blog: eesrilanka.wordpress.com
“Before you study the economics, study the economists!”
e-Con e-News 20-26 June 2021
Big Fs all dominated this week’s capitalist media: Fuel, Food, Finance, Pharma, Farming, Fertilizer, Foreign-investment! But the biggest F of all is the failure of banks to finance modern production. This, they ignore….
• Smuggling! Families of the merchant oligarchy are instead seeking ‘creative’ ways to smuggle their funds out of the country, in anticipation of what the Doom’n’Gloom Gang call ‘imminent collapse’. As others more prescient point out, the collapse took place long ago. As usual a progressive national government ends up having to work overtime to rescue a backward rentier economy. Why? Because, we are still manacled to the fortunes of the US dollar while the US is printing their dollars at a rate, and exporting inflation: artificially raising fuel and food prices, etc.
For us, real inflation amounts to diversion of investment into ‘rentier activity’, buying land, promoting tourism, etc. Meanwhile banks are simply refusing to invest in the country’s future (see ee Focus)
• White Ancestors for Sale – Many Colombots pay dollar$ to dubious DNA search outfits to locate ‘ancestors’ abroad. These ancestral analysis DNA outfits are onto our white-Blacks’ inferiority complex. They know that mere mention of an European ancestor simply thrills the Colombots. These DNA analysts (who’ll use such info for other matters) then keep requesting more data and more money until finally they locate one mean Hollander (in this sense, the Colombot prefers a North Atlantic to an Iberian) who stepped off a weary fluyt after 1660, and there the search stops. The darker the Colombot the greater the need to seek out a pale root. Why, ee always asks, do they not go all the way and finger a rilava on a tree?
In the same way, those who seek out the economic roots of our disarray have prefab notions on when it commenced:
News that the USA is to provide ‘food aid’ to schoolchildren recalls the undermining of the 1970-77 coalition government, when the US embassy on behalf of the big pharmaceutical companies threatened to withdraw ‘food aid’ if policies to produce medicines in Sri Lanka were not discarded (ee Quotes)
The overmuch adulation of Felix Dias Bandaranaike this week in the USAID rag Colombo Telegraph ignores the accusation that he took bribes from Big Pharma and US embassy, to harass the socialist parties in 1975. NM Perera and the LSSP were driven out, and Felix was made Finance Minister. This ended up in the entire coalition being driven into oblivion post-1977 for decades. He was succeeded by the Ronnie de Mel as FinMin, who facilitated the invasion of the robber barons as invited by new President JRJ. Then ensued the murder of Senaka Bibile, the sacking of 10,000s of workers, and decades of terror wars… (ee Politics)
• So here we go again – Rumors are abuzz that popular Central Bank governor WD Lakshman has been severely undermined by an entrenched mafia of a ‘public service’ bureaucracy and the ruling import-export oligarchy who dominate financial policy in the country. They have kept demanding the country submit to the IMF. It’s no coincidence this was a major demand of the 6th or 7th coming of former PM Ranil W to the front benches of the opposition this week: Genuflect before the IMF!
Lakshman’s alleged shortcomings are traced to the failure to gain support to cleanse the Bank of the upper vermin who have entrenched themselves from the very beginnings of the Central Bank, let alone to root out the so-called uncorrupt civil service inherited from the English. Lakshman promised a Development Bank, but his removal will once again sabotage and postpone a clearly vital endeavor. He was, reported this week, politely requesting the banks to go beyond property speculation, which they simply will not do, being addicted to making quick money, not to sustained long-term construction.
ee reproduces Shiran Illanperuma’s essay on how East Asian countries had to suppress turning their economies into casinos (ee Focus). Also, check out Rusiripala Tennakoon’s article on the vital need for a National Wage Policy, stating, ‘in the unorganized industries with no Trade Unions to assist them, government interference and intervention of laws of the land become essential even to ensure the payment of guaranteed minimum wages without default’ (ee Quotes)
• Sex & the Media and…Why do we need feminism in Sri Lanka? Sexual harassment of women in media editorial offices was foregrounded this week. Companies like Unilever et al, and the advertising business who use sex to promote their products, are also ‘concerned’ about sexual harassment. A MeToo Sri Lanka thread spiralled up on twitter, apparently linked to a UN conference 30 June to 2 July, the Generation Equality Forum, in Paris (ee Media), with lotsa dollars flowing in….
• Democracy is in grave peril in Sri Lanka: so groan and growl the US, EU, related white-settler states, their UN supranational puppets, and their local running dogs (Media, NGOs). Yet, as this ee Focus shows, it’s their sponsors, the multinational banks and corporations (led by our darling Unilever) who dread that true democracy would restrain their profiteering off underdevelopment. So all this business of corporate social responsibility (CSR, soon to be renamed CSV), sustainable development (see the proud UN HQ sign on Bauddhaloka), inclusivity, diversity, etc., is a fantastic fog of fraud. Watch out how they plan to use ‘anti-racism’ etc., to further their NATO warmaking…Beware: ‘Woke imperialism’ is on the march!
Declaring the official end of neoliberalism, capitalism had been preparing for a major facelift in 2020, as ee 2019 November 15 reported. This fair’n’lovely facelift has certainly been facilitated by this rather coincidental white plague called Covid. This ee Focus describes how multinationals, led by Unilever et al, are planning for a ‘post-democratic’ future.
• The Communist Party of Sri Lanka is celebrating the upcoming July 1st – 100th anniversary of the founding of the Communist Party of China (CPC). July 1st is also ‘Canada Day’ which the original people and supporters are calling to be cancelled, to commemorate the many 100s of hidden graves being ‘discovered’ of indigenous children stolen to genocidal ‘Residential Schools’. Yet when they admit to one crime, they are hiding others. (see ee Quotes)
Contents:
A1. Reader Comments –
• Researching ee • Murder on the Cards? • President & Politicians • Removing the Indian in Children • Apologies & Greater White Crimes • Artists & Anti-politician Rhetoric • Smallpox History • Lenin Danced
A2. Quotes of the Week
• Rapists & Pardons • Food Aid & Drug Policy • Pandemic & Investment • No Investment in Paradise? • A National Wage Policy Now! • India Objects to Aircraft Repair Factory • Rice Mafia • Militarizing Professors • Attacks on Belarus • BBC & English Wars
A3. Random Notes –
• Renaming Economists • White Media Mimics • JVP Leader Lifts SA Wicks’ Memories but not his Ideas • Pins & Needles • How England Sabotaged Rural Production of Electricity • Woke imperialism • Who’s Behind this Anti-State Business?
B. ee Focus
B1. Are Sri Lankan Banks Failing the Production Economy? – Shiran Illanperuma
B2. The World Economic Forum: Relegitimizing Business – Kyle Bailey
C. News Index
________________
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. Email: econenews@gmail.com
• ‘Appreciate ee. Although I don’t know or comprehend much, will keep reading. ee puts much effort into researching … helps to realise how little I know of what truly matters in the bigger picture…‘
• ‘Intrigued by the plans to change things here by ‘murder’ …etc.’
• It’s tricky to support politicians, for they come and go. Yet millions still repose faith in the current President, who’s been undermined from the very beginning, from within and without. The duty of a news medium is to be a critic in perpetua, we’re told. Still, it’s easy to criticize and far more difficult to rule, and these tasks must be combined. The President should have known he was entering a snake pit far more venomous than any cyanide-toothed felines trained, armed and coaxed by foreign powers, he is said to have defeated. And they have more in their nai malla of serpents…’
• ‘Canadians are better than the Brits? ‘… civilizing native children by removing the Indian in them’?’
• ‘When whites admit to some past crime, they are usually planning greater crimes for tomorrow…’
• ‘Anti-politician rhetoric, is a major weapon for multinationals, who wish to impose unelected “professionals” and MNC control through supranational government. A simple scanning of the output of our artists, poets, novelists, film makers, who revel in using the latest precision-made technologies, show they have little understanding of how modern economies work. Instead, artists, while advertising themselves as ‘rebels’, are drowning in a masturbatory regurgitation of capitalist liberalism (ignoring its origins in chattel slavery), anarchism, nihilism, romanticism – this harmonizes perfectly with the rule of multinational banks and corporations.’ (see ee Random Notes, Gramsci)
• Anybody with an inkling of what whites have done in our world, to the indigenous peoples in the Americas and the Pacific, in Africa, cannot put it past them to have infected China, just before the annual mass migrations of hundreds of millions for the New Year, in a year 2020 which numerically adds up to 4, considered an unlucky number….
• The 100th anniversary of China’s Communist Party is a powerful symbol…if Lenin danced outside the Winter Palace on the 73rd day (because France’s Commune had been destroyed after 72 days) let’s see what the whites will do to prevent a quarter of the world from dancing…and another half smiling in hope and good wishes.
_____________
A2. Quotes of the Week_
• ‘Rapist Gonawala Sunil was released under a Presidential pardon. Sunil was also involved in illegally obtaining fuel oil through an underground pipeline from Sapugaskande to Kolonnawa. But he was never charged in courts for this offense. On the contrary, he was appointed an all-Island JP and Chairman of the Gramodaya Mandalaya.’ – ejournalists@gmail.com (see ee Security, UNP)
• ‘According to Wikileaks, on March 29, 1973, the US Department of State wrote to the US Embassy in Colombo saying the US endorsed the plan… Eventually in 1976, the then US ambassador met premier Bandaranaike and told her, if Prof Bibile’s national medicinal drug policy was not scrapped, the US would be forced to reconsider aid to Sri Lanka including the PL480 under which wheat flour was supplied at a subsidized price. At that time SL heavily dependent on US aid’ (ee Industry, Big Pharma).
• ‘‘Pandemic’ and ‘investment’ are the 2 most used words in Sri Lanka today… There is a business community consisting of risk averters, traders, deal makers, brokers, commission agents, casino players…. A risk-taking inventive innovative entrepreneurial investor community is absent in the country’ (ee Economists, Maliyadde)
• ‘Sri Lanka consists of flat to rolling coastal plains, with mountains. It has 103 rivers, 51 natural waterfalls, 45 estuaries, 40 lagoons, 61 wildlife sanctuaries, 22 national parks, 7 nature reserves, one jungle corridor, 65 conservation forests, one national heritage wilderness area, and a mangrove ecosystem spanning over 7,000ha. The climate is tropical and warm. Rainfall is fairly adequate. Foreigners wonder why some parts of the country are called ‘the dry zone’… The rail network is 1,508km in broad gauge… With the liberalisation in 1978, new institutions to promote investment were created… The BOI, IDB, ITI, EDB, SLTDA, UDA among them… The service sector …occupies more than 60% of the GDP… In addition to Government, CBSL, and Banks, international donor agencies such as World Bank, ADB, EU, IFC, UNDP; individual countries and I/NGOs introduced financial support schemes for the investment of all scales. Sri Lankan law allows repatriation of profits made by foreign investors’ (ee Economists, Maliyadde)
• ‘A National Wage Policy… in addition to a minimum wage… would contribute to ensure: 1. Industrial Peace, 2. Guarantee smooth operations among Organized and unorganized workers, 3. Non-exploitation of workers and to fix their wages recognizing productive capacity’ (ee Workers, Tennakoon)
• ‘China has emerged as one of Sri Lanka’s key security partners. It has not been able to expand its defence cooperation since India had objected to the berthing of nuclear submarines. China’s decision to supply J-7 fighter aircraft, as of now, been shelved. In 2019 Beijing supplied SL a refitted Frigate but its plan to set up an aircraft repair factory was subsequently dropped following India’s objection.’ (ee Sovereignty, Geopolitics)
• ‘Several large mill owners create an artificial shortage of rice when the harvesting season nears. The government responds by importing large quantities of rice, often of dubious quality. The paddy prices collapse, allowing mill owners to buy paddy from farmers at dirt cheap prices and then the mill owners release some of the stocks they have to the market. Given that Sri Lankans prefer to eat Sri Lankan varieties and that the imported rice is of poor quality; no one buys the imported rice.’ (ee Agriculture, MONLAR)
• ‘The government is bringing in the KNDU Bill that will militarize higher education; setting up corporations to sell valuable property; quietly moving around public officials who are blocking or questioning dodgy deals; compromising our energy as well as food security. People are losing livelihoods and incomes and Covid is nowhere under control. Cost of living has become unbearable for most… lockdown is simply a tool to prevent people from protesting on the daily disasters this government is generating. Let’s not be distracted by the little dramas that the government enacts periodically but focus…’ – Harini Amarasuriya, JVP MP (see ee Industry)
• ‘Belarus is still a mostly socialist industrialized country with many production assets owned by the state and relatively good social services. The people of Belarus have seen their neighbor countries Russia and the Ukraine go through extreme economic problems and poverty after the Soviet Union broke down.’ (ee Sovereignty, Belarus)
• ‘The pre-positioning of the BBC correspondent on HMS Defender shatters the pretence that the BBC is something different to a state propaganda broadcaster. It also makes plain that this propaganda exercise to provoke the Russian military was calculated and deliberate. Indeed that was confirmed by that BBC correspondent’s TV news report last night when he broadcast that the Defender’s route “had been approved at the very highest levels of the English government”.’ (ee Sovereignty, Defender)
____________
A3. Random Notes (‘Seeing Number in Chaos’)_
• Renaming Economists: Last week ee suggested the media change their names, but forgot – BBC could more accurately be: Bigger Better Colonies. Likewise, our economists could be renamed Import-Export Sanderatne, Import-Export Wijewardena, I-E Import-Export Abeyratne. Tho we can also divide them up as Balance-of-Payments Sanderatne, Rule-of-Law Wijewardena, FDI Abeyratne, etc. Which essentially summarizes their weekly droning…
• White Media Mimics – Those who claim the whites have ‘free’ media, should look at these week’s headlines on how they say the same thing over and over again, through spin and saturation. This is already done to SL presidents who do not toe the white line:
CNN – Iran’s hardline president-elect Ebrahim Raisi says he will not meet with Biden
NPR – Raisi Brings Hardline Mentality to Iranian Ambitions
The Times of Israel –Iran’s election of hardline president unsettles Biden’s hope for a nuclear deal
CBS – Iran’s hardline president-elect rules out meeting with Biden
NBC – Iran’s new hardline president could complicate Biden’s foreign policy agenda
The Daily Beast – Iran’s New Hardline President Says He Won’t Meet Joe Biden
Al Jazeera – World reacts to election of Iran’s new hardline President Raisi
• Bellicose on Belarus – ee Readers should also check out the US and EU’s economic war against the people of Belarus. Belarus is the most socialist and industrialized country in eastern Europe. There too the whites regularly cry out about ‘election fraud’ and have supported terrorism, demonstrations, riots. Another obvious ‘color revolution’ attempted by ‘western’ supported forces, failed. Then EU foreign ministers met in Luxembourg on Monday and imposed sanctions to hit important parts of the Belarus economy: banking, oil, tobacco, and, notably, the potash industry.
• JVP leader Anura Kumara Dissanayake this week borrowed or lifted the title of SA Wickremasinghe’s The Way Ahead. Calling his own analysis, ‘The Way Forward: Priorities & Challenges, AKD,’ he starts off by saying: ‘The time has come to change this political system that is getting out of hand and ruining our country.’
Yet, the ‘political system’ has been ‘out of hand’ for decades, if not centuries. And as for ‘ruining our country’, the English bestowed upon us in 1948, ‘the most impoverished peasantry in Asia’, as SBD de Silva liked to remind. While there have been advances made at different times, most notable 1956-64, 1970-75, the failure to enact thorough land reform to root out the parasitism of merchant and moneylenders, and to invest in modern industry, remains key.
What the JVP’s AKD reiterates is old SLFP/SLPP economic policies, with a pinch of liberal moralizing, a shocking Sinophobia, and the usual hysterics about ‘corruption’ and nepotism. Not one word against the role of the World Bank and IMF, the US/EU banks that control our sovereign bonds, fake industries, etc. As SBD would ask, if all our politicians turn into angels, would the economic situation be different? AKD’s solution is to get a ‘better price’ for our limestone and graphite!
SBD de Silva’s main criticism of political parties such as the JVP was their constant cries of crisis, that the end of the world, or revolution, was around the corner. He spoke of their failure to learn from our country’s own history and the world’s realities, and the failure of such ‘socialists’ to challenge the media’s construction of reality, to take their dominant arguments apart and counter them, especially the economists.
• Political & economic war has been steadily escalated against Sri Lanka from 1948. The indicators are all there. The USAID’s and EU’s National ‘Peace’ Council director portrayed the EU threat of sanctions as a ‘body blow’ against the economy. The import media, lobbying for maintaining our dependence on the US and Europe’s white privileges, refuse to discuss who will lose from us stopping imports of their IPR-patented pins, needles, threads etc, for our wonderful ‘garments’ – and yes, it’s not a real industry for sure, because of such expensive imports!
• Ranil Wickremasinghe returned to the front benches of parliament this week, demanding we bend over to the IMF. Even though it is to the IMF we have lain prone for the last 73 years. The nationalization of private banks, the state takeover of distribution of food, remain the spectre haunting us all. If the state does not move to take leadership, these matters will be decided on the streets. Then again, the entire purpose of the so-called anti-authoritarian attacks on the state have been to prevent it from moving decisively against monopolists.
The fuel import bill dominated discourse, and the import media as usual muddy the waters rather than clear the debate. This week thus recalls the efforts of DJ Wimalasurenda of Laxapana fame, to create a national program for electrification based on our hydro resources, and the enemies arrayed against his plan. Wimalasurendra was sabotaged by our local ‘fathers of the nation’ such as DS, and England’s Pearson Co, which now controls educational examination systems in much of the world. So now we also pay billions to send children abroad to gain degrees, from backward backwaters like white-settler Australia. (see ee 1 Aug 2020, Who’s Afraid of Wimalasurendra)
GVS de Silva prioritized the need for villages to organize and produce their own resources for electrification (ee 24 April 2021). Yet look at the privatization of hydro and alternate sources of energy taking place, as well as the curious news item of a lawsuit preventing advance on Mannar Basin energy sources. Excuses abound.
• Woke imperialism – If the whites wish to end neoliberalism, they and their tools like the UN and NATO must cease waging wars on us and threatening sanctions at every turn, IMF/WB/WTO must cease promoting policies like austerity and privatization, and promote nationalized healthcare and free higher education. White supremacy, which dominates the minds of Colombots, must be uprooted from undermining the entire society.
This moment recalls the first modern capitalist crisis in the early 19th century simultaneous with the repression after John D’Oyly’s 1815 coup d’etat in montane Sinhale. Then too capitalism sought a facelift through using social justice issues of health and safety etc., to get rid of competitors, smaller factory owners and large rural landlords.
• Those who like to quote Italian philosopher Antonio Gramsci, should read his very very interesting essay on who is behind this ‘anti-state’, ‘anti-government’ business… and its links to what is now the NGO business. He also explains the material foundation of anarchists, libertarians, long-haired romantics, poetic demagoguery… Gramsci’s newspaper New Order decided to publish the ‘arrant nonsense’ of an anarchist in their early issues, to explain the differences between them and the anarchists as well as the libertarians. ‘XXX is a pseudo-revolutionary: anyone whose action rests entirely on overblown rhetoric, frenzied rantings and romantic enthusiasms is only a demagogue, not a revolutionary. The revolution needs people of sober mind, people who will see to it that there is bread in the shops, the trains run on time and raw materials get to the factories; people who will arrange for the exchange of industrial and agricultural products; people who will guarantee everybody’s safety and personal freedom in the face of crime, who will ensure the efficient running of the whole complex of social services, and prevent the populace falling into a state of desperation and mad internecine strife. Even when it is a case of solving just one of these problems, in a village of 100 inhabitants, rhetorical enthusiasms and unbridled ranting can only make you laugh (or cry).’ – redsails.org/the-state-and-socialism/
_____________
B. Special Focus_
_______________
B1. Are Sri Lankan banks failing the production economy? – Shiran Illanperuma
There’s a famous saying: ‘You need money to make money.’ In modern market economies, the production cycle starts with a sum of money, which is converted into a commodity in the process of production. This commodity is later sold and converted into a larger sum of money than when the cycle began.
Most underdeveloped countries do not have a readymade hoard of money available to kick start this cycle of self-perpetuating capital accumulation. This is due to the relative absence of commodity production. Many underdeveloped countries simply trade raw materials in exchange for value-added commodities.
This is where banks come in. Banks normally hold the savings deposits of workers (wages) and companies (profits & rents). However, they also play a role in provisioning credit which is used to lubricate the production cycle. Therefore, bank lending practices can influence the overall structure and stability of a market economy.
[This article uses] data from the 2020 annual reports of 8 of the largest commercial banks in Sri Lanka, including state-owned Bank of Ceylon and People’s Bank, privately owned Commercial Bank, Sampath Bank, Hatton National Bank, Seylan Bank; and National Development Bank (NDB) and DFCC – formerly state-owned development banks which were privatised.
[The data] shows the percentage of each bank’s lending to ‘productive’ sectors of the economy, namely agriculture and fisheries, manufacturing, and construction and infrastructure. Lending to ‘non-productive’ sectors such as consumption, trade, tourism, and services in areas such as finance, healthcare, education and IT, have been collapsed into one category and highlighted in yellow for the sake of simplicity.
[Other data] depicts the sector composition of Sri Lanka’s GDP in 2020. At the outset, it is clear that there is a strong relationship between sector credit allocation in the top 8 commercial banks under study, and the sector composition of the Sri Lankan economy as measured by GDP.
Agriculture makes up 8% of GDP, in line with the 4-13% of credit allocation by banks. Industry makes up 26% of GDP, in line with the 15-43% of credit allocation by banks to manufacturing, construction, and infrastructure. Services make up the bulk, 60%, of GDP, in line with the 53-76% of credit allocated by banks to non-productive sectors.
To reiterate the point we began with: Bank lending practices influence the overall structure and stability of a market economy.
Backward agriculture, stagnant manufacturing – Agriculture and fisheries, which together make up the largest natural resource base of Sri Lanka (SL’s marine Exclusive Economic Zone is almost 8 times its landmass), receive among the lowest proportions of credit from most banks. In the absence of appropriate credit facilities, it is impossible for farmers and fishers to acquire the technology needed to modernise production, increase yields, and reduce the drudgery of their labour.
The backwardness of these sectors is therefore not a reflection of the inherent conservatism or indolence of the country’s farmers and fishers, but of credit scarcity created by risk-averse banks. Even state-owned People’s Bank, which was initially established as a means to provide affordable credit for rural development, provides less than 10% of its credit to agriculture.
Credit for manufacturing is similarly low, indicating the startling lack of commodity production – particularly high-value-added commodity production, in the country. State-owned banks score lowest in their support for manufacturing, revealing that pro-manufacturing rhetoric by politicians is yet to translate into concrete action by state institutions.
Manufacturing accounts for an abysmal 16% of Sri Lanka’s GDP, compared to an average of above 20% in most Southeast Asian countries. Figure 3 shows that Sri Lanka is scraping the bottom of the barrel when it comes to high-technology exports, compared to peers in SE Asia who have forms of development or policy banking to support domestic commodity production.
No development without development banking – Economists and politicians of varying ideological persuasions often talk about the need to modernise agriculture and diversify manufacturing, as a basis on which to create jobs, raise incomes, and overcome a legacy of humiliating underdevelopment. With comparisons to East Asian countries abound, few emphasise the crucial role played by financial repression in these countries.
Backed by state-owned development banks and state-mandated lending targets, East Asian industrialists received ample credit to acquire or develop modern technology, which in turn enabled them to increase production volumes and standards to compete in the global market.
In Japan, the Central Bank ordered banks to lend to strategic sectors, in a method known as ‘window guidance’, a practice repeated in both South Korea and Taiwan. Ironically, just as Sri Lanka’s NDB was privatised in the 1980s, trade liberalisation led to the flooding of the local consumer market with Japanese brands which were backed to the hilt by Japanese development banks.
If a production-oriented economic structure can be so beneficial for development, readers may wonder why banks do not lend to such sectors. Surely it would be in their interest to do so? The short answer is that Sri Lanka’s monetary policy has not been stable, creating uncertainty, risk aversion, and the pursuit of short-term profits through financial speculation, i.e., betting on volatile interest and exchange rates.
– Illanperuma is a Research Analyst at Econsult Asia: an economic research & management consultancy firm with an alternative development outlook. For the graphs see, themorning.lk/are-sri-lankan-banks-failing-the-production-economy
_____________
B2. The World Economic Forum: Relegitimising Business – Kyle Bailey
(excerpt, Part II, from: ‘Stakeholder Capitalism Against Democracy: Relegitimising Global Neoliberalism’, Journal of Australian Political Economy: 86, 85-121)
Specifically, amidst ruling class fears that democratic pressures could compel governments to introduce capital constraining regulations to address multiple crises, and where shareholder value and its attendant forms of CSR and philanthropy have been delegitimised, the WEF has emerged as a key site of efforts to rebalance accumulation & legitimation.
For instance, in 2009, its 18-month ‘Global Redesign Initiative’ called for the GFC to be addressed by constructing ‘a new stakeholder paradigm of international governance analogous to that embodied in the stakeholder theory of corporate governance on which the World Economic Forum itself was founded’. For the WEF, the dual failure of US-led multilateralism to contain the financial crisis and respond to climate change at the 2009 Copenhagen conference, revealed a global governance system grounded in narrow ‘self-interest’, ‘short-termism’ and lack of concern with the ‘general interest’. To shield capital from new systemic risks arising from increasingly complex globalisation processes, the WEF proposes a growing ‘public’ role for private business within joint state/non-state systems of governance.
[WEF ‘strategic partners’ are the 100 leading MNCs (the International Business Council is currently chaired by the CEO of Bank of America), while its trustee board includes corporate executives and political leaders of bodies such as the IMF, European Central Bank, & G20 Financial Stability Board.]
From this ideological vantage-point, facilitating joint management of globalisation through ‘multistakeholder’ partnerships, between governments, MNCs and select NGOs, enables corporations to bolster their legitimacy and effectiveness. Leveraging the knowledge and legitimacy of governments and civil society induces ‘long-term’ social learning by corporate executives. More importantly, by aligning key ‘stakeholders’ behind the principle of market ‘efficiency’, public-private and business-NGO partnerships function to justify the claim that both financial and ‘non-financial’ MNCs can curb their own excesses and, therefore, do not need to be constrained by the state. The WEF thereby promotes a specific neoliberal ideology and practice of colonising the public sphere: injecting the ‘entrepreneurial efficiency’ of global business and ‘moral compass’ of civil society into a state-centric international system deemed inefficient and plagued by a widespread ‘failure mentality’.
The new ‘soulful corporation’: from CSR to ‘Creating Shared Value’ – Ongoing ‘multistakeholder’ interactionsf among MNCs, NGOs and public agencies to address ‘systemic risks’f have been reflected within firms as the ideological decentring of shareholder value and CSR. These have been superseded by multistakeholder corporate governance and ‘partnership’ models, claiming to align profit-making with social and environmental ‘purpose’.
At the level of corporate organisation, leading US-based consultancies have sought to cultivate new leadership qualities among executives to better articulate the ‘long-term value’ they create for shareholders and stakeholders. McKinsey-led groups, such as the Coalition for Inclusive Capitalism and Focusing Capital on the Long-term, have played a key role in this respect, in recasting BlackRock and other leading institutional investors as unlikely opponents of ‘quarterly capitalism’.
[The 1st Conference on Inclusive Capitalism (co-hosted by the City of London in 2014) included companies accounting for over $30trillion in investable assets – 33% of the global total – and speeches by Bill Clinton, Christine Lagarde, Mark Carney, Larry Summers, and HRH The Prince of Wales.]
Likewise, they have encouraged leading ‘non-financial’ MNCs – caught between shareholder pressure to maximise ‘short-term’ profits and NGOs demanding ever more CSR and philanthropy – to jettison standard CSR-based approaches in favour of internalising competitiveness-relevant social and environmental factors within their core business strategies.
Creative capitalism, inclusive capitalism, conscious capitalism, connected capitalism, social capitalism, green capitalism – these were the new kinds of buzzwords that came to the fore, reflecting a sense that corporate capitalism was being modified into a more socially and environmentally aware version. The key idea, whatever rhetoric it was wrapped in, was that corporations had changed fundamentally, that while [CSR] and sustainability had previously been located on the fringes of corporate concerns – a bit of philanthropy here, some environmental measures there – now they became entrenched at the core of companies’ ethos and operating principles.
The leading intellectual expression of this tendency arguably comes from Harvard Business School proponents of ‘creating shared value’ (CSV) as a more strategic alternative to CSR:
‘The solution lies in the principle of shared value, which involves creating economic value in a way that also creates value for society by addressing its needs and challenges… Capitalism is an unparalleled vehicle for meeting human needs, improving efficiency, creating jobs, and building wealth. But a narrow conception of capitalism has prevented business from harnessing its full potential to meet society’s broader challenges. The opportunities have been there all along but have been overlooked. Businesses acting as businesses, not as charitable donors, are the most powerful force for addressing the pressing issues we face. The moment for a new conception of capitalism is now… The purpose of the corporation must be redefined as creating shared value, not just profit per se. This will drive the next wave of innovation and productivity growth in the global economy. It will also reshape capitalism and its relationship to society. Perhaps most important of all, learning how to create shared value is our best chance to legitimise business again.’
Despite being marketed as a visionary new conception of capitalism, multistakeholder corporate governance and partnership models do not trespass on the ownership rights of shareholders. Rather, by inviting company and asset managers to voluntarily adopt more ‘long-termist’ behaviour, they function as an ideological supplement to ‘actually existing neoliberalism’ that mystifies the continued alignment of shareholder and managerial interests within financialised global capitalism.
Unilever: Championing stakeholder capitalism – Among the first institutional champions of this supposedly ‘long term’, ‘inclusive’, and ‘sustainable’ capitalist model was Paul Polman, the ex-CEO of Unilever (2009-19) and a former member of the WEF’s International Business Council. Polman used his first day in office to inform the markets that Unilever would oppose financial ‘short-termism’ by no longer publishing quarterly guidance or reports for shareholders: ‘I don’t have any space for many of these people that really, in the short term, try to basically speculate and make a lot of money… I’m not just working for them… Slavery was abolished a long time ago.’
Instead, Unilever would serve ‘people and planet’ by championing the needs of stakeholders, such as suppliers, creditors, governments, sustainability-conscious consumers, smallholder farmers, and climate change activists. Polman’s flagship project – the Unilever Sustainable Living Plan (USLP) – remains one of the most thoroughgoing attempts to break with standard PR-driven CSR programs. Formally unveiled in November 2010, the USLP seeks to integrate social ‘responsibility’ and environmental ‘sustainability’ into all the consumer goods giant’s operations from sourcing through to consumer use and disposal.
Table 1: The Unilever SLP’s 3 Goals & 9 Pillars
Improving health & wellbeing for more than 1 billion – Goal: ‘By 2020 we will help more than a billion people take action to improve their health and wellbeing’. Pillars: 1. Health & hygiene 2. Improving nutrition
Reducing environmental impact by half – Goal: ‘By 2020 our goal is to halve the environmental footprint of the making and use of our products as we grow our business’. Pillars: 1. Greenhouse gases 2. Water use 3. Waste & packaging 4. Sustainable sourcing
Enhancing livelihoods for millions – Goal: ‘By 2020 we will enhance the livelihoods of millions of people as we grow our business’. Pillars: 1. Workplace fairness 2. Opportunities for women 3. Inclusive business. Source: Unilever (2020b)
Positing that ‘growth at the expense of people or the environment is both unacceptable and commercially unsustainable. Sustainable growth is the only acceptable model for our business’, the USLP places 3 ostensibly non-financial objectives at the heart of Unilever’s accumulation strategy: 1) helping 1 billion people improve their health and wellbeing; 2) halving the environmental footprint of making and using its products; and 3) enhancing the livelihoods of those in its value chain (summarised in Table 1 above).
In an interview for the McKinsey Quarterly, Polman (2014) was clear that capitalist globalisation requires a new ecologically and socially embedded corporation to weather its crisis:
‘Capitalism has served us enormously well. Yet… it has come at an enormous cost: unsustainable levels of public and private debt, excessive consumerism, and, frankly, too many people who are left behind. Any system that prevents large numbers of people from fully participating or excludes them altogether will ultimately be rejected. And that’s what you see happening… Capitalism needs to evolve, and that requires different types of leaders from what we’ve had before… some skills are becoming more important, such as the ability to focus on the long term, to be purpose driven, to think systemically, and to work much more transparently and effectively in partnerships…
Business is here to serve society. We need to find a way to do so in a sustainable and more equitable way not only with resources but also with business models that are sustainable and generate reasonable returns. Take the issues of smallhold farming, food security, and deforestation. They often require 10-year plans to address. But if you’re in a company like ours and you don’t tackle these issues, you’ll end up not being in business. We need to be part of the solution. Business simply can’t be a bystander in a system that gives it life in the first place. We have to take responsibility, and that requires more long-term thinking about our business model.’
Yet, by annexing social purpose as the engine of corporate profitability, Polman’s primary aim was to insulate Unilever from growing ‘systemic risks’ impacting the competitiveness of its structurally irresponsible and ecocidal business model. These include poverty wages, health and financial insecurity, human rights abuses, gender-based violence, child labour, food waste, obesity and malnutrition, land conflicts, low animal-welfare standards, greenhouse gas emissions, commodity-driven deforestation, habitat and biodiversity loss, unsustainable farming practices, water scarcity, soil erosion, pesticide use. The firm’s role in generating these crises is expunged, while its ‘understanding’ of the issues is repackaged as the first step towards their resolution.
__________________________________________________________
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.
• If Nicaragua could take US to international court & win – shouldn’t Lanka do same to India?
– shenaliwaduge.com/if-nicaragua-could-take-us-to-international-court-win-shouldnt-sri-lanka-do-same-to-india
• CARAT–21 exercise gets underway in Trincomalee with Quad gang members US and Japan
– dailymirror.lk/breaking_news/CARAT21-exercise-gets-underway-in-Trincomalee-with-US-and-Japan/108-214764
• Indian Drones in Sri Lankan airspace: JVP
– newsfirst.lk/2021/06/25/do-not-repeat-what-you-said-before-handunnetti-to-president/
• Indian Southern Naval Command Ship Sarvekshak arrives for survey assistance
‘Meeting on 25 June 2021 was attended by A Navaratneraja, Chairman, National Aquatic Resources Research & Development Agency (NARA), H.M.P. Kithsiri, Director General NARA, Captain Vikas Sood, Defence Adviser, High Commission of India, and Capt Wijesooriya from the SL Navy’
– dailymirror.lk/latest_news/Indian-Naval-Ship-INS-Sarvekshak-arrives-in-SL-for-survey-assistance/342-214826
– ft.lk/news/Joint-mission-to-map-seabed-around-MV-X-Press-Pearl-wreck/56-719677
– newsfirst.lk/2021/06/25/indian-hydrographic-survey-ship-in-colombo/
• Another Singapore-bound Container ship en route from Colombo disabled, adrift after fire
– dailymirror.lk/breaking_news/Container-ship-en-route-from-Colombo-disabled-adrift-after-fire-in-Indian-ocean/108-214816
• Over two months to go for the UN Human Rights Council sessions in Geneva
– sundaytimes.lk/210620/columns/the-pitfalls-of-the-major-fuel-price-hike-446923.html
• Imperialist ‘Core Group’ in Geneva concerned about deaths in police custody, Shani’s safety
– island.lk/geneva-concerned-about-deaths-in-police-custody-shanis-safety/
– ft.lk/front-page/UNHRC-Core-Group-decries-SL-s-lack-of-progress-on-human-rights/44-719554
– economynext.com/unhrc-core-group-concerned-over-sri-lankas-lack-of-progress-on-human-rights-83340/
• Why is EU-Funded Foundation for Human Rights South Africa administering Yasmin Sooka’s ITJP against Sri Lanka?
– lankaweb.com/news/items/2021/06/24/why-is-eu-funded-foundation-for-human-rights-south-africa-administering-yasmin-sookas-itjp-against-sri-lanka/
• Backsliding on democracy and human rights could be a serious issue for SL – McMullen,
‘He worked in Sri Lanka as the Political Officer between 1985-87, fostering another JVP insurrection. “At that time, he was shot at during a riot in Sri Lanka and helped train mongooses to detect heroin.”’
– dailymirror.lk/opinion/Backsliding-on-democracy-and-human-rights-could-be-a-serious-issue-for-SL-a-U-S-academic/172-214704
• First time US President appoints ambassador to Sri Lanka exclusively
– sundaytimes.lk/210620/columns/the-good-the-bad-and-the-deadly-daily-official-info-flow-on-covid-446947.html
• Perpetrators as preachers and now as illegal investigators!
‘US Federal Bureau of Investigations (FBI) and Australian Federal Police were working with SL Criminal Investigations Department (CID) to investigate the April 2019 Easter Sunday attacks… The presence, participation or involvement of foreign police personnel in local investigations are illegal..’
– island.lk/perpetrators-as-preachers-and-now-as-illegal-investigators/
– dailymirror.lk/plus/What-will-the-US-FBI-and-Australian-Federal-Police-investigate-in-Sri-Lanka/352-214578
• UN rights chief voices concern over SL’S counter-terrorism laws
– dailymirror.lk/latest_news/UN-rights-chief-voices-concern-over-SLS-counter-terrorism-laws/342-214596
• Duminda’s pardon undermines SL’s rule of law- US Ambassador
– dailymirror.lk/breaking_news/Dumindas-pardon-undermines-SLs-rule-of-law-US-Ambassador/108-214761
• Sri Lanka pardons 16 suspected Tamil Tigers convicted under terrorism law
– lankaweb.com/news/items/2021/06/24/sri-lanka-pardons-suspected-tamil-tigers-convicted-under-terrorism-law/
• Lankan Foreign Minister showers praise on China at BRI meet
– lankaweb.com/news/items/2021/06/24/lankan-foreign-minister-showers-praise-on-china-at-bri-meet/
– island.lk/foreign-minister-invites-all-countries-to-benefit-from-investment-opportunists-in-sri-lanka/
– bizenglish.adaderana.lk/foreign-minister-dinesh-gunawardena-attends-the-asia-pacific-high-level-conference-on-belt-and-road-cooperation/
• Sri Lanka getting ready to look beyond GSP Plus: Cabraal
‘losing it would not create a major vacuum, given the sizeable trade surplus Sri Lanka maintains with the EU, albeit the potential margin contraction and slow growth in sectors such as apparel, agriculture and fisheries.’
– dailymirror.lk/business__main/Sri-Lanka-getting-ready-to-look-beyond-GSP-Plus-Cabraal/245-214662
– ft.lk/front-page/Cabraal-says-Govt-preparing-to-face-GSP-loss-eventuality/44-719597
• Free Trade Zone Manufacturers Association urges govt. to take a proactive approach in resolving GSP Plus issue
‘not only textile but about 7500 tariff lines, which cover almost all the industrial exports from Sri Lanka to Europe, will suffer… in December 2009, too, the facility was temporarily removed by the EU on their dissatisfaction with the implementation of three UN human rights conventions. However, this withdrawal was reported to have contributed to the loss of revenue of only around $ 782 million for textile and apparel exports, as a result of the closure of several export-oriented enterprises.
– ft.lk/front-page/FTZ-manufacturers-express-concern-over-EU-resolution-flag-impact-from-GSP-loss/44-719548
– dailymirror.lk/business-news/FTZMA-urges-govt-to-take-a-proactive-approach-in-resolving-GSP-Plus-issue/273-214661
• EU body blow to the country when it is economically on the brink – USAID NPC Perera
– island.lk/real-victory-president-and-pm-can-aim-for/
• EU provides SL with over Rs. Mn ‘humanitarian funding’ for oil spill
– dailymirror.lk/top_story/EU-provides-SL-with-over-Rs-48-Mn-humanitarian-funding/155-214668
– island.lk/eu-throws-lifeline-to-fishers-affected-by-ship-disasters/
• Erasing the Eelam Victory Part 20 C3, 4, 5, 6 & 7
‘Several countries which are pro-Eelam have prevented senior military officials of the Sri Lanka army, from attending prestigious foreign courses and receiving scholarships’
– lankaweb.com/news/items/2021/06/19/erasing-the-eelam-victory-part-20-c3/
– lankaweb.com/news/items/2021/06/19/erasing-the-eelam-victory-part-20-c4/
– lankaweb.com/news/items/2021/06/20/erasing-the-eelam-victory-part-20-c5/
– lankaweb.com/news/items/2021/06/22/erasing-the-eelam-victory-part-20-c6/
– lankaweb.com/news/items/2021/06/23/erasing-the-eelam-victory-part-20-c7/
• TNA requests more Indian grants to develop Northern and Eastern provinces
– sundaytimes.lk/210620/columns/the-good-the-bad-and-the-deadly-daily-official-info-flow-on-covid-446947.html
• TNA MP Sumanthiran accuses MP Raghavan of failing release of Tamil Political prisoners
– island.lk/verbal-duel-between-sumanthiran-and-raghavan/
• Proposal to take over Northern Hospitals triggers political storm
– island.lk/proposal-to-take-over-northern-hospitals-triggers-political-storm/
• Protecting Sri Lanka’s maritime rights
‘India’s fishers continued to fish on the Sri Lanka side of the Palk Bay, and on the Sri Lanka side of the Gulf of Mannar, which jointly form the historic waters of Sri Lanka.’
– island.lk/protecting-sri-lankas-maritime-rights/
• Continuous Indian Interference in Sri Lanka’s domestic affairs
‘Indian High Commission too reported to have had similar meetings with former LTTE cadres to discuss the matters related to 13A’
– lankaweb.com/news/items/2021/06/23/continuous-indian-interference-in-sri-lankas-domestic-affairs/
• Expect Sri Lanka to remain mindful of bilateral ties, says India on port project
– bizenglish.adaderana.lk/expect-sri-lanka-to-remain-mindful-of-bilateral-ties-says-india-on-port-project/
• Reckless regime and Ranil recycled – Jayatilleka
‘it is only by returning to the Premadasa paradigm that the democratic Opposition can lead the country once again.’
– ft.lk/columns/Reckless-regime-and-Ranil-recycled/4-719519
• The Geopolitics of Power Configuration in South Asia: Understanding Chinese Defence Minister’s Visit to Bangladesh and Sri Lanka
– idsa.in/issuebrief/china-defe-minister-visit-bangladesh-sri-lanka-ss-pattanaik
• 30 US Predator drones to monitor “potential adversaries” in the Indian Ocean
– republicworld.com/india-news/general-news/predator-drones-along-the-indian-ocean-key-to-monitor-potential-adversaries-indian-navy.html
• Taliban at the Gates, Ghani meets Biden
“Measures like keeping small numbers of U.S. military advisors in or near Afghanistan, finding some way to keep military contractors in the country, providing limited advisory and maintenance support from the outside, boosting intelligence cadres in Kabul and near Afghanistan – and all the other ‘forlorn hope’ approaches to provide support after September 1, 2021, are token measures that at best provide a political cloak for withdrawal.”
– indianpunchline.com/afghan-ghani-makes-farewell-call-on-biden/
• The War On Afghanistan Is Lost But The U.S. Still Tries To Keep A Foot In Its Door
‘The CIA has tried to get drone-bases in countries neighboring Afghanistan to continue its drug smuggling business fight against al-Qaida in Afghanistan….’
– moonofalabama.org/2021/06/the-war-on-afghanistan-is-lost-but-the-us-still-tries-to-keep-a-foot-in-its-door.html
• Civil War in Afghanistan Will Threaten Afghanistan, China, Pakistan
– newsclick.in/civil-war-afghanistan-threaten-afghanistan-china-pakistan
• Myanmar, Russia is actively coordinating with China to squash the US attempts at instability
‘Russia and China are coordinating to derail the US’ grand project to create rings of instability in their adjacent regions — Ukraine, Belarus, Moldavia, Hong Kong, Myanmar, Afghanistan.’
– indianpunchline.com/fizz-is-gone-from-biden-putin-summit/
• Chinese presence in SL could pose a threat, keeping close watch: Indian Navy
‘Responding to a query on whether the Chinese could surprise us through the sea route as they did along the northern waters last year, he said that after the 26/11 attack on Mumbai, India had taken a number of steps like installation of coastal security network and had enhanced surveillance capabilities.’
– dailymirror.lk/breaking_news/Chinese-presence-in-SL-could-pose-a-threat-keeping-close-watch-Indian-Navy/108-214451
• Israel Condemns China’s treatment of Muslims!
– jpost.com/international/israel-vote-to-condemn-chinas-treatment-of-uyghurs-marks-shift-in-policy-671829
• Debunking A ‘Chinese Defector’ Story
‘sounds as much like a wet dream for Republicans as the pee-tape Steele Dossier was a wet dream for Democrats.’
– moonofalabama.org/2021/06/debunking-a-chinese-defector-story.html
• Biden has a worthy interlocutor in Raisi
‘Iran’s presidential election has been held concurrently with the 6th Islamic city and village council elections and they focused on the country’s political economy — and not about the United States.’
– indianpunchline.com/biden-has-a-worthy-interlocutor-in-raisi/
• US’ pathway to Iran has thorny shrubs
‘Ironically, being “conservative” in Iran’s context actually means somewhat “leftish” in regard of allocation of resources and industrial policy.’
– indianpunchline.com/us-pathway-to-iran-has-thorny-shrubs/
– dailymirror.lk/opinion/World-oil-prices-Middle-East-peace-and-Irans-new-president/172-214769
• Irregular War and the Mafia in Turkey
‘common to use mafia groups both as a strike force in operations to suppress popular revolutionary movements and as a source of financing through the drug and arms trade.’
– socialistproject.ca/2021/06/irregular-war-and-mafia-in-turkey/
• Experts: English HMS Defender Stunt Near Crimea Was Patently Illegal
– moonofalabama.org/2021/06/experts-british-hms-defender-stunt-near-crimea-was-patently-illegal.html
‘These Uppity Anglos Need A Slap-like Lesson
‘Russians fired warning shots after English destroyer HMS Defender violated the country’s border in the Black Sea.’
– moonofalabama.org/2021/06/these-uppity-brits-need-a-slap-like-lesson.html
– craigmurray.org.uk/
• U.S., EU Profess Support For Belarus Then Launch A War Against Its People
‘the U.S. and the European Union have launched an economic war against the people of Belarus.’
– moonofalabama.org/2021/06/us-eu-profess-support-for-the-poeple-of-belarus-then-launch-a-war-against-them.html
• The Case of Alex Saab – US Abduction of Venezuelan Diplomat, a Global Challenge
– blackagendareport.com/case-alex-saab-us-abduction-venezuelan-diplomat-global-challenge
• Central Report to the Eighth Congress of the Communist Party of Cuba – Raul Castro
‘Full text of the presentation by Army General Raúl Castro Ruz, April 16, 2021’
– en.granma.cu/cuba/2021-04-22/central-report-to-the-eighth-congress-of-the-communist-party-of-cuba
• Cuba maintains solidarity and international cooperation for the region’s peoples
‘Bolivarian Alliance for the Peoples of Our America Summit meets in Caracas, and reaffirms commitment to move forward despite obstacles created by the United States’
– en.granma.cu/mundo/2021-06-25/cuba-maintains-its-commitment-to-solidarity-and-international-cooperation-for-the-benefit-of-the-regions-peoples
• Canada and Economic Sanctions Against Cuba
– socialistproject.ca/2021/06/canada-economic-sanctions-against-cuba/
• Michelle Bachelet, UN High Commissioner for the Defense of Organized Crime in Nicaragua
– globalresearch.ca/michelle-bachelet-un-high-commissioner-defense-organized-crime/5748583
• Still Unreconciled in Canada: A Century of Residential School Horrors
– globalresearch.ca/still-unreconciled-in-canada-a-century-of-residential-school-horrors/5748084
• In Canada, Indigenous people in federal jails rose to over 30% in 2020
‘Indigenous women are just 4% of the Canadian population, yet form an astonishing 42% of all female prisoners in federal custody. Imprisoning an adult in Canada costs about $10,000 per month, a minuscule sum compared with the profits that flow from exploiting Indigenous lands. Speaking for all capitalists, the president of Brazil remarked, “Where there is Indigenous land, there is wealth underneath it.”
– socialistproject.ca/2021/06/red-deal-indigenous-action-save-earth/
• G7 is a Neocolonial Cabal
‘Made up of white settler regimes and former and current colonial powers, the G7 spend much of their time “maligning Russia and China,” but can no longer compete in a multi-polar world’
– blackagendareport.com/g7-neocolonial-cabal
• US Militarism Kills at Home and Abroad
‘We regard militarism as the antithesis of revolutionary pan-African visions of Africa as a region freed from the destructive legacies of its patriarchal and colonial history.’
– blackagendareport.com/us-militarism-kills-home-and-abroad
________________________________________________________________
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.
• US Navy & Japan Maritime Self-Defense Force conduct passage exercise off Colombo
‘Naval Attaché of the US Embassy in Sri Lanka, Lieutenant Commander Richard Lister, US Embassy officials in Colombo were also present…’
– timesonline.lk/news-online/Multilateral-Naval-Exercise-CARAT21-commenced-in-Trincomalee/2-1133909
– newsfirst.lk/2021/06/21/navy-jmsdf-conduct-passage-exercise-off-colombo/
– island.lk/lanka-japan-navies-conduct-passage-exercise-off-colombo/
– island.lk/lankan-navy-in-exercise-with-quad-members/
• India-SL Coast Guards meet virtually
– timesonline.lk/latest-news/India-SL-Coast-Guards-meet-virtually/18-1133896
• India’s Deep Ocean Mission: A Literal Race to the Bottom
‘It would be too much to expect that official India not follow the lead of powerful, mostly developed countries representing global capital. Yet mounting efforts, both nationally and internationally, must be made to slow down if not entirely stop the race for exploitation of deep sea resources…’
– newsclick.in/India-Deep-Ocean-Mission-Literal-Race-Bottom
• How the UNP gave birth to underworld
– lankaweb.com/news/items/2015/08/15/how-the-unp-gave-birth-to-underworld-rapist-gonawala-sunil-dies-under-a-hail-of-bullets/
– island.lk/presidency-should-be-straitjacketed/
• Ranil calls to restore powers with cabinet
‘though he had no personal issues with the Army Commander he was opposed to the Army taking control of the COVID-19 control programmes’
– timesonline.lk/latest-news/Ranil-calls-to-restore-powers-with-cabinet/18-1133880
– ft.lk/ft_tv/Ranil-W-says-Cabinet-must-have-powers-to-deal-with-COVID-19/10520-719557
• Conspiracy behind inaccurate COVID-19 figures? – GMOA
‘Data are not released by the Epidemiology Unit. Three officials are also behind it…The Epidemiology Unit has been entrusted with six responsibilities such as surveillance, outbreak control, vaccination, clinical managed coordination, operational research and monitoring and evaluation’
– lankaweb.com/news/items/2021/06/20/conspiracy-behind-inaccurate-covid-19-figures
– newsfirst.lk/2021/06/20/action-to-be-taken-for-doctoring-covid-19-data/
– sundaytimes.lk/210620/editorial/vexing-questions-on-vaccine-politics-446915.html
• Flaws in vaccination; medical specialists say 100s of deaths could’ve been prevented
– sundaytimes.lk/210620/news/flaws-in-vaccination-programme-medical-specialists-say-hundreds-of-deaths-could-have-been-prevented-447018.html
• COVID-19: How India and COVAX failed the South Asian Countries
– newsclick.in/COVID-19-India-COVAX-failed-South-Asian-Countries
• Did pushing aside Indian Serum Institute’s local agent Citihealth Imports cause delay?
– economynext.com/did-pushing-aside-serum-institutes-local-agent-cause-a-vaccination-delay-in-sri-lanka-83204/
• White diplomatic missions have developed their own mechanisms to track cases and deaths?
– sundaytimes.lk/210620/columns/the-good-the-bad-and-the-deadly-daily-official-info-flow-on-covid-446947.html
• US pledges more vaccines to Sri Lanka
– dailymirror.lk/latest_news/US-pledges-more-vaccines-to-Sri-Lanka/342-214597
• Covid-19 and the ‘science’ of the wizards – Seneviratne
– dailymirror.lk/opinion/Covid-19-and-the-science-of-the-wizards/172-214705
• Detention of terror suspects, justice for Easter Sunday victims & arrest of web journalists
– island.lk/detention-of-terror-suspects-justice-for-easter-sunday-victims-and-arrest-of-web-journalists-on-agenda/
• President surprised how National Security Council issue ended up Excise Department proposal
– island.lk/probe-reveals-army-bought-spirits-through-excise-dept
• Duminda, 16 LTTE cadres among 93 released by Prez: BASL seeks explanation
– island.lk/duminda-16-ltte-cadres-among-93-released-by-prez-basl-writes-to-president-seeks-explanation/
• Welikada prisoners demand Death Sentence be commuted to Life In Prison
– newsfirst.lk/2021/06/25/welikada-prisoners-demand-death-sentence-be-commuted-to-life-in-prison/
– adaderana.lk/news/74920/mahara-welikada-death-row-inmates-hunger-strikes-continue
• Ministerial Consultative Committee on Justice discusses Code of Criminal Procedure (Amendment) Bill
– timesonline.lk/latest-news/Ministerial-Consultative-Committee-on-Justice-discusses-Code-of-Criminal-Procedure-Amendment-Bill/18-1133888
• Attorney General to move High Court over eight related incidents
– island.lk/ag-to-move-hc-over-eight-related-incidents/
– ft.lk/opinion/Ahimsa-hails-Shani-fears-for-his-safety/14-719605
– ft.lk/opinion/Punishment-bureaucracy-and-the-normalisation-of-torture-and-impunity/14-719662
• Dodampe Mudalali murder case: Beginning of blatant disregard for due process
– sundaytimes.lk/210620/sunday-times-2/dodampe-mudalali-murder-case-the-beginning-of-blatant-disregard-for-due-process-by-political-establishment-446856.html
• Small Claims Court to hear and determine disputes worth below Rs. 1.5 m
– ft.lk/business/Small-Claims-Court-to-hear-and-determine-disputes-worth-below-Rs-1-5-m/34-719448
• Govt. to lift ban on Angampora
‘Plans underway to lift 202-year-old ban imposed by English colonial rulers after 1818 rebellion’
– island.lk/govt-to-lift-ban-on-angampora/
• Over 100 Anti-Protest Bills Have Been Introduced Since George Floyd Rebellion
– blackagendareport.com/over-100-anti-protest-bills-have-been-introduced-george-floyd-rebellion
• 14,400 gun-related US homicides in 2019
‘US had 82% of gun deaths, 90% of all women killed with guns, 91% of children under 14 and 92% of young people between ages 15 and 24 killed with guns. In 2018, 38.1 million people lived in poverty.’
– lankaweb.com/news/items/2021/06/25/g7-and-myanmar-elephants-trumpet-democracy-while-an-ant-remains-trampled/
_____________________________________________________________
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.
• Boosting investment in Sri Lanka: Part 1&2 – Prospects: Maliyadde
– ft.lk/columns/Boosting-investment-in-Sri-Lanka-Part-1-Prospects/4-719619
– ft.lk/opinion/Boosting-investment-in-Sri-Lanka-Part-2-Challenges/14-719657
• Prez acknowledges difficulties, vows to achieve success
‘full text of his speech’
– adaderana.lk/news/74934/full-text-of-president-rajapaksas-address-to-the-nation
– island.lk/prez-acknowledges-difficulties-vows-to-achieve-success/
– ft.lk/top-story/President-reassures-people-he-will-deliver-without-fail/26-719680
– economynext.com/sri-lanka-has-spent-rs-260-bn-in-providing-relief-since-covid-19-emerged-president-83385/
• Sajith expects answers to six key issues in President’s address
– adaderana.lk/news/74927/sajith-expects-answers-to-six-key-issues-in-presidents-address
– ft.lk/front-page/What-the-Opposition-wanted-from-President-s-address-to-the-nation/44-719690
• Basil tipped to be new Minister of Finance, Economic Development
‘Human-elephant expert Ranjith Bandara tipped to be governor of Central Bank’
– dailymirror.lk/latest_news/Basil-tipped-to-be-new-Minister-of-Finance-Economic-Development/342-214874
• Nations’ bankers urged to see beyond property-backed lending: CBSL
– island.lk/nations-bankers-urged-to-see-beyond-property-backed-lending/
• Fitch issues fresh warning on Lankan banks
– ft.lk/front-page/Fitch-issues-fresh-warning-on-Lankan-banks/44-719595
– economynext.com/sri-lanka-banks-that-borrow-to-buy-sovereign-bonds-face-increased-risk-fitch-83298/
– island.lk/risks-for-banks-may-rise-on-end-of-restriction-on-isb-investments-fitch-ratings/
• The Way Forward: Priorities & Challenges – Anura Kumara Dissanayake, JVP leader
‘Do you know the royalty fee that private cement manufacturers pay for utilizing our national limestone resources? One kg of limestone is estimated to be sixty cents in value. Out of this sixty cents, only a 5%, is charged as the royalty fee, which amounts to only 3 cents, per kg. Thus, a 50 kg bag of cement will give us only 3 rupees.’
– colombotelegraph.com/index.php/the-way-forward-priorities-challenges/
• Sri Lanka ex-PM Ranil says only alternative is to go to IMF
– economynext.com/sri-lanka-ex-pm-ranil-says-only-alternative-is-to-go-to-imf-83279/
– newsfirst.lk/2021/06/23/re-engage-with-the-imf-ranil-tells-govt-in-first-speech-to-parliament
– island.lk/lone-jumbo-comes-along/
– ft.lk/top-story/Ranil-raps-Govt-for-risking-public-health-economy-on-return-to-P-ment/26-719598
• Fertiliser fiasco: Shouldn’t the Government listen to expert advice? – Wijewardena
– ft.lk/columns/Fertiliser-fiasco-Shouldn-t-the-Government-listen-to-expert-advice/4-719438
• Growing concerns in external finances – Sanderatne
‘The country is likely to meet its foreign debt repayment obligations this year by further foreign borrowing, development assistance from multilateral agencies and loan facilities from friendly countries in various forms and the IMF grant.’
– sundaytimes.lk/210620/columns/growing-concerns-in-external-finances-446829.html
• Fiscal policy corrections postponed until 2030, defying IMF support – Colombage
– ft.lk/opinion/Fiscal-policy-corrections-postponed-until-2030-defying-IMF-support/14-719478
• How Bangladesh elevated itself from debtor to creditor – Abeyratne
‘It all began with opening economy after 1990, shifting from import substitution to export promotion’
– sundaytimes.lk/210620/business-times/debtor-turning-into-a-creditor-446736.html
• No priorities identified nor any plan to meet economic challenges – Anila Dias Bandaranaike
‘Senior public officials prey on the ignorance of their political leaders The public sector currently boasts 1,200 major institutions in over 30,000 smaller units employing about 1.2 million (15%) of our workforce.’
– island.lk/lessons-from-lockdown-the-need-for-able-leadership-and-effective-systems/
• Asia the next powerhouse in the new normal
‘the International Chamber of Commerce (ICC) with the Daily FT, Boston Consulting Group (BCG) and CIMA, organised a discussion’
– ft.lk/business/Asia-the-next-powerhouse-in-the-new-normal/34-719544
• Pathfinder Beyond the Box: A New Economic Vision Post -COVID Time to Take Stock?
‘Pain cannot be avoided. The challenge is to choose the least painful path.’
– lankaweb.com/news/items/2021/06/22/pathfinder-beyond-the-box-a-new-economic-vision-for-post-covid-sri-lanka-time-to-take-stock/
• Why Even Indian Capitalists are Now Pitching for Cash Transfers
‘The absurdity of conservative economic policy leading to shortage of people’s purchasing power is now becoming clear, even to capitalists, though not to Modi government.’
– newsclick.in/Why-Even-Capitalists-Now-Pitching-Cash-Transfers
• IMF loan of $6 billion over 3 years has wreaked havoc on the Pakistani economy
‘Intra-elite struggles in the corridors of powers go on, as IMF debt piles up, the economy tanks, and people struggle against privatization’
– newsclick.in/understanding-economic-roots%20-political-turbulence-pakistan
• Friends of Socialist China: China’s Path to Zero Poverty
‘how China has been able to carry out the most extensive poverty alleviation program in history and what lessons there are for humanity.’
– youtube.com/watch?v=HpjrVU6u00c
• Appearance Versus Essence: Biden is Stabilizing, Not Ending, Neoliberalism
– blackagendareport.com/appearance-versus-essence-biden-stabilizing-not-ending-neoliberalism
• 1% own 45% of world’s personal wealth while nearly 3bn people have little or no wealth at all
– thenextrecession.wordpress.com/2021/06/24/1-own-45-of-the-worlds-personal-wealth-while-nearly-3bn-people-have-little-or-no-wealth-at-all/
• Marx’s law of profitability after Capital – Roberts
‘as late as 1878, Marx was tinkering with the law of tendency of the rate of profit to fall and trying to integrate turnover rates into the equalization of profit rates in different sectors to produce a general ‘social’ average rate of profit.’
– thenextrecession.wordpress.com/2021/06/20/19029/
____________________________________________
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.
• Growing concerns about rapidly increasing government securities held by Central Bank
‘The Central Bank was again forced to pump massive amounts of liquidity into the government, as the state coffers were running dry as the authorities reimposed travel restrictions and state tax revenue took another beating, analysts say.’
– island.lk/growing-concerns-about-rapidly-increasing-government-securities-held-by-central-bank/
• Importers warn of price hikes if forex facility is not restored
– sundaytimes.lk/210620/news/importers-warn-of-price-hikes-if-forex-facility-is-not-restored-447022.html
• Intelligence projections of countrywide anger and displeasure – Sunday Times
‘“The main reason for the fuel increase is that the Central Bank, Government’s economic advisor, sent an advisory note to the Government on May 31. That warned that unless fuel prices were not increased immediately, the banking sector could collapse.’
– sundaytimes.lk/210620/columns/the-pitfalls-of-the-major-fuel-price-hike-446923.html
– sundaytimes.lk/210620/columns/scapegoat-gammanpila-turns-the-tables-on-slpp-446884.html
– newsfirst.lk/2021/06/22/a-vote-against-no-confidence-motion-is-a-vote-for-fuel-hike-sjb/
• Life is going to get tougher as fuel hikes hit home
– sundaytimes.lk/210620/news/life-is-going-to-get-tougher-as-fuel-hikes-hit-home-446951.html
– dailymirror.lk/business-news/National-inflation-up-in-May-as-food-prices-soar/273-214584
• Crisis cannot be tackled by fuel price increases alone: SJB prescribes IMF
– island.lk/crisis-cannot-be-tackled-by-fuel-price-increases-alone-sjb-prescribes-imf/
• Trade deficit widens for the second consecutive month in April 2021
– bizenglish.adaderana.lk/trade-deficit-widens-for-the-second-consecutive-month-in-april-2021/
• Merchandise export earnings resilient in May
– dailymirror.lk/business__main/Merchandise-export-earnings-resilient-in-May/245-214585
– economynext.com/sri-lanka-exports-us884mn-in-may-us-eu-top-buyers-83199/
• Inflation in May at 6.1% vs. 5.5% in April
‘contributions to the inflation rate of May 2021 from the Food group and Non-Food groups were 4.7% and 1.4%,’
– ft.lk/front-page/Inflation-in-May-at-6-1-vs-5-5-in-April/44-719509
– island.lk/food-inflation-increased-to-10-3-per-cent-in-may-2021/
• Sri Lanka runs US$929mn dollar BOP deficit up to April 2021
– economynext.com/sri-lanka-runs-us929mn-dollar-bop-deficit-up-to-april-2021-83190/
• Exchange rate forecast to touch Rs.205-215 against US dollar
‘Sri Lanka hasn’t attracted a single dollar as direct investments during the first four months of the year’
– dailymirror.lk/business-news/Exchange-rate-forecasted-to-touch-Rs-205-215-against-US-dollar/273-214660
• Supplementary estimate of Rs 200 Bn presented in the House
‘to control the spread of COVID-19 pandemic and for other government expenses’
– dailymirror.lk/breaking_news/Supplementary-estimate-of-Rs-200-Bn-presented-in-the-House/108-214609
– island.lk/govt-moves-supplementary-estimate-for-rs-200-billion-to-meet-cost-of-covid-counter-measures/
• Central Bank fresh issue of SL Development Bonds (SLDBs) aimed at raising $100 million.
– ft.lk/front-page/100-m-SLDB-issue-this-week/44-719456
– economynext.com/sri-lanka-development-bonds-of-us100mn-offered-83186/
– island.lk/sri-lanka-to-raise-us100mn-from-the-sale-of-sl-development-bonds/
• Sri Lanka to increase 2021 spending by extra 1.2-pct of GDP
– economynext.com/sri-lanka-to-increase-2021-spending-by-extra-1-2-pct-of-gdp-83277/
• Sri Lanka’s central bank credit exceeds monetary base in MMT money printing
– economynext.com/sri-lankas-central-bank-credit-exceeds-monetary-base-in-mmt-money-printing-83256/
• Draft Monetary Law Act scrapped
– sundaytimes.lk/210620/business-times/draft-monetary-law-act-scrapped-446753.html
• CB adds Thai Baht to ‘Designated Foreign Currencies’
– ft.lk/front-page/CBSL-adds-Thai-Baht-to-designated-currencies-list/44-719457
• Strong performance in multiple sectors – First Capital Research
– sundaytimes.lk/210620/business-times/strong-performance-in-multiple-sectors-support-to-boost-all-time-high-quarter-earnings-446703.html
– island.lk/ndbs-solid-capital-buffer-expected-to-drive-stronger-earnings/
• Energy Ministry to borrow USD 1 bn to pay local loans
‘Ministry secretary says unsolicited loan proposals being studied, but CPC official says move involves mortgaging of land’
– sundaytimes.lk/210620/news/energy-ministry-to-borrow-usd-1-bn-to-pay-local-loans-447024.html
• Finance Secretary acknowledges concerns about national economy
‘most imported freezer trucks remove refrigerators after importation and used them as ordinary lorries’
– island.lk/finance-secretary-acknowledges-concerns-about-national-economy/
• Harsha warns of economic collapse due to forex, debt crisis
‘Government is considering an unsolicited loan of $ 1 billion to set off interest payments of loans CPC has obtained from the two State banks. ‘
– ft.lk/front-page/Harsha-warns-of-economic-collapse-due-to-forex-debt-crisis/44-719455
– dailymirror.lk/breaking_news/Thankful-to-Gammanpila-for-unveiling-countrys-precarious-economic-status-Harsha/108-214473
– newsfirst.lk/2021/06/23/video-restructure-your-debt-harsha-tells-govt/
– economynext.com/sri-lankas-upside-down-rupee-dollar-swap-rates-show-deep-mmt-financial-crisis-harsha-83327/
• Sri Lanka trying to re-finance billion dollar CPC ‘Nick Leeson’ loan from state banks: report
– economynext.com/sri-lanka-trying-to-re-finance-billion-dollar-cpc-nick-leeson-loan-from-state-banks-report-83180/
• Sri Lanka prints Rs22bn after failing to sell bills at ceiling rate
‘The fiscal deficit can also look higher than it actually appears when the output gets compressed as authorities lost nearly a trillion rupees in GDP during the 2 months long restrictions since April 23’
– economynext.com/sri-lanka-prints-rs22bn-after-failing-to-sell-bills-at-ceiling-rate-83189/
– dailymirror.lk/business-news/Sri-Lanka-resorts-to-money-printing-as-state-revenues-run-dry/273-214582
• Sri Lanka sells 35-pct of US$100mn dollar bond auction
– economynext.com/sri-lanka-sells-35-pct-of-us100mn-dollar-bond-auction-83381/
• Committee on Public Enterprises summons SriLankan, etc
– island.lk/cope-summons-srilankan-etc/
• GSP+ loss could hurt $580m Sri Lankan exports to EU – Joint Apparel Association Forum
– sundaytimes.lk/210620/business-times/gsp-loss-could-hurt-580m-sri-lankan-exports-to-eu-446765.html
– ft.lk/opinion/GSP-and-the-intentions-of-European-Parliament-and-NATO/14-719481
• EU wants ‘unhindered trade’ with Sri Lanka: EU-BOI Webinar
‘session moderated by John Wilson, Director and In-House Legal Counsel from the EU Chamber of Commerce in SL, with 4 leading European investors focusing on priority markets. Omega Line a subsidiary of Calzedonia represented by Felix Fernando, Melis Kurtylmaz, Decathlon France, Fred Vandemarliere, United Tobacco Processing subsidiary of J Cortes, suppliers of cigars and Suresan Arunachalam of Global Sports Lanka were panellists…’
– island.lk/eu-wants-unhindered-trade-with-sri-lanka/
• US and the EU account for 57% of total SL export earnings
– sundaytimes.lk/210620/business-times/human-rights-haunt-sri-lanka-446749.html
• China bails out Republic of Congo with second debt restructure
– lankaweb.com/news/items/2021/06/22/china-bails-out-republic-of-congo-with-second-debt-restructure/
• Global investment is becoming less reliant on China: Citigroup
‘China alone contributed to 47% of global investment growth on average in the years from 2010 through 2019, and 33% of global GDP’
– island.lk/global-investment-is-becoming-less-reliant-on-china-citigroup/
• Cuba temporarily suspends cash bank deposits in U.S. dollars
– en.granma.cu/cuba/2021-06-11/cuba-temporarily-suspends-cash-bank-deposits-in-us-dollars
• Fed Chair Powell Misleads House Hearing on Wall Street’s Bailout Programs
– wallstreetonparade.com/2021/06/fed-chair-powell-misleads-house-hearing-on-wall-streets-bailout-programs/
_________________________________________________________________________
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
• National Wage Policy Is The Need Of The Day! – Tennakoon
‘I am reminded of the pioneering role by Trade Unions in the past for securing very small increases with long drawn battles with much sacrifice of pay and running heavy risks sometimes of dismissal…’
– colombotelegraph.com/index.php/a-national-wage-policy-is-the-need-of-the-day/
• Labour Chief issues directive on pay relief
– ft.lk/front-page/Labour-Chief-issues-directive-on-pay-relief/44-719466
• Lockdowns have left over 550,000 daily paid workers (over half the workforce) jobless ‘Employees in the mercantile sector have had their wages slashed’
– dailymirror.lk/opinion/Lets-not-forget-the-lessons-of-history-EDITORIAL/231-214482
• 89% of Sri Lankan apparel workers temporarily retrenched from March-May 2020
‘with partial or no pay during the first wave’
– bizenglish.adaderana.lk/covid-19-and-sri-lankas-external-sector-challenges-and-policy-choices/
• Sri Lanka’s Brandix focusing on worker safety as exports face triple whammy
– economynext.com/sri-lankas-brandix-focusing-on-worker-safety-as-exports-face-triple-whammy-83132/
• JVP Against Rising Cost of Living…
‘staged a protest in Maharagama against the rising cost of living and fuel prices’
– dailymirror.lk/latest_news/Against-rising-cost-of-living/342-214553• GMOA battles intensify as AGM looms
– sundaytimes.lk/210620/news/gmoa-battles-intensify-as-agm-looms-447014.html
• Pensioners victimized by malicious suspension of salary increment
– island.lk/pensioners-victimized-by-malicious-suspension-of-salary-increment/
• Cops scuffle with IUSF protesters demanding withdrawal of Kotelawala Defence University Act
– island.lk/cops-in-civvies-scuffle-with-iusf-protesters/
• SLPP-linked trade union demands urgent vaccine for bank employees
– ft.lk/front-page/SLPP-linked-trade-union-demands-urgent-vaccine-for-bank-employees/44-719464
• Fishermen protest fuel price hike
– timesonline.lk/latest-news/Fishermen-protest-fuel-price-hike/18-1133883
• GMOA identifies priority groups for immediate vaccination
– island.lk/gmoa-identifies-priority-groups-for-immediate-vaccination/
• Ayurveda health workers protest in Rajagiriya
‘The demands included for authorities to provide Personal Protective Equipment (PPE) to all ayurveda health workers, putting a stop to irregular takeover of ayurvedic premises and taking steps to complete unpaid overtime payments’
– timesonline.lk/latest-news/In-Pictures-Ayurveda-health-workers-protest-in-Rajagiriya/18-1133885
• Private sector critical to COVID response strategy” – Association of Private Hospitals & Nursing Homes
‘Only 50% of private healthcare workers have received vaccinations’
– bizenglish.adaderana.lk/the-private-sector-is-critical-to-sri-lankas-covid-response-strategy-aphnh-president/
• Private International Institute of Health Sciences Initiates ‘Lankan Nurses’ Nursing Programme to Strengthen Healthcare
– bizenglish.adaderana.lk/iihs-initiates-lankan-nurses-nursing-programme-to-strengthen-healthcare/
• Bowser operators to stay away from work if transport formula not amended this week: Lanka Petroleum Private Tanker Owners’ Association (SLPPTOA)
– dailymirror.lk/latest_news/Bowser-operators-to-stay-away-from-work-if-transport-formula-not-amended-this-week-SLPPTOA/342-214556
• Mechanic crushed to death as lorry loaded with 30 tonnes of cement lands on his head
– dailymirror.lk/breaking_news/Mechanic-crushed-to-death-as-lorry-loaded-with-30-tonnes-of-cement-lands-on-his-head/108-214687
• Cop attached to security details of Batticaloa State Minister shoots tipper driver to death
– dailymirror.lk/breaking_news/Cop-attached-to-security-details-of-State-Minister-shoots-tipper-driver-to-death/108-214544
• Canteen Owners’ Association Chief Asela Sampath abducted: Family claims
‘•Asela Sampath booked for releasing fake content on vaccine adulteration’
– dailymirror.lk/breaking_news/Canteen-Owners-Association-Chief-Asela-Sampath-abducted-Family-claims/108-214851
– newsfirst.lk/2021/06/26/asela-sampath-booked-for-releasing-fake-content-on-vaccine-adulteration/
• People with Disabilities ‘The Forgotten People’ at a time of crisis
‘8.7% of the population in Sri Lanka fall into the category of People with Disabilities (PwDs)’
– dailymirror.lk/plus/People-with-Disabilities-The-Forgotten-People-at-a-time-of-crisis/352-214577
• For third consecutive year Poson on low key; pandal artists and technicians paint sad story
– sundaytimes.lk/210620/news/for-third-consecutive-year-poson-on-low-key-pandal-artists-and-technicians-paint-sad-story-447006.html
• Dengue also rises: Double work for PHIs
– sundaytimes.lk/210620/news/dengue-also-rises-double-work-for-phis-447026.html
• Workers’ remittances up 18% to near $3b but monthly inflows slowing
– ft.lk/front-page/Workers-remittances-up-18-to-near-3-b-but-monthly-inflows-slowing/44-719459
• Seylan Bank facilitates overseas SL’s Inward Remittances
‘through our many inward remittance partners including Seycash, RIA, Western Union, Transfast, Instant Cash, Unistream, Cash Express, Speed Send, Intel Express, Placid Express,” said Nalin Nissangaratchie, Senior Manager International Financial Services at Seylan Bank.’
– timesonline.lk/business/Seylan-Bank-facilitates-overseas-SLs-Inward-Remittances/10-1133879
• Victory for the Historic Struggle by The Joint Front to Protect Open University (JFPOU)
– lankaweb.com/news/items/2021/06/25/victory-for-the-historic-struggle-by-the-joint-front-to-protect-open-university-jfpou/
• Obtaining minimum qualifications to enter university, doesn’t guarantee seat in university.
– island.lk/some-hints-for-filling-university-admission-applications/
• Everyday violence and exclusion at university
– island.lk/everyday-violence-and-exclusion-at-university/
• A look at Modern Day Slavery: Human Trafficking
– dailymirror.lk/news-features/A-look-at-Modern-Day-Slavery-Human-Trafficking/131-214404
• How Many Strikes Are There in the USA?
‘The Bureau of Labor Statistics (BLS) releases an annual work stoppage summary in February reporting strikes and lockouts – but only those that involved at least 1,000 workers and lasted an entire shift [but] nearly 60 percent of all private sector workers are employed by companies with fewer than 1,000 employees…BLS kept track of all stoppages involving six workers or more and lasting at least a full shift until 1982…’, when cuts diminished resources for labor research and statistics.’
– socialistproject.ca/2021/06/how-many-strikes-are-there-in-the-usa/
• Far From Over – Class Struggle and Union Organizing at Amazon
– socialistproject.ca/leftstreamed-video/far-from-over-class-struggle-union-organizing-amazon/
• Reefer Legalization “Not Good” for Revolution, Says New York Lawmaker
‘we will soon see “an alcohol store on one corner, a cannabis store on the next corner, a murder burger store on another corner, and a funeral home on the fourth corner.”
– blackagendareport.com/reefer-legalization-not-good-revolution-says-new-york-lawmaker
• Make Black Lives Matter Fund-Raising Socially Accountable
– blackagendareport.com/make-black-lives-matter-fund-raising-socially-accountable
• The Modern Tecumseh and the Future of the US Left
‘The Shawnee leader Tecumseh (1768–1813) was probably one of the most outstanding and visionary Indigenous leaders in North America’
– socialistproject.ca/2021/06/modern-tecumseh-and-future-of-us-left/
• Stalinists and Feminazis
‘Before I discovered Marxism, I discovered feminism. And before I discovered feminism, I used to be a chauvinistic liberal.’
– redsails.org/stalinists-and-feminazis/
_________________________________________________________________________
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.
• Three days a week more than 1,000 Indian trawlers fish in Sri Lanka Waters
– island.lk/protecting-sri-lankas-maritime-rights/
• US provides food for 110,000 primary schoolchildren
‘These emergency take-home rations are part of the U.S. Department of Agriculture’s $26 million McGovern-Dole project through donation of U.S. agricultural commodities and technical assistance’
– island.lk/us-provides-food-for-110000-primary-schoolchildren/
• Chinese cleaning up our Tanks for Free? Why?
– newsfirst.lk/2021/06/22/chinese-cleaning-up-our-tanks-for-free-why/
– newsfirst.lk/2021/06/23/journalist-prevented-from-recording-footage-close-to-chinese-jv-in-hambantota/
– newsfirst.lk/2021/06/24/who-are-the-camo-clad-foreigners-at-jv-site/
• New Seismometers to be installed near Victoria Dam: GSMB
– newsfirst.lk/2021/06/22/new-seismometers-to-be-installed-near-victoria-dam-gsmb/
• Govt. intervenes to stabilise price of rice through imports
– sundaytimes.lk/210620/news/govt-intervenes-to-stabilise-price-of-rice-447020.html
– dailymirror.lk/latest_news/Rice-import-the-only-solution-to-bring-down-prices/342-214487
– lankaweb.com/news/items/2021/06/21/cabinet-approval-to-import-100000-metric-tonnes-of-rice/
• Cartel of rice millers making huge profits
‘Dudley Sirisena, younger brother of SLPP MP and former President Maithripala Sirisena, and State Minister Siripala Gamlath, who is related to the Sirisena family.’
– island.lk/when-villains-guffaw-and-heroes-whine/
• MONLAR: Govt. has fallen for millers’ ruse
‘Farmers would be harvesting their paddy by the time the government imports 100,000 tonnes of rice and it would lead to a decrease in prices they received from millers’
– island.lk/monlar-govt-has-fallen-for-millers-ruse/
• Only way to tackle artificially created rice shortages is to take action against hoarders
‘Owner of Araliya Mills, Dudley Sirisena, a sibling of former President MP Maithripala Sirisena, confronted the CAA officials, and declared that he would not sell rice at the maximum retail prices (MRPs) stipulated by the government. Subsequently, the millers had a meeting with the government leaders, who agreed to an upward revision of the MRPs for rice. The millers had the last laugh.’
– island.lk/heroes-impotence/
• Ban of chemical fertilizer import not a hasty decision: President
– dailymirror.lk/breaking_news/Ban-of-chemical-fertilizer-import-not-a-hasty-decision-President/108-214847
• Govt. temporarily halts importation of compost
– lankaweb.com/news/items/2021/06/25/govt-temporarily-halts-importation-of-compost/
• Cabinet approves move for new Fertiliser Act to chart 100% organic path
– ft.lk/front-page/Cabinet-approves-move-for-new-Fertiliser-Act-to-chart-100-organic-path/44-719553
• Lanka Phosphate Company gazetted under Agriculture Ministry
– lankaweb.com/news/items/2021/06/19/lanka-phosphate-company-gazetted-under-agriculture-ministry/
– sundaytimes.lk/210620/news/wimals-phosphate-company-goes-to-agriculture-ministry-447016.html
• Move to source organic fertiliser from Meethotamulla garbage dump
– ft.lk/front-page/Move-to-source-organic-fertiliser-from-Meethotamulla-garbage-dump/44-719591
• Environment Ministry directs GSMB to facilitate farmers with soil testing on farm land
– dailymirror.lk/breaking_news/Env-Ministry-directs-GSMB-to-facilitate-farmers-with-soil-testing-on-farm-land/108-214809
• CAA raids supermarket and an online delivery service provider in Colombo
– island.lk/caa-raids-supermarket-and-an-online-delivery-service-provider-in-colombo/
• CAA to raid businesses with concealed sugar stocks
– newsfirst.lk/2021/06/21/caa-to-raid-businesses-with-concealed-sugar-stocks/
• After fuel price hike, LPG and milk food price increase now in the pipeline
‘90,000 metric tons of milk food is imported to the country annually’
• Sri Lanka issues order to ban coconut tree felling
– economynext.com/sri-lanka-issues-order-to-ban-coconut-tree-felling-83172/
• Maximum retail price imposed on coconuts removed
– dailymirror.lk/latest_news/Maximum-retail-price-imposed-on-coconuts-removed/342-214447
– economynext.com/sri-lanka-lifts-coconut-price-controls-as-monetary-nuts-loosened-83206/
• Pandemic in India generated increased demand for Ceylon Tea.
– island.lk/tea-exports-between-january-may-2021-amount-to-over-rs-103bn/
• Fertilizer import media urge Government to rethink shift to organic fertiliser
– sundaytimes.lk/210620/business-times/government-urged-to-rethink-shift-to-organic-fertiliser-446727.html
– ft.lk/ft_tv/Sri-Lanka-s-push-for-100-organic-farming/10520-719468
• Tea crop hits new record highs but industry worried over fertiliser crisis
– ft.lk/front-page/Tea-crop-hits-new-record-highs-but-industry-worried-over-fertiliser-crisis/44-719460
• Local production of live food for aquaculture to slash the import bill
‘Artemia Cysts nauplii are well-known as ideal live food for ornamental fish and prawns and there is a huge local and international market for the product. Currently SL imports 90% of local requirement’
– island.lk/local-production-of-live-food-for-aquaculture-to-slash-the-import-bill/
• False claims of slaughter industry
– island.lk/false-claims-of-slaughter-industry/
• Jaffna fish seller forced to pay bribes to police personnel in Kopay
– sundaytimes.lk/210620/columns/the-good-the-bad-and-the-deadly-daily-official-info-flow-on-covid-446947.html
• Sri Lanka defends move to build artificial reef
– lankaweb.com/news/items/2021/06/20/sri-lanka-defends-move-to-build-artificial-reef/
• UN Food System Monologues
‘organized by the Government of Sri Lanka led by the Ministry of Agriculture is supported by the UN, FAO, WFP and IFAD… Hanaa Fikry Ahmed Singer – UN Resident Coordinator, Sherina Tabassum – IFAD Country Director; Abdur Rahim Siddiqui – WFP Representative & Country Director, Vimlendra Sharan – FAO Representative
– bizenglish.adaderana.lk/inaugural-national-food-systems-dialogue-calls-for-collaborative-action-to-transform-food-systems/
– ft.lk/business/Inaugural-National-Food-Systems-Dialogue-calls-for-collaborative-action/34-719403
• High-level meeting tomorrow (J21) to select foreign expert to assess damage
– sundaytimes.lk/210620/news/high-level-meeting-tomorrow-to-select-foreign-expert-to-assess-damage-446972.html
• Sri Lanka ship fire caused ’significant damage to planet’, says UN office
‘A UN team of oil spill and chemical experts – provided by the European Union – has been sent to Sri Lanka.’
– dailymirror.lk/breaking_news/Sri-Lanka-ship-fire-caused-significant-damage-to-planet-says-UN-office/108-214465
• Korea renders support for marine recovery in Sri Lanka
– newsfirst.lk/2021/06/24/korea-renders-support-for-marine-recovery-in-sri-lanka/
• The Increasing Incidents of Container Ship Fires and Environmental Destruction
– island.lk/the-increasing-incidents-of-container-ship-fires-and-environmental-destruction/
• Gold Mine Unearthed in Sri Lanka (Bamboo)
– lankaweb.com/news/items/2021/06/24/gold-mine-unearthed-in-sri-lanka-bamboo/
• Resisting Water Privatization in Europe: Key Reasons for Success
– socialistproject.ca/2021/06/resisting-water-privatization-in-europe/
_____________________________________________________________________
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.
• Mannar Basin oil exploration drags on in tender dispute
‘Mannar basin which has the potential to generate over two billion barrels of oil and over nine trillion cubic feet of natural gas sufficient to fulfill a substantial portion of Sri Lanka’s energy needs for the next 60 years’
– sundaytimes.lk/210620/business-times/mannar-basin-oil-exploration-drags-on-in-tender-dispute-446756.html
• Wikileaks show how Big-pharma sabotaged Bibile policies – Editorial (2016)
– dailymirror.lk/105725/Wikileaks-show-how-Big-pharma-sabotaged-Bibile-policies-EDITORIAL
• Wimal to set up 20 Advisory Councils to boost industrial development
‘Advisory Councils will be appointed in… processed food, value added Coir products, value added tea, value added spices, wood and wood-based products, rubber-based products, plastic-based products, automobiles, die and mould metal-based products, ceramic, leather and footwear, cement, chemicals, paints, printing, electrical and electronics, herbal and pharmaceutical, and packaging’
– ft.lk/top-story/Wimal-to-set-up-20-Advisory-Councils-to-boost-industrial-development/26-719555
• Sri Lanka has around one million registered SMEs
– ft.lk/business/COSMI-leads-formation-of-South-Asia-European-MSME-alliance/34-719578
• Ceylon Chamber of Commerce to conduct the National SME Forum 2021
‘SME sector is envisaged to contribute to transform lagging regions into emerging regions of prosperity’
– bizenglish.adaderana.lk/ceylon-chamber-of-commerce-to-conduct-the-national-sme-forum-2021/
– bizenglish.adaderana.lk/ceylon-chamber-of-commerce-initiates-high-level-dialogue-to-create-a-dynamic-sme-sector/
• Oil keeps climbing on tight supply outlook
– ft.lk/front-page/Oil-keeps-climbing-on-tight-supply-outlook/44-719683
• Fuel Price Stabilisation Fund not meant to stabilise fuel prices: Gammanpila
– dailymirror.lk/latest_news/Fuel-Price-Stabilisation-Fund-not-meant-to-stabilise-fuel-prices-Gammanpila/342-214624
• Govt. fires up Litro-LAUGFS collaboration proposal; keeps LPG prices unchanged
– ft.lk/front-page/Govt-fires-up-Litro-LAUGFS-collaboration-proposal-keeps-LPG-prices-unchanged/44-719551
• Sri Lanka to use US$100mn India Exim solar power credit for state offices, poor families
– economynext.com/sri-lanka-to-use-us100mn-india-exim-solar-power-credit-for-state-offices-poor-families-83350/
• CEB to float tenders for solar power generation under free market demand-supply dynamics
– island.lk/ceb-to-float-tenders-for-solar-power-generation-under-free-market-demand-supply-dynamics/
• Promoting solar rooftop industry, a critical need to attain sustainable energy goals
‘The industry started with net-metering in 2011, and over next 5 years, solar rooftops added 31 MWs to the national grid via 6,000 domestic systems….Sri Lanka’s energy demand is approximately 15,000G Wh currently and may reach 30,000G Wh in 2030….Sri Lanka has over 6 million energy consumers.’
– ft.lk/opinion/Promoting-solar-rooftop-industry-a-critical-need-to-attain-sustainable-energy-goals/14-719626
• Technology Services Company to be upgraded as govt agency to contain sand mafia
– island.lk/technology-services-company-to-be-upgraded-to-contain-sand-mafia/
• Hatton Plantations buys control of mini hydropower firm for Rs. 455 m
– ft.lk/front-page/Hatton-Plantations-buys-control-of-mini-hydropower-firm-for-Rs-455-m/44-719503
• Akbar, Hirdaramani confirm purchase of WindForce shares
‘Sweden-based global asset management company Tundra Fonder’s Tundra Sustainable Frontier Fund doubled its stake to 5.5% in WindForce, which is Sri Lanka’s largest renewable energy group.’
– ft.lk/front-page/Akbar-Hirdaramani-confirm-purchase-of-WindForce-shares/44-719501
• Sri Lanka bunker market in full throttle on ports progress, India monsoons
‘India’s bunker fuel prices are typically lower than those at Sri Lanka as the latter buys most of its bunker fuel from Singapore and Fujairah, making the fuel costlier.’
– ft.lk/front-page/Sri-Lanka-bunker-market-in-full-throttle-on-ports-progress-India-monsoons/44-719636
• Daya quite surprised by sudden removal from Sri Lanka Ports Authority (SLPA)
‘SLPA had been the grips of corrupt elements at various levels over a long period of time and his appointment sort of disturbed them’
– island.lk/daya-quite-surprised-by-sudden-removal/
• New Chairman of the Sri Lanka Ports Authority: Capt. Nihal Keppetipola
– timesonline.lk/news-online/New-SLPA-Chairman-assumes-duties/2-1133876
• Institute of Chartered Shipbrokers (UK) – Sri Lanka Branch hosts Annual Awards Ceremony
‘former Speaker Karu Jayasuriya was the Guest of Honour’
– ft.lk/ft-click/Institute-of-Chartered-Shipbrokers-UK-Sri-Lanka-Branch-hosts-Annual-Awards-Ceremony/15-718013
• Plug & play ‘park in park’ manufacturing facility for Hambantota Port industrial zone
‘for light industry manufacturers and traders who wish to come and set up in Sri Lanka with a view to finding markets in South Asia…’
– island.lk/plug-and-play-park-in-park-manufacturing-facility-to-be-built-within-hambantota-ports-industrial-zone/
– ft.lk/front-page/16-m-plug-and-play-Park-in-Park-industrial-facility-at-Hambantota-International-Port/44-719637
• Loss-making Lanka Phosphate Co. transformed while Weerawansa was Industries Minister
‘Lanka Phosphate produced some quantities of rock phosphate fertilizer from a deposit in Eppawala. The deposit had not been allowed to be used for the manufacture of super phosphate fertilizer in the past by any private developer. Such plants however require large capital investments. Attempts to develop soluble phosphate with multi-nationals such as Freeport McMoran with royalty payments have been strongly opposed by domestic environmental and other lobbies.’
– economynext.com/sri-lanka-phosphate-soe-taken-out-of-industries-ministry-83170/– island.lk/wimal-unfazed-by-loss-of-profit-making-lanka-phospate-co/
• Sri Lanka manufacturing, services buckle in May as Coronavirus wave bites: PMI
– economynext.com/sri-lanka-manufacturing-services-buckle-in-may-as-coronavirus-wave-bites-pmi-83168/
• Exports sustain growth momentum into May
‘Rubber and rubber-based products in May rose by 78% to $ 91.18 million and by 51.43% to $ 424.47 million in the first five months due to the better performance of exports of industrial and surgical gloves of rubber (89.04%) and pneumatic and retreated rubber tyres and tubes (48.77%)’
– ft.lk/top-story/Exports-sustain-growth-momentum-into-May/26-719512
• Salt found at the storehouse maintained by close associate of Lanka Salt Ltd Chairman
‘Mafia in the salt trade in Hambantota because of his associates and even I cannot buy salt directly from the saltern….90% of the shares of the saltern is under the purview of the Employees Trust Fund’
– dailymirror.lk/expose/Officials-act-salty-as-Lanka-Salt-is-exposed/333-214628
• Expanded-graphite: The throw – away rock that can be used for cleaning oil spills
‘”More than 12 million barrels of oil have spilled into our oceans in the past two decades alone… Graphitic quartz rocks granules, which are thrown away in Sri Lankan mines, should ideally be used for profitable industrial applications. Expanded-graphite and graphene are marketable products that could be manufactured in Sri Lanka and effectively used for cleaning up oil spills.’
– dailymirror.lk/opinion/Expanded-graphite-The-throw-away-rock-that-can-be-used-for-cleaning-oil-spills/231-214483
• Bajaj genuine parts cash back 1st week winners
– island.lk/bajaj-genuine-parts-cash-back-1st-week-winners/
• Lakdiva Engineering to repair discarded State vehicles for re-use
– ft.lk/front-page/Lakdiva-Engineering-to-repair-discarded-State-vehicles-for-re-use/44-719586
• Yam-based eco friendly lunch sheets, shopping bags introduced
– dailymirror.lk/breaking_news/Yam-based-eco-friendly-lunch-sheets-shopping-bags-introduced/108-214762
• Sri Lanka’s internet subscriptions jump 50% in pandemic year to 19.4 million
– dailymirror.lk/business-news/Sri-Lankas-internet-subscriptions-jump-50-in-pandemic-year/273-214504
• Sri Lanka to expand oxygen storage, boost hospital supply with concentrators: Health Minister
– economynext.com/sri-lanka-to-expand-oxygen-storage-boost-hospital-supply-with-concentrators-health-minister-83276/
• Hambantota Port operator funds PCR lab, offers to ‘bridge’ hospital with China
– economynext.com/hambantota-port-operator-funds-pcr-lab-offers-to-bridge-hospital-with-china-83210/
• Lankan-English company has digitised solution for smooth flow of vaccination; but few takers
– sundaytimes.lk/210620/news/lankan-british-company-has-digitised-solution-for-smooth-flow-of-vaccination-but-few-takers-here-446960.html
• Cinnamon Air Builds A New Hangar At BIA
‘Cinnamon Air (www.cinnamonair.com), owned and operated by Saffron Aviation, is a joint venture between SL’s largest listed conglomerate, John Keells Holdings, MMBL Leisure Holdings (a member of MMBL-Pathfinder group), and Phoenix Ventures (parent of the Brandix Group).’
– island.lk/cinnamon-air-builds-a-new-hangar-at-bia/
• The SL state’s enduring role in the CHEC Port City Colombo project
‘in all these transactions the state will be a principal party’
– island.lk/the-sl-states-enduring-role-in-the-chec-port-city-colombo-project/
• Japanese firm claims damages of Rs 5.8bn from Sri Lanka after LRT deal scrapped
‘Japan International Co-operation has financed Sri Lanka’s ports and other infrastructure, conducting detailed feasibility studies before committing a project. By the time the project was cancelled in 2020, a consultancy contract had already been awarded and some funds disbursed.’
– island.lk/japanese-firm-claims-damages-of-rs-5-8bn-from-sri-lanka-after-lrt-deal-scrapped/
• Ceylon Chamber of Commerce to conduct the National SME Forum 2021
– bizenglish.adaderana.lk/ceylon-chamber-of-commerce-to-conduct-the-national-sme-forum-2021/
– ft.lk/business/COSMI-leads-formation-of-South-Asia-European-MSME-alliance/34-719578
• Making vocational training an impressive choice
– island.lk/making-vocational-training-an-impressive-choice/
• KNDU Bill paves way for militarization & privatisation of Higher Education Sector – NPP MP
– dailynews.lk/2021/05/15/political/249366/kndu-bill-paves-way-privatisation-higher-education-sector-npp-mp
• English medium education in SL: Misconceptions and inaccuracies
‘international schools which were registered as BOI companies (and still are), began to mushroom. What began with a total of about 100 such schools, now stands at nearly 500…English? ability to face interviews confidently, converse with those in higher socio-economic brackets, to apply for overseas placements and to secure a ‘good job’ when leaving school.’
– ft.lk/columns/English-medium-education-in-SL-Misconceptions-and-inaccuracies/4-719518
– island.lk/english-medium-education-misconceptions-and-inaccuracies/
• We need to rename private education as ‘non-state education’
– island.lk/thinking-outside-kuppi-box
• Digital 4 Everyone National Initiative – Information & Communication Technology Agency
‘stakeholders representing The Ministry of Women and Child Development,Pre-Schools & Primary Education, School Infrastructure & Education Services, Sarvodaya Fusion, National Youth Services Council, FITIS, The Employer’s Federation of Sri Lanka, BCS, Facebook, SLASSCOM, Internet Society Sri Lanka Chapter, Sri Lanka Foundation Institute, Computer Society of Sri Lanka, Northern Chamber of Information Technology (NCIT), LK Domain Registry, SMART Social Circles and Women in Engineering (WIE) Affinity Group of Uva Wellassa University and many others’
– bizenglish.adaderana.lk/digital-for-everyone-national-initiative-launched-towards-enabling-a-technology-based-society/
• Hatch has distribution partnership with Foldscope to introduce low-cost scientific tools
– bizenglish.adaderana.lk/hatch-is-making-science-education-affordable-in-sri-lanka-with-foldscope/
• Dr. Kamal Laksiri elected Governor of American Society of Civil Engineers (ASCE)
‘he is attached to the Ceylon Electricity Board as the Project Director of the Broadlands Hydropower Project, a national power project’
– sundaytimes.lk/210620/business-times/dr-kamal-laksiri-elected-governor-of-asce-446709.html
• China urges global equitable access to COVID-19 vaccines at UNHRC session
– ft.lk/front-page/China-urges-global-equitable-access-to-COVID-19-vaccines-at-UNHRC-session/44-719588
• Two major Chinese conferences on Global Health
– island.lk/two-major-chinese-conferences-on-global-health/
• Agreement in principle reached over Suez Canal ship, says Stann Marine
– bizenglish.adaderana.lk/agreement-in-principle-reached-over-suez-canal-ship-says-stann-marine/
– newsfirst.lk/2021/06/23/suez-canal-and-ever-given-ship-owners-reach-deal-on-compensation/
• U.S. and EU resolve 17-year Boeing-Airbus trade dispute
‘Airbus and Boeing dominate the commercial airplane market’
– island.lk/u-s-and-eu-resolve-17-year-boeing-airbus-trade-dispute/
• The Eastern Airlines Flight 401 Accident 1972
‘ pioneer of Cockpit Resource Management studies of ‘Human Factors’ was David Beaty born in Hatton, Ceylon, a son of a Methodist Minister and an old boy of Kingswood College, Kandy’
– island.lk/the-eastern-airlines-flight-401-accident/
• Jan. 4, 1903: Edison Fries an Elephant to Prove His Point
‘a string of animal electrocutions Edison staged to discredit a new form of electricity: alternating current.’
– wired.com/2008/01/dayintech-0104
______________________________________________________________________
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.
• SL Embassy in Japan connects 220 investors at virtual investment forum
‘speakers included Chairman Noritake-Japan Ltd, CEO of Colombo Stock Exchange, Country Director of JETRO as well as Chairman Dockyard Sri Lanka and Chairman of Expo Lanka’
– island.lk/sl-embassy-in-japan-connects-220-investors-at-virtual-investment-forum/\
• Fitch rates Commercial Bank’s Basel III subordinated debt ‘A(EXP)(lka)’
– dailymirror.lk/business-news/Fitch-rates-Commercial-Banks-Basel-III-subordinated-debt-AEXPlka/273-214855
• BOC to get $115 foreign funding next week
‘$70 million will be received from China Development Bank (CDB) as the second and final tranche of $140 million in long-term funding, whilst another $ 45 million will be received from the Asia Infrastructure Investment Bank (AIIB) also being the balance amount of an original $90 million long-term financing.’
– ft.lk/front-page/BOC-to-get-115-m-foreign-funding-next-week/44-719505
• LOLC Dev. Finance (NIFL) emerges as most valuable finance company
‘NIFL also overtook its part-owner Commercial Leasing and Finance PLC’s (CLC) market capitalisation of Rs. 40.8 billion. LB Finance’s market value was Rs. 38.8 billion.’
– ft.lk/front-page/LOLC-Dev-Finance-emerges-as-most-valuable-finance-company/44-719504
– island.lk/major-value-stocks-declinethree-companies-prop-up-aspi/
• Singer Finance Rs. 2bn debenture issue snapped up
‘NDB Investment Bank & Capital Alliance Partners were joint managers & placement agents’
– ft.lk/business/Singer-Finance-Rs-2-b-debenture-issue-snapped-up/34-719443
• Sanasa Development Bank announces secondary public offering of its shares
‘Among major shareholders are Ayenka Holdings Ltd. (12.48%), Senthilverl Holdings (11.5%), Dutch FMO (10%), IFC (5.9%) and SBI Emerging Asia Financial Sector Fund (3%).
– ft.lk/front-page/SDB-bank-aims-to-raise-Rs-4-5-b-via-secondary-public-offering/44-719642
– island.lk/sanasa-development-bank-announces-secondary-public-offering-of-its-shares/
• Excessive share price increases in low-float stocks warrant effective oversight: analysts
– island.lk/excessive-share-price-increases-in-low-float-stocks-warrant-effective-oversight-analysts/
• Foreigners unload Sri Lankan gilts at a faster clip
‘due to the indications by the United States Federal Reserve that it would raise its interest rates earlier than desired, to tame the inflation there.’
– dailymirror.lk/business-news/Foreigners-unload-Sri-Lankan-gilts-at-a-faster-clip/273-214583
• Comtrust Asset Management names Bimanee Meepagala as its CIO
– island.lk/comtrust-asset-management-names-bimanee-meepagala-as-its-cio/
• World-famous Angel Investor Conny enters Sri Lanka
‘Founder of Mountain Partners AG as well as the co-investment company Conny & Co… Sri Lankan partners are Asad Sultan, and Lion Ventures’ General Partner Love Yadav..’
– ft.lk/top-story/World-famous-angel-investor-Conny-enters-Sri-Lanka/26-719467
• Heineken Lanka takes Mayanthi Wickremetilleke as Director Corporate Affairs from Unilever
– island.lk/heineken-lanka-strengthens-its-global-commitment-to-diversity-and-inclusion/
• Unprecedented US Stock Market Bubble Set to Explode
– wallstreetonparade.com/2021/06/experts-have-been-warning-for-months-of-an-unprecedented-stock-market-bubble-set-to-explode/
• Demand for three-year ban on the revolving door between Washington and Wall Street
– wallstreetonparade.com/2021/06/another-choice-offering-from-wall-street-a-donut-with-11-25-grams-of-fat-from-a-company-awash-in-red-ink-with-a-checkered-accounting-history/
___________________________________________________________________________________
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’
• Construction of 4th car park commences in Colombo
– dailymirror.lk/breaking_news/Construction-of-4th-car-park-commences-in-Colombo/108-214539
• Patali clarifies allegation against Hotels Association of Sri Lanka
– ft.lk/front-page/Patali-clarifies-allegation/44-719639
• Sri Lanka retailers seek loan restructure, rent and utility relief on Covid-19 hit
‘Sri Lanka Retailers Association an industry body representing, consumer goods, clothing, fashion and jewelry, consumer durables, footwear, e-commece, entertainment, restaurants, healthcare and wellness said the sector accounted for about 15 percent of employment.’
– economynext.com/sri-lanka-retailers-seek-loan-restructure-rent-and-utility-relief-on-covid-19-hit-83185/
– island.lk/slra-requests-landlords-to-reduce-leases-and-rentals/
– bizenglish.adaderana.lk/sri-lanka-retailers-association-appeals-for-cost-sharing-from-business-partners/
– ft.lk/front-page/Sri-Lanka-Retailers-Association-appeals-for-cost-sharing-from-business-partners/44-719506
• Arpico Insurance increases market share to 2.7% during first quarter 2021
– timesonline.lk/business/Arpico-Insurance-shows-strong-growth-during-first-quarter-2021/10-1133875
• Lanka Property web land prices analysis misleading: Institute of Valuation
– sundaytimes.lk/210620/business-times/lanka-property-web-land-prices-analysis-misleading-institute-of-valuation-446716.html
• Colombo real estate market shows signs of a rebound: JLL
– dailymirror.lk/business__main/Colombo-real-estate-market-shows-signs-of-a-rebound-JLL/245-214858
• JAT with Rs. 621 million profit after tax plans new plants in Bangladesh, Africa post IPO
‘the leader in wood coatings’
– island.lk/jat-plans-new-plants-in-bangladesh-africa-post-ipo/
– ft.lk/business/JAT-surmounts-FY21-with-strong-finish-in-second-half/34-719500
• SS Equity Holdings’ Shankar Somasundaram buys BreadTalk franchise
‘Somasundaram founded Lanka Bell and was a leading shareholder of Brown and Company’
– ft.lk/front-page/Shankar-Somasundaram-buys-BreadTalk-Lankan-franchise-for-Rs-245-m/44-719641
• Rural consumers access only small grocers & informal markets with little access to consumer market – World Bank IFC
– sundaytimes.lk/210620/business-times/ifc-invests-in-sunshine-holdings-446706.html
• Jamsetji Tata crafted unmatched legacy in 20th century by giving away $102.4 bn to charity
– lankaweb.com/news/items/2021/06/24/how-jamsetji-tata-crafted-an-unmatched-legacy-in-the-20th-century-by-giving-away-102-4-bn-to-charity/
• Mastercard appoints Nikhil Sahni as Division President SA, CCO India
‘Sahni’s most recent role was as Senior Group President, Agriculture, Government and MNC Banking and Knowledge Banking with Yes Bank…Sahni began with L&T, then The Times Group, and worked with Rabo India Finance (a 100 percent subsidiary of Rabobank)’
– dailymirror.lk/business-news/Mastercard-appoints-Nikhil-Sahni-as-Division-President-SA-CCO-India/273-214856
• JPMorgan Chase not the only Wall Street behemoth into single family home rental business
‘Blackstone Group “has reached a deal to acquire Home Partners of America Inc., which owns more than 17,000 houses throughout the U.S.”…Home Partners of America “buys homes, rents them out and offers its tenants the chance to eventually buy.” Blackstone is well-remembered by neighborhoods in the south in the aftermath of the Wall Street crash of 2008. It bought up tens of thousands of foreclosed homes at distressed prices and then rented them to struggling families through a company it formed called Invitation Homes. Blackstone sold its remaining shares in Invitation Homes in 2019.
– wallstreetonparade.com/2021/06/here-come-wall-street-rental-communities-what-could-possibly-go-wrong/
• Nobody Told Florida Condo Homeowners that their Building Was Sinking
‘One day before the collapse…U.S. Senate announced it had finally reached a bi-partisan agreement to move forward on a plan to repair the nation’s crumbling infrastructure.’
– wallstreetonparade.com/2021/06/florida-condo-collapse-nobody-told-homeowners-that-their-building-was-sinking-at-an-alarming-rate/
______________________________________________________
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.
• US state sues to have Google declared a public utility, as other countries challenge its monopoly
– adaderana.lk/technology/74589/us-state-sues-to-have-google-declared-a-public-utility
• Committee on High Posts approves several top appointments
‘M.N. Ranasinghe as Secretary to the State Ministry of Production and Supply of Fertilizer and Regulation of Chemical Fertilizer and Insecticide Use, Vidanapathirana as the Secretary to Ministry of Wildlife & Forest Conservation and S.M.D.L.K De Alwis as the Secretary to the State Ministry of Vehicle Regulation, Bus Transport Services and Train Compartments and Motor Car Industry.’
– adaderana.lk/news/74925/committee-on-high-posts-approves-several-top-appointments
• SLPP policies handled by National Organizer Basil Rajapaksa
– lankaweb.com/news/items/2021/06/20/slpp-eats-humble-pie-over-fuel-price-hike-statement/
– island.lk/will-basil-return-to-parliament/
– newsfirst.lk/2021/06/24/basil-rajapaksa-returns-following-overseas-trip/
– island.lk/prasanna-says-govt-needs-br/
– island.lk/no-constitutional-impediment-to-br-entering-parliament/
• Lessons from Lima – Devapriya
‘No socially progressive movement trying to tip the scales against a right wing Government or Opposition will win the race if it focuses on principles to the exclusion of material factors’
– island.lk/lessons-from-lima/
• Sinhala Veemansa webinar to mark Communist Party of China’s centenary celebrations
– ft.lk/news/Sinhala-webinar-to-mark-Communist-Party-of-China-s-centenary-celebrations/56-719568
• Felix R Dias Bandaranaike: On His 86th Birth Anniversary
– colombotelegraph.com/index.php/felix-r-dias-bandaranaike-on-his-86th-birth-anniversary
• Ranasinghe Premadasa’s remarkable political rise – Jeyaraj
– ft.lk/columns/Ranasinghe-Premadasa-s-remarkable-political-rise/4-719520
• Media manufactures Ranil’s relevance
– island.lk/media-manufactures-ranils-relevance/
– ft.lk/columns/Right-of-Reply-Ranil-s-Return/4-719606
• Champika is a genius – Victor Ivan
– ft.lk/columns/More-about-the-presidential-system/4-719607
• The Rosenbergs were executed for spying in 1953. Can their sons reveal the truth?
‘“It was a queer, sultry summer, the summer they electrocuted the Rosenbergs…… ” So goes the opening sentence of Sylvia Plath’s 1963 novel The Bell Jar, referring to the Jewish American couple, Julius and Ethel Rosenberg, who were convicted of conspiracy to commit espionage and sent to the electric chair exactly 68 years ago today.’
– theguardian.com/world/2021/jun/19/rosenbergs-executed-for-spying-1953-can-sons-reveal-truth
• A General Theory of Social Conflict: Class Struggle, Marxism, and International Relations
– redsails.org/losurdo-and-gargani/
__________________________________________________________
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.
• Sri Lanka newsrooms hit by sexual abuse charges
‘“Solidarity with women journalists for the courage to speak out about what has been happening in #SriLanka newsrooms for too long,” said former chief editor of the Sunday Observer Dharisha Bastians.’
– economynext.com/sri-lanka-newsrooms-hit-by-sexual-abuse-charges-83246
– dailymirror.lk/news-features/Why-do-we-need-feminism-in-Sri-Lanka/131-214243
• Instill confidence in people’s minds
– dailymirror.lk/opinion/Instill-confidence-in-peoples-minds/172-214575
• Poson Poya marks the advent of Buddhism in Sri Lanka
‘Sri Lanka at the time of the arrival of Arhant Mahinda Maha Thera was spiritually depraved, with its people worshiping the sun, moon, trees, rocks and even dead souls.’
– island.lk/pivotal-point-in-lankan-history-that-beckoned-national-renaissance/
• Catch-22 of the Tripitaka Conservation Act
– ft.lk/opinion/Catch-22-of-the-Tripitaka-Conservation-Act/14-719566
• Searching for Lakdasa
– island.lk/searching-for-lakdasa/
• Revisiting ‘The Light of Asia’ and its global impact
– sundaytimes.lk/210620/plus/revisiting-the-light-of-asia-and-its-global-impact-446801.html
• Fidel is the compass
‘On June 30, 1961, the last day of a series of meetings with Cuban artists and intellectuals, Fidel delivered a speech that would become a cornerstone of revolutionary cultural policy’
– en.granma.cu/cultura/2021-06-25/fidel-is-the-compass
– en.granma.cu/cultura/2021-06-25/silvio-rodriguez-speaks-out
• Gerald Horne’s Jazz and Justice
‘jazz is an offspring of the blues” and both Memphis and New Orleans are neighbors of the state of Mississippi, the crucible of the blues’
– blackagendareport.com/bar-book-forum-gerald-hornes-jazz-and-justice
• Assange Is Still in Jail
– craigmurray.org.uk/
• Biden preferred to sic the imperial press hounds on the Russian president
‘Corporate media in the United States work hand in hand with the state and promote its neoliberal and imperialist agenda.’
– blackagendareport.com/freedom-rider-biden-putin-and-press
_________________________________________________
• Please note our new email address: econenews@gmail.com,
and our blog: eesrilanka.wordpress.com
_________________________________________________
e-Con e-News 
One thought on “Capitalism’s New Fair & Lovely Plastic Surgery”