without such conflicts, the same time, the broad-based nature of the settlers’ economic interests and their complete domination of the local society resulted in extensive repression of the indigenous community – by means of discriminatory land policies, racist attitudes and a gross neglect of indigenous welfare inclusive of health and education. A fundamental expression of these policies was the absence of an indigenous bourgeoisie in the settler colonies.
The significance for economic development of the settler/nonsettler dichotomy will be elaborated in the next chapter, where the contrasting developmental impact of export staples will be explained. The discussion will show the nonsettler colonies and the regions of new settlement to be polar opposites. The 3 succeeding chapters will discuss more specifically the economic, social and political differences between the settler and the nonsettler colonies. But before embarking on this extensive discussion, the question why the Europeans settled in some countries and not in others needs to be dealt with. (from Chapter 2, SBD de Silva, The Political Economy of Underdevelopment)
__________________________________________________________
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.
• Sri Lanka’s collective failure on the Geneva front
‘Thanks to Wikileaks, the US role in making General Fonseka the common candidate as well as ensuring the one-time LTTE proxy, the Tamil National Alliance (TNA) extending support to him is in the public domain. The day the TNA declared its support to Fonseka, the unsubstantiated war crimes accusations should have been unceremoniously discarded.’
– island.lk/sri-lankas-collective-failure-on-the-geneva-front/
– timesonline.lk/news-online/UN-Human-Rights-resolution-on-Sri-Lanka-passed/2-1132692
• Dinesh says UNHRC resolution will have adverse effects on economic development
– timesonline.lk/news-online/Dinesh-says-UNHRC-resolution-will-have-adverse-effects-on-economic-development/2-1132748
– lankaweb.com/news/items/2021/03/25/unhrc-resolution-seeks-to-interfere-in-matters-within-domestic-jurisdiction-foreign-min/
• Cuba stands up for Sri Lanka at UNHRC, with a speech calling for defiance and resistance.
– lankaweb.com/news/items/2021/03/24/sri-lanka-can-win-the-admiration-of-the-world-by-resisting-the-unhrc-inquisition/
• Resolution on Lanka pursues “political agenda” says the Philippines
– ft.lk/news/Resolution-on-Lanka-pursues-political-agenda-says-the-Philippines/56-715369
• Resolution on Lanka is a bid to undermine its development and stability, China says
– lankaweb.com/news/items/2021/03/24/resolution-on-lanka-is-a-bid-to-undermine-its-development-and-stability-china-says/
• NFF alleges Indian intervention in resolution against SL at UNHRC
– newsfirst.lk/2021/03/24/nff-alleges-indian-intervention-in-resolution-against-sl-at-unhrc/
• Govt. tells parliament UNHRC resolution illegal
– island.lk/govt-tells-parliament-unhrc-resolution-illegal/
– ft.lk/top-story/Dinesh-tells-Parliament-UNHRC-resolution-is-illegal/26-715380
• International Criminals as judges
– island.lk/criminals-as-judges/
• Judges in the buff
‘No need for the UNHRC resolution against Sri Lanka would have arisen if the US, the UK and their hangers-on had made LTTE eschew violence and agree to a political solution’
– island.lk/judges-in-the-buff/
• Wanted: An International Centre on Vexatious Persecution
‘The move was by rich, powerful and armed nations. It was a country-specific resolution. If it was a matter of principle that was being voted on, the result can be interpreted as a defeat for the architects’
– dailymirror.lk/opinion/Wanted-An-International-Centre-on-Vexatious-Persecution/172-208490
• The politics of interpreting a vote
‘Some thugs whose wealth acquisition is the direct result of gross human rights violations (genocide, war crimes, ethnic cleansing and such)…’
– gammiris.lk/the-politics-of-interpreting-a-vote/
• Prerogatives following the Geneva Kangaroo Court decision
– lankaweb.com/news/items/2021/03/26/prerogatives-following-the-geneva-kangaroo-court-decision/
• SL slams western powers for bullying after resolution passed at UNHRC
– dailymirror.lk/print/front_page/SL-slams-western-powers-for-bullying-after-resolution-passed-at-UNHRC/238-208444
• England suppressed ‘robust evidence’ at Sri Lanka’s expense at UNHRC – Lord Naseby
– island.lk/uk-suppressed-robust-evidence-at-sri-lankas-expense-at-unhrc-lord-naseby/
• Hypocrisy of England and Class Differences in Human Rights Council Voting
– island.lk/hypocrisy-of-britain-and-class-differences-in-human-rights-council-voting/
• English Parliament must discuss reparations for colonial crimes committed in Ceylon
– ft.lk/columns/British-Parliament-must-also-discuss-payment-of-reparations-for-colonial-crimes-committed-in-Ceylon/4-715385
• SJB: 15 out of 17 pages of UNHRC report target GR
– island.lk/sjb-15-out-of-17-pages-of-unhrc-report-target-gr/
• UN begins monitoring Sri Lanka
‘OHCHR is looking to recruit 12 new employees to work on Sri Lanka…Director of Programme Planning and Budget Division at the UN, Johannes Huisman said that draft resolution A/HRC/46/L.1/Rev.1, would require an additional one-time requirement of $2,856,300.’
– dailymirror.lk/top_story/UN-begins-monitoring-Sri-Lanka/155-208424
– ft.lk/top-story/UNHRC-resolution-sets-stage-for-international-jurisdiction-of-rights-violations-in-SL/26-715272
– economynext.com/sri-lanka-loses-vote-at-un-human-rights-council-80055/
– dailymirror.lk/opinion/UNHRC-resolution-an-eye-opener-for-SL/172-208496
– dailymirror.lk/opinion/UNHRC-Resolution-and-Sri-Lankas-response/172-20849
– economynext.com/effects-and-implications-of-the-unhrc-resolution-on-sri-lanka-explained-80094/
– dailymirror.lk/news-features/No-triumphant-victory-for-sl-experts-point-out-loopholes/131-208713
– dailymirror.lk/news-features/Govt-committed-two-mistakes-Dr-Jayawickrama/131-208712
• SL studies about what it should do at UN General Assembly
‘US $ 137,400 is sought for general operating expenses, US $ 130,000 for contractual services and US $ 41,200 for staff travel. Besides, US $ 75, 400 has been sought to be spent for meeting participants and witnesses. The OHCHR is to appoint 12 investigators’
– ft.lk/front-page/UNHRC-told-to-divert-millions-it-s-seeking-for-implementation-for-SL-resolution-to-welfare-of-people-in-war-affected-areas/44-715379
– dailymirror.lk/breaking_news/SL-studies-about-what-it-should-do-at-UN-General-Assembly/108-208584
– island.lk/sri-lankas-crippled-and-diluted-diplomacy/
• UNHRC vote still positive for SL: FM
‘global south stood up to powerful global north’
– ft.lk/front-page/UNHRC-vote-still-positive-for-SL-FM/44-715271
– economynext.com/dinesh-claims-global-south-sent-important-message-over-sri-lanka-resolution-80056/
• Geneva resolution an attempt to undermine stability on the pretext of human rights – China
– island.lk/geneva-resolution-an-attempt-to-undermine-stability-on-the-pretext-of-human-rights-china/
– lankaweb.com/news/items/2021/03/23/pakistan-china-speak-out-in-support-of-sri-lanka-at-unhrc/
• Sri Lanka narrowly avoids diplomatic fishing spat with India
– economynext.com/sri-lanka-narrowly-avoids-diplomatic-spat-with-india-80178/
• Geneva session: India declares backing for call for implementation of 13-A
– island.lk/geneva-session-india-declares-backing-for-call-for-implementation-of-13-a/
• India, Japan skip vote on Sri Lanka resolution adopted at UNHRC
‘China, Pakistan, Bangladesh & Philippines plus Russia, Cuba, Venezuela, Bolivia, Eritrea, Somalia & Uzbekistan supported SL. England, France, Germany, Denmark, Netherlands, Italy, Ukraine, Argentina, Armenia, Austria, Bahamas, Brazil, Bulgaria, Côte D’ivoire, Czechoslovakia, Fiji, Malawi, Marshall Islands, Mexico, Poland, US-occupied Korea and Uruguay. India, Japan, Nepal Indonesia, Bahrain, Burkina Faso, Cameroon, Gabon, Libya, Mauritania, Namibia, Senegal, Sudan and Togo abstained.’
– island.lk/india-japan-skip-vote-on-sri-lanka-resolution-adopted-at-unhrc/
• India receives GTF appreciation for skipping UNHRC vote on Sri Lanka
– island.lk/india-receives-gtf-appreciation-for-skipping-unhrc-vote-on-sri-lanka/
• UNHRC resolution against SL applies to India more than to Sri Lanka
– lankaweb.com/news/items/2021/03/26/the-unhrc-resolution-against-sl-applies-to-india-more-than-to-sri-lanka-with-small-context-changes-only/
• Factors behind India’s abstention on Lanka resolution at UNHRC
– lankaweb.com/news/items/2021/03/24/factors-behind-indias-abstention-on-lanka-resolution-at-unhrc/
• Explained: India at UN, on Sri Lanka – Nirupama Subramanian
‘Given the elections in Tamil Nadu, where the plight of the SL Tamils is easy fodder, and given India’s own strategic considerations, India…abstaining was the most rational choice.’
– indianexpress.com/article/explained/india-sri-lanka-united-natians-vote-on-resolution-unhrc-7245399/
• UNHRC resolution, step towards justice for Tamils – US PEARL
– island.lk/unhrc-resolution-step-towards-justice-for-tamils-decisive-action-beyond-the-council-still-necessary-pearl/
• TN polls: Late LTTE leader Prabhakaran’s cut-outs seen in election campaigns
– dailymirror.lk/breaking_news/TN-polls-Late-LTTE-leader-Prabhakarans-cut-outs-seen-in-election-campaigns/108-208622
• Indian High Commissioner visits Vidyalankara Pirivena
– ft.lk/news/Indian-High-Commissioner-visits-Vidyalankara-Pirivena/56-715405
• Rs. 7.2 m Japanese grants reconditioned ambulances to Moolai Cooperative Hospital in Jaffna
– ft.lk/news/Rs-7-2-m-Japanese-grant-to-provide-reconditioned-ambulances-to-Moolai-Cooperative-Hospital-in-Jaffna/56-715409
• India wants to raise an Indo-Myanmar Border Force (IMBF)
‘The Ministry of Defence is unhappy with the Home Ministry’s proposal to break up the Assam Rifles and divide manpower between ITBP and the Army’
– newsclick.in/why-myanmar-matters
• Ivor Jennings: “We gained Independence without shedding a drop of blood”
– dailymirror.lk/news-features/DS-Senanayakes-69th-death-anniversary-today-Our-roots-are-in-the-fields-DS/131-208239
• Govt. moves WCT outside tender procedures
– sundaytimes.lk/210321/business-times/govt-moves-wct-outside-tender-procedures-436661.html
• India prevented LTTE elimination
‘built up a disorganised band of racist rebels into a formidable separatist terrorist fighting force’
– sundaytimes.lk/210321/sunday-times-2/diplomacy-sans-foreign-policy-and-diplomats-436969.html
• Indian troops to freely operate in Maldivian island of Uthuru Thalafalhu
– sundaytimes.lk/210321/columns/indian-troops-to-freely-operate-in-maldivian-island-of-uthuru-thalafalhu-437089.html
• March 22 will come and go, Sri Lanka will remain resilient
– island.lk/march-22-will-come-and-go-sri-lanka-will-remain-resilient/
• UNHRC is a toothless tiger – will Sri Lanka play its cards right in Geneva?
– lankaweb.com/news/items/2021/03/21/unhrc-is-a-toothless-tiger-will-sri-lanka-play-its-cards-right-in-geneva/
• What accountability, transparency at UNHRC?
– lankaweb.com/news/items/2021/03/23/what-accountability-transparency-at-unhrc/
• Has Geopolitics Virus infected UNHRC?
– lankaweb.com/news/items/2021/03/23/has-geopolitics-virus-infected-unhrc/
• UN Resolution Against Sri Lanka Is Partisan And Unfair – OpEd
– lankaweb.com/news/items/2021/03/23/un-resolution-against-sri-lanka-is-partisan-and-unfair-oped/
• Did India play a lead role in July 1983 riots & April 21st 2019 Easter Sunday to create an ‘ethnic’ issue?
– lankaweb.com/news/items/2021/03/20/did-india-play-a-lead-role-in-july-1983-riots-april-21st-2019-easter-sunday-to-create-an-ethnic-issue/
• Minister Gunawardena – What’s your strategy to defend Sri Lanka & Armed Forces at UNHRC?
– lankaweb.com/news/items/2021/03/20/minister-dinesh-gunawardena-what-is-your-strategy-to-defend-sri-lanka-its-armed-forces-in-unhrc/
• The Geneva game and the 13th Amendment: a geographical analysis -Part- I
‘– lankaweb.com/news/items/2021/03/22/the-geneva-game-and-the-13th-amendment-a-geographical-analysis-part-i/
• UNHRC: Let’s defend human rights and learn lessons from political and diplomatic blunders
– dailymirror.lk/opinion/UNHRC-Lets-defend-human-rights-and-learn-lessons-from-political-and-diplomatic-blunders/172-208616
• England at its usual two-tongued game
‘the Police Bill, which has more horrific features that trample on human rights that the UK seemingly seeks to protect, proposes 10 years jail for damaging a statue or memorial whereas the jail term is less for the offence of rape.’
– sundaytimes.lk/210321/columns/uk-at-its-usual-two-tongued-game-436927.html
• Diplomatic blunders ahead of vital vote at UNHRC – Sunday Times
– sundaytimes.lk/210321/columns/diplomatic-blunders-ahead-of-vital-vote-at-unhrc-437064.html
– ft.lk/columns/Is-it-time-for-the-Government-to-rethink-its-foreign-policy/4-715301
• The Geneva 2021 defeat, global polarisation and regime prospects – Jayatilleka
‘The more the President concentrates power in his own hands and those of his ultranationalist and militarist hardcore, the more he will concentrate global attention on his regime. The tighter the domestic repression gets, the tighter the international legal noose will get.’
– ft.lk/columns/The-Geneva-2021-defeat-global-polarisation-and-regime-prospects/4-715213
• SL won India’s support in 2009 by promising to implement the 13th amendment.
– newsfirst.lk/2021/03/24/backtracking-on-promises-led-to-un-resolution-patali/
• Govt. should be responsible for defeat at UNHRC: JVP
– dailymirror.lk/breaking_news/Govt-should-be-responsible-for-defeat-at-UNHRC-JVP/108-208484
– island.lk/jvp-lambastes-foreign-ministers-positive-evaluation-of-negative-geneva-result/
• SJB Eran flays govt. over Geneva outcome
– island.lk/sjb-flays-govt-over-geneva-outcome/
• UNHRC: Government burnt bridges with India & Muslim world, and now pleads for help
– dailymirror.lk/opinion/UNHRC-Government-burnt-bridges-with-India-Muslim-world-and-now-pleads-for-help/172-208340
• Two injured in attack on TNA MP’s house in Jaffna
– timesonline.lk/news-online/Two-injured-in-attack-on-TNA-MPs-house-in-Jaffna/2-1132765
• Why Sri Lanka Had No Bargaining Chips at the UNHRC and Tamils Had All Trump Cards?
– lankaweb.com/news/items/2021/03/25/why-sri-lanka-had-no-bargaining-chips-at-the-unhrc-and-tamils-hadall-trump-cards/
• Core-Group supporters in UNHRC have a dismal Human Rights record
– lankaweb.com/news/items/2021/03/25/core-group-supporters-in-unhrc-have-a-dismal-human-rights-record/
• Sri Lanka to advance relationship with China – Dr. Palitha Kohona
– dailymirror.lk/opinion/Sri-Lanka-to-advance-relationship-with-China-despite-concerns-Dr-Palitha-Kohona/172-208343
• Sri Lanka China Society offers scholarships
‘to celebrate 100 years anniversary of the Communist party of China.’
– dailymirror.lk/news-features/Sri-Lanka-China-Societyoffers-scholarships/131-208704
• When Stalin invited Bhagat Singh to Soviet Union
– newsclick.in/When-Stalin-Invited-Bhagat-Singh-to-Soviet-Union
• India’s agony and ecstasy over Quad
– indianpunchline.com/indias-agony-and-ecstasy-over-quad/
• Lankan journalist’s first-hand account of the birth of Bangladesh
– lankaweb.com/news/items/2021/03/22/lankan-journalists-first-hand-account-of-the-birth-of-bangladesh/
• At Least 9 Dead in Afghan Helicopter Crash, After Clashes With Local Militia
– nytimes.com/2021/03/18/world/asia/afghanistan-helicopter-crash-militias.html
• Taliban to Biden: Violation of Doha Deal Will Prolong Violence
– tolonews.com/afghanistan-171001
• Delay in US forces’ withdrawal from Afghanistan harms reconciliation process: Russian envoy
– tass.com/world/1270807
– aa.com.tr/en/asia-pacific/russia-envoy-suggests-interim-government-in-afghanistan/2187008
• English general lauds Pak army’s role in Afghan peace process
– dailytimes.com.pk/738174/uk-general-lauds-pak-armys-role-in-afghan-peace-process
• China resents US presence in Afghanistan
– indianpunchline.com/china-resents-us-presence-in-afghanistan/
• U.S. withdrawal from Afghanistan would require an end to interference in China’s affairs
– news.cgtn.com/news/2020-11-19/Afghan-withdrawal-requires-end-to-interference-in-China-s-affairs-VxV2xGgjVC/index.html
• Officials Try to Sway Biden Using Intelligence on Potential Taliban Takeover of Afghanistan
– nytimes.com/2021/03/26/us/politics/biden-afghanistan-intelligence.html?
• US Colonel exposes truth on Uyghur Chinese in 2 min – MSM doesn’t want you to see this!
– youtube.com/watch?v=4N385vKhXYQ
• Foreign Ministry Spokesperson Hua Chunying’s Regular Press Conference on March 26, 2021
– fmprc.gov.cn/mfa_eng/xwfw_665399/s2510_665401/t1864659.shtml
• Time to end US ‘drama’ over Xinjiang rumors: Chinese FM
– globaltimes.cn/page/202103/1219553.shtml
• China, US hold timely, helpful high-level strategic dialogue
– gov.cn/news/internationalexchanges/202103/20/content_WS6055be0ec6d0719374afb1d8.html
• Talks in Alaska can be transformative for US-China ties
– indianpunchline.com/talks-in-alaska-can-be-transformative-for-us-china-ties/
• Russia, China to resist US but engagement is preferred option
‘Both Russia and China estimate that the US plan to encircle them by deploying an alliance system is doomed to fail and realism will dawn sooner or later. They are convinced that they are on the right side of history.’
– indianpunchline.com/russia-china-to-resist-us-but-engagement-is-preferred-option/
• China in a World of Orders: Rethinking Compliance & Challenge in Beijing’s International Relations
– direct.mit.edu/isec/article/44/2/9/12242/China-in-a-World-of-Orders-Rethinking-Compliance
• The US Indo-Pacific Strategy and Its Delusions
– newsclick.in/The-US-Indo-Pacific-Strategy-and-Its-Delusions
• Afghanistan – More Dead End Proposals Seek Time To Allow U.S. Face Saving Exit
– moonofalabama.org/2021/03/afghanistan-more-dead-end-proposals-seek-time-to-allow-us-face-saving-exit.html
• Ten years on, Syria is almost destroyed. Who’s to blame?
‘ Syria has been a theatre of the CIA’s activities ever since the inception of that agency in 1947. There is a whole history of CIA-sponsored “regime change” projects in Syria ranging from coup attempts and assassination plots to paramilitary strikes and funding and military training of anti-government forces.’
– indianpunchline.com/ten-years-on-syria-is-almost-destroyed-whos-to-blame/
• Syria – The War Is Resuming On Several Fronts
– moonofalabama.org/2021/03/syria-the-war-is-resuming-on-several-fronts.html
• Top Saudi official issued death threat against UN’s Khashoggi investigator
– theguardian.com/world/2021/mar/23/top-saudi-official-issued-death-threat-against-uns-khashoggi-investigator
• Remembering Sharpeville
‘I was 17 years old on this very day 61 years ago when I went to jail for the first time. We who went to jail were the “lucky” ones on a day when 69 people were shot dead’
– gammiris.lk/remembering-sharpeville/
• Cuban Socialist Internationalist Medicine Puts Capitalist Countries to Shame
– blackagendareport.com/cuban-socialist-internationalist-medicine-puts-capitalist-countries-shame
– blackagendareport.com/black-agenda-radio-week-monday-march-22-2021
• Criminal Imperial Nations Deport Their Colonial Victims as Criminals
– blackagendareport.com/criminal-imperial-nations-deport-their-colonial-victims-criminals
• England’s Nuke Increase Is In Breach Of Its NPT Obligations
‘The hiding of such numbers can lead to miscalculations on the opponent’s side and is as such a destabilizing element. It does not increase national security but potentially endangers it.’
– moonofalabama.org/2021/03/britains-nuke-increase-is-in-breach-of-its-npt-obligations.html
• The Report on Human Rights Violations in the United States in 2020
– lankaweb.com/news/items/2021/03/25/the-report-on-human-rights-violations-in-the-united-states-in-2020/
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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.
• Talking Tobacco: How Reduced consumption benefits the household
– island.lk/talking-tobacco-how-reduced-consumption-benefits-the-household/
• RDA, tipper driver, police responsible for Passera Tragedy: Lanka Private Bus Owners
– dailymirror.lk/breaking_news/RDA-tipper-driver-area-police-should-take-responsibility-Gemunu/108-208247
– dailymirror.lk/news-features/Passara-bus-accident-Trading-accusations-on-road-to-investigation/131-208417
• College of Medical Laboratory Science head gives the lie to Health Minister’s claim
‘The government labs do very little PCR testing now. The government only spends around Rs. 10 million on PCR testing at present. If the government allows the lab established at the BIA to conduct PCR tests on foreigners that come here, we can easily recover any costs incurred on free PCR testing.”’
– island.lk/college-of-medical-laboratory-science-head-gives-the-lie-to-health-ministers-claim/
• Police arrest company executive plotting for robbery
– dailymirror.lk/breaking_news/Police-arrest-company-executive-plotting-for-robbery/108-208633
• Resolution of disputes at village level better by intervention of elders than in courts
– sundaytimes.lk/210321/sunday-times-2/law-and-order-a-bouquet-after-many-brickbats-436966.html
• ‘Corruption has many faces, bribery only one of them – AG
– island.lk/corruption-has-many-faces-bribery-only-one-of-them-ag/
• The Burqa Ban is not a “Mere Proposal”
– lankaweb.com/news/items/2021/03/24/the-burqa-ban-is-not-a-mere-proposal/
• All Madrasas will not be banned: Sarath Weerasekara
– lankaweb.com/news/items/2021/03/25/all-madrasas-will-not-be-banned-sarath-weerasekara/
• Gevindu asks opposition why it failed to find Easter mastermind through Yahapalana PSC
– island.lk/gevindu-asks-opposition-why-it-failed-to-find-easter-carnage-mastermind-through-yahapalana-psc/
• One Country, One Law’: Leave it to the judicial process – NGO Jayampathy
– island.lk/one-country-one-law-leave-it-to-the-judicial-process/
• Rear Admiral Ruwan Perera appointed Navy Chief of Staff
– island.lk/rear-admiral-ruwan-perera-appointed-navy-chief-of-staff/
• Muslim World League fails to honour promise to pay Easter carnage victims USD 5 mn – WJ
– island.lk/muslim-world-league-fails-to-honour-promise-to-pay-easter-carnage-victims-usd-5-mn-wj/
• Republican leaders allege Sri Lankans among ‘‘terrorists’’ seeking immigration
– sundaytimes.lk/210321/columns/indian-troops-to-freely-operate-in-maldivian-island-of-uthuru-thalafalhu-437089.html
• Govt. initiatives to counter extremism can become counterproductive: USAID NPC
– island.lk/govt-initiatives-to-counter-extremism-can-become-counterproductive/
• Govt. is using Pegasus spyware: Harin
‘that grants hackers with access to an entire device,’
– newsfirst.lk/2021/03/26/govt-is-using-pegasus-spyware-harin/
• As US Loses its Edge, Game of Cyber Chicken Could Have Deadly Consequences
– newsclick.in/as-US-loses-edge-game-cyber-chicken-deadly-consequences
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C3. Economists (Study the Economists before you study the Economics)
ee Economists shows how paid capitalist/academic ‘professionals’ confuse (misdefinitions, etc) and divert (with false indices, etc) from the steps needed to achieve an industrial country.
• IMF usually asks Sri Lanka for upfront currency depreciation: Minister
– economynext.com/imf-usually-asks-sri-lanka-for-upfront-currency-depreciation-minister-80009/
• Debt is SL’s most unnecessarily dramatised story: Dr. P.B. Jayasundera
‘the forex market was irrational, leading to a spike in exchange rate, which had an adverse impact on foreign debt servicing.’
– ft.lk/front-page/Debt-is-SL-s-most-dramatised-story-unnecessarily-Dr-P-B-Jayasundera/44-715267
• China in $1.5 Billion Swap Deal as Sri Lanka Seeks to Shun IMF
– lankaweb.com/news/items/2021/03/22/china-in-1-5-billion-swap-deal-as-sri-lanka-seeks-to-shun-imf/
• China swap will boost SL’s near-term reserves: StanChart
– dailymirror.lk/business-news/China-swap-will-boost-SLs-near-term-reserves-StanChart/273-208365
• Use pandemic as opportunity to reform for higher growth: CB Chief
‘Points to lack of effective development banking system, wide range of responsibilities entrusted to commercial banking sector’
– ft.lk/top-story/Use-pandemic-as-opportunity-to-reform-for-higher-growth-CB-Chief/26-715211
• CB Governor bats for stable and shared growth
‘Points out need to maintain low interest rates and less volatile exchange rate to promote domestic production’
– dailymirror.lk/business__main/CB-Governor-bats-for-stable-and-shared-growth/245-208367
• IMF arrangement could indicate of good financial management of the economy – Sanderatne
– sundaytimes.lk/210321/columns/certainties-uncertainties-and-threats-to-external-finances-437050.html
• Inundating the system with liquidity on false assumptions: Wijewardena
– ft.lk/columns/K-Sivagananathan-Memorial-Oration-2021-Part-2/4-715093
• Economist W. A. Wijewardena wants import ban removed
– dailymirror.lk/business-news/Top-economist-proposes-multi-pronged-approach-to-rebuild-economy/273-208431
• Only efficient economic activities survive in international market – Reductio Ad Abeyratnum
‘international players demand an open environment, local players demand a closed-door environment’
– sundaytimes.lk/210321/business-times/road-to-lahore-for-the-wills-world-cup-436642.html
• Low interest rate policy punishes savers – Advocata Colombage
– ft.lk/columns/Low-interest-rate-policy-punishes-savers/4-715286
• Virus Shrank Global Middle Class for First Time Since 1990s
‘South Asia accounted for more than a third of the decrease’
– bizenglish.adaderana.lk/virus-shrank-global-middle-class-for-first-time-since-1990s/
• The Epidemic of Currency Depreciation: Can Asian Region Control the Epidemic by United Accomplishment? Part 1 & 2
– lankaweb.com/news/items/2021/03/22/the-epidemic-of-currency-depreciation-can-asian-region-control-the-epidemic-by-united-accomplishment-part-1/
– lankaweb.com/news/items/2021/03/22/the-epidemic-of-currency-depreciation-can-asian-region-control-the-epidemic-by-united-accomplishment-part-2/
• What the Sri Lanka state should prioritize – Samarajiva
‘The state’s role would be limited to that of regulator, with all competing providers being private.’
– economynext.com/what-the-sri-lanka-state-should-prioritize-79978/
• Sri Lanka lent money to England during D.S Senanayakes time: Ruwan
– dailymirror.lk/breaking_news/Sri-lanka-lent-money-to-UK-during-D-S-Senanayakes-time-Ruwan/108-208354
• Shareholder value is no longer everything
– ft.lk/columns/Shareholder-value-is-no-longer-everything/4-715305
• Room for economic recovery reduced unless investment in new means of production and employment rises
– thenextrecession.wordpress.com/2021/03/21/the-sugar-rush-economy/
• Billionaire Wealth: Who Are the 10 Biggest Pandemic Profiteers?
‘Combined wealth of the nation’s 657 billionaires increased more than $1.3 trillion, or 44.6 percent, since the pandemic lockdowns began, while more than 29 million Americans contracted the virus and more than 535,000 died from it. As billionaire wealth soared over, almost 80 million lost work between March 21, 2020, and Feb. 20, 2021, and 18 million were collecting unemployment on Feb. 27, 202’
– globalresearch.ca/billionaire-wealth-who-are-the-10-biggest-pandemic-profiteers/5740822
• “BlackRock Manages More Assets than the Entire GDP of Japan.” (How About JPMorgan Chase Having Custody of Assets That Are 5.8 Times the GDP of Japan.)
‘JPMorgan Chase was responsible for $337 trillion in payments over the prior four quarters. That’s $168 trillion larger than the next largest bank in the payments category, Bank of New York Mellon.’
– wallstreetonparade.com/2021/03/senator-warren-blackrock-manages-more-assets-than-the-entire-gdp-of-japan-how-about-jpmorgan-chase-having-custody-of-assets-that-are-5-8-times-the-gdp-of-japan/
• IMF weighs up $650 billion SDR issuance
– centralbanking.com/central-banks/financial-stability/7814811/imf-weighs-up-650-billion-sdr-issuance
• Top US economic policy influencers in Washington named
– economynext.com/top-economic-policy-influencers-in-washington-named-80173/
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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, while calling for privatization and deregulation, their constant moaning about debt and balance of payments without stating the need for industrial production to overcome such issues, etc.
• European Union (EU) remains Sri Lanka’s largest export market
– dailymirror.lk/business__main/Feb-merchandise-export-earnings-hit-five-year-high/245-208441
• President orders immediate start of funded development projects
– ft.lk/front-page/President-orders-immediate-start-of-funded-development-projects/44-715378
– ft.lk/front-page/Development-key-to-transform-people-s-lives-President/44-715429
– newsfirst.lk/2021/03/27/president-tells-lg-representatives-to-assist-policy-and-development-drive/
• Govt should get into wholesale trading to contain Cost of Living – Vasu
– dailymirror.lk/opinion/Lack-of-consultation-at-summit-level-is-the-reason-for-Confrontational-politics-in-Govt-Vasudeva/172-208618
• Sri Lanka economic activity recovering: Central Bank
– economynext.com/sri-lanka-economic-activity-recovering-central-bank-80139/
• Oil prices rise 2% on fears Suez blockage may last weeks
– dailymirror.lk/business-news/Oil-prices-rise-2-on-fears-Suez-blockage-may-last-weeks/273-208698
• NCPI based Inflation increased in February 2021
– bizenglish.adaderana.lk/ncpi-based-inflation-increased-in-february-2021/
‘• Sri Lanka halts domestic banks from buying sovereign bonds till April 09
– economynext.com/sri-lanka-halts-banks-from-buying-sovereign-bonds-till-april-09-79972/
• Committed to maintaining “untainted” debt repayment record: CB
– ft.lk/front-page/Committed-to-maintaining-untainted-debt-repayment-record-CB/44-715209
• SL outperformed international peers on economic performance in 2020, says Central Bank
– island.lk/sl-outperformed-international-peers-on-economic-performance-in-2020-says-central-bank/
• Sri Lanka and China ink 10bn yuan central bank swap for 3-years
– economynext.com/sri-lanka-and-china-ink-10bn-yuan-central-bank-swap-for-3-years-80007/
• Sri Lanka excess liquidity drops to Rs100bn amid reserve outflow, CB bill stock Rs824bn
– economynext.com/sri-lanka-excess-liquidity-drops-to-rs100bn-amid-reserve-outflow-cb-bill-stock-rs824bn-80057/
• Sri Lanka taxes frozen mackerel at Rs 6.00 a kilo, kurakkan Rs 70
– economynext.com/sri-lanka-taxes-frozen-mackerel-at-rs6-00-a-kilo-kurakkan-rs70-79969/
• Treasury Secretary not allowed any more changes in taxes – PB
– bizenglish.adaderana.lk/treasury-secretary-not-allowed-any-more-changes-in-taxes-pb/
• New GST Bill to be drafted
‘to cover alcohol, cigarettes,vehicles,telecommunications and betting’
– ft.lk/front-page/New-GST-Bill-to-be-drafted/44-715293
• Public domain lacks information on imports of essentials
– island.lk/shooting-ourselves/
• State revenue reduced by Rs. 15.9 Bn due to tax reduction on sugar: Cabraal
– dailymirror.lk/breaking_news/State-revenue-reduced-by-Rs-15-9-Bn-due-to-tax-reduction-on-sugar-Cabraal/108-208384
– ft.lk/front-page/Rs-15-9-b-sugar-tax-cut-is-revenue-foregone-not-fraud-Cabraal/44-715270
• JVP says CMC losing Rs 320 million from new contract for clearing garbage
– island.lk/jvp-says-cmc-losing-rs-320-million-from-new-contract-for-clearing-garbage/
• Lengthy judicial process delays recovery of massive tax arrears
‘only Rs. 224 million has been recovered out of the Rs. 107 billion taxes due’
– sundaytimes.lk/210321/business-times/lengthy-judicial-process-delays-recovery-of-massive-tax-arrears-436628.html
• Ministry Secretaries given the duties of the Cabinet of Ministers to make final decisions
– sundaytimes.lk/210321/editorial/ministers-bypassed-437056.html
• Sri Lanka to set up commission to use ‘underutilized’ property, half-built condos
– economynext.com/sri-lanka-to-set-up-commission-to-use-underutilized-property-half-built-condos-80067/
• Sri Lanka fails to sell 74-pct of Treasury bills at auction amid BOP deficits
– economynext.com/sri-lanka-fails-to-sell-74-pct-of-treasury-bills-at-auction-amid-bop-deficits-80092/
• Sri Lanka Bangladesh to discuss central bank swap
– economynext.com/sri-lanka-bangladesh-to-discuss-central-bank-swap-79974/
• Myanmar central bank fines lenders over protests
– centralbanking.com/central-banks/financial-stability/7815471/myanmar-central-bank-fines-lenders-over-protests-reports
• Bank of England looks to fix flaws in funds’ use of swing pricing
– centralbanking.com/central-banks/financial-stability/7815871/boe-looks-to-fix-flaws-in-funds-use-of-swing-pricing
• Maldives dollar Sukuk Islamic bond rated ‘B3’ by Moody’s
– economynext.com/maldives-dollar-sukuk-islamic-bond-rated-b3-by-moodys-80175/
_________________________________________________________________________
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
• Debt-driven suicides continue unabated in Sri Lanka
‘According to Movement for Land and Agricultural Reform (MONLAR), more than 200 people had committed suicide, during the last three years’
– dailymirror.lk/recomended-news/Debt-driven-suicides-continueunabated-in-Sri-Lanka/277-208493
• Labour Minister presents Bill to increase minimum wage
‘The minimum monthly and daily wages were last increased in 2016.’
– ft.lk/front-page/Labour-Minister-presents-Bill-to-increase-minimum-wage/44-715294
• Retain vital labour laws: All-Island Labour Tribunal Representatives Association
– island.lk/govt-urged-to-retain-vital-labour-laws/
• 557 Lankans among over 6,000 South Asians killed building Qatar world cup stadium
– sundaytimes.lk/210321/columns/indian-troops-to-freely-operate-in-maldivian-island-of-uthuru-thalafalhu-437089.html
• Protesting Bank of Ceylon employees
– sundaytimes.lk/210321/business-times/protesting-bank-of-ceylon-employees-436667.html
• GMOA faults Cabinet for shortage of doctors
– island.lk/gmoa-faults-cabinet-for-shortage-of-doctors/
• Sri Lanka Dental Association launch 24-hour Token strike
‘failure of the Ministry of Health to issue the transfer orders that should have been received by 1st January 2020, and also extend age of retirement to 61-years, as granted for other medical doctors.’
– newsfirst.lk/2021/03/22/sri-lanka-dental-association-launch-24-hour-token-strike/
• CEB workers promise shock
‘Ceylon Electricity Board Technological Engineers and Superintendents Union protested move to introduce a new recruitment and promotion scheme’
– island.lk/ceb-workers-promise-shock/
– dailymirror.lk/breaking_news/CEB-Tech-Engineers-Supts-to-go-on-sick-leave-tomorrow/108-208307
– timesonline.lk/news-online/In-Pictures-CEB-workers-hold-protest/2-1132746
• Trade unions to join hands with desperate finance companies’ depositors to demand justice
‘TFC unlike other failed finance companies, is administered by a CB-approved Board of Directors….Some of the assets enumerated by these disgruntled depositors are: Fingara International Cricket Academy, The Regency Apartments – Kalubowila, Dehiwala; “Kingsgrove” Apartments – Nugegoda; Metro Central Shopping Complex – Malabe; “Fingate” Apartments (Phase – 1) Boralesgamuwa and “Wood Grove Villas”- Malabe.’
– sundaytimes.lk/210321/business-times/trade-unions-to-join-hands-with-desperate-finance-companies-depositors-to-demand-justice-436608.html
• Labour Minister criticises Employer’s Federation of Ceylon
‘at a meeting of the National Labour Advisory Council (NLAC) was levelled at the EFC as it represents the private sector and plantations companies on the NLAC…EFC officials were not immediately available for comment.’
– sundaytimes.lk/210321/business-times/labour-minister-criticises-efc-436652.html
• Cutting Fingers of Workers in meat and fish industry.
– sundaytimes.lk/210321/plus/letters-to-the-editor-2-436759.html
• All SLTB contract workers over five years in service to be made permanent: Dilum
– dailymirror.lk/breaking_news/All-SLTB-contract-workers-over-five-years-in-service-to-be-made-permanent-Dilum/108-208613
• Covid-19 Impact on Labour Market: ADB
– dailymirror.lk/news-features/Contagion/131-208418
• COPA to consider special audit report on unemployment of art graduates
– timesonline.lk/news-online/COPA-to-consider-special-audit-report-on-unemployment-of-art-graduates/2-1132687
• 100 scholarships to underprivileged schoolchildren for Chinese Communist Party’s centenary
‘Rs.1.5 M from Hunan Construction Engineering Group Cooperation and Rs 900,000/from Shanxi Construction and Investment Co.’
– sundaytimes.lk/210321/sunday-times-2/100-scholarships-to-mark-chinese-communist-partys-centenary-436957.html
• US Ford Foundation’s Lanka Angel Network to Empower Women Entrepreneurs
‘Zahra Cader, Director of International Development Assistance at PwC, Sharmila Ragunathan, Executive Director and Director of Engineering at Haycarb PLC, Kavindi Wijesekera, Head of Social Enterprise at Women in Need, Dr. Sulochana Segera, Chairperson of Women In Management, and was moderated by LAN Board Member Anarkali Moonesinghe.’
– bizenglish.adaderana.lk/lankan-angel-network-launches-iamher-program-to-empower-women-entrepreneurs/
• Saudi Men banned from marrying women from four countries
– dailymirror.lk/breaking_news/Men-banned-from-marrying-women-from-four-countries/108-208429
• Quest for “Black Faces in High Places” Deceives the People
– blackagendareport.com/quest-black-faces-high-places-deceives-people
• Book Workers Day of Solidarity March 26th for Amazon workers organizing to form a union
– counterpunch.org/2021/03/24/book-workers-announce-day-of-solidarity-with-amazon-workers/–
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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.
• A Rs.30 banana kills a hotel employee
– dailymirror.lk/breaking_news/A-Rs-30-banana-kills-a-hotel-employee/108-208299
• SL privatized most seed farms for World Bank
“We thereby cannot assure our farmers of high yielding certified seed. Distributing high yielding certified seed and organizing cultivation was the mantra by which we became self-sufficient by 1970. Our country was deprived of certified seed as well as extension service through cooperatives, all at the behest of the World Bank. Further, US multinationals that deal with seeds are engaged in a massive campaign to buy all the seed farms all over the World… Led by Monsanto they are buying seedfarms’
– lankaweb.com/news/items/2021/03/23/have-the-superpowers-ever-helped-the-third-world-countries-2/
• Land bank created for investors in agriculture development
‘Under the World Bank assistance, Rs. 10.8 billion allocated for agriculture modernisation projects in 12 districts and 48 farm clusters. Another Rs. 460 million from the European Union for agricultural development projects. The International Fund for Agricultural Development (IFAD) has granted Rs. 17 billion for a smallholder agricultural partnership programme project where farmer clusters and private sector can jointly establish agricultural ventures. Around 80% of Sri Lanka’s land is owned by the Government and of that, about 30% is forest cover.
– sundaytimes.lk/210321/business-times/land-bank-created-for-investors-in-agriculture-development-436580.html
• EU funded project TAMAP raises awareness about digital agriculture in Sri Lanka
‘9 e-Agriculture trainings to be conducted across the country for approximately 400 agriculture public officers and 100 major agricultural buyers on improved usage of digital technologies at farm level.’
– bizenglish.adaderana.lk/eu-funded-project-tamap-raises-awareness-about-digital-agriculture-in-sri-lanka/
• HNB enhances facilities to MSMEs in agriculture sector
– island.lk/hnb-enhances-facilities-to-msmes-in-agriculture-sector/
• ‘No water, no life’ – March 22 declared World Day for Water,
‘Analysts say that in about two decades the world might run short of fresh water and it is possible that big powers will go to war to gain control of fresh water resources. Sri Lanka could be one of the victims because we have 12 major rivers and more than 90 small rivers.’
– dailymirror.lk/opinion/No-water-no-life/172-208711
• Knowing water better: Dept. of Irrigation partners FAO to improve water management
– ft.lk/special-report/Knowing-water-better-Dept-of-Irrigation-partners-FAO-to-improve-water-management-and-productivity/22-715089
• People in Ponnaveli had undrinkable water
– island.lk/its-a-kind-of-magic/
• New Chinese-funded water project to serve 220,000 people
‘funded by China Development Bank and implemented by China National Aero-Technology International Engineering Corporation (AVIC-ENG…’.
– dailymirror.lk/caption_story/Katana-water-supply-project-completed/110-208502
– island.lk/new-chinese-funded-water-project-to-serve-220000-people/
• Coca-Cola achieves ‘water positivity in Sri Lanka’
– island.lk/coca-cola-achieves-water-positivity-in-sri-lanka/
• Sunshine Holdings marks World Water Day with two Reverse Osmosis Plant openings
– bizenglish.adaderana.lk/sunshine-holdings-marks-world-water-day-with-two-reverse-osmosis-plant-openings/
‘• Sugar: Scam or Incompetence?
‘There is an absence of independent information in our country that the public can access to either confirm or reject a supposition propagated by interested parties.’
– island.lk/scam-or-incompetence/
– island.lk/lankas-tumble-from-perpetual-to-pyramidal/
• Karu Jayasuirya: ‘Chairman of the Sugar Importers Association’
– island.lk/karu-jayasuriyas-take-on-some-vital-issues-facing-the-nation/
• Devananda assures new communication sets for trawlers courtesy Australia
– island.lk/devananda-assures-new-communication-sets-for-trawlers-courtesy-australia/
• Govt releases 40 Indian fishermen and their boats within 24 hours
– timesonline.lk/news-online/Govt-releases-40-Indian-fishermen-and-their-boats-within-24-hours/2-1132759
– island.lk/sri-lankan-navy-nabs-54-indian-fishermen-detains-two-boats/
• Sri Lanka’s tea industry urged to speak with ‘one voice’
‘We need to reduce the number of factories to 500 from 700 to ensure the tea quality improves’…Founder of Dilmah and the MJF Charitable Foundation, Mr. Fernando is Sri Lanka’s biggest philanthropist with a large slice of the profits (US$25 million spent so far and another Rs.100 million this year for plantation charity) going towards the work of the foundation.’
– sundaytimes.lk/210321/business-times/sri-lankas-tea-industry-urged-to-speak-with-one-voice-436638.html
– economynext.com/restarting-south-asia-the-tea-industry-faces-up-to-its-challenges-80014/
• Leaf wars
‘Trade unions are demanding a daily wage of Rs. 1,000 while RPCs say they can afford only Rs. 700 daily. The RPCs claim that the workers are able to earn Rs.1,000 or more per day if they increase productivity…there are 250,000 workers in the plantations sector, the industry/RPCs maintain nearly a million people including workers and their families. Many of them in low country estates owned by smallholders where they earn Rs. 1,000 per day and more if they pluck over 40 kg per day… If workers are willing to increase productivity, the deal offered by RPCs should be a sweet one as they can earn more than Rs. 1,000 per day, isn’t it? Trade unions, who control workers, don’t think so. Any deal where there is a revenue-sharing model in which workers get a basic wage plus a small plot of land where they can grow tea and sell it back to the estate, will benefit the workers but could make trade unions redundant and irrelevant.’
– sundaytimes.lk/210321/business-times/changing-of-the-times-436648.html
• Rilhena Special equals BOP1A all-time record
– ft.lk/business/Rilhena-Special-equals-BOP1A-all-time-record/34-715359
– economynext.com/low-grown-ceylon-teas-drive-sri-lanka-february-2021-output-up-22-pct-80170/
• Somerset Estate betters its own all-time record
– ft.lk/business/Somerset-Estate-betters-its-own-all-time-record/34-715360
• Bandula’s substitute for coconut oil
– bizenglish.adaderana.lk/bandulas-substitute-for-coconut-oil/
• Environmentalists ought to prevent certain elements with hidden agendas
– island.lk/unnecessary-clash/
• Monarchs of the wild losing battle of destruction
– dailymirror.lk/news-features/Monarchs-of-the-wild-losing-battle-of-destruction/131-208423
• Human-elephant conflict
‘Rs. 490 million had been spent on building electric fences between 2019 and 2020, there had been no decrease in the incidents of the human-elephant conflict.
– island.lk/human-elephant-conflict/
• Jumbo Justice?
‘SL boasts the highest elephant density in Asia, trailing only Zimbabwe and Botswana worldwide’
– economynext.com/jumbo-justice-80176/
• Artificial beach between Kalutara and Mount Lavinia is a success: Coast Conservation Dept.
– dailymirror.lk/breaking_news/Artificial-beach-between-Kalutara-and-Mount-Lavinia-is-a-success-Coast-Conservation-Dept/108-208486
• Transforming stream banks to recreational areas exposed river banks to the public.
‘Hidden areas exposed to local communities naturally become watchdogs against culprits who pollute streams’
– island.lk/jogging-track-projects-hidden-opportunities/
• Reforesting in North and deforesting in South
– island.lk/re-foresting-in-north-and-de-foresting-in-south/
• Wildlife Dept. ignores plot to grab Batticaloa bird sanctuary
– island.lk/wildlife-dept-ignores-plot-to-grab-batticaloa-bird-sanctuary/
• Chinese to build reservoirs inside UNESCO Heritage #Sinharaja as part of Water Project?
– newsfirst.lk/2021/03/21/video-chinese-to-build-reservoirs-inside-unesco-heritage-sinharaja-as-part-of-water-project/
– economynext.com/sri-lanka-deforestation-irrigation-reservoirs-to-be-built-in-sinharaja-80008/
– economynext.com/chamal-tries-to-quieten-the-uproar-over-irrigation-work-proposal-in-sinharaja-80042/
• UNESCO will not allow construction inside the Sinharaja Rain Forest
– newsfirst.lk/2021/03/25/proposed-river-diversion-project-will-impact-sinharaja-unesco-sl-office/
• Controversial dam in Sinharaja demolished
– newsfirst.lk/2021/03/21/controversial-dam-in-sinharaja-demolished/
• UNESCO to analyse SL’s request to build tank in Sinharaja
– dailymirror.lk/breaking_news/UNESCO-to-analyse-SLs-request-to-build-tank-in-Sinharaja/108-208650
• Rape of Muthurajawela continues despite Minister’s promises
– island.lk/rape-of-muthurajawela-continues-despite-ministers-promises/
• Environmental groups determined to march forward amidst hurdles
– dailymirror.lk/news-features/Environmental-groups-determined-to-march-forward-amidst-hurdles/131-208233
– economynext.com/jvp-protests-deforestation-in-sri-lanka-80002/
– dailymirror.lk/opinion/SLs-environmentalists-echo-The-sound-of-agitation/172-208497
• The politics of environment
– ft.lk/ft_view__editorial/The-politics-of-environment/58-715181
• Entrepreneur environment activist Lucky Dissanayake to speak at Interbrand-Daily FT Forum
– ft.lk/business/Entrepreneur-and-environmental-activist-Lucky-Dissanayake-to-speak-at-Interbrand-Daily-FT-Forum/34-715248
• Five Roles Robots Will Play in the Future of Farming
– smithsonianmag.com/innovation/five-roles-robots-will-play-future-farming-180973242/
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C7. Industry (False definitions, anti-industrial sermons, rentier/entrepreneur, etc)
ee Industry notes the ignorance about industrialization (versus handicraft and manufacture), the dependence on importing foreign machinery, the need to make machines that make machines, build a producer culture. False definitions of industry, entrepreneur, etc, abound, and the need for a holistic political, economic and military strategy to overcome the domination by merchants and moneylenders.
• Strengths of Smallness: Nanotechnology
‘Graphite is a resource-limited critical mineral; the demand will escalate exponentially, once graphene based electronic become a practicality. Sri Lanka needs to prepare for this eventuality not only by manufacturing graphene but gaining know how make such electronic devices ourselves.’
– island.lk/strengths-of-smallness-nanotechnology
• Locals oppose sand mining in Malawenna
– dailymirror.lk/opinion/Locals-oppose-sand-mining-in-Malawenna/172-207876
• Asian Development Bank report: technical education declined due to Covid-19
– dailymirror.lk/news-features/Contagion/131-208418
• Before Rs.5.0 billion investment, there should be clarity for long-term continuity of fiscal policy
– dailymirror.lk/business-news/Biz-prefers-consistent-bad-policies-to-inconsistent-good-policies-says-top-private-sector-executive/273-208268
• Perfume and cosmetic items of Rs. 17.2 Bn imported within five years: Cabraal
– dailymirror.lk/breaking_news/Perfume-and-cosmetic-items-of-Rs-17-2-Bn-imported-within-five-years-Cabraal/108-208395
• Sri Lanka home builders going potty with sanitary ware prices soaring 300-pct: opposition
‘Sri Lanka’s import controls placed to boost import substitution has strengthened monopolies’
– economynext.com/sri-lanka-home-builders-going-potty-with-sanitary-ware-prices-soaring-300-pct-opposition-80075/
• Govt. to lax importing ceramic products for 180 days, sarees for 90 days on a loan basis
– dailymirror.lk/breaking_news/Govt-to-lax-importing-ceramic-products-for-180-days-sarees-for-90-days-on-a-loan-basis/108-208476
• Continuous growth in exports in February 2021 amidst multiple challenges
‘The growth of exports was supported by increase in global demand notably for products such as Electrical and Electronic components (EEC) and Rubber Gloves. Notable increases in exports were observed to Netherlands, China, Canada and Spain.’
– bizenglish.adaderana.lk/continuous-growth-in-exports-in-february-2021-amidst-multiple-challenges
– ft.lk/front-page/Feb-exports-up-2-5-to-new-high-of-Rs-993-7-m-despite-challenges/44-715265
– economynext.com/sri-lanka-exports-up-2-5-pct-in-february-eu-shipments-surge-in-2021-80037/
• EDB Webinar on Market in India for Sri Lankan Electronic & Electrical Exporters
– bizenglish.adaderana.lk/edb-organizes-webinar-on-market-opportunities-in-india-for-sri-lankan-electronic-and-electrical-sector-exporters/
• Everything ready to set up “Techno Parks” –Ministry of Technology
– bizenglish.adaderana.lk/everything-is-ready-for-setting-up-techno-parks-jayantha-de-silva-secretary-to-the-ministry-of-technology-says/
• National Chamber, National Research Council sign MoU to promote new product development
– ft.lk/business/National-Chamber-National-Research-Council-sign-MoU-to-promote-new-product-development/34-715256
• National Grid to get 165 MW from Kelanitissa Dual Cycle Power Plant from April 4: CEB
‘the steam turbine had been sent to a Dubai-based company called’ Quartz Electric’ for repairs.
… delays in freight of the machinery to Chennai, India for the remaining work’
– dailymirror.lk/breaking_news/National-Grid-to-get-165-MW-from-Kelanitissa-Dual-Cycle-Power-Plant-from-April-4-CEB-Chief/108-208482
• COPE orders investigation into dodgy Ilmenite sale
– economynext.com/cope-orders-investigation-into-dodgy-ilmenite-sale-80121/
• Environment Minister calls for report on toxic waste fuel racket
– island.lk/environment-minister-calls-for-report-on-toxic-waste-fuel-racket/
• Windforce IPO biggest in 9 years opens today; billed to be heavily oversubscribed
‘share structure is primarily consisted of leading local family businesses – including Akbar Brothers Group (post IPO stake of 33%), Hirdaramani (20.7%), Debug Investments (12.1%) and MAS Holdings (3.3%)…Brokers to the issue are CT CLSA Holdings and Capital Alliance.’
– ft.lk/front-page/Windforce-IPO-biggest-in-9-years-opens-today-billed-to-be-heavily-oversubscribed/44-715266
– island.lk/windforce-ipo-oversubscribed-stocks-close-higher/
• Subasinghe’s Lanka Electricity Co. resisted it becoming yet another government-owned entity
– sundaytimes.lk/210321/plus/appreciations-2-436736.html
• Fumio Otani appointed chairman of MAC Holdings Pvt Ltd
‘illustrious career spanning 38 years at Toshiba Corp….and involved in two power projects in Sri Lanka namely Kukule Ganga and Samanala Wewa large scale hydro projects’
– sundaytimes.lk/210321/business-times/fumio-otani-appointed-chairman-of-mac-holdings-pvt-ltd-436569.html
• Harness the breaking waves
‘In 1996 I took out a PCT patent on the method but had to wait a few years to get the right start. In 2011 a major US energy company acquired my patent and at the same time and at my request another major Chinese energy company owned by the Government of China was chosen as an equal partner to develop this method and market it worldwide.’
– island.lk/wave-powered-electricity-the-world-is-awaiting
• Litro Gas and Singer renew their strategic partnership
– island.lk/litro-gas-and-singer-renew-their-strategic-partnership/
• Suez Canal blocked by huge Taiwan container ship
‘More of these Suez-Max ships are being built. Such ships pay $700,000 to pass through the Suez canal. Smaller ones pay less. But the average is some $450,000 and at 50+ ships per day the losses for Egypt add up. The hundreds of ships which are currently blockaded and the owners of their cargoes may also ask for compensation. The ship is insured for probably up to 140 million. That will not be enough to pay for this incident. Many court claims will be made. The Japanese owners of the ship, the Taiwanese charterer, the German company managing the ship, the pilots and the crew will all be asked to pay for every penny that is not covered by the insurance’
– moonofalabama.org/2021/03/stuck-in-mud.html#more
– dailymirror.lk/business-news/Suez-Canal-blocked-by-huge-container-ship/273-208509
– bizenglish.adaderana.lk/suez-blockage-sets-shipping-rates-racing-oil-and-gas-tankers-diverted-away/
– economynext.com/sri-lanka-exporters-braced-for-delays-higher-freight-rates-from-suez-canal-shock-80161/
– economynext.com/sri-lanka-exports-and-imports-could-be-disrupted-if-suez-canal-remains-blocked-80135/
– economynext.com/suez-canal-shipping-suspended-amid-efforts-to-re-float-grounded-evergreen-vessel-80131/
– ft.lk/front-page/Suez-blockage-sets-shipping-rates-racing-oil-and-gas-tankers-diverted-away/44-715424
– washingtonpost.com/politics/2021/03/26/big-ships-were-created-avoid-relying-suez-canal-ironically-big-ship-is-now-blocking-it/
• Sri Lanka is not renegotiating Hambantota port lease deal with China, ambassador says
– timesonline.lk/news-online/Sri-Lanka-is-not-renegotiating-Hambantota-port-lease-deal-with-China-ambassador-says/2-1132705
• Hambantota International Port ready to launch fertilizer transshipment business
– bizenglish.adaderana.lk/hambantota-international-port-ready-to-launch-fertilizer-transshipment-business/
– economynext.com/sri-lankas-china-run-port-eyes-fertilizer-transshipment-with-russian-billionaire-80129/
• Sri Lanka’s China-run port drives vessel lay-up business
– economynext.com/sri-lankas-china-run-port-drives-vessel-lay-up-business-79765/
• Ban on vehicle imports from Japan not a good move, says Japanese Ambassador
‘webinar was organised by the Sri Lanka –Japan Business Council of the Ceylon Chamber of Commerce this week….Resident Representative Japan External Trade Organisation (JETRO) Colombo Office Masatomo Itonaga said that JETRO last year launched several online platforms to implement its activities. With regard to the agriculture sector, SL can export black tea, pepper, spices to Japan…’
– sundaytimes.lk/210321/business-times/ban-on-vehicle-imports-from-japan-not-a-good-move-says-japanese-ambassador-436631.html
• Seylan Bank partners with Toyota Lanka
‘to purchase genuine Toyota and Hino vehicles through Toyota Lanka’
– island.lk/seylan-bank-partners-with-toyota-lanka-to-offer-exceptional-benefits/
• India’s CEAT ups radial production by 72,000, exceeding half a million tyres per year
– bizenglish.adaderana.lk/ceat-ups-radial-production-by-72000-exceeding-half-a-million-tyres-per-year/
• Cabinet nod for Rs. 28.2 b investments for Anuradhapura pharma zone
– ft.lk/front-page/Cabinet-nod-for-Rs-28-2-b-investments-for-Anuradhapura-pharma-zone/44-715292
– economynext.com/government-okays-another-pharma-manufacturing-zone-80070/
• Talks between Sri Lanka and Pfizer successful
‘company is ready to provide facilities to transport the vaccines to storage facilities while maintaining the minus 70 degrees refrigeration.’
– dailymirror.lk/breaking_news/Talks-between-Sri-Lanka-and-Pfizer-successful/108-208719
• Expolanka Holdings PLC, Pharmaceutical Logistics certified by Bureau Veritas
– bizenglish.adaderana.lk/efl-3pl-strengthens-its-pharmaceutical-logistics-position-by-becoming-the-1st-gdp-certified-3pl-service-provider/
• Imports of ceramic products & other batik and handloom garments allowed
– newsfirst.lk/2021/03/24/imports-of-ceramic-products-other-batik-and-handloom-garments-allowed/
• HSBC introduces Next Gen Emerging Designer Fund in association with CFW
– ft.lk/business/HSBC-introduces-Next-Gen-Emerging-Designer-Fund-in-association-with-CFW/34-715345
• Three landmark LEED certifications for Star Garments Group
‘LEED (Leadership in Energy and Environmental Design) is the most widely used green building rating system in the world.’
– ft.lk/business/Three-landmark-LEED-certifications-for-Star-Garments-Group/34-715326
• Sri Lanka businesses proposes alternatives to banning poor consumers’ “sachet packet”
– economynext.com/sri-lanka-businesses-proposes-alternatives-to-banning-poor-consumers-sachet-packet-79993/
• China Buys More Iranian and Venezuelan Oil, in a Test for Biden
‘China is expected to import 918,000 barrels a day from Iran in March, which would be the highest volume since a full U.S. oil embargo was imposed against Tehran two years ago… “If it sells 1 million barrels a day at current prices, Iran has no incentive to negotiate,” said Sara Vakhshouri, president of Washington-based SVB Energy International and an expert on Iran’s oil industry.’
– wsj.com/articles/china-buys-more-iranian-and-venezuelan-oil-in-a-test-for-biden-11616146203
• 2021 international summit on Digital Development in Fuzhou, Fujian
– bizenglish.adaderana.lk/powering-the-virtual-world/
• Global shortage in computer chips ‘reaches crisis point’
– ft.lk/front-page/Global-shortage-in-computer-chips-reaches-crisis-point/44-715370
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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., and the rule of moneylenders.
• Govt. to recruit international consulting firm to attract FDI
– ft.lk/front-page/Govt-to-recruit-international-consulting-firm-to-attract-FDI/44-715299
– bizenglish.adaderana.lk/govt-seeks-assistance-of-an-international-consulting-firm-to-attract-fdi/
• Importance of a financial intelligence unit for a country and the case of Sri Lanka
‘FIU-SL has powers to freeze transactions and accounts based on a suspicion.’
– ft.lk/columns/Importance-of-a-financial-intelligence-unit-for-a-country-and-the-case-of-Sri-Lanka/4-715170
• Capital market regulations and the regulator: Changes to the securities laws
– ft.lk/columns/Capital-market-regulations-and-the-regulator-Changes-to-the-securities-laws/4-715226
• CID arrests Vavuniya local who received Rs.17.2Mn from US
– dailymirror.lk/breaking_news/CID-arrests-local-who-received-Rs-17-2Mn-from-US/108-208426
• Standard Chartered Bank revises SL’s 2021 economic growth forecast higher
‘Sri Lanka’s medium-term debt sustainability concerns remain on low foreign exchange reserves and high external debt servicing’
– ft.lk/front-page/Standard-Chartered-Bank-revises-SL-s-2021-economic-growth-forecast-higher/44-715152
• Standard Chartered Growth forecast of 4.5% positively impacts CSE
– island.lk/growth-forecast-of-4-5-per-cent-positively-impacts-cse/
• Fitch assigns Sampath Bank’s Basel III sub debt final rating of ‘A(lka)’
– dailymirror.lk/business-news/Fitch-assigns-Sampath-Banks-Basel-III-sub-debt-final-rating-of-Alka/273-208696
• Pan Asia Bank first Sri Lankan bank to partner with the Switzerland-based Symbiotics
– island.lk/treasury-operations-at-pan-asia-bank-drive-its-financial-strength/
• Deposit rates show signs of bottoming out
– dailymirror.lk/business__main/Deposit-rates-show-signs-of-bottoming-out/245-208271
• CB gathers info on firm promoting NYSE stocks
‘it’s ‘really’ easy to obtain one’s contact information.”
– sundaytimes.lk/210321/business-times/cb-gathers-info-on-firm-promoting-nyse-stocks-436655.html
• Bourse braces to recoup lost billions
‘CSE suffers near Rs. 800 b loss in value from all-time peak’
– ft.lk/top-story/Bourse-braces-to-recoup-lost-billions/26-715153
• Foreign net buying boosts bourse (M24)
– island.lk/ceb-workers-promise-shock/
• Sri Lanka rupee quoted steady at 198.75/199.00 levels in one week US dollar
– economynext.com/sri-lanka-rupee-quoted-steady-at-198-75-199-00-levels-in-one-week-us-dollar-80064/
• Sri Lanka rupee can go to 300-350 to the US dollar: Trade Minister
– economynext.com/sri-lanka-rupee-can-go-to-300-350-to-the-us-dollar-trade-minister-80095/
• January market got overheated – JKH Chief
– bizenglish.adaderana.lk/january-market-got-overheated-jkh-chief/
• Stock market produces spirited gain of over 2% despite UNHRC outcome
– ft.lk/front-page/Stock-market-produces-spirited-gain-of-over-2-despite-UNHRC-outcome/44-715290
– economynext.com/sri-lanka-stocks-soar-after-losing-un-vote-80081/
• Panic selling of shares as rupee depreciation takes its toll (M26)
– island.lk/panic-selling-of-shares-as-rupee-depreciation-takes-its-toll/
• Crossings account for over 59 per cent of CSE turnover (M27)
– island.lk/crossings-account-for-over-59-per-cent-of-cse-turnover/
• NDB summons EGM to get shareholders approval to raise Rs. 11 bn. zero cost equity
‘Norfund holds a stake in Soflogic Life Insurance… and a 9.99% stake in NDB, it will be the second largest shareholder in the bank behind the EPF which holds 10%. Other big shareholders include the Bank of Ceylon (8.36%) Sri Lanka Insurance Corporation (SLIC) general fund (6.39%), SLIC life fund (4.37%) and Dr. Sena Yaddehige (4.37%). Softlogic Insurance, ETF and Perpetual Treasuries, Richard Pieris, HNB and Phoenix ventures are the other biggest private shareholders while individually, Ashok Pathirage and Merril J. Fernando are also in the Top 20 list of shareholders’
– island.lk/ndb-summons-egm-to-get-shareholders-approval-to-raise-rs-11-bn-zero-cost-equity
• NDB’s VP Project Finance & Credit Control at Interbrand Daily FT IWD 2021 Forum
– ft.lk/business/NDB-s-VP-Project-Finance-and-Credit-Control-Ishani-Palliyaguru-at-Interbrand-Daily-FT-IWD-2021-Forum/34-715403
• Increase of Maximum Compensation Payment under Sri Lanka Deposit Scheme
– bizenglish.adaderana.lk/increase-of-the-maximum-compensation-payment-under-the-sri-lanka-deposit-insurance-and-liquidity-support-scheme/
• New ombudsman likely to address grievances of bank borrowers
‘redress the grievances of borrowers and prevent banks from auctioning’ of land and property mortgaged to banks and taking legal action in managing defaults.
– sundaytimes.lk/210321/business-times/new-ombudsman-likely-to-address-grievances-of-bank-borrowers-436621.html
• “NDB being awarded the best bank in Sri Lanka by Global Finance”
– newsfirst.lk/2021/03/24/ndb-being-awaded-the-best-bank-in-sri-lanka-by-global-finance/
• Plot to Suck in More Retail Traders at the Top of a Bubble Market
– wallstreetonparade.com/2021/03/theres-a-plot-to-suck-in-more-retail-traders-at-the-top-of-a-bubble-market/
• One Day Last Year, US Fed Had $495.7 Billion in Loans Outstanding to Unnamed Wall Street Trading Houses
– wallstreetonparade.com/2021/03/on-one-day-last-year-the-fed-had-495-7-billion-in-loans-outstanding-to-unnamed-wall-street-trading-houses
• Campaign to lure young, unsophisticated investors to trade their own accounts
– wallstreetonparade.com/2021/03/trade-stocks-as-you-sit-on-the-toilet-yes-this-ad-actually-promotes-that/
• Dark Pools Owned by Mega Wall Street Banks Coincided with the Spike in its Share Price
– wallstreetonparade.com/2021/03/a-massive-increase-in-trading-in-gamestop-by-dark-pools-owned-by-the-mega-wall-street-banks-coincided-with-the-spike-in-its-share-price/
___________________________________________________________________________________
C9. Business (Rentierism: money via imports, real-estate, tourism, insurance, fear, privatization)
ee Business aka ee Rentier focuses on diversions of the oligarchy, the domination by a merchant mafia, making money from unproductive land sales, tourism, insurance, advertising, etc. – the charade of press releases disguised as ‘news’
• The Ceylon Chamber of Commerce, voice of the nation’s business community marks 182 years
– bizenglish.adaderana.lk/the-ceylon-chamber-of-commerce-the-voice-of-the-nations-business-community-marks-182-years/
• Small & Medium Private Hospitals: An overlooked sector in healthcare?
‘Over 90% of the registered 250 private hospitals in the country are SME hospitals. These hospitals cater to 60% of OPD treatment’
– bizenglish.adaderana.lk/small-medium-private-hospitals-an-overlooked-sector-in-healthcare/
• Cabinet approves Port City Commission Bill
– ft.lk/top-story/Cabinet-approves-Port-City-Commission-Bill/26-715300
• Softlogic Holdings subsidiary Odel to operate Arcade Independence Square
– dailymirror.lk/breaking_news/Odel-to-operate-Arcade-Independence-Square/108-208411
• Leasing out Arcade Independence Square: Reveal lease agreement-JVP
– dailymirror.lk/breaking_news/Leasing-out-Arcade-Independence-Square-Reveal-lease-agreement-JVP/108-208487
– island.lk/jvp-calls-independence-square-mall-lease-into-question-govt-denies-any-wrongdoing/
• Sri Lanka cabinet clears Economic Commission law for China reclaimed Port City
– economynext.com/sri-lanka-cabinet-clears-economic-commission-law-for-china-reclaimed-port-city-80066/
• Sri Lanka Bangladesh to cut negative list on SAFTA, shipping
– economynext.com/sri-lanka-bangladesh-to-cut-negative-list-on-safta-shipping-79982/
• MTI launches Strategy Internships in Bhutan, Pakistan and Rwanda
– bizenglish.adaderana.lk/mti-launches-strategy-internships-in-bhutan-pakistan-and-rwanda/
• ESR Cayman, Asia Pacific’s largest logistics property developer, explores investment
– bizenglish.adaderana.lk/esr-cayman-asia-pacifics-largest-logistics-property-developer-explores-investment-opportunities-in-sl/
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C10. Politics (Anti-parliament discourse, unelected constitution)
ee Politics points to the constant media diversions and the mercantile and financial forces behind the political actors, of policy taken over by private interests minus public oversight.
• 49th Philip Gunawardena commemoration
– dailynews.lk/2021/03/27/local/245124/49th-philip-gunawardena-commemoration
• EC decides not to register political parties named after religions or ethnicities
– lankaweb.com/news/items/2021/03/24/ec-decides-not-to-register-political-parties-named-after-religions-or-ethnicities/
• Can PCs be converted to development coordinating bodies sans law making power? “
– dailymirror.lk/breaking_news/Can-PCs-be-converted-to-development-coordinating-bodies-sans-law-making-power-asks-Govt-MP/108-208587
• The General Election of 1956 Part 8A, 9A & B
‘The Maha Sangha played a significant role in mobilizing support for the 1956 victory.’
– lankaweb.com/news/items/2021/03/22/the-general-election-of-1956-part-8a/
– lankaweb.com/news/items/2021/03/24/the-general-election-of-1956-part-9a/
– lankaweb.com/news/items/2021/03/26/the-general-election-of-1956-part-9b/
• Boralugoda Lion, an epitome of truthfulness and integrity
– island.lk/boralugoda-lion-an-epitome-of-truthfulness-and-integrity/
• Hidden hand behind all these stage-managed incidents to discredit Gota?
– island.lk/is-there-a-hidden-hand/
• “Ubiquitous public officials – Grama Niladari Piyasa”
‘District Secretary, Colombo brought highly populated five GSN divisions, namely Kirulapona, Kirula, Pamankada East, Kollupitiya and Bambalapitiya to Park Road, Colombo 5, at the cost of the household community living in these highly populated 5 administrative zones, with no public transport…’
– sundaytimes.lk/210321/business-times/ubiquitous-public-officials-grama-niladari-piyasa-436624.html
• UNP class interests can only co-opt whatever populist credentials the SJB has
– island.lk/big-match-unp-sjb-and-slpp-slfp/
• Public Security Minister flays JVP for spreading extremist views
– island.lk/public-security-minister-flays-jvp%e2%80%88for-spreading-extremist-views/
• JVP leader files writs in CA against findings of Political Victimisation Commission against him
– island.lk/jvp-leader-files-writs-in-ca-against-findings-of-political-victimisation-commission-against-him/
• Murali rejects allegations by Fonseka
– lankaweb.com/news/items/2021/03/24/murali-rejects-allegations-by-fonseka/
• Richard de Zoysa: ‘A Life Brutally Taken Away 31 Years Ago.’
‘It is true that Richard was believing in Marxism-Leninism, right or wrong’
– island.lk/richard-de-zoysa-a-life-brutally-taken-away-31-years-ago/
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C11. Media (Mis/Coverage of economics, technology, science and art)
ee Media shows how corporate media monopoly determines what is news, art, culture, etc. The media is part of the public relations (corporate propaganda) industry. The failure to highlight our priorities, the need to read between the lines. To set new perspectives and priorities.
• Presidents and the Media: “I Will Destroy You”
– gammiris.lk/presidents-and-the-media-i-will-destroy-you/
• The Pilot & the War
– island.lk/the-pilot/
• The Power of Poetic Meter
‘Guru Dev Samara consists of 130 stanzas written in conformity to the drutha vilambitha meter…modeled on Munidasa Cumaratinga’s celebrated poem Piya Samara. The title of the Reverend Ananda’s poem is reminiscent of Munidasa Cumaratunga’s poem the Piya Samara…It consists of 130 stanzas that are more or less independent, and therefore work as lyrics.’
– island.lk/the-power-of-poetic-meter/
• Information Department Director General resigns
– dailymirror.lk/breaking_news/Information-Department-Director-General-resigns/108-208386
• Media freedom is not freedom of media owners, warns President
– ft.lk/front-page/Media-freedom-is-not-freedom-of-media-owners-warns-President/44-715147
• Sri Lanka Press Institute submits media regulation proposal to Minister
‘the Newspaper Society of Sri Lanka (NSSL), The Editors’ Guild of Sri Lanka (TEGOSL), Free Media Movement (FMM), Tamil Media Alliance (TMA), Sri Lanka Muslim Media Forum (SLMMF), Federation of Media Employees’ Trade Union (FMESTU), South Asia Free Media Association (SAFMA) and the SLPI.’
– island.lk/slpi-submits-media-regulation-proposal-to-minister/
• India Funds Art across the Palk Strait
– lankaweb.com/news/items/2021/03/26/art-across-the-palk-strait/
• Who is obliged to police hate speech: Social networks or governments?
– centralbanking.com/central-banks/financial-stability/macro-prudential/7815866/federal-reserve-to-end-payout-caps-for-better-capitalised-banks
• Sandesaya founder J. V. Fonseka: silent and unsung scholar-patriot
– island.lk/sandesaya-founder-j-v-fonseka-silent-and-unsung-scholar-patriot/
• “How I became an Anthropologist” Prof. Gananath Obeyesekere
– kathika.lk/2016/12/29/how-i-became-an-anthropologist-prof-gananath-obeyesekere/
• Variety of artifacts unearthed during excavations at Galle Fort
– timesonline.lk/news-online/Variety-of-artifacts-unearthed-during-excavations-at-Galle-Fort/2-1132661
• Presidents and the Media: “I Will Destroy You”
‘Anyone recall the threat by the new US President Biden’s new deputy press secretary to a White House reporter: “I will destroy you!”?’
– gammiris.lk/presidents-and-the-media-i-will-destroy-you/
• US Disney’s first Southeast Asian princess
– island.lk/disneys-first-southeast-asian-princess-represents-empowerment-positivity-and-empathy/
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• Please note our new email address: econenews@gmail.com,
and our blog: eesrilanka.wordpress.com
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