blog: eesrilanka.wordpress.com
“Before you study the economics, study the economists!”
e-Con e-News 04-10 July 2021
The Maharaja Group is a large bulk importer of fertilizer, through their chemical subsidiary Harrison. Maharaja owns Sirasa and News1st TV, which are screaming themselves hoarse, against the chemical fertilizer ban, joining with other media in calling on peasants to revolt!
Meanwhile, the US government’s murder this week of Haitian President Jovenel Moise is linked to his plan to ban chemical fertilizer. The US has destroyed Haitian agriculture and peasantry by dumping their agro products (see ee Agriculture).
The Upali Group, owning The Island newspaper, has a director who works for Hemas: These details come from a US-funded ‘Media Monitor’, researched by thinktank Verite. Yet this ‘media monitor’ does not fully explore the role of the Wijewardene Group, which essentially monopolizes the media. The New York Times also refuses to explore the power of the Wijewardene oligarchy Why? (search: Media Ownership Monitor Sri Lanka)
US-funded Verite Research constantly awards true or false ratings to the pronouncements of politicians on the economy, but not the corporations that sponsor them. Verite Research Economist Deshal de Mel, son of educational ‘expert’ Tara (this week exposed by Gunadasa Amarasekera, ee Media), married into the Wickremesinghe family (ex PM Ranil Wickremesinghe, etc.) which is part of the Wijewardene’s Wijeya Group.
• Charge England’s Standard Chartered Bank with murder, too? ee asked last week if Hemas should be charged with murder for preventing access to vaccines.
After last week’s exposé, it seems an open war has arisen between vaccine importers, with articles appearing by anonymous (again, Wijeya Group) ‘Special Correspondents’, pointing to the Chamber of Commerce’s role in the raging white-supremacist attacks against China and Chinese vaccines:
– ft.lk/opinion/National-Chamber-of-Pharmaceutical-Manufacturers-rejects-Daily-FT-report/14-720100
– ft.lk/opinion/Pharmaceutical-authority-dabbling-with-peoples-lives-for-individual-gains/14-718231
– ft.lk/opinion/Auditor-General-dissects-SPMC-joint-ventures-but-to-what-end/14-720099
• In July a year ago, at the start of the pandemic, the National Medicines Regulatory Authority issued notices of cancellation of registrations and import licenses to 5 pharmaceutical companies including Hemas Pharmaceuticals & A Baur for arbitrarily and unilaterally increasing retail prices on 10 medicines. Baur is a member of Sri Lanka’s Unilever & Ceylon Tobacco Company (CTC)-led League of Multinational Corporations (LMNC).
So why, critics ask, did ee focus solely on Hemas alone? Why not charge Baur, Sunshine Holdings, CIC, etc., andother principal players in the pharmaceutical supply chain? Banks like Standard Chartered have played a crucial role in preventing access to not just vaccines. Even worse – they underdevelop the country, by preventing investment in modern production, including of vaccines. How have they done it?
In 2011: Marks & Spencer declared it gave ‘sustainability a lift with the world’s first carbon-neutral bra’! June 2015, England’s Standard Chartered declared itself ‘Sri Lanka’s First Carbon Conscious Bank.’This ‘carbon-conscious’ business is part of the overall strategy to prevent investment in our industrialization. Instead the banks and their media promotes SMEs and tourism.
• D-Day is July 25, 25, or 27? Rather resonant dates, linked as they are usually with the pogroms of July 1983. Yet July 1983 as the years go by is turning out to have been more about ‘imperialism’ than ‘ethnicism’: to enable invasion. So this year’s D is for Debt, and here comes yet another deadline for Sri Lanka to pay a never-ending ‘debt’. The media and their economists pull their metaphorical shorthairs out every day, wailing about debt, as if this is the most important issue facing us: They will not tell us that the best way to resolve this issue is modern production. And this is exactly why banks like Standard Chartered prevent investment in modern production. To keep us dependent.
They will also not tell what this $1billion was borrowed to pay for? Imported consumer goods? Machines that did not make machines? How much of it is interest on interest?
They will also not tell us: How will this one billion be paid, and to which Western banks? Will it be paid with one press of one key? Or on several keys? Will any photographs be taken? Can we watch it flow out?
• Why do the ghosts of the white genocide in Korea hover over Sri Lanka? Why was JR Jayawardene, Japan’s bestest friend? Was it really about World War 2 or because JR destroyed our local industry and promoted the imports of Japan’s cars and electronic goods? And JR was part of the Wijewardene oligarchy! (Random Notes)
• Afghani Agony Unfinished – Yet another set of invaders have been driven out of Afghanistan. Or have they? England suffered some of their worst colonial defeats there. The media is downplaying images of the largest withdrawal of US troops since their defeat in Southeast Asia (Vietnam, etc). They also ignore that the US have left a variety of time-bombs in that country that borders Pakistan, China, and the former Soviet Republics. The murder of the Haitian President was meant to show white warmongers, that Biden has a trace of testosterone in his cojones, and the US remains the deadliest imperialist force.
• The US embassy library in Colombo is full of books about Thomas Jefferson, and none by Alexander Hamilton, their most important ‘founding father’. Does it have to do with his powerful industrial policy, which the US is now coy about permitting? (Random Notes)
• The media is full of “spectacular and meaningless duels between the two bourgeois parties.” All our rulers proclaim good intentions but have no power to implement any of them. Their job is to discipline the masses, the peasantry, and working class in particular.
Contents:
A1. Reader Comments –
• Kuveni & Kundanmal • ee in Sinhala? • SL Needs Industrialization Now • Nobody Wants Industrialization • US Dollar Screws • University History • Murder in Haiti & Fertilizer Ban
A2. Quotes of the Week
• Pieter Keuneman on Import-Export Fraud • SL Health System Good • Tara & Chandrika • Spectacular and Meaningless 2-Party Duels
A3. Random Notes –
• FT Economist won’t name names • Fertilizer Importing Companies Stopped Imports in 2013 • Importers Sabotaged Pharma Industry • Burning of Churches in Canada • US Government Library in Colombo Bans Alexander Hamilton Books • Korea’s Ghosts in Sri Lanka • How Japan Industrialized
B. ee Focus
• The Carbon-Neutral Bra – Weaponizing Ecology Against SL Industrialization
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
• ‘I love ee’s sense of humor about Kuveni and Kundanmal claiming to be the garment pioneer in Sri Lanka.’
• ‘ee has a duty to publish its work in Sinhala. Sinhala people need this and it’s ee’s responsibility in this situation.’
• ‘I agree with ee’s industrialization idea. We need it, if not forever we’ll be in this situation or worse.’
• ‘Nobody wants industrialization. They only want a government job, and land to build a house, and have a garden farm. That’s the Sri Lankan dream. Sad.’
• ‘US fiscal expansionism (printing money) is possible because of the global dominance of the dollar, and they can export their inflation to rest of the world. Most precious metals are up by 10%. Oil is at a pre-pandemic high. Most underdeveloping countries have to struggle with this imported inflation. This why all their local poodles are barking for a “bailout” from the IMF, while screaming about China “taking over” the country.
The government’s main strategy should be to move away, diversify our portfolio, our reserve currency basket into different currencies, because we have different purchasing needs from different countries.
This is why China has adopted a dual circulation system for selective trade. Our importers getting goods from China should start using the yuan and stop using USD.’
• ‘The University of Colombo’s History Department featured a July 9 talk by Kumari Jayawardena on Arrack Rentiers, White Women and the Buddhist Revival. Hasn’t the arrack claim been refuted by SBD de Silva? Wasn’t there Sinhala accumulation long before in the boatbuilding industry, etc., which was sabotaged by the English. Also, there’s a long line of resistance to colonialism led by the Sangha, which the English sought to eliminate by murder, and a longer history of education of both women and men, which then, under repression were hijacked by Olcott and Blavatsky, who were by no means rationalists but heavily into the occult?’
• ‘The murder of Haiti’s President may be linked to promoting agroecology as an ideal production model for Haitian agribusiness. ‘Agro ecology’ is a threat that has to be suppressed. Killing is the final answer if other methods fail, but nowadays it is not necessarily the final option considered? Gloves off, no need for cosmetic niceness. Lessons can be learnt by others who otherwise may be too adventurous. That Vandana Shiva (navdhanya?) survives probably because she’s not a threat enough to create a real-life setting large enough to get others enthused.’ (see ee Agriculture)
_____________
A2. Quotes of the Week_
• ‘Many countries, like Ceylon, Indonesia and in the Caribbean still have basically export-import economies. They are countries where national industry has not yet developed. They are being affected by the developing crisis in ways that are different from the more developed countries of Western Europe. Therefore, in examining the effects of the US, it is necessary to make a special study of how this crisis affects agriculture and the fluctuation of the world prices of raw materials, particularly of food; it is necessary to study the system of monopoly control over the supply and sale of these raw materials and the methods which the imperialists use in times of crisis to develop contradictions between underdeveloped countries and thus increase their control of these countries. It is important that Communist parties in such countries, as well as Marxist economists, study these aspects of the problem in detail.’ – First CPSL General Secretary Pieter Keuneman, Struggle for Socialism,ed. Wiswa Warnapala. The Communist Party of Sri Lanka turned 78 this week.
• ‘Sri Lanka “presents an example of what a well-organized, centrally designed, publicly financed health system can achieve”, especially during a pandemic.’ – Harvard TH Chan School of Public Health
• ‘Tara De Mel… praises Chandrika Kumaratunga for “undoing the harm done by her father decades ago”. It would have been more appropriate for her to have castigated her father for bringing up a daughter who’s out to destroy the legacy and the party he formed. Chandrika, nor anyone else, nor any political party or leader, has so far been able to turn back the irrevocable political tidal wave that was ushered in by SWRD in 1956. They all had to acquiesce and go along with it. Even the great promoter of liberalization, JRJ had to present his diabolical plans wrapped up in that sanctimonious cultural garb, dharmista samajaya. It is not surprising that Chandrika has had to end her political career having earned an odious sobriquet.’ – (ee Sovereignty, Amarasekera)
• ‘Since the emancipation of the Negroes, the distinction between the 2 parties has been diminishing. The fight between these 2 parties has been mainly over the height of customs duties. Their fight has not had any serious importance for the mass of the people. The people have been deceived and diverted from their vital interests by means of spectacular and meaningless duels between the 2 bourgeois parties – VI Lenin (1912)
______________
A3. Random Notes (‘Seeing Number in Chaos’)_
• Financial Times’ Economics Professor SS Colombage does not wish to name those responsible for putting us into debt through their penchant for useless imports. He is against import restrictions, like the rest of the economists. Yet he lectures the CB governor and the president that capitalists and the diaspora (not just the Eelamists), do not act in the national interest, when it comes to the economy. He recounts how the capitalists, JVP, LTTE, all collaborated in driving the country into the python embrace of India, the IMF and US bankers (tho he doesn’t quite name them as such, using the euphemism ‘international sovereign bonds’) – ee Economists
• In 2013, Sri Lanka’s fertilizer importing companies themselves restricted imports, blaming government failure to reimburse accumulated subsidy payments! The large importers: A Baur & Co, CIC Agri Business, Hayleys Agro Fertilizers, AgStar Fertilizers Ltd and McLarens International were demanding 16billion (2013 rupees) from the Treasury’s annual budget allocation, blaming the National Fertilizer Secretariat. The Finance Ministry even then noted, saving even one third of the fertilizer subsidy would reduce government expenditure by 1%! (sundaytimes.lk/130526/business-times/sls-fertilizer-companies-restrict-imports-45551.html)
In this issue, ee Focus examines the role of the banks in ‘our’ debt, particularly England’s Standard Chartered Bank. SCB declared itself ‘Sri Lanka’s First Carbon Conscious Bank’. A panoply of white banks and others followed washing themselves green, even as their media has opposed the fertilizer ban. Why? Simple. They will not invest in modern production. Here. Their media blame China for ‘colonialism’, while the US is taking over more banks and finance companies here. (see ee Finance)
• ‘In 2015, then President Mahinda Rajapaksa introduced a program to promote local manufacture of pharmaceuticals in Sri Lanka. The program envisioned producing 50% of the country’s requirement by 2024, drawing significant interest from local investors within the sector.
Before 2015, Sri Lanka only produced close to 3% of its pharmaceutical requirement, with imports leading the way. Close to home, India, Bangladesh and Pakistan had evolved into major production hubs for the global pharma industry. By February 2021, India’s pharma trade was worth $41billion, supplying 50% of global demand for various vaccines. It’s billed to top $65billion by 2024. Pakistan with just one EU GMP plant produced over $3.2billion of pharmaceuticals in 2019, with Bangladesh billed to top $6billion by 2025.
With the advent of the new scheme, local manufacturing of pharmaceutical products got off to a sound start. At the outset, local industry supplied up to 5% of domestic requirement and by 2020 it had increased to 15%, with plans to ascent further by 2025’. The white ‘regime change’ and the victory of Yahapalana, prevented the success of that program.
Now Standard Chartered SL is instead praised as financing the import of 4 million Covid-19 vaccine doses for the State Pharmaceuticals Corporation by facilitating a trade loan to the Bank of Ceylon and People’s Bank. Yet less-populated countries such as Cuba have already made their own vaccines!(see Industry, Cuba)
• The burning of Catholic churches in Canada, after revelations of unmarked graves on church premises, pointing to the murder of 1000sof original people’s children, may be linked to the burning of further evidence, some observers point out. It’s also an attempt to turn attention away from the history of how the whites carried out their genocides of not just children. And it was not just the Catholic Church.
Clergy Reserves were tracts of stolen land in Canada reserved for the support of ‘Protestant clergy’ by the Constitutional Act of 1791. One-seventh of all surveyed Crown lands were set aside, with some of those reserved lands as glebe land in support of any parsonage or rectory to be established by the Church of England.
The real erased story is the invasion, colonization and imposition of ‘settlers’, destroying original economies, destroying agriculture, buffalo, etc., mass starvation, forced removal onto reservations, promoting fake rentier economy like the massive fur trade. So why were they not able to do this in Sri Lanka, to whom Canada, a long carbon footprint away, is now selling ‘parippu’? Oh wait, they’ve only just begun… here.
• The US government library in Colombo is full of books about Thomas Jefferson, and none by Alexander Hamilton:
Alexander Hamilton, the first US Secretary of the Treasury (1789-95) laid down the strategy for building up US industry by putting up barriers & tariffs, so that US manufacturers would be able to overcome foreign competition, in his Reports of the Secretary of the Treasury on the Subject of Manufactures. 5 December 1791. The US followed Hamilton’s protectionist industrial strategy from 1791-1950s, when US industry achieved supremacy, taking over as the No.1 imperialist power from England. Hamilton’s writings were then removed from US shelves, making it difficult to get a hold of Hamilton’s writings, and instead US bookshop shelves were flooded by the work of his enemies like Thomas Jefferson, who saw slaves and industrial workers as a threat to developing an agrarian economy: ‘Respectable patrons of opinions, unfriendly to the encouragement of manufactures’. This history of US industrial strategy is recounted in Ha-Joon Chang’s Kicking Away the Ladder: Development Strategy in Historical Perspective, and The Myth of Anglo-Saxon Capitalism, Reconstructing the History of the American State, by Richard Kozul-Wright.
• Korea’s Ghost in SL, & JR the Friendly Ghost in Japan: The criminal first governor of SL’s Central Bank, US citizen John Exter, used the profits Sri Lanka gained from the US War on Korea (1950-53) to buy off opposition to the continuation of English plantation economy, by promoting luxury consumption. While the Sri Lankan peasant continued to suffer without rural investment, and genocide was being committed on the Korean people, the Colombot rich took on the airs of the kalu-suddha (white Black)
Meanwhile JR was a good friend of Japan because he destroyed local industry and encouraged Japanese imports, sweetened by the building of Rupavahini with Japanese technology, and sales of Japanese TVs, etc.
In contrast, the white war on Korea was a major boon to modern Japanese industry. In 1949 Japan created the Ministry of International Trade & Industry (MITI) for close cooperation with big business. MITI promoted manufacturing & heavy industry. Japan’s postwar economic growth was based on technology, promoting fear in the US of communist expansion to gain economic support. Japanese corporations created a loyal experienced workforce through a system of lifetime employment, which assured their employees safe jobs. By 1955 Japan’s economy had grown beyond prewar levels, becoming the second largest in the world by 1968.
They invested heavily in capital equipment, in electric power, coal, steel, and chemicals, importing the latest technologies to develop the industrial base, quickly learning through repair to replace imports of machines and parts. They developed heavy and chemical manufacturers, and while textiles and light manufacturing maintained their profitability internationally, they emphasized automobiles, electronics, ships, and machine tools. They transferred many agricultural workers to modern industry, so by 1965 industry employed more than 41% of the labor force, while only 26% remained in agriculture.
The Japanese resisted repeated US efforts to get Japan to open its market to foreign goods. Japan’s growing investment in 1980s USA – the second largest investor after England – led to complaints, but Japan then started pointing to rise of China etc to gain support…
______________
B. Special Focus__
________________
• The Carbon-Neutral Bra – Weaponizing Ecology Against Industrialization of Sri Lanka
• The Colombo-based Centre for Environmental Justice (CEJ)’s Executive Director Hemantha Withanage was this week elected chair of Netherlands-based Friends of the Earth International. Withanage’s appointment made ee look again at the book Cloak of Green by Elaine Dewar, which shows how environmental organizations like Friends of the Earth (FOE), etc., were formed by multinational corporations to undermine national governments. Who is FOE? (see below)
In 2011, Marks & Spencer declared giving ‘sustainability a lift with the world’s first carbon-neutral bra’… unveiling 4 styles of bra, 3 knickers and a set of suspenders…’ In June 2015, England’s Standard Chartered declared itself ‘Sri Lanka’s First Carbon Conscious Bank’.
In April 2021, the Commercial Bank of Sri Lanka declared itself the country’s ‘first carbon-neutral bank’. ComBank is claimed as the country’s largest private bank: ‘market leader in providing payment solutions to the corporate sector’. In October 2020, the World Bank’s International Finance Corporation (IFC) made ‘one of the largest foreign investments into SL since the start of the Covid-19 pandemic’, making the IFC, its Financial Institutions Growth (FIG) Fund LP and IFC Emerging Asia (EA) Fund LP the largest shareholder of ComBank. In December 2020, former Supreme Court Chief Justice Kanagasabapathy Sripavan was made Chairman of ComBank. Separation of powers anyone?
In May 2021, the country’s ‘first law firm’, FJ & G de Saram, which ‘advised’ on the IFC takeover of ComBank, was certified as ‘the country’s first carbon neutral law firm’ by the Sustainable Future Group, assisted by the Carbon Consulting Company.
This law firm had provided legal figleaf for the English robbery of peasant lands for the coffee plantations from 1841. Its key clients include: Colombo Stock Exchange, Pearson Lanka, Microsoft, Uber, IBM, Unilever SL, Carson Cumberbatch, Central Finance, Sunshine, Lanka IOC, Mahendra & Mahendra, SG Holdings of Japan, Sojitz Corp, Teejay, etc.
The law firm DL & F de Saram also was reported this week as wanting to save the dung beetle! Founded in 1898, spun off from FJ & G, it is also one of the ‘oldest and largest’ such firms in Sri Lanka. They focus on banking & finance, and key clients include: Standard Chartered Bank, Hong Kong and Shanghai Bank, Bank of America, Bank of Tokyo – Mitsubishi UFJ , Pan Asia Banking Corporation, etc. Their most famous lawyer may be Colonel FC de Saram, the leader of the 1962 coup attempt against the government of Sirimavo Bandaranaike.
So what do these companies and banks have in common? They will do anything to prevent modern industrialization in Sri Lanka.
• The ‘carbon bra’ story involved SL: ‘To achieve carbon-neutral status for the bra, M&S manufactured the items at its eco-model factory in Sri Lanka, which uses renewable energy and waste initiatives to cut carbon by 33% compared to a typical clothing factory. The remaining 77% of carbon was offset through a project run by the Conservation Carbon Company… bras are an ideal product to test carbon neutrality, given their complex supply chain and popularity with customers. The bra contains 21 component parts from 12 different suppliers, including lace, which is one of the most carbon-intensive materials to manufacture… M&S has no immediate plans to develop carbon-neutral underwear for men.’
This 2011 headline and story was meant to be a double-edged. Attracting clickbait, and making fun of women and the early hype about carbon footprints etc. The garment business in Sri Lanka is notorious as a fancy tailor shop, because it makes none of these supplies here, but imports them from afar.
And if these supplies are being brought by ship, it’s well known that: Maritime transport is ‘one of the main emitters of sulphur dioxide’, emitting levels of CO2 ‘comparable to Germany’.
So who decides this carbon consciousness? (see below)
There are supposed to be ‘70 mainly grassroots environmental movements across the world’. Note the word ‘mainly’. Are they grassroots or astroturf? The movement is divided into the so-called NGO-linked ‘Climate Justice’ (CJ) groups and the openly corporate-controlled ‘Climate Action’ (CA) organizations, ‘sequestering CO2 through dubious “carbon neutrality” gambits’. The CJ movement has supposedly opposed carbon markets ‘universally’, calling them ‘false solutions’.
They claim, CA corporates distract from the root capitalist causes of climate crisis. Yet they also lump Brazil, China, India and South Africa with the US, as a ‘league of super-polluters and would-be super-polluters’. Even as the US armed forces is the biggest polluter in the world. Yet the CJ calls for ‘Delegitimation of the elites’. They also speak of ‘technological choices’ and ‘the use of ecological valuation techniques’.
• ‘In January 2021: the US “corporate-neoliberal re-entry’ to the United Nations Framework Convention on Climate Change (UNFCCC), led by Joe Biden and his climate envoy John Kerry (former Secretary of State in 2015 at Paris), saw a shift from Trump climate denialism to Biden’s renewed emphasis on market strategies and “net zero” accounting gimmickry.’ (socialistproject.ca/2021/07/glasgow-cop26-and-beyond)
• Friends of the Earth! FOE ‘has a membership of 75 countries’, and Withanage claims: it’s ‘the world’s largest grassroots environmental justice organisation which, for 50 years, has been leading the fight against polluters and natural resource exploiters for a just and equitable future’.
In 1990, Withanage joined the Environmental Foundation Ltd (funded by Ford & CIA-linked Asia Foundation, etc). In 2004, he co-founded the Centre for Environmental Justice. From 2005-8, he was Executive Director of the Philippines based NGO network of civil society organisations monitoring the Asian Development Bank.
The Agenda used a strategy claiming to stop ‘global’ pollution by challenging the lending practices of multilateral lending banks like the World Bank and ADB. The WB was made up of 4 regional banking institutions, with the IMF acting as policeman, and the WTO monitoring trade. The WB is the ‘informational linchpin to the whole international financial system’. The World Bank’s assessments influence and profit the lending practices of other banks.
This week, WB declared: ‘South Asia must reform debt-accumulating State-owned banks, enterprises to avert next financial crisis’! Yet it is these state banks that must promote industrialization in the country. Instead, the WB wishes to neutralize them.
• The Agenda first arose out of the first Stockholm Conference on the Environment in 1971, where multinationals corporations, then emerging openly as major players on the world stage, planned to use NGOs to push their policies. The Agenda was organised by people working for large US-based environmental groups like the Environmental Defense Fund, National Wildlife Federation, Environmental Policy Institute (that had just merged with Friends of the Earth), Survival International, etc. The EDF had been set up in the 1960s to protect wetlands from pollution, and like the Wildlife Federations, were funded by major oil and chemical multinationals.
The US guarantees a sizeable percentage of the World Bank’s capital and is the largest single national guarantor. The US Treasury Department must get approval from the US Congress, the lower US House of Representatives, for such guarantees. Guarantees for the WB must pass through the Foreign Operations Subcommittee of the Senate Appropriations Committee – the US Senate being the upper House of Representatives. The US House of Representatives’ Committee on Banking’s Subcommittee on International Development and Finance, and others like the House Committee on Science & Technology, officially control US funding to the World Bank.
The groups controlling the Agenda therefore depended on ‘a steady supply of victims’ to parade in front of the US government and media, which they obtained through groups like the English-based charity, Oxfam (see ee Workers). The US EDF (whose budget zoomed from $3.1million in 1985 to $20mn in 1992) would fund the travel of ‘victims’ to Washington, where they coordinated with NGOs funded by Canadian and other imperialist governments, plus dollar-and-euro funded NGOs operating in Asia, Africa and the Americas.
Unelected unrepresentative ‘activists’ were thus able to influence national governments and international institutions, overriding accountability to national governments. They prevent industrial projects their funders oppose, and look the other way at industrial projects their funders promote. The Canadian government is heavily controlled by mining corporations in particular, and NGOs took money from the Canadian and other imperialist government. It is these IGNOs (Imperialist Government-funded NGOs) that formed so-called capital-C capital-S ‘Civil Society’ in many countries.
Whereas co-ops, savings societies, and worker’s organisations had been attacked and destroyed (leaders forced to resign, or assassinated), most Sri Lankan people cannot afford to support the multimillion$ budgets of NGOs. In the 1970-80s, voluntary organisations had expanded to include environmental organizations like multinational-funded Greenpeace, Friends of the Earth and the World Wildlife Fund, EDF, etc.
In 1980, the US Council on Environmental Quality in the White House published the Global 2000 Report, that studied global resources, climate change, food production and their impact on the US. The report called for remaking the global environment with the help of US-controlled multinational corporations (MNC), to lever multilateral development banks that provided credit for agriculture, ports, refrigeration, etc.
Unelected groups would now claim to change the behaviour of the World Bank, and were close to the foreign-policy makers of the US government, with politicians and officials linked to large US banks and MNCs being major donors of NGOs. Investment bankers, profoundly interested in international banking, debt restructuring, terms of trade, and WB activity, were well represented.
The World Bank is the largest single non-sovereign borrower in private capital markets and gifts profits to commercial banks by borrowing from them to fund 100s of projects every year. The US media tells the US people that their taxes pay for the WB, and they have the right to control the Bank money. However the US gets billions from the sale of goods and services tied to WB loans. In 1988, the WB began funding 1000s of NGOs, hired as consultants, contractors, etc.
Also, businesses acting like charities (Body Shop, etc., which opened in Colombo recently), could use other charities to serve MNC interests. blurring the line between self-interest and altruism a powerful marketing device. Now Unilever itself claims to be the world’s biggest NGO!
The US & England controlled the WB openly at first, but soon Asian and African coalitions could impact bank plans. White officials at the World Bank itself then began funding NGOs to undermine the influence of national governments. The Agenda was designed to use multilateral banks to make political and economic changes in countries competing with the US, it was also designed to influence the US itself! The Agenda aimed to remake the institutions of governance, to lever up power to large multilateral regional institutions, remake politics and shift political to the global level, stripping it away from nation states: they would keep hammering at how the nation state and elected politicians were corrupt, with no political legitimacy anymore.
The USA’s CNN and England’s BBC (& ITV) would be harnessed to promote TV series about the destruction of the Amazon (promoted as the world’s biggest absorber of carbon dioxide), acid rain, ozone depletion, etc., with conferences funded by the Rockefeller & Ford Foundations, etc.
• Carbon Consulting – Originating in the post-Soviet 1990s, and pushed by Mathis Wackernagel, Swiss-born President of the Global Footprint Network, this carbon footprint business was popularized by Ogilvy, thr advertising MNC, for oil MNC British Petroleum (BP) in 2005. A Water Footprint Network was formed in 2008, and its official Sri Lankan partner is the Carbon Consulting Co. CCC and the linked Conservation Carbon Co have major multinational connections. Who are they to decide who is ‘carbon conscious’ and who choose these judges?
Take CCC’s fancy titled, ‘CEO / Head of Strategic Planning’. He was named ‘The Best Provider of Environmental Solutions in the Middle East – Asia’ by the World Leadership Federation (who’s that?) in Dubai. He received the ‘coveted Global CSR Leadership Award’ in Mumbai. In Pittsburgh, USA, he was recruited into The Global Climate Leadership Corps, after working for ad agencies Leo Burnett and DraftFCB. The staff at the CCC all seem to have environmental degrees and training in various ‘ISO’ standards. Their ‘official Assessment/Audit Partner’, the Sustainable Future Group, certifies a company’s ‘attitudinal’ change about their ‘environmental impacts’.
• England’s Standard Chartered Bank claims a ‘not-for-profit financing commitment’ facilitating the financing of leading garment manufacturers MAS, and the apparel industry – Sri Lanka’s ‘largest contributor to its export revenue’.
What SCB does not say is how much it steals, not just through over-invoicing of imports and under-invoicing of exports, but through the financing of imports such as machines, to pins, needles, threads and fabrics, etc!
Over- and/or under-invoicing, a subject avoided by the World Bank’s Transparency International, includes tax evasion, capital flight, corruption and money laundering, and the ‘legal’ criminal activity of MNC ‘transfer pricing’ which occurs within and between MNCs under common ownership or control
SCB manages ‘over 40% of the correspondent banking volume’ in Sri Lanka, for its ‘strong…multinational corporate base. Correspondent accounts, established through bilateral agreements between 2 banks, allow foreign banks to pay and receive domestic currency.
SCB says its is a ‘significant player in the country’s infrastructure projects and export related businesses’, supporting many local clients to “go global” in Asia, Africa and West Asia.
SCB claims: ‘91% of Standard Chartered’s total sustainable finance assets are located in emerging markets, and 86% of this is in some of “the world’s least developed nations”. SCB doesn’t mention their role in preventing industrial investment in our nations.
Yet they refuse to invest in real industrialisation here, by saying they carefully assess funding chemical and manufacturing industries.
Their classification system essentially then prevents investment in what we need most to make machines, what SCB calls Carbon Intensive Manufacturing – what Marx calls Department 1: Means of Production). SCB instead invests in the buying and selling of what they call General Manufacturing – what Marx calls Department 2: articles of immediate consumption by individual capitalists and workers. (sc.com/en/sustainability/position-statements/chemicals-manufacturing)
__________________________________________________________
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.
• Sinister attempt is being made in certain quarters to trigger a run on banks
– island.lk/a-sinister-move/
• July 27, Sri Lanka must repay a $1 billion bond to investors
‘Concerns about repayment are pushing the cost of Sri Lanka’s dollar debt higher…’
– lankaweb.com/news/items/2021/07/06/asias-highest-default-risk-spotlights-sri-lanka-debt-worry/
• TNA complains to English High Commissioner against Govt.
– island.lk/tna-complains-to-british-hc-against-govt/
• Human rights situation in Sri Lanka further deteriorated in 2020: England
– economynext.com/human-rights-situation-in-sri-lanka-further-deteriorated-in-2020-uk-report-83859/
– timesonline.lk/latest-news/Human-rights-situation-in-Sri-Lanka-continued-to-deteriorate-UKs-Human-Rights-and-Democracy-report/18-1134087
• God “should not save that Queen”
– lankaweb.com/news/items/2021/07/08/god-should-not-save-the-queen/
• How former CID Chief Shani ended up in Geneva agenda & clampdown on Ranjan’s tapes
‘Abeysekara repeatedly assured Ramanayake he was convinced of a guilty verdict. At one point, Abeysekara declared all three judges would take a common stand.’
– island.lk/how-former-cid-chief-shani-ended-up-in-geneva-agenda-and-clampdown-on-ranjans-tapes/
• Pakistan’s envoy urges Lankan minorities to live in peace with the majority
– lankaweb.com/news/items/2021/07/06/pakistans-envoy-urges-lankan-minorities-to-live-in-peace-with-the-majority/
• Indian envoy in Sri Lanka demands full implementation of 13th Amendment
– lankaweb.com/news/items/2021/07/06/indian-envoy-in-sri-lanka-reiterates-backing-for-full-implementation-of-13-th-amendment/
– timesonline.lk/latest-news/Indian-High-Commissioner-meets-Tamil-Progressive-Alliance-delegation/18-1134055
• Can India be Mary’s lamb to the West yet aspire to be a Super Power?
‘China has built its nation by its own, on its own and China dictates how China functions. Can India say the same of itself? Where will romancing with the West, land India?’
– lankaweb.com/news/items/2021/07/04/can-india-be-marys-lamb-to-the-west-yet-aspire-to-be-a-super-power/
• US maintains warning of terror threat in Sri Lanka
– dailymirror.lk/latest_news/US-maintains-warning-of-terror-threat-in-Sri-Lanka/342-215565
• Sri Lanka to raise concerns with US on travel advise
– dailymirror.lk/breaking_news/Sri-Lanka-to-raise-concerns-with-US-on-travel-advise/108-215648
• Sinophobia, Sirimal, Neville & Nanda
– island.lk/beware-chinas-subtle-tactics/
– sundaytimes.lk/210704/columns/the-chinese-are-coming-or-are-they-447996.html
– island.lk/chinese-commemorative-coins-loud-mouths-banished-to-the-wilderness-devoted-couple-a-rarity/
• Evil Pact between “Genocide Canada” & Terrorist LTTE-Tamil Eelam danger to Asia
– lankaweb.com/news/items/2021/07/03/the-evil-pact-between-genocide-canada-terrorist-ltte-tamil-eelam-danger-to-asia/
• Erasing the Eelam Victory Pt 16 A1, 2 & 3, Pt 21A&B
– lankaweb.com/news/items/2021/07/04/erasing-the-eelam-victory-part-16-a1/
– lankaweb.com/news/items/2021/07/04/erasing-the-eelam-victory-pt-16-a2/
– lankaweb.com/news/items/2021/07/05/erasing-the-eelam-victory-part-16-a3/
– lankaweb.com/news/items/2021/07/08/erasing-the-eelam-victory-part-21-a/
– lankaweb.com/news/items/2021/07/08/erasing-the-eelam-victory-pt-21-b/
• 20 institutions in Colombo set to be sold now – Gunawansa
– dailymirror.lk/latest_news/Cant-admire-Govts-behaviour-Elle-Gunawansa-Thera/342-215558
• Keeping GSP+ IS more than removing PTA – USAID Peace Council
– island.lk/keeping-gsp-is-more-than-removing-pta/
• Notes to the People: Understanding China – Liyanage
– ceylontoday.lk/news/notes-to-the-people-understanding-china
• How fear of imperial encirclement drives the Chinese Communist Party
‘encirclement is real, as numerous US initiatives, from the now-defunct Trans-Pacific Partnership to the Quad, testify.’
– indianexpress.com/article/opinion/columns/chinese-communist-china-xi-jinping-economy-7392270/
• “Sri Lankans will have to find a solution, not foreigners” – Erik Solheim
– dailymirror.lk/opinion/Sri-Lankans-will-have-to-find-a-solution-not-foreigners-Erik-Solheim/231-215365
• India’s concerns in Afghanistan?
‘S Jaishankar, India’s “foreign minister went to Qatar twice in June to negotiate with the Taliban there.
– oneworld.press/?module=articles&action=view&id=2113
• A hybrid war to replace Afghan ‘forever war’?
‘London is considering open-ended deployment of a contingent of elite special forces to Afghanistan “ to provide training to Afghan units and deploy with them on the ground as advisers.”…White House approves Gen. Austin S. Miller, the top US commander in Afghanistan, staying on at his post for “at least a couple more weeks,” although US troop withdrawal is complete.’
– indianpunchline.com/a-hybrid-war-to-replace-afghan-forever-war/
• Afghanistan – U.S. Sneaks Out At Night – Taliban Take Multiple Districts Per Day
– moonofalabama.org/2021/07/afghanistan-us-sneeks-out-at-night-taliban-take-multiple-districts-per-day.html
– apnews.com/article/bagram-afghanistan-airfield-us-troops-
• On The U.S. Defeat In Afghanistan
‘42 years ago the U.S. launched its war on Afghanistan…on July 3 1979: President Jimmy Carter signed a “presidential finding” authorizing the CIA to spend just over $500,000 on non-lethal aid to support the Afghan mujahideen’
– moonofalabama.org/2021/07/on-the-us-defeat-in-afghanistan.html
– sundaytimes.lk/210704/news/afghan-fighting-rages-as-us-forces-begin-exit-448281.html
– nytimes.com/2021/07/04/us/politics/us-afghanistan-withdrawal.html
– island.lk/afghanistan-wakes-up-to-uncertain-future/
– dailymirror.lk/opinion/Another-imperial-debacle-in-Afghanistan-but-another-bloodbath-looms/231-215684f3614828364f567593251aaaa167e623
• Former president says US failed in Afghanistan
– apnews.com/article/joe-biden-afghanistan-ef29617f97733dee2b567cedfde2f064
• Growing Saudi Vs. Emirates Conflict May Open The Door For Moscow
– moonofalabama.org/2021/07/growing-saudi-vs-emirates-conflict-may-open-the-door-for-moscow.html
• Dubai authorities probe port blast that shook the city
– ft.lk/business/Dubai-authorities-probe-port-blast-that-shook-the-city/34-720220
• Biden’s ‘Deterrence’ Bombing Syrian-Iraqi Border Is An Obvious Failure
– moonofalabama.org/2021/07/bidens-deterrence-bombing-in-iraq-is-an-obvious-failure.html
• Vicious Victimization of Dr Danielle by the Western Cabal and THE AGE
– thuppahis.com/2021/07/05/vicious-victimization-of-dr-danielle-by-the-western-cabal-and-the-age/#more-52833
• False Claims of Aboriginality in Australia …. NOW a Problem
– thuppahis.com/2021/07/04/false-claims-of-aboriginality-in-australia-now-a-problem/#more-52526
• Anglo-American tripwire traps Russian bear
‘staged not only by the English but also by the USA…Russia has de facto taken control of the Kerch Strait…Moscow will henceforth control all access to the Sea of Azov (an inland sea under international law with passage to the Atlantic Ocean going through the Black, Marmara, Aegean & Mediterranean seas.) …The Kerch Strait is of crucial importance for export of grain & steel from Ukraine.
– indianpunchline.com/anglo-american-tripwire-traps-russian-bear/
• Biden avoids diplomacy with Russia
‘Biden in dire need of injecting some testosterone to prop up a strongman image. Diplomacy is of no help.’
– indianpunchline.com/biden-avoids-diplomacy-with-russia/
• Classified Ministry of Defence papers found at bus stop in Kent
– theguardian.com/uk-news/2021/jun/27/classified-ministry-defence-papers-found-bus-stop-kent
• Two million questions for Vladimir Putin
– en.kremlin.ru/events/president/news/65973
• CIA to Blame for History of Congo Catastrophes
– blackagendareport.com/cia-blame-history-congo-catastrophes
• Defending Our Sovereignty: US Military Bases in Africa and the Future of African Union
– blackagendareport.com/defending-our-sovereignty-us-military-bases-africa-and-future-african-union
• International African Service Bureau’s Manifesto Against War, 1938
– blackagendareport.com/manifesto-international-african-service-bureaus-manifesto-against-war-1938
• Swazi Monarch on the Ropes
– blackagendareport.com/index.php/african-monarch-ropes\
• The National Strike in Colombia: A Trade Union Perspective
– socialistproject.ca/2021/07/national-strike-in-colombia-trade-union-perspective/
• Dirty Tricks Campaign Underway in Peru to Deny the Left’s Presidential Victory
– newsclick.in/there-dirty-tricks-campaign-underway-Peru-deny-lleft-presidential-victory
• English nationalism is a real problem and will split up the Island
– craigmurray.org.uk/
• Captain Cook Symbolically Demolished in Canada
– thuppahis.com/2021/07/05/captain-cook-symbolically-demolished-in-canada/#more-52801
• “Black Liberals” Aligned with the US Police State
– blackagendareport.com/black-liberals-are-aligned-us-police-state
• Perishing at the hands of the “leader of the free world”.
– island.lk/reflections-on-the-george-floyd-murder-trial-and-its-implications/
________________________________________________________________
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.
• Magistrate rejects police request to issue notice on protest organisers
‘Welimada Magistrate’s Court has rejected a request by Police to issue notice on five people, including All Ceylon Farmers’ Federation National Organiser Namal Karunaratne and former Janatha Vimukthi Peramuna (JVP) Provincial Councilor Samantha Vidyarathna, for organising a farmers’ protest over the fertiliser crisis, in violation of quarantine laws;
– sundaytimes.lk/210704/news/magistrate-rejects-police-request-to-issue-notice-on-protest-organisers-448286.html
– economynext.com/sri-lanka-police-arrest-jvp-protestors-for-violating-quarantine-regulations-83790/
• Indian Naval Ship (INS) Sarvekshak completes 800 miles of Survey around MV XPress Pearl
‘The INS Sarvekshak, based at the Southern Naval Command in Kochi, is outfitted with state-of-the-art survey equipment such as a Deep Sea Multi beam echo sounder system, Side Scan Sonar, Sound Velocity Profilers, and a fully automated digital surveying and processing system. In addition, the ship carries a Chetak helicopter, which was extensively used for aerial reconnaissance during the survey.
INS Sarvekshak has previously conducted surveys on foreign cooperation in Sri Lanka, Mauritius, Seychelles, Tanzania, and Kenya.
‘– lankaweb.com/news/items/2021/07/03/indian-navy-ship-completes-underwater-survey-at-site-of-sunk-vessel-in-sri-lanka/
– timesonline.lk/latest-news/Indian-Naval-Ship-INS-Sarvekshak-completes-800-miles-of-Survey-around-MV-XPress-Pearl/18-1134006
• Navy launches Ship in a Box maritime training
‘Deputy Chief of Staff and Commander Eastern Naval Area, Rear Admiral YN Jayarathne, Head, Global Maritime Crime Programme at UNODC, Alan Cole, Director General Operations, Rear Admiral Prasanna Mahawithana, Flag Officer Commanding Naval Fleet, Rear Admiral Lasantha Gamage, Commanding Officer Special Boat Squadron, Captain Nissanka Wickramasinghe, Technology Project Expert from Global Maritime Crime Programme, Geraint Roberts and senior officers and sailors from the Navy Headquarters, Eastern Naval Command & Special Boat Squadron’
– newsfirst.lk/2021/07/09/pictures-navy-launches-ship-in-a-box-maritime-training/
• Sri Lanka and Japan to strengthen defence cooperation
‘Japanese Defence Minister Kishi Nobuo held a video teleconference with President Gotabaya Rajapaksa…bilateral exercise ‘JA-LAN EX’, which was successfully conducted in September 2020…aritime Self-Defence Force vessel’s first participation in Cooperation Afloat Readiness and Training (CARAT) exercise hosted by Sri Lanka and the US, which took place last week,’
– ft.lk/front-page/Sri-Lanka-and-Japan-to-strengthen-defence-cooperation/44-720276
• Discussion Series on the Proposed Data Protection Bill to Enable a Thriving Digital Economy
‘Nestle Lanka, Dialog Axiata, ICTA, Federation of Information Technology Sri Lanka (FITIS), Lanka Bell, SLASSCOM, Infomate, Sri Lanka Telecom, Commercial Bank PLC’
– bizenglish.adaderana.lk/discussion-series-on-the-proposed-data-protection-bill-to-enable-a-thriving-digital-economy/
• 90,000 Police attached to 494 stations countrywide,
– island.lk/police-have-only-a-handful-of-bad-eggs-sarath/
• Eviction leads to altercation between SLAF personnel and settlers in Kalpitiya
– newsfirst.lk/2021/07/07/eviction-leads-to-altercation-between-slaf-personnel-and-settlers-in-kalpitiya/
• Increase in violent crime in the North in the past few weeks – DIG
– island.lk/police-arrest-six-extortionists-for-torching-car-of-businessman-at-selvapuram/
• Police to set up new unit to counter ransom demands
– newsfirst.lk/2021/07/10/police-to-set-up-new-unit-to-counter-ransom-demands-01-suspect-arrested-in-hanwella-ransom-case/
• Consultative Committee on Defence approves Kotelawala National Defence University Bill
– timesonline.lk/latest-news/Consultative-Committee-on-Defence-approves-General-Sir-John-Kotelawala-National-Defence-University-Bill/18-1134047
• General Ananda Hamangoda killed while opening of a Building Materials Corporation outlet
– island.lk/25th-death-anniversary-of-major-general-ananda-hamangoda/
• 50 new courtrooms and 76 new judges to be appointed
‘People to a judge ratio a was 1,000,000 to 15 judges…There were only 340 judges in the country…’
– island.lk/76-new-judges-to-clear-backlog-of-cases-at-hulftsdorp/
– ft.lk/front-page/Justice-Minister-says-major-overhaul-of-judicial-system-underway/44-720109
• Tyranny and defence of human rights and democracy – Editorial
– dailymirror.lk/opinion/Tyranny-and-defence-of-human-rights-and-democracy-EDITORIAL/172-215519
• Missing persons issue won’t go away; serious effort required to address concerns – HRCSL
– island.lk/missing-persons-issue-wont-go-away-serious-effort-required-to-address-concerns-hrcsl/
• “Black Resistance to British Policing”
– blackagendareport.com/bar-book-forum-adam-elliott-coopers-black-resistance-british-policing
• Calling on Congress to Close Loophole That Enables US Prison Slavery
– blackagendareport.com/organizers-are-calling-congress-close-loophole-enables-prison-slavery
• Chairman of US Joint Chiefs of Staff, General Mark Milley says he’s read Marx, Lenin & Mao
– island.lk/the-fourth-of-july-and-critical-race-theory/
• History of CIA BioWeapons attacks
–rt.com/op-ed/528701-bioweapons-attacks-cia-military
_____________________________________________________________
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.
• Our Economist Conmen – Gara X
‘Economists either prolong our underdevelopment or drag us back to even more repressive instability. They refuse to transform the economy to enrich the broadest masses’
– gammiris.lk/our-economist-conmen/
• Basil Minister of Finance, Mahinda Minister of Economic Policies and Implementation of Plans.
– adaderana.lk/news/75242/basil-rajapaksa-sworn-in-as-cabinet-minister-of-finance
– newsfirst.lk/2021/07/08/ministerial-portfolio-of-finance-minister-basil-rajapaksa/
– ft.lk/top-story/Basil-boost-for-Govt/26-720237
– lankaweb.com/news/items/2021/07/08/basil-says-sometimes-a-father-has-to-do-some-unpleasant-things/
– economynext.com/enter-basil-reshuffles-fireworks-frog-marches-mark-arrival-of-sri-lankas-new-finance-minister-83839/
• Govt. should reduce expenditure on infrastructure to feed people faced with hunger – Vitarana
– island.lk/govt-should-reduce-expenditure-on-infrastructure-development-temporarily-to-feed-people-faced-with-hunger/
• An alternate economic development strategy for the country
‘About 42% of the population of the country earn less than $5.5 a day per person (World Bank, 2019); these are SL’s poor; the same number for Malaysia which gained its independence a couple of years after SL, was 3%. Roughly 8 out of 10 persons in rural areas might be poor in SL. Undernourishment and malnutrition are reported to be rampant among them….The bulk of land (over 80%) especially in rural areas is owned by the Government which has leased out (later most of it converted to grants) in small lots under the Land Development Ordinance (1935).. 45% of the lots were less than ¼ acre in extent (out of a total of 3.3 million land parcels, according to the Census of Agriculture, 2002.’
– ft.lk/opinion/An-alternate-economic-development-strategy-for-the-country/14-720151
• 20% of the cost of food production originated from fossil fuel – Abeyratne
‘average world food prices increased by almost 40% just within past 12 months by May 2021’
– sundaytimes.lk/210704/business-times/playing-with-boiling-oil-447831.html
• Inclusive development is a necessity for Sri Lanka – CB Governor
– sundaytimes.lk/210704/business-times/inclusive-development-is-a-necessity-for-sri-lanka-447772.html
• Debt to GDP ratio slashed by around 40 percent – CB Governor
‘Central Bank is of the view that there is further space to curtail nonessential and non-urgent imports’
– sundayobserver.lk/2021/07/04/business/debt-gdp-ratio-slashed-around-40-percent-cb-governor
• CB Governor blaming speculators, political elements, and media a fallacy – Colombage
‘Markets do not act in national interest: After his plea for calmness, the market became chaotic and panic. When commercial banks had failed to meet the customers’ demand for foreign currency at the exchange rates announced by the CB, a parallel curb market had sprung up to fill the vacuum.’
– ft.lk/opinion/Forex-crisis-plea-for-calmness-in-national-interest-and-need-for-getting-IMF-driven-bailout/14-719992
• CB fails to respond to unfair criticism on money printing questionable – Colombage
– ft.lk/columns/Central-Bank-s-failure-to-respond-to-unfair-criticism-on-money-printing-is-questionable/4-720048
• SJB MP presses for IMF intervention
– island.lk/sjb-mp-presses-for-imf-intervention/
– ft.lk/opinion/Forex-firefights-and-political-kerfuffles/14-719933
• No option but to seek IMF assistance – Wijewardena
– sundayobserver.lk/2021/07/04/business/debt-gdp-ratio-slashed-around-40-percent-cb-governor
• Harsha: “They must accept that economics is a science.
– island.lk/sjb-rajapaksa-family-incapable-of-managing-national-economy/
• Inappropriate economic policies in a weak state of the economy – Sanderatne
– sundaytimes.lk/210704/columns/inappropriate-economic-policies-in-a-weak-state-of-the-economy-448157.html
• Cabraal Dismisses suggestion by economists and Opposition for a deal with IMF
– ft.lk/front-page/Govt-revises-growth-forecast-down-to-4-5-5-from-6/44-720027
– ft.lk/front-page/IMF-bailout-is-a-recipe-for-more-woes-attempt-to-discredit-Govt-claims-Cabraal/44-720075
– economynext.com/sri-lanka-will-repay-bonds-holders-should-appreciate-efforts-made-cabraal-83785/
– timesonline.lk/business/Central-Bank-reluctant-to-receive-IMF-SDR-facility/10-1134077
• Follow Singapore and avoid an economic hit-job – Abeynayake
– sundayobserver.lk/2021/07/04/opinion/follow-singapore-and-avoid-economic-hit-job
• Re-evaluate the needs for “tax free” remunerations
– island.lk/are-we-serious/
• Russia, the EU and China are building alternative international payments systems
‘in the form of SPFS, INSTEX and CIPS respectively as well as domestic ones
such as China’s Union Pay, Russia’s Mir Pay, India’s RuPay and Brazil’s ELO.’
– michael-hudson.com/wp-content/uploads/2021/07/Hudson_Valdai116.pdf/
• South Asia must reform debt-accumulating State-owned banks, enterprises to avert next financial crisis: World Bank
‘more exposed to the risk of “hidden debt” from State-owned commercial banks (SOCBs), State-owned enterprises (SOEs) and public-private partnerships (PPPs) because of its greater reliance on them’
– ft.lk/opinion/South-Asia-must-reform-debt-accumulating-State-owned-banks-enterprises-to-avert-next-financial-crisis/14-719843
• Indian Economic Liberalisation in 1991: What Has Changed in 30 Years?
– newsclick.in/economic-liberalisation-what-has-changed-30-years
• Marx’s reproduction schema
‘how capital (money and commodities) circulates at the macro level of an economy, in order to reproduce itself so that a new period of production and accumulation of capital can recommence.’
– thenextrecession.wordpress.com/2021/07/06/marxs-reproduction-schema/
• If Biden succeeds he “will cast 40 years of economic doctrine on history’s ash heap” – Hirsh
– foreignpolicy.com.
• Biden’s Social Welfarism
‘100 percent of government investment will be guided by one principle: Make it in America’
– island.lk/bidens-american-social-welfarism/
____________________________________________
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.
• Rating Agencies continue to undermine the banking sector’s stability
‘…fuel speculation regarding investments of licensed banks in Government of Sri Lanka International Sovereign Bonds (ISBs) and Sri Lanka Development Bonds (SLDBs).
– bizenglish.adaderana.lk/investments-by-licensed-banks-in-international-sovereign-bonds
– ft.lk/front-page/CBSL-refutes-rating-agency-concerns-clarifies-on-letting-banks-invest-in-ISBs/44-720081
• Sri Lanka banks are not rationing LCs for intermediate goods: Deputy CB Governor
– economynext.com/sri-lanka-banks-are-not-rationing-lcs-for-intermediate-goods-deputy-cb-governor-83864/
• Importers, exporters linked to shortage of foreign currency
– island.lk/importers-exporters-scapegoated-for-shortage-of-foreign-currency/
• CB considers increasing dollar conversion limit from export earnings
– timesonline.lk/business/CB-considers-increasing-dollar-conversation-limit-from-export-earnings/10-1134081
– economynext.com/sri-lanka-central-bank-studying-hike-in-25-pct-exporter-dollar-conversion-rule-83825/
• Over US$8bn worth of foreign financing yet to be disbursed: FinMin
– dailymirror.lk/business__main/Over-US-8bn-worth-of-foreign-financing-yet-to-be-disbursed-FinMin/245-215629
• Cabraal Ridicules false claims by Opposition of imminent debt default
– ft.lk/top-story/Cabraal-says-tough-times-temporary/26-720070
• IMF bailout is a trap, attempt to discredit Govt., claims Cabraal
– ft.lk/front-page/IMF-bailout-is-a-recipe-for-more-woes-attempt-to-discredit-Govt-claims-Cabraal/44-720075
• Sri Lanka to Use Forex Reserves to Repay $1 Billion Debt in July
– bizenglish.adaderana.lk/sri-lanka-to-use-forex-reserves-to-repay-1-billion-debt-in-july/
• CBSL 2020 Annual Report Debate
– ft.lk/front-page/P-ment-to-debate-CBSL-2020-Annual-Report-on-Friday/44-720074
– newsfirst.lk/2021/07/08/central-bank-report-debate-postponed/
• CB Maintains Policy Interest Rates at Current Levels
– dailymirror.lk/business-news/Central-Bank-likely-to-maintain-current-interest-rates-on-Thursday-to-support-pandemic-hit-economy/273-215532
– bizenglish.adaderana.lk/cb-maintains-policy-interest-rates-at-their-current-levels/
– economynext.com/sri-lanka-central-bank-keeps-rates-unchanged-as-inflation-rise-bop-in-deficit-83811/
– ft.lk/front-page/Policy-rates-mark-1-year-of-stability/44-720234
• Jewellers jolted as Govt. brings gold under import licence
‘“The move is unreasonable… SL Gem and Jewellery Association (SLGJA) Chairman Ahsan Refai… gold imports peaked in 2017 to $650 million…’
– ft.lk/top-story/Jewellers-jolted-as-Govt-brings-gold-under-import-licence/26-720185
• Leasing and pawning
‘Many people were seen at this finance company in Kuliyapitiya earlier this week seeking to pay their leases while some were waiting to pawn their jewellery’
– sundaytimes.lk/210704/business-times/leasing-and-pawning-447881.html
• Import costs twice that of export earnings
– sundaytimes.lk/210704/business-times/forex-quagmire-447849.html
– sundaytimes.lk/210704/business-times/sri-lanka-tackling-huge-economic-challenges-447764.html
• Sri Lanka records 4.3% economic growth for 1Q
‘growing of tea, rubber, cereals, vegetables and fruits, recorded positive growth rates’
– dailymirror.lk/business__main/Sri-Lanka-records-4-3-economic-growth-for-1Q/245-215791
– ft.lk/top-story/Economy-rebounds-in-1Q-with-4-3-growth/26-720280
• Sri Lanka budget deficit exceeds revenue up to April 2021
– economynext.com/sri-lanka-budget-deficit-exceeds-revenue-up-to-april-2021-83688/
– island.lk/revenue-decline-puts-pressure-on-govts-fiscal-management/
– dailymirror.lk/business__main/Govt-revenue-in-first-half-slumps-amid-lockdowns/245-215533
• New proposals from Women Parliamentarians’ Caucus for Budget-2022
– timesonline.lk/latest-news/New-proposals-from-Women-Parliamentarians-Caucus-for-Budget-2022/18-1134042
• SL forex crisis impacts trade financing, squeezes importers
‘The Pettah traders, one of the biggest contributors to the economy, cannot engage in trade finance as commercial banks are turning them away’
– sundaytimes.lk/210704/business-times/sl-forex-crisis-impacts-trade-financing-squeezes-importers-447871.html
• Central Bank tightens controls on foreign exchange outflows amid foreign liquidity crunch
– dailymirror.lk/business-news/Central-Bank-tightens-exchange-controls-amid-foreign-liquidity-crunch/273-215355
– island.lk/new-exchange-control-regulations-on-top-of-import-controls/
– ft.lk/front-page/CB-formally-announces-new-restrictions-on-9-transactions-to-preserve-forex/44-720026
– lankaweb.com/news/items/2021/07/03/nine-restrictions-on-outward-remittances-will-be-effective-for-6-months-from-july-in-sri-lanka/
– dailymirror.lk/business-news/Central-Bank-tightens-exchange-controls-amid-foreign-liquidity-crunch/273-215355
– economynext.com/sri-lanka-has-imposed-rules-on-banks-buying-sovereign-bonds-to-manage-risks-central-bank-83733/
• Sri Lanka discussing import controls of selected items: CB Governor
– economynext.com/sri-lanka-discussing-import-controls-of-selected-items-cb-governor-83837/
• Cabinet nod for plan to bring black money out
– dailymirror.lk/business-news/Cabinet-nod-for-plan-to-bring-black-money-out/273-215626
• Large SL banks most exposed to sovereign risk: Fitch says
‘Due to exposure to foreign-currency denominated government securities & weaker capital positions,’
– sundaytimes.lk/210704/business-times/large-sl-banks-most-exposed-to-sovereign-risk-fitch-says-447824.html
• Some banks have limited appetite for ISBs despite revocation of suspension: Fitch
– dailymirror.lk/business-news/Some-banks-have-limited-appetite-for-ISBs-despite-revocation-of-suspension-Fitch/273-215354
• Sri Lanka Fitch rated banks fare better that expected, bad loans 9.1-pct
– economynext.com/sri-lanka-fitch-rated-banks-fare-better-that-expected-bad-loans-9-1-pct-83709/
– ft.lk/front-page/Support-measures-ease-pressure-on-banks-credit-profiles-Fitch/44-720073
• Sri Lanka rupee quoted at 225/226.50 to US dollar in kerb market amid money printing
– economynext.com/sri-lanka-rupee-quoted-at-225-226-50-to-us-dollar-in-kerb-market-amid-money-printing-83579/
• Bank of Ceylon to raise Rs. 8 b via unlisted perpetual bond
– ft.lk/front-page/BOC-to-raise-Rs-8-b-via-unlisted-perpetual-bond/44-720022
• IMF yet to receive request for SDR financial support
– sundaytimes.lk/210704/business-times/imf-yet-to-receive-request-for-sdr-financial-support-447877.html
• SL bonds under fire, IMF program needed: Emerging Markets Credit Strategy Co.
‘Barings’ Global Sovereign Debt and Currencies Group Ricardo Adrogue added that it was encouraging though that the Government seemed determined not to default. “That is a big plus, but the (debt) numbers however are eye-opening,” he said, highlighting how the country spent roughly 50% of Government revenues on debt payments.
– ft.lk/front-page/SL-bonds-under-fire/44-720023
• Sri Lanka government bank overdraft soars to Rs620bn
– economynext.com/sri-lanka-government-bank-overdraft-soars-to-rs620bn-83736/
• Sri Lanka’s July sovereign bond; arrangements in place to settle: CB
– economynext.com/sri-lankas-july-sovereign-bond-arrangements-in-place-to-settle-cb-83729/
• Sri Lanka encourages local firms to buy cheap sovereign bonds
– economynext.com/sri-lanka-encourages-local-firms-to-buy-cheap-sovereign-bonds-83858/
– dailymirror.lk/business_247/Local-firms-allowed-investing-in-ISBs-in-secondary-market/395-215678
– island.lk/local-companies-permitted-to-invest-in-international-sovereign-bonds-in-secondary-market
– ft.lk/front-page/CB-announces-how-local-firms-can-invest-in-ISBs-in-secondary-market/44-720274
• Increased interest for Special Deposit Accounts as CB seeks more dollars
– timesonline.lk/business/Increased-interest-for-Special-Deposit-Accounts-as-CB-seeks-more-dollars/10-1134090
– bizenglish.adaderana.lk/additional-interest-up-to-2-per-annum-extended-for-2-years-for-special-deposit-accounts/
• Approval of an order under the Sri Lanka Export Development Act
– ft.lk/ft_tv/Approval-of-an-order-under-the-Sri-Lanka-Export-Development-Act/10520-719969
• Singapore and US show how economy can be revived while fighting COVID-19
– dailymirror.lk/opinion/Singapore-and-US-show-how-economy-can-be-revived-while-fighting-COVID-19/231-215466
• Suspension on Perpetual Treasuries further extended
– bizenglish.adaderana.lk/suspension-on-perpetual-treasuries-further-extended-4/
• Hoole: Do not listen to government’s entreaties to bring in dollars: you’ll be locked out
– dailymirror.lk/opinion/Coat-shirt-and-starched-collar-pocket-no-dollar/231-215465
• Nepal: Himalayan country in crisis
– economynext.com/nepal-himalayan-country-in-crisis-83730/
• Privatising Banks, Diminishing Rights: Receding State Mean Less Banking Services for Poor?
‘Analysing the recent steps around privatisation of public sector banks in India from a socio-legal perspective.’
– newsclick.in/privatising-banks-diminishing-rights-receding-state-mean-receding-banking-services-poor
• Does India Need Just One Regulator to Protect All Investors?
‘In a developing country like India, the regulatory domain is not developed enough to be liberated from all interventions.’
– newsclick.in/does-india-need-one-regulator-protect-all-investors
_________________________________________________________________________
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
• MPs Weerawansa and Nanayakkara to propose a relief package after June 11 fuel price hike.
– island.lk/reduction-of-fuel-prices-no-faith-motion-so-far-not-discussed-at-cabinet-or-slpp-group-level-udaya/
• Port unions seeks probe into procurement of masks
– newsfirst.lk/2021/07/09/port-unions-seeks-probe-into-procurement-of-masks/
• Here a protest, there a protest – Sunday Times
‘A string of protests, over issues ranging from lack of fertilizer for famers to rising cost of living due to the fuel price increase’
– sundaytimes.lk/210704/news/here-a-protest-there-a-protest-448271.html
• Teachers to refrain from online teaching from Monday
– dailymirror.lk/latest_news/Teachers-to-refrain-from-online-teaching-from-Monday/342-215752
– island.lk/tough-decisions-ahead-gl/
• NP Governor asks govt. to close Jaffna University
– island.lk/np-governor-asks-govt-to-close-jaffna-university/
• UNP condemns Govt’s decision to present Kotalawela Defense University bill to Parliament
– timesonline.lk/latest-news/UNP-condemns-Govts-decision-to-present-Kotalawela-Defense-University-bill-to-Parliament/18-1134086
• CTU, IUSF, & FSP Protesters resist police bid to quarantine them
– island.lk/protesters-resist-police-bid-to-quarantine-them/
– economynext.com/sri-lanka-police-arrest-over-45-for-organising-protests-in-violation-of-ban-83828/
• UNP & SJB condemn forced quarantine of Trade Union members
– dailymirror.lk/breaking_news/UNP-condemns-forced-quarantine-of-Trade-Union-members/108-215683
– dailymirror.lk/breaking_news/Tense-situation-erupted-outside-Colombo-Magistrates-Court/108-215672
– lankaweb.com/news/items/2021/07/08/sixteen-people-including-joseph-stalin-referred-to-a-special-quarantine-center/
– economynext.com/sri-lanka-main-opposition-sjb-files-fr-petitions-against-protestor-arrests-report-83861/
– dailymirror.lk/opinion/Two-diametrically-opposite-shows-in-a-military-regime/172-215800
– ft.lk/ft_tv/SJB-protest-at-independence-square/10520-720240
• Medical Specialists propose suspending ad hoc salary revisions, etc., to halt health sector strikes
– island.lk/ams-proposes-suspension-of-ad-hoc-salary-revisions-etc-to-halt-health-sector-strikes
– island.lk/jcpsm-puts-off-strike-till-july-13/
• Health sector faces strike gridlock amidst pandemic
– dailymirror.lk/breaking_news/COVID-19-situation-can-go-from-bad-to-worse-due-to-ongoing-trade-union-action/108-215414
– island.lk/health-sector-faces-strike-gridlock-amidst-pandemic/
– economynext.com/sri-lanka-health-worker-unions-on-strike-over-series-of-demands-amid-covid-19-83726/
– economynext.com/health-strikes-see-drastic-drop-in-pcr-testsing-in-sri-lankas-third-wave-83803/
• Pay hike to CEB employees: Govt. to foot an additional Rs. 9bn salary bill
– island.lk/pay-hike-to-ceb-employees-govt-to-foot-an-additional-rs-9bn-salary-bill/
• SLMA defends move to allow armed Forces to vaccinate people
– dailymirror.lk/breaking_news/SLMA-defends-move-to-allow-armed-Forces-to-vaccinate-people/108-215744
• Authorities fail to prevent massive funeral procession in Kilinochchi
– island.lk/authorities-fail-to-prevent-massive-funeral-procession-in-kilinochchi/
• TUs campaign for GSP+ continuance
‘Several unions in Sri Lanka are affiliated to global unions who have links to European unions’
– sundaytimes.lk/210704/business-times/tus-campaign-for-gsp-continuance-447819.html
• All’s well that ends well, nurses back at work?
– sundaytimes.lk/210704/news/alls-well-that-ends-well-nurses-back-at-work-448311.html
– island.lk/sickening-health-sector-disputes/
• Apparel community immunisation; 30% receive first dose
‘At the end of June 2021, approximately 30 per cent of Sri Lanka’s apparel industry workers, out of a total of 300,000 in the sector – were vaccinated against Covid-19’
– island.lk/apparel-community-immunisation-30-receive-first-dose/
– sundaytimes.lk/210704/news/vaccination-for-apparel-workers-on-track-jaaf-448296.html
• Factory workers refuse COVID vaccine
– sundaytimes.lk/210704/business-times/factory-workers-refuse-covid-vaccine-447864.html
• Esala Perahera performers and Adhivasi members receive vaccine
– sundaytimes.lk/210704/news/esala-perahera-performers-and-adhivasi-members-receive-vaccine-448292.html
• TUs demand vaccination of teachers, non-academic staff before school reopening
‘Unions had requested the Ministry, several times, to vaccinate principals, teachers, and nonacademic staff of schools, Stalin said. “There are around 270,000 people in the mentioned categories.’
– island.lk/tus-demand-vaccination-of-teachers-non-academic-staff-before-school-reopening
– island.lk/small-schools-and-bigger-picture/
• On-line education poses enormous challenges to children in Lankan estates
‘In 1990… foreign voluntary organizations like GTZ (Germany) and SIDA (Sweden) came forward to help. At that time, the Plantation Schools Unit started functioning under the Central Ministry of Education…Nationwide, 843 schools are functioning in the estates.’
– lankaweb.com/news/items/2021/07/06/on-line-education-poses-enormous-challenges-to-children-in-lankan-estates/
• Education Ministry limits Suraksha student insurance payments; parents in the dark
– sundaytimes.lk/210704/news/education-ministry-limits-suraksha-student-insurance-payments-parents-in-the-dark-448301.html
• 10,165 government schools, 373 national schools, rest under Provincial Councils
‘1,468 schools have fewer than 50 students each’
– island.lk/small-schools-and-bigger-picture/
• How powerful Acting Principals rule the roost
‘There are 64 Grade 1 schools, 85 Grade II schools and 224 Grade III schools in the Education Administrative Service’
– dailymirror.lk/opinion/How-powerful-Acting-Principals-rule-the-roost/172-215464
• The Question of English
‘The Arts Faculty admits and graduates the largest number of students every year. The private sector tells us that most are unemployable because they lack English skills.’
– island.lk/the-question-of-english/
• Public Utilities Commission & USAID-funded YouLead project to upskill 45,000 electricians
– sundaytimes.lk/210704/business-times/pucsl-signs-mou-under-usaid-funded-project-to-upskill-45000-electricians-447793.html
• Sri Lanka’s hospitality staff see prospects in other sectors
‘30 percent of the industry workforce especially trained staff leaving the sector’
– sundaytimes.lk/210704/business-times/sri-lankas-hospitality-staff-see-prospects-in-other-sectors-447828.html
• National Occupational Safety & Health Excellence Awards 2021
‘Ministry of Labour and Trade Union Relations is responsible for the enforcement of legal frame work for Occupational Safety and Health, the National Institution of Occupational Safety and Health (NIOSH) is responsible for creating awareness…’
– island.lk/national-occupational-safety-health-excellence-awards-2021/
• Japan immigration may have misled doctor who saw Sri Lankan detainee 2 days before death
– lankaweb.com/news/items/2021/07/03/japan-immigration-may-have-misled-doctor-who-saw-sri-lankan-detainee-2-days-before-death/
• When Chinese in Canada Were Numbered, Interrogated, Excluded
– thetyee.ca/News/2021/07/01/Chinese-Canada-Numbered-Interrogated-Excluded-Humiliation-Paper/
• Indian Workers Deserve More Than Food Security
– newsclick.in/Indian-Workers-Deserve-More-Than-Food-Security
• How the Billionaires Rule
‘Predatory Capitalism Has Driven Down Wages and Created a Dystopia for Workers’
– blackagendareport.com/freedom-rider-how-billionaires-rule
• Oxfam Report Says 11 People Die of Hunger Each Minute Around The Globe
– newsclick.in/oxfam-report-11-people-die-hunger-minute-globe
• Start Early, Stay Late: Planning for Elderly Care /w Pat and Hugh Armstrong
– socialistproject.ca/leftstreamed-video/start-early-stay-late-planning-for-care/
_________________________________________________________________________
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.
• US Murder of Haiti’s President linked to Chemical Fertilizer Ban
– globalresearch.ca/un-failed-implant-political-stability-security-haiti/5749605 )
• How the United States Crippled Haiti’s Rice Industry
– haitisolidarity.net/in-the-news/how-the-united-states-crippled-haitis-domestic-rice-industry/
• Private media highlighting ‘protests’ by farmers claiming dire need for chemical fertilizers
‘In Sri Lanka…from tobacco related illness is about 20,000 deaths, which is about 57 deaths per day’
– aselawrites.wordpress.com/2021/07/08/jambu-picking-the-truth/
• Kandy District Secretary warns farmers not to fall for multinational ruse
– island.lk/kandy-district-secretary-warns-farmers-not-to-fall-for-multinational-ruse/
• 2 top female agri officials arrested issuing fake certificates to release dried arecanut containers
– dailymirror.lk/top_story/Two-top-female-agri-officials-arrested-for-issuing-fake-certificates-to-release-dried-arecanut-containers/155-215688
• Cabinet green-lights paddy purchase program for Yala season
‘Annual paddy production in 2020, which is equivalent to 3.3 million metric tons of rice, was estimated to be sufficient to meet the household rice demand of the country for approximately 17 months’
– ft.lk/front-page/Cabinet-green-lights-paddy-purchase-program-for-Yala-season/44-720107
• Sri Lanka’s state-run Paddy Market Board to purchase rough rice
– economynext.com/sri-lankas-state-run-paddy-market-board-to-purchase-rough-rice-83776/
• Co-Operatives collapsed with open economy, can contribute to govt programs – President
– newsfirst.lk/2021/07/05/co-operatives-can-contribute-to-govt-programs-president/
• DIMO strengthens local water projects business, looks at overseas expansion
– ft.lk/business/DIMO-strengthens-local-water-projects-business-looks-at-overseas-expansion/34-720222
• Importer Mafia trying to portray a fertiliser shortage – Mahindananda Aluthgamage
– sundayobserver.lk/2021/07/04/opinion/mafia-trying-portray-fertiliser-shortage-mahindananda-aluthgamage
• Organic fertiliser manufacturing pilot program launched in Mahaweli Zones
– ft.lk/business/Organic-fertiliser-manufacturing-pilot-program-launched-in-Mahaweli-Zones/34-720015
• Fertiliser ban: ‘Medical’ Point of View
– island.lk/fertiliser-ban-medical-point-of-view/
• Move to import 56,000 MT of organic fertiliser, natural minerals
– sundaytimes.lk/210704/news/move-to-import-56000-mt-of-organic-fertiliser-natural-minerals-448303.html
• Lowland rice culture since Green Revolution in Sri Lanka
– island.lk/lowland-rice-culture-since-green-revolution-in-sri-lanka/
– island.lk/lowland-rice-culture-since-green-revolution-in-sri-lanka-2/
• Give heed to the war cries of Sri Lanka’s farmers – Sunday Times
– sundaytimes.lk/210704/columns/give-heed-to-the-war-cries-of-sri-lankas-farmers-448152.html
• Tea Smallholders estimate 30% drop in yield by end 2021, 50% by March 2022
‘Accounting for over 70% of Sri Lanka’s total tea production, the tea smallholder sector is comprised of approximately 500,000 land owners, spread across 138,900 hectares, 14 districts, and 123 Disctrict Secretatriat Divisions and 3,692 Grama Niladari Divisions, and is deeply connected to rural economies in over 5,000 villages, approximately 20% of the island’s rural population.’
– bizenglish.adaderana.lk/tea-smallholders-estimate-30-drop-in-yield-by-end-2021-50-by-march-2022/
– island.lk/tea-quality-seen-as-seriously-affecting-prices/
• Despite excess stocks Govt. to import more sugar
– ft.lk/top-story/Despite-excess-stocks-Govt-to-import-more-sugar/26-720106
• Cabinet approval to restore cashew plantation in Kandachchi Estate
– dailymirror.lk/business-news/Cabinet-approval-to-restore-cashew-plantation-in-Kandachchi-Estate/273-215530
• Bees’ honey imported from India for preparations of local ayurvedic physicians
– island.lk/encourage-beekeeping-in-lanka/
• Unilever’s Upfield largest plant-based company in the world behind Astra and Flora
– island.lk/company-behind-astra-and-flora-donates-five-units-of-pulse-oximeters/
• Kotmale and Sri Lankan Dairy
‘As a fully owned subsidiary of leading food company Cargills (Ceylon) PLC, Kotmale is a 100% Sri Lankan company. By sourcing fresh milk from over 17,000 local dairy farmers,… Sri Lanka’s largest private sector collector of fresh milk… Sri Lanka imports about 60% of its milk requirement.’
– dailymirror.lk/press-releases/Kotmale-and-Sri-Lankan-Dairy/335-215662
• SL gets boost to serve $15b Chinese seafood market
– ft.lk/front-page/SL-gets-boost-to-serve-15-b-Chinese-seafood-market/44-720072
• Delft Island for Chinese Sea Cucumber farm?
– newsfirst.lk/2021/07/06/delft-island-for-chinese-sea-cucumber-farm/
• I left the Police and joined George Steuarts as a planter trainee
‘George Steuarts Board which, till 1964, was entirely English’
• Wildlife officers concerned over their safety after spat with senior army officer
– island.lk/wildlife-officers-concerned-over-their-safety-after-spat-with-senior-army-officer/
• Ship disaster evidence kept hush-hush for case, blocking marine repair
– sundaytimes.lk/210704/news/ship-disaster-evidence-kept-hush-hush-for-case-blocking-marine-repair-448237.html
– sundaytimes.lk/210704/news/x-press-pearl-lawyers-question-delay-in-submitting-recordings-with-harbour-master-448235.html
• Sri Lanka Coast Guard (SLCG) protects sea turtles
– island.lk/waiting-for-my-friend-mrs-willy/
• 5,000 deep-sea fishing vessels take 400 plastic bottles onboard
– bizenglish.adaderana.lk/a-mistreated-oceans-cry-for-help/
• Cardinal Malcom Ranjith opposes filling of Muthurajawela wetlands
– dailymirror.lk/latest_news/Cardinal-Malcom-Ranjith-opposes-filling-of-Muthurajawela-wetlands/342-215470
• Ministry of Power & UNDP convene Colombo Development Dialogues on Green Development
‘representatives including the Asian Development Bank, World Bank, International Finance Cooperation, Delegation of the European Union to Sri Lanka and the Maldives, and the English High Commission Colombo, Ceylon Chamber of Commerce, Biodiversity Sri Lanka and the UN Global Compact Network Sri Lanka’
– bizenglish.adaderana.lk/ministry-of-power-and-undp-to-convene-the-colombo-development-dialogues-on-green-development/
– timesonline.lk/latest-news/Ministry-of-Power-and-UNDP-to-convene-Colombo-Development-Dialogues-on-Green-Development/18-1134016
• CEJ Executive Director Withanage elected chair of Friends of the Earth International
– island.lk/cej-executive-director-withanage-elected-chair-of-friends-of-the-earth-international/
• Dung Beetle Research Project by WNPS and Sabaragamuwa University & D.L. & F. De Saram
‘agriculture – which contributes around 7.5% to the national GDP and is one of Sri Lanka’s main economic sectors, employing no less than 25% of the country’s workforce,’
– island.lk/dung-beetle-research-project/
• Karl Marx’s class struggle and Ceylon tea (2013)
– ft.lk/Opinion-and-Issues/karl-marxs-class-struggle-and-ceylon-tea/14-148399
– ft.lk/Opinion-and-Issues/karl-marxs-class-struggle-and-ceylon-tea-a-new-theory-in-the-offing/14-151303
_____________________________________________________________________
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.
• Govt. to sell diesel plant’s 51% shares to US firm
‘The Kerawlapitiya West Coast Power owned by Lanka Transformers (LTL), a subsidiary of the Ceylon Electricity Board (CEB), manages the Yugadhanvi diesel plant. The Employees Provident Fund (EPF) owns 23.9% of shares and rejected sale to the US company, New Fortress Energy (NFE). Therefore, the Government decided to sell 51% of shares owned by the Treasury. The Yugadhanvi Power Plant shares are distributed as Treasury 51%, EPF 23.9%, Lanka Transformers 18%, Lanka Electricity Company 7.1%. The Ceylon Electricity Board Engineers Union strongly objects…’
– sundaytimes.lk/210704/news/govt-to-sell-diesel-plants-51-shares-to-us-firm-448309.html
• Gammanpila explains how CPC ran up loss of 57 billion
‘“We borrow in dollars but when we settle the loans the rupee value against the dollar has depreciated’
– island.lk/gammanpila-explains-how-cpc-ran-up-loss-of-57-billion/
• R I L Property forays into renewable energy with Panasian Power acquisition
‘R I L Property controlled by the Yaseen family has interests in developing and managing Grade A commercial office space and automotive sector via United Motors Lanka PLC…Top three shareholders exited from PAP booking profit. Dilanka Jinadasa (23.49%), foreign fund Emerald Sri Lanka Fund 1 Ltd., (20%) and Senthilverl Holdings (14.4%) were the major sellers along with related party holdings. Foreign holdings decreased by 125 million shares’
– ft.lk/front-page/RIL-buys-61-6-of-Panasian-Power-for-Rs-1-65-b-as-strategic-diversification/44-720271
– dailymirror.lk/business-news/R-I-L-Property-forays-into-renewable-energy-with-Panasian-Power-acquisition/273-215789
– island.lk/purchase-of-60-per-cent-of-pan-asia-power-shares-peps-stock-market/
• Oil prices extend losses as OPEC+ uncertainty lingers
– bizenglish.adaderana.lk/oil-prices-extend-losses-as-opec-uncertainty-lingers/
• Litro Gas: Encouraging industrial sectors with inter-fuel conversion
‘domestic usage of LPG in Sri Lanka stands at around 35% of the population who use it as their primary source of energy…Litro Gas Lanka maintains 78% market share in the country’s LPG sector and operates over 14,000 points-of-sale, 1,500 home delivery hubs through a network of 42 distributors.
– ft.lk/business/Litro-Gas-Encouraging-industrial-sectors-with-inter-fuel-conversion/34-720221
• Nine-member team to restructure LPG industry
– ft.lk/front-page/Nine-member-team-to-restructure-LPG-industry/44-720076
• COPE directs SL Insurance Corporation to ensure Litro Gas appears before Parliament
– ft.lk/business/COPE-directs-SLIC-to-ensure-Litro-Gas-appears-before-Parliamentary-Oversight-Committee/34-720223
– timesonline.lk/latest-news/COPE-directs-Sri-Lanka-Insurance-to-summon-Litro-Gas-before-COPE-be-subjected-to-state-audit/18-1134083
• MAGA to construct a new Railway Operation HQ & Train Control Centre at Maradana
‘Maga Engineering is Sri Lanka’s largest construction company…’
– bizenglish.adaderana.lk/maga-to-construct-a-new-railway-operation-hq-train-control-centre-at-maradana/
• Pandemic drives sea freight prices to record high: Ship owners profit
‘“We are basically running out of vessels and of empty containers,” head of Sea Intelligence…”a massive shortage of empty containers, they are in the wrong place, they are stuck in ports and not in Asia ready to be loaded.” …ship owners have never been in better shape..’
– ft.lk/front-page/Pandemic-drives-sea-freight-prices-to-record-high/44-719982
• UNESCAP & SL Consultation Workshop on Sustainable Freight Transport strategy
– lankaweb.com/news/items/2021/07/08/unescap-and-sri-lankan-authorities-held-national-consultation-workshop-on-sustainable-freight-transport-strategy-in-sri-lanka/
• Need for national transport safety institute
– island.lk/need-for-national-transport-safety-institute/
• SLPA chief galvanises collaboration among container terminals
– island.lk/slpa-chief-galvanises-collaboration-among-container-terminals/
• Canadian Ceylon Graphite Corp. teams up with LOLC
‘through its subsidiary Plumbago Refining Corp B.V. (Plumbago), and LOLC, through its subsidiaries LOLC GEO Technologies Ltd. (LOLCGT) and LOLC Advanced Technologies Ltd. (LOLCAT), will work together to develop new graphite mines outside of the existing Ceylon portfolio, and to construct and operate a state-of-the-art graphite processing facility in Sri Lanka.’
– ft.lk/front-page/Canadian-graphite-specialist-Ceylon-teams-up-with-LOLC/44-720229
• Sysco LABS part of ‘Engineering Nexus #7 – Clear the Mist: The Cloud Revealed’
‘The Engineering Nexus series is the brainchild of a diverse group of senior tech professionals from leading Technology companies like Sysco LABS, WSO2, LSEG Technology and Pearson Lanka’
– bizenglish.adaderana.lk/sysco-labs-part-of-engineering-nexus-7-clear-the-mist-the-cloud-revealed/
• MillenniumIT ESP customer solutions based on Microsoft technology.
– island.lk/millenniumit-esp-recognized-as-a-finalist-of-2021-microsoft-inclusion-changemaker-partner-of-the-year/
• Dialog Enterprise partners Gateway College as its Digital Education Partner
– island.lk/dialog-enterprise-partners-gateway-college-as-its-digital-education-partner/
• 95% of Sri Lanka’s population is covered by SLT-MOBITEL’s mobile network
– sundaytimes.lk/210704/business-times/slt-mobitel-invests-rs-25-bn-annually-to-improve-connectivity-capacity-447797.html
• Students facing hardship due to weak signals
– sundaytimes.lk/210704/education/students-facing-hardship-due-to-weak-signals-448043.html
• Dialog launches 4,000th network tower, strengthens coverage of its network
– island.lk/dialog-launches-4000th-network-tower-strengthens-coverage-of-its-network/
• SL imports fabric worth over $2 b annually for export apparel industry and domestic market
– ft.lk/business/Cabinet-nod-for-more-steps-to-operationalise-Fabric-Park-in-Eravur/34-720124
• Imported raw materials for garment business amount to $3 billion annually
‘“The raw material component of the apparel industry is 65%. The import value of $ 2.8 billion signifies a huge gap…’
– ft.lk/top-story/Fabric-and-accessories-industry-looks-for-perfect-fit-from-Govt/26-720031
• Energy and water consumption high in apparel sector
– sundaytimes.lk/210704/business-times/energy-and-water-consumption-high-in-apparel-sector-447767.html
• Biotechnology could save millions of money for Sri Lanka
‘The University of Colombo offers highly specialized life sciences honours degree in Molecular Biology and Biotechnology especially targeting biotechnology industries. However, the lack of any advancement in the biotechnology industries in Sri Lanka has forced this highly skilled workforce to leave the country as they are preferentially recruited by global pharma and biotech companies like Gilead, GSK, Bayer etc.’
– dailymirror.lk/news-features/How-biotechnology-could-save-millions-of-money-for-Sri-Lanka/131-215600
• World’s rich countries with 14% of global population, have secured 53% of the best vaccines
– island.lk/vaccines-pandemic-politics-and-global-south/
• Govt. signs $ 150 m loan with ADB for COVID vaccines
– ft.lk/front-page/Govt-signs-150-m-loan-with-ADB-for-COVID-vaccines/44-720278
• Lanka as a hub for Chinese Covid vaccines – Dr. Palitha Kohona
‘The manufacturing plant could be established either as a fully owned foreign investment or as a joint venture with a local company or the State Pharmaceutical Corporation.’
– sundayobserver.lk/2021/07/04/opinion/lanka-hub-chinese-covid-vaccines-dr-palitha-kohona
• Efficacy of 91.2% with two doses of Cuba’s Soberana
‘ “Poor countries are not going to be able to have, on short order, the available vaccines that the rich world is producing to prioritize the rich.”’
– en.granma.cu/cuba/2021-07-09/efficacy-of-912-with-two-doses-of-soberana-02-and-one-of-soberana-plus
• State Pharmaceutical Manufacturing Corp. joint ventures with foreign manufacturers kills
‘Did Prof. Senaka Bibile establish the State pharmaceutical manufacturer to swindle the public? Definitely not, but this is what current officials who manage this once august state enterprise are doing without any shame.’
– ft.lk/opinion/Auditor-General-dissects-SPMC-joint-ventures-but-to-what-end/14-720099
• Ex-Diplomat Sarala Fernando Opposes Local Manufacturing of Vaccines
– island.lk/perils-of-vaccine-diplomacy/
• World Bank helps Sri Lanka buy 5mn Coronavirus vaccines, oxygen concentrators
– economynext.com/world-bank-helps-sri-lanka-buy-5mn-coronavirus-vaccines-oxygen-concentrators-83714/
• Unilever Sri Lanka donates 32 oxygen concentrators worth Rs.10 million to Ministry of Health
– island.lk/unilever-sri-lanka-donates-32-oxygen-concentrators-worth-rs-10-million-to-ministry-of-health/
• More than 15,000 artisans and craftsmen in Sri Lanka Handicrafts
‘Lack of technology adaptation, lack of unexplored export markets and scarcity of raw material..eg: batik dyes, fabric, cane, bamboo, mangroves (unsustainable raw materials).’
– sundaytimes.lk/210704/business-times/handicrafts-plight-of-an-industry-that-has-global-recognition-447780.html
• Army manufactures an automated disinfection machine
– timesonline.lk/latest-news/Army-manufactures-an-automated-disinfection-machine/18-1134043
• Home appliances to be produced at H’tota industrial park in 12 months
– dailymirror.lk/business/Home-appliances-to-be-produced-at-Htota-industrial-park/215-215588
– ft.lk/front-page/Home-appliances-from-Hambantota-Port-Industrial-Park-in-12-months/44-720184
– economynext.com/sri-lankas-china-backed-xinji-plug-and-play-electronic-park-built-at-high-speed-83795/
• India’s Ideal First Choice introduces German Schwing Stetter self-loading mixer
‘World’s leader for concrete construction machines, now located wholly-owned subsidiary Schwing Stetter India in Chennai… supplies equipment to Sri Lanka was well as 27 countries globally. This factory manufactures and distributes Batching Plant, Truk mixer, Boom Pum etc. Schwing Stetter India also manages five plants across Chennai, manufacturing a wide range of concrete construction equipment. A massive 450 Self Loading Mixers are produced monthly.’
– island.lk/ideal-first-choice-introduces-schwing-stetter-self-loading-mixer/
• 9th World Construction Symposium from 9-10 July
‘The Ceylon Institute of Builders (CIOB) and Building Economics and Management Research Unit (BEMRU), Department of Building Economics, University of Moratuwa…Main Sponsor Siam City Cement. and Event Sponsors Nippon Paint Lanka and S-Lon while Tokyo Cement Group, Taian Lanka Steel Co., Sanken Construction, Nawaloka Construction, AKK Engineers, Sripalie Contractors, Sierra Cables and True Value Products Ltd. will join as Industry Sponsors.’
– ft.lk/business/9th-World-Construction-Symposium-from-9-10-July/34-720125
• Magnificent edifice on the Duwa marsh in Kotte
– island.lk/parliament-revisited-creation-of-a-magnificent-edifice-on-the-duwa-marsh-in-kotte-parliament-revisited-creation-of-a-magnificent-edifice-on-the-duwa-marsh-in-kotte/
• Major fire at coir fibre export factory in Viruthoda, Puttalam
– sundaytimes.lk/210704/news/major-fire-at-coir-fibre-export-factory-448210.html
• First Managing Director of the nascent Industrial Development Board
– island.lk/tribute-to-my-dear-uncle-james-henry-lanerolle-james-mama/
• India’s CEAT Kelani Holdings rated ‘AA+ (lka)/Stable’ by Fitch Ratings
‘the largest manufacturer and distributor of pneumatic vehicle tyres in Sri Lanka’
– bizenglish.adaderana.lk/ceat-kelani-holdings-rated-aa-lka-stable-by-fitch-ratings/
• Bajaj emerges ‘Most Loved Motorcycle Brand’ in Sri Lanka
‘Bajaj currently has a branch network of 1,400 sales, service and spare parts dealerships across Sri Lanka; the largest in the country.’
– island.lk/bajaj-emerges-most-loved-motorcycle-brand-in-sri-lanka/
• Global Fashion Brands Caused Humanitarian Crisis in 6 Asian Countries During Pandemic
– newsclick.in/Global-Fashion-Brands-Caused-Humanitarian-Crisis-6-Asian-Countries-During-Pandemic-Report
• France Orders Probe into Indian Rafale Jet Deal
– newsclick.in/france-orders-probe-rafale-jet-deal
• History of the Financialization of Intel
– ineteconomics.org/perspectives/blog/how-intel-financialized-and-lost-leadership-in-semiconductor-fabrication
• The Space Race: Technical Facts vs Popular Narrative
– moonofalabama.org/2021/07/the-space-race-technical-facts-vs-popular-narrative-by-gordog.html
______________________________________________________________________
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.
• Leasing Council of Bankers of Sri Lanka gets new office bearers
‘Kanchana Karunagama appointed as new President taking over from President Gillian Edwards.’
– island.lk/leasing-council-of-bankers-of-sri-lanka-gets-new-office-bearers/\
• Union Bank appoints former central banker as new director
‘Presently she functions as a director on the board of Senkadagala Finance PLC’.
– timesonline.lk/business/Union-Bank-appoints-former-central-banker-as-new-director/10-1134084
• Securities and Exchange Commission registers Lanka Rating Agency
‘LRA’s key shareholders are Hatton National Bank PLC, Commercial Bank PLC, National Development Bank PLC, Sampath Bank PLC, Capital Alliance PLC, Econsult Asia Ltd., Pakistan Credit Rating Agency (PACRA), ICON Investment Ltd., and high net worth individuals Niranjan Mendis, Keerthi Mihipanna, A. K. Jayathilaka and G. D. R. Fonseka… a new Board of Directors was appointed for robust governance. Chairman is Anil Amarasuriya, former MD/CEO of Sampath Bank, Union Bank and most recently Chairman of LankaClear. Other Directors are Priyantha Liyanage, Jayanth Perera, Niranjan Mendis and Dr. Kenneth De Zilwa.’
– ft.lk/front-page/SEC-registers-Lanka-Rating-Agency/44-720215
• English Barclays Bank revises negative stance, recommends investing in SL sovereign bonds
– island.lk/stock-trading-at-healthy-levels-upon-news-from-barclays-bank-on-sl-economy/
– dailymirror.lk/business-news/Barclays-recommends-investors-to-return-to-short-dated-Lankan-sovereign-bonds/273-215628
• US provides US $ 150mn to DFCC Bank towards facilitating inclusive growth in SL
‘the largest loan disbursement by the DFC for Sri Lanka to date.’
– dailymirror.lk/business-news/US-provides-US-150mn-to-DFCC-Bank-towards-facilitating-inclusive-growth-in-SL/273-215790
• U.S. International Development Finance Corporation $75m funding to NDB Bank
‘to support SME sector, particularly among women business owners.’
– island.lk/special-funding-arrangement-courtesy-us-for-women-run-businesses-affected-by-covid-19/
– ft.lk/front-page/United-States-provides-75m-to-boost-Lankan-SMEs/44-720113
• Alliance Finance Co. gets $10m funding from Dutch FMO
‘In addition to FMO, AFC also has partnerships with reputed institutions such as Triodos, Symbiotics, DWM and IFC’
– ft.lk/front-page/AFC-gets-10-m-funding-from-FMO-to-boost-sustainable-development-in-Sri-Lanka/44-720216
• CSE to review index calculation methodology for ASPI
– bizenglish.adaderana.lk/cse-to-review-index-calculation-methodology-for-aspi/
• Decline in net foreign outflow from CSE sending positive signal for market
– island.lk/decline-in-net-foreign-outflow-from-cse-in-june-compared-to-may-seen-as-sending-positive-signal-for-market/
• Nilanth de Silva new HNB Chairman after Harsha Cabral Suddenly Resigns
‘Cabral resigned over differences of opinion…de Silva is Director at Malwatte Valley Plantations, Holco Ceylon and Expo Industrial Engineering, former COO of Union Bank of Colombo, Director of Lanka Clear and Director, Credit Information Bureau of Sri Lanka (CRIB). Some wanted Samantha Rajapaksa, former Managing Director of AMW and Director of Bank of Ceylon appointed as HNB Chairman… with a four-way fight, involving Harry Jayawardena, the Finance Ministry, the Captains Group, and Browns investment’s Ishara Nanayakkara…It was alleged that Finance Ministry Secretary S.R. Attygalle, through Sri Lanka Insurance (13.3% shareholder) wanted Rajapaksa and Nihal Jayawardena. Nanayakkara (via Browns Investments owns a 9.9% stake in HNB) wanted Kapila Jayawardena. Both Captains (whose stake is around 8.4%) and Jayawardena (owning 17.8%) have one director each. Jayawardena wants his second directorship. Cabral is a member of the International Chamber of Commerce (ICC) International Court of Arbitration in Paris, Chairman of Tokyo Cement Group and a Director of Hayleys, DIMO, Alumex, World Export Centre, Sri Lanka Institute of Information Technology (SLIIT) and CCC-ICLP Alternative Dispute Resolution Centre.’
– ft.lk/front-page/HNB-gets-veteran-banker-Nilanth-as-new-Chairman-after-Harsha-resigns/44-720080
• LOLC NIFL unaware on why there has been an unusual price movement of this share
– sundaytimes.lk/210704/business-times/nifl-eyes-options-to-increase-liquidity-or-not-447855.html
• BOI Chairman joins Softlogic Life Insurance Board
‘Ashok Pathirage-controlled Softlogic Capital PLC owns a 52% stake in the company…Mohottala is the Managing Director and Partner at Boston Consulting Group in Singapore… Board of Softlogic Life Insurance comprises of Chairman Ashok Pathirage, Managing Director Imtiaz Ahamed, H.K. Kaimal, V. Govindasamy, F.P.L. Lima, R. Synders, P.L.P. Wihana and S.W. Mohottala.’
– ft.lk/front-page/BOI-Chairman-joins-Softlogic-Life-Insurance-Board/44-720024
• LB Finance appoints young Yanika Amarasekera to Board
‘founded first online wedding gift registry, Silver Aisle… Board comprises of Chairman A.K. Gunawardena, Deputy Chairman Dhammika Perera, Managing Director Sumith Adhihetty, Deputy Managing Director N. Udage, B.D. St. Auburn Perera, R.S. Yatawara, Y.B. Yogagobalakrishnan, M.A.J.W. Jayasekara, A. Natesan, D. Rangalle and Y. Amarasekera.’
– ft.lk/front-page/LB-Finance-appoints-young-Yanika-to-Board/44-719999
• Lanka Credit and Business Finance capital funds reached Rs 2.1 Billion
– island.lk/lanka-credit-and-business-finance-wins-fastest-growing-non-banking-financial-firm-in-sl/
• Vallibel Finance Profit After Tax soars to Rs. 1.7 billion
– island.lk/vallibel-finance-profit-after-tax-soars-to-rs-1-7-billion/
• CSE admits New Members to Do REPO Transactions on Debt Securities on OTC Platform
– bizenglish.adaderana.lk/cse-admits-new-trading-members-to-carry-out-repo-transactions-on-debt-securities-on-the-otc-platform-of-the-cse/
– ft.lk/front-page/CSE-to-start-repo-transactions-on-debt-securities-on-OTC-platform/44-720116
• With 252 customer centres across the country, HNB, 158% increase digital payment channels
– island.lk/158-increase-in-volume-of-transactions-across-digital-payment-channels/
• HSBC offers an overseas scholarship for international ambitions
– island.lk/hsbc-offers-an-overseas-scholarship-for-international-ambitions/
• JPMorgan Chase Entangled in Another Giant Ponzi Scheme while Propping Up Madoff’s Ponzi
– wallstreetonparade.com/2021/07/court-documents-reveal-that-jpmorgan-chase-was-entangled-in-another-giant-ponzi-scheme-at-the-same-time-it-was-propping-up-bernie-madoffs-ponzi-scheme/
• Suit Charging Wall Street Mega Banks with Conspiracy in Credit Default Swaps Market
– wallstreetonparade.com/2021/07/state-attorney-general-files-suit-charging-wall-street-mega-banks-with-multi-year-bid-rigging-and-price-fixing-conspiracy-in-credit-default-swaps-market/
• US Stock Market Is Mentally Unhinged
– wallstreetonparade.com/2021/07/these-charts-suggest-the-stock-market-is-mentally-unhinged/
• Trump Administration Saw the Largest Number of IPOs with Negative Earnings
– wallstreetonparade.com/2021/07/the-four-years-of-the-trump-administration-saw-the-largest-number-of-ipos-with-negative-earnings-in-the-last-40-years/
___________________________________________________________________________________
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’
• Sri Lanka Retailers’ Association wants compensation for national lockdown decisions
‘Hussain Sadique, Founder / President of SLRA emphasised on the importance of retail ecosystem’s functioning. “Modern retail has come to stay in SL. The retail industry contributes billions to SL economy and supports nearly one million direct jobs and more indirectly….Members of SLRA include: Keells Super, Cargills Foods, Dilmah, Abans, Singer, Softlogic, Damro, Bata, Di, DSI, Fashion Bug, Cool Planet, Cotton Collection, Vogue Jewellers, Hameedia, Dankotuwa, P&S, No Limit…’
– island.lk/big-names-in-the-retail-industry-seek-relief-measures-pm-wants-no-layoffs/
– island.lk/slra-wants-consultative-approach-on-national-lockdown-decisions-especially-at-short-notice/
• FMCG and fashion sub sectors key channels of employment for the country’s youth: SLRA
– bizenglish.adaderana.lk/sri-lanka-retailers-association-urges-for-relief-measures-from-hon-prime-minister/
• Tourism welcomes govt. move to relax rules to resume biz
– dailymirror.lk/business-news/Industry-welcomes-govt-move-to-relax-rules-to-resume-biz/273-215356
• European Chamber of Commerce of SL and Council for Business with Britain webinar
‘Brexit: Challenges and New Opportunities for Trade with UK and Europe from Sri Lanka and South Asia’ with Commonwealth Secretariat Advisor and Head of International Trade Policy Brendan Vickers, Consultant Economist specialising in Better Regulation, Governance, Brexit and Transport in Ireland Tom Ferris, EY Director – Trade Strategy George Riddell and Export Development Board – Sri Lanka Chairman Suresh de Mel: moderated by Capital Maharajah Group Director/Commonwealth Enterprise and Investment Council Niro Cooke. CBB recently made member of British Chambers of Commerce Overseas: ECCSL founded in 1996…A. Baur and Co. & HSBC as Corporate Sponsors…’
– ft.lk/business/ECCSL-CBB-to-discuss-post-Brexit-opportunities-in-UK-and-Europe-with-intl-experts-panel/34-720050
• SriLanka state airline loses Rs58bn to Feb 2021 amid Coronavirus
– economynext.com/srilanka-state-airline-loses-rs58bn-to-feb-2021-amid-coronavirus-83810/
• Sanasa Life Insurance Company Partners German GIZ to fleece 21,000+ Farmers
– bizenglish.adaderana.lk/sanasa-life-insurance-company-and-giz-sri-lankas-partnership-support-21000-farmers/
• Sri Lanka’s Perpetual linked W M Mendis owes Rs 6.2 billions of rupee in taxes
– economynext.com/sri-lankas-perpetual-linked-w-m-mendis-to-re-start-alcohol-production-report-83707/
– sundaytimes.lk/210704/news/aloysius-liquor-giant-in-tax-deal-with-excise-dept-448305.html
– dailymirror.lk/breaking_news/Permission-to-operate-Aloysius-owned-Mendis-brewery-revoked/108-215452
• Excise duty fails to achieve target with unsteady liquor sales
– sundaytimes.lk/210704/business-times/excise-duty-fails-to-achieve-target-with-unsteady-liquor-sales-447860.html
• Sri Lanka Telecom gets new Board member
‘Uthaya Kumar K. Vivekandan (V.U. Kumar) is a nominee of SLT’s second largest shareholder Global Telecommunications Holdings NV (Malaysia’s Maxis) which owns 45% stake He was with PriceWaterhouseCoopers (PwC)…Board of Sri Lanka Telecom comprises of Rohan Fernando (Chairman), L. Seneviratne, M. Weerakoon, R. Rubasinghe, M.S.S.S. Fernando, C.C. Beng, L. Paratz, L.C. Foong and U.K.K. Vivekananda.’
– ft.lk/business/SLT-gets-new-Board-member/34-720010
• Cargills Ceylon PLC announces new appointments
‘Sri Lanka’s leading food retailing and manufacturing company, announced Dilantha Jayawardhana on as a Director, Saranga Wijesundara as Managing Director of Kotmale Holdings PLC and Cargills Quality Dairies, Buddhisha Herath as Managing Director of Cargills Agrifoods Ltd and Cargills Quality Confectioneries, Delano Dias as Managing Director of Millers…’
– island.lk/cargills-ceylon-plc-announces-new-appointments/
• New additions to Janashakthi Life’s Board of Directors
Directors are now Prakash Schaffter, Ravi Liyanage, Ramesh Schaffter, Nathan Sivagananathan, Avindra Rodrigo, Deshal de Mel, Mahela Jayawardena, Warini De Costa, Dinesh Schaffter and Annika Senanayake…Mahela Jayawardena: Chairman of Ministry of Crab with restaurants in Colombo, Mumbai, Manilla, Male and Shanghai, and on Board of other companies in Real Estate, Agriculture and Hospitality. Warini De Costa serves on Board of Amaya Leisure. Annika Senanayake heads Corporate Planning for IWS Holdings Group, with business interests in telecommunications, logistics, media and broadcast, automobiles, aviation, warehousing, food and beverage processing and packaging, is CNN’s official business representative for Sri Lanka. Dinesh Schaffter currently serves as the Managing Director of First Capital Holdings…Ravi Liyanage: Ravi Liyanage, Chief Executive Officer of Janashakthi Insurance and a fellow of the Life Underwriting Training Council of USA.
– bizenglish.adaderana.lk/exciting-new-additions-to-janashakthi-lifes-board-of-directors
– ft.lk/front-page/Mahela-accepts-first-listed-company-Board-seat/44-720079
• Banker Jayantha Perera joins Odel Board
‘An independent Non- Executive Director of SriLankan Airlines Ltd., Sri Lankan Catering Services Ltd., Singer Finance PLC, McLarens Group, Lanka Ratings Ltd., lnterocean Energy Ltd., Qwest Destinations Ltd., Qwest Cruises Ltd. and Premier Physicians Medical Group, was at Hatton National Bank and Founding Director of HNB Assurance, Managing Director of Acuity Stockbrokers Ltd. including Acuity Securities and Acuity Partners — jointly owned by HNB and DFCC Bank, Director of Lanka Ventures Ltd., LVL Energy and on Board Member of the Credit Information Bureau…Board of Directors of Odel Plc comprises Ashok Pathirage (Chairman), S. Selliah, H.K. Kaimal, R.P. Pathirana, I.C.R. De Silva and J.M.J. Perera.’
– ft.lk/business/Jayantha-Perera-joins-Odel-Board/34-720013
• Ambeon Group appoints Sajeeva Narangoda as CEO of Colombo City Holdings
‘Narangoda is Group Vice President of Ambeon Holdings and served its various subsidiaries – Dankotuwa Porcelain PLC as Chief Executive Officer and Millennium IT ESP as COO, CEO Browns Hospitals (now Melsta Hospitals), and COO Hemas Hospitals, Australian Council on Healthcare Standards (ACHSI)’s International Hospital Assessor, Director at the Centre for Excellence in Ceramic Technology (CINTEC), Director at the Ceramic and Glass Council, Sri Lanka, Council Member of the National Chamber of Exporters Sri Lanka and Advisor Kothalawela Defense University Hospital. Colombo City Holdings Board comprises A G Weerasinghe (Chairman), Rajan Asirwatham, Ruwan Sugathadasa, Murali Prakash, Ananda Athukorale, Chirath Devasurendra and Sajeeva Narangoda.’
– bizenglish.adaderana.lk/ambeon-group-appoints-dr-sajeeva-narangoda-as-executive-director-ceo-of-colombo-city-holdings-plc/
• Sri Lanka’s JAT Holdings seeks Rs1.5bn in IPO, Rs731 sale by investor
– economynext.com/sri-lankas-jat-holdings-seeks-rs1-5bn-in-ipo-rs731-sale-by-investor-83740/
• Commercial High Court order audit for Tech Pacific Lanka
‘filed by a major shareholder of the company, i.e, Engenuity Ltd’
– ft.lk/business/Commercial-HC-issues-interim-orders-to-conduct-audit-in-an-oppression-and-mismanagement-case/34-720011
• Court refuses to issue interim injunction against Maharajah’s ‘Ape The’
– newsfirst.lk/2020/06/26/court-refuses-to-issue-interim-injunction-against-ape-the/
______________________________________________________
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.
• Sunday Times Prints doctored Photo of President
– sundaytimes.lk/210704/news/last-weeks-page-1-picture-clarification-and-apology-448289.html
• Island of a Thousand Hypocrites – Seneviratne
‘Recently we had a bunch of NGO operators waxing eloquent on legislation related to the Port City’
– dailymirror.lk/opinion/Island-of-a-thousand-hypocrites/172-215602
• “It isn’t a sorry state of affairs in governance at all” – COPE Chairman Prof. Charitha Herath
– dailymirror.lk/hard-talk/It-isnt-a-sorry-state-of-affairs-in-governance-at-all-Cope-Chairman-Prof-Charitha-Herath/334-215598
• The coming deluge – Devapriya
– island.lk/the-coming-deluge/
• Economy flashes red light: ‘Coming colours, no good’ – Sunday Times
– sundaytimes.lk/210704/columns/economy-flashes-red-light-coming-colours-no-good-448000.html
– dailymirror.lk/opinion/The-ruin-in-a-nation/172-215462
• 115 proposals and comments on election law reforms received so far – Minister Dinesh
– timesonline.lk/latest-news/115-proposals-and-comments-on-election-law-reforms-received-so-far-Minister-Dinesh/18-1134085
• MP Sagara Kariyawasam appointed as SLPP Deputy National Organizer
– newsfirst.lk/2021/07/08/mp-sagara-kariyawasam-appointed-as-slpp-deputy-national-organizer/
• Senathirajah complains of upstart from East plotting to oust TNA leader
– island.lk/senathirajah-complains-of-upstart-from-east-plotting-to-oust-tna-leader/
• Bigger than Basil: The rule of unreason – Jayatilleka
– ft.lk/opinion/Bigger-than-Basil-The-rule-of-unreason/14-720150
‘• SJB’s Marikkar unveils Govt.’s ‘Top 10 fails’ list
– ft.lk/front-page/SJB-s-Marikkar-unveils-Govt-s-Top-10-fails-list/44-720078
– island.lk/basils-labours/
• Centenary of Communist Party of China – Ananda Goonatilleke, China Friendship Assoc.
‘The CPC is not a party of believers. When Mao’s successor Hua Guofeng called the party to “uphold whatever policy decisions Chairman Mao made, and unswervingly follow whatever instructions Chairman Mao gave,” …he was demoted from the Party leadership in 1980.’
– dailynews.lk/2021/07/07/features/253280/analysing-centenary-communist-party-china
• PM Rajapaksha on the 100th Anniversary of the Communist Party of China
– lankaweb.com/news/items/2021/07/07/speech-by-honorable-prime-minister-mahinda-rajapaksha-at-the-virtual-conference-commemorating-the-100th-anniversary-of-the-communist-party-of-china/
– island.lk/premier-rajapaksa-explains-why-china-is-such-a-good-friend/
• CPC is communist only by name – Sunday Times
– sundaytimes.lk/210704/editorial/covid-crisis-preparing-for-the-worst-448187.html
• The Pitfalls of Liberalism (1969)
‘A chapter from Stokely Speaks: From Black Power to Pan-Africanism (1971)’
– redsails.org/the-pitfalls-of-liberalism/
__________________________________________________________
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.
• English-medium education: Fantasy and reality – Amarasekera
– island.lk/english-medium-education-fantasy-and-reality/
• Church defends media freedom, seeks inquiry into Dappula’s claim of Easter Sunday international conspiracy
– island.lk/church-defends-media-freedom-seeks-inquiry-into-dappulas-claim-of-easter-sunday-international-conspiracy/
• Young journalists, civil society and trade unions call to protect freedom of expression
– timesonline.lk/news-online/Young-journalists-civil-society-and-trade-unions-call-to-protect-freedom-of-expression/2-1134094
• Supreme Court holds against Maharaja Organisation over use of MTV
– ft.lk/business/SC-holds-against-Maharaja-Organisation-over-use-of-MTV/34-720217
• We will not allow the govt to silence Sirasa; Opposition Leader
– newsfirst.lk/2021/07/07/video-we-will-not-allow-the-govt-to-silence-sirasa-opposition-leader/
– island.lk/sajith-tells-parliament-govt-plotting-to-strip-sirasa-tv-of-its-licence/
– ft.lk/front-page/P-ment-heats-up-over-alleged-move-to-cancel-licence-of-private-TV-channel/44-720183
– economynext.com/govt-conspiracy-under-way-against-sri-lankas-sirasa-tv-network-opposition-leader-83800/
– island.lk/when-wily-crocs-weep/
• Media groups take aim at top cop for veiled threats against journalist
– sundaytimes.lk/210704/columns/media-groups-take-aim-at-top-cop-for-veiled-threats-against-journalist-448257.html
• Surnames in Kandyan Kingdom
‘One should not attempt to trace the history of Sinhala surnames associating them with the advent of Western colonialists’
– island.lk/surnames-in-kandyan-kingdom/
• A biographical note, and a school club
– island.lk/a-biographical-note-and-a-school-club/
• Random reflections on libraries
– island.lk/random-reflections-on-libraries/
• ‘The Universal Magician’ Manik Sandrasagara, MAN who fought against Imperialism through Cinema, Cultivation and Religion & reply
– dailymirror.lk/news-features/The-Universal-Magician-Manik-Sandrasagara-MAN-who-fought-against-Imperialism-through-Cinema-Cultivation-and-Religion/131-215371
– dailymirror.lk/news-features/Right-of-Reply-Manik-Sandrasagra/131-215802
• True Lies in the Age of Obedient Journalism
‘What Big Media says about vaccine availability, arrests of activists or rising prices today will go through a hundred revisions—you won’t notice—by tomorrow.’
– newsclick.in/true-lies-age-obedient-journalism
• Critical Race Theory Debacle Signals the Collapse of the US Empire
– blackagendareport.com/critical-race-theory-debacle-signals-collapse-american-empire
– blackagendareport.com/critical-race-theory-opponents-are-just-proving-our-point-us
• How Israel’s Hasbara Went Belly-up in the Face of Global Protest
– socialistproject.ca/2021/07/israel-hasbara-belly-up-global-protest/
• Warehouse Workers Review Nomadland
– socialistproject.ca/leftstreamed-video/warehouse-workers-review-nomadland/
• White “Brainwashing”
– redsails.org/brainwashing/
_________________________________________________
• Please note our new email address: econenews@gmail.com,
and our blog: eesrilanka.wordpress.com
_________________________________________________
e-Con e-News 
One thought on “Carbon-Conscious Standard Chartered Bank Prevents Making Vaccines”