Blockading & Bluffing Sri Lanka

Before you study the economics, study the economists!

e-Con e-News 07-13 August 2022

Q. Upon what system… does your Government surround a small rock

in the middle of the sea with fortifications,

and cram it full of clerks, soldiers, lawyers, and priests?

A. Why, really, your Excellency, I am the last man in the world to answer questions,

but, I believe, we call it ‘The Colonial System‘!

Benjamin Disraeli, Pompanilla, 1828

Sri Lanka is a permanently stationed aircraft carrier off India’s southern coast

– retired Indian National Security Advisor Shivshankar Menon

Sri Lanka is increasingly becoming a vassal state of India.

India has made things harder for us in the past.

India played a role in creating a war in Sri Lanka.

China helped us end it. It has helped us on the international stage.

We must assert our independence and sovereignty.

– attorney-at-law Ananda Goonatilleke,

President of SL-China Friendship Association (ee Sovereignty, CP frowns)

Yet, alongside the political elite, it is the business class and the salaried professional class

that ought to engage in a terrible amount of soul searching.

The working people of this country have remained a disenfranchised polity,

decimated by poverty. We have crushed them in creative ways and continue

to pick on them while airbrushing our far-graver crimes.

The proletariat has been incidental to the gory beach party

on borrowed money that is our post-independence history.

The poor have only been taxi-ing us back & forth from the party in our drunken state

(see ee Politics, The Aragalaya)

The foreign journalists who were so much of a concerned

feature of the Aragalaya coverage have left.

(see ee Media, What Now)

This week ee briefly examines the history of the choking of information, dollars, fuel and food, and the re-entry of the IMF to Sri Lanka. The IMF’s tactics are said to involve the ‘sequencing and timing of policy matters’ through manipulation of both media and parliament.

      After demanding the Sri Lanka government immediately submit to the IMF for the 17th time, the US-controlled IMF keeps stalling. Demanding control of land and other national treasures! Sigiriya? The whites are insisting China must also agree to the IMF plan for Sri Lanka: the Debt Sustainability Assessment (DSA) report. The IMF wants any ‘package’ to go beyond ‘just servicing Sri Lanka’s debts’ so as to use the ‘crisis’ to take even greater control over Sri Lanka’s colonial import-export plantation economy. China declares such tactics as gross interference in domestic affairs. (see ee Sovereignty, Yuan Wang 5 standoff)

      Ukraine’s creditors however have ‘agreed’ to a 2-year freeze on its $20 billion overseas debt. Bilateral creditors including the USA, England and Japan have also backed a debt repayment delay, and the Paris Club has agreed to suspend payments until the end of 2023. The Ukraine freeze comes after the recent Ukraine Recovery Conference, which demands the privatization of Ukraine’s vast assets and deregulation, slashing worker protections. (see ee 06 August 2022)

      BlackRock, Fidelity International, Amia Capital and Gemsstock are among the biggest holders of Ukraine’s debt. BlackRock is also one of the biggest owners of Sri Lanka’s debt. BlackRock is also one of the biggest public shareholders of English multinational Unilever, who has hijacked Sri Lanka’s home market, preventing its growth as a basis for modern industrialization. (ee Economists, Freeze)

• Hot on the tail of last week’s US Advocata conference to hijack Sri Lanka’s economic policies, US Advocata’s ‘platinum sponsor’ CAL is co-sponsoring – with the rather dubiously titled Liberal Youth Movement (LYM), an August 16 seminar, ‘Where Did The Money Go? – ‘a critical analysis of SL’s economic crisis presented by Deshan Pushparajah, Managing Director Global Markets & CAL Investment Banking. So who exactly is CAL?

      They could ask the Trade Finance Association of Bankers (TFAB) about the hoarding of dollars abroad. Will they discuss such matters as multinational (MNC) transfer pricing and trade mis-invoicing? Does it matter where the money goes, as long as the import-export plantation mafia prevents investment in modern industry? (see Random Notes)

• What’s new? The whites use foreign policy to further their economic goals.

      This week’s ‘terrorist’ attack on Salman Rushdie, just as he was about to praise the US as a haven for the world’s fictionalists, took place just as the EU was to express support for Iran’s nuclear program. All mainstream media stories about the attack on Rushdie eventually end up attacking Iran for its fatwa against an English literary darling.

      US House Speaker Nancy Pelosi’s trip to Taipei was to intentionally use the Taiwan question to whip up ‘a storm of public opinion’ and ‘create an atmosphere’ for the passage of the US CHIPS & Science Act, in a deft ‘combination of punches’ against China, says Russia’s envoy to China. (ee Sovereignty, Pelosi Trip)

      On February 4, Bloomberg News falsely proclaimed, ‘Russia invades Ukraine’, and made a killing on the stock market. Bloomberg later apologized: ‘We prepare headlines for many scenarios and the headline ‘Russia Invades Ukraine’ was inadvertently published. We deeply regret the error.’ On Feb 10 Bloomberg News owner Michael Bloomberg was made the next chairman of a key Pentagon advisory panel, the Defense Innovation Board, previously led by Google co-founder Eric Schmidt (ee 12 Feb 2022).

      The US Defense Innovation Board provides ‘strategic insights and recommendations on technology and innovation to address the Department’s highest national security priorities’.

Imperialism by Twitterati: Twittering goes silent just as winged predators are about to swoop on unwary worms busy oxygenating the soil of the motherland.

      Media junkies note a fall in the rate of twittering by the US Envoy in Colombo, as the Aragala ‘protestants’ withdrew from their Galle Face nest. Yet US and Indian embassy trolls kept up a steady drumbeat on capitalist-social media against the government’s decision to at least publicly assert a nonaligned foreign policy.

• What Sri Lanka needs is not just a nonaligned foreign policy but a nationalist Sri Lankika foreign policy. PM Sirimavo Bandaranaike’s attempt to declare the Indian Ocean as a Zone of Peace in the 1970s, was sabotaged, along with her government, in much the same way as the whites recently toppled the 2019-22 dispensation.

      Now as white governments regularly call for a ‘free & open Indo-Pacific’, warships from Europe and the Anglo-Americas keep interfering with Asian and African nations asserting their sovereignty over the ocean called Indian. In the Pacific, white governments are demanding another invasion of the Solomon Islands, for daring to assert an independent foreign policy by signing agreements with China.

• Is there a link between the cessation of white war games in Indian Ocean, and the arrival of the Chinese ship and the Russian fuel? After weeks of anti-China ‘spy ship’ bluster, it is now again reported that a Chinese ship will enter Hambantota port. Two Russian Urals Crude Oil cargos will also finally be allowed to deliver fuel in Colombo starting this week.

      US and Indian diplomats are said to have accompanied SLPP organizer Basil Rajapakse to threaten President Ranil Wickremasinghe to deny access to the Chinese ship Yuan Wang 5. Otherwise India would get the SLPP MPs to remove Ranil as president. Meanwhile, politicians close to the President were demanding bribes from Chinese officials to allow the ship. Yet others note that failure to assert our sovereignty will set even more dangerous precedents.

• Sri Lanka Navy patrol boats are regularly being refueled in India, ‘at Canberra’s expense’, reported media-monopolist Rupert Murdoch’s The Australian, 7 August. ‘Due to the secrecy of Operation Sovereign Borders activities, the Minister’s office has declined to comment on the agreement, which was put into action about a fortnight ago.’ The deal was made during Australian Home Affairs Minister Clare O’Neil’s visit to Colombo, in late June, where she met with ‘several accused Sri Lankan war criminals’ at the helm of military, and doubled down on her government’s much-criticized border policy. Alongside the secret deal, the SL Navy openly admitted, the Australian government openly handed over 10,000s of litres of fuel to the military. Over 450 tons of fuel were reportedly supplied to the Navy recently whilst 27,000 litres of fuel were given to the Air Force.’

      The warship USNS Charles Drew sailed into Chennai port from August 7, for 11 days, and was hailed as, ‘The first ever repair of a US Navy ship in India at L&T (Denmark-linked Larsen & Toubro’s) Shipyard at Kattupalli. The Drew was sent to operate in the Pacific, for the US Military Sealift Command that provides sealift and ocean transportation for all US war operations, and for other government agencies.

      India is also selling Sri Lanka, a German Dornier 228 Maritime Patrol Aircraft built by Hindustan Aeronautics (HAL). This follows a government-to-government discussion which began in 2018 (in those Yahapalana climes) when ‘Sri Lanka sought 2 aircraft from India to improve maritime surveillance capabilities’. Sri Lanka also expects a US Beechcraft King Air 360ER maritime patrol aircraft and surplus Lockheeed Martine P-3C Orion MPA’s from Australia and Japan.

      Off public glare, India held a first round of talks with NATO, and agreed to keep the dialogue going ‘given their substantial common ground with NATO: the Indian side saw maritime security as a key area of discussion in the future’ –ee Sovereignty, Off public glare

      Yet other twittering continued about India dangerously sending missiles through Sri Lanka’s airspace to hit imaginary targets south of the country: ‘#India must immediately stop firing of missiles over Sri Lanka!’

• Made-in-Media Leaders – It is the media that has so far determined our leaders. It is the media that makes and unmakes them, so asserted newly appointed Prime Minister (and now President) Ranil Wickremasinghe, a few weeks ago. This week, former President Maithri Sirisena also declared, ‘In the modern world of technology, governments are formed and toppled by the media. Politicians are also made and destroyed by the media.’ So who makes the media? Ask Unilever?

Contents:

A1. Reader Comments

• Who Created Malnutrition in SL • Bhadrakumar Underplays India Role in SL • Tamara Brilliant • Advocata’s LitFest Parades • Harini Plantation Commie • Who Organized MP Arson • Delink Ruling Class from West • Activists & Foreign Training • Aragalaya Fizzles • Writers are Threatened • Divide the West

A2. Quotes of the Week

• Protect Gota, Bring him Home • Mullahs & Aragalaya Hypocrisy • IMF Prevents Security • Give Countries Corporate Protection • 1997 IMF Virus will Spread •  EU Leaders, Nazis & Slave Owners • Europe’s Stolen African Art

A3. Random Notes

• IMF = Deregulation & Privatization • Lawsuit Against Central Bank • English & Yankee Rag Trade in Sri Lanka • 70 Economists Want US to Return Afghani Gold • 200 Years of Monroe Doctrine

B. ee Focus       

B1. The Greecing & Ukraining of Sri Lanka

B2. Who, What or Where lies the London Club?

B3. 1846 in Sri Lanka

C. News Index

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A1. Reader Comments

ee thanks Readers who send articles of interest. Please excerpt or summarize what is important about any news sent, or your comments, and place any e-link at the end. Email: econenews@gmail.com

• ‘Malnutrition is used as a tool to market toxic, fortified rice. There is plenty of information available on who created malnutrition in SL.’

• ‘I feel former envoy Bhadrakumar’s blogging always underplays India’s role in our crises. Apparently the West is doing it all, while India watches from the sidelines…’

• ‘Tamara is brilliant!’

• ‘Re: Advocata & Candle Aid Lanka: Some years ago they organised a litfest, Annasi &Kadala Gotu. Invited some Sinhala writers and poets considered as downtrodden. One such poet was a manual worker, some sort of a natami type. They paraded these poor writers in front of elitist groups of English writers. Sinhala writers were like fish out of water. This is how they work for downtrodden. They gave much amusement for Colomboans.’

• ‘That Harini is a real piece of work… an estate-owning communist…’

• ‘Did our police not know that 80 MPs’ houses were about to be burnt? Are they also bought off? Why is the media trying to pin the Easter attacks on local police?’

• ‘I hope our elites have sold their assets they held abroad, etc. They can’t counter the new cold war, by wanting to be close to China but still expecting to send their kids to study and holiday in Western countries. They must cut off all contacts.’

• ‘Apparently the Aaragala protesters and rioters were trained in outside countries too? How involved is India in this? Like, to what degree?’

• ‘This Aragala has fizzled out… even normal people can tell it was all about bringing Ranil into power’

• ‘There are very knowledgeable people who can write for ee. In vain. They don’t have time to sit down and write. Also, they don’t like to enter into controversy. They know that outside forces are powerful and nobody will come to bail them out.’

• ‘Indeed, times are a changing. Today the world is experiencing epochal international relations changes. For the first time in centuries the global south has been afforded an opportunity that she cannot afford to lose: China & Russia! This is a once-in-millennia opportunity that is currently presenting itself. The Western world is hopelessly divided at the moment. The Western world, especially the US is currently undergoing internal hemorrhage. Divide & rule that ancient political tool that Europeans and Americans used so fiercely for so long in the last 600 years that had enabled them to impose and enforce their political dominance and cultural hegemony over the entire world has come full circle to haunt them. This is the most opportune time to visit upon the slave master his own slave medicine. The global south should do everything in her power to help grow the already seeded seeds of division and disunity in the current hemorrhaging Western world. Aluta continua. Cheers!’

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A2. Quotes of the Week__

• ‘Let’s arrange for Gotabhaya to be given full protection and brought home to Sri Lanka. Was it his fault that he did not send the Parangi fighters home? Did the so-called people want Gotabhaya and Mahinda to go, to keep Basil and Namal at home? Whose interest is it in?’ – Nalin de Silva

• ‘The iftar-sharing Muslim clergymen, captured in colourful photographs at the protests as poster children of an emerging unity, are the same Jamiyyathul Ulama clerics blocking reforms to the Muslim Marriage & Divorce Act (MMDA). Such are the potent contradictions afflicting claims of a new national democratic consciousness.’ – ee Politics, The Aragalaya: a Sceptic’s Notes

• ‘No international institution exerts greater influence than IMF over issues such as distribution, including social protection’ – ee Economists, Special Rapporteur

• ‘Granting distressed governments even a few of the legal protections routinely granted to distressed businesses would fix much of the problem. Enacting them in just a few jurisdictions – New York & London, eg – would make a large difference, given that nearly all external sovereign-debt contracts of developing economies are governed by the laws of these financial centers.’ – ee Economists

• ‘Back then, what seemed like an isolated event – Thailand’s July 1997 baht devaluation to cope with currency speculation – spread like a virus to Indonesia, Malaysia, South Korea. Panic-stricken lenders demanded early repayments, and investors pulled out of stocks and bonds in emerging markets, including in Latin America and Russia, which defaulted on some of its debt in August 1998. A month later hedge-fund Long-Term Capital Management, which had made highly leveraged bets on Russian and Asian securities, buckled.’ – ee Economists, South Asia Debt Woes

• European Commission President and former German War Minister Ursula von der Leyen’s family tree incorporates not only some of Germany’s most significant Nazis (father involved in Kiev’s Babi Yar massacre) but also some of England’s largest slave traders and, through marriage, some of the US’ largest slave owners. Von der Leyen is descended directly from James Ladson, who owned more than 200 slaves when the Civil War broke out. – ee Politics, The Aristocratic Ineptitude of Ursula Von Der Leyen

• ‘The Nigerian government has stepped up its demands in recent years for European countries to hand back the artifacts. The British Museum has 73,000 African artifacts. Germany’s Ethnological Museum has 75,000… France’s Quai Branly Museum has almost 70,000 ancient African artifacts and the Netherlands’ National Museum of World Cultures has 66,000. Belgium’s Royal Museum for Central Africa alone has 180,000 ancient African items in its possession, and museums in the USA have 50,000.’ – ee Sovereignty, English Museum

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

‘The neoliberal agenda – a label used more by critics than by the architects of the policies – rests on 2 main planks. The first is increased competition – achieved through deregulation and the opening up of domestic markets, including financial markets, to foreign competition. The 2nd is a smaller role for the state, achieved through privatization and limits on the ability of governments to run fiscal deficits and accumulate debt.’  (ee Economists, Neoliberalism: Oversold?)

The Supreme Court took up 2 fundamental rights petitions by US government-linked NGOs, regarding the economic crisis. Their narrative provides a shorthand insight into their game: They charge ‘the country lost a staggering Rs 600billion after the tax cuts implemented by the government of former President Gotabaya Rajapaksa. With 600bn doled out to blue chip companies via the tax cuts, the government was left with no money to pay salaries of public servants… the country faced a foreign-reserve crisis due to the artificial pegging of the US dollar. As a result of this policy, the gap between the official rate and the unofficial rate widened from Rs203 to Rs270-80. Expat remittances reduced by nearly $400million a month… The country defaulting on Sovereign debt on May 19 was a ramification of decisions taken [since 2019]… former Finance Minister Basil Rajapaksa and CBSL Governor Ajith Nivard Cabraal repeatedly refused to go to the IMF up until February 2022, and decided to do so only in March.’ – ee Economists, Supreme Court

• Capital Alliance Games: Sri Lanka’s first social impact funds to help achieve the 2030 Agenda for Sustainable Development were signed by the SL Government and UNDP in 2018 in New York: $5mn Social Enterprise Fund & $20mn Social Impact Capital Fund. The Lanka Impact Investing Network and Tempest PE Partners, and UNDP, pioneered Sri Lanka’s first social impact funds. Tempest PE Partners, a private equity firm is a joint venture between Capital Alliance Holdings and Insite Holdings, an investment holding company.

• In November 2021 Alliance Finance Co PLC (AFC), ‘the oldest finance company in Sri Lanka’ and ‘a net lender to the rural economy’, said it successfully raised Rs1billion to strengthen ‘the regulatory capital of the Company to financially empower and facilitate the development of the Micro, Small and Medium enterprise sector in Sri Lanka.’ The loan was ‘structured and arranged by Capital Alliance (CAL), a leading investment bank in the country’.

      AFC had just undergone an ‘internal restructure’ with the ‘technical assistance of IFC (the private sector arm of the World Bank Group) in 2019. This, they say, improved its Loan Book & Profit Growth, with ‘a highly commendable reduction in NPLs’, with AFC ‘focusing on financial inclusivity and sustainable development of all communities.’ All communities!

      AFC’s foreign financing partners are IFC, FMO, DWM, Tridos Bank, etc – who finance their countries’ exports, while claiming to be ‘development banks’. This link explains the uttering of all manner of ‘woke’ rhetoric about being a ‘sustainable’ ‘holistic’ financial institution, ‘beyond economic empowerment with an equal emphasis placed upon social and environmental sustainability.’

      ‘In 2020, AFC became the first financial institution in South Asia to be certified for holistic sustainability under the pioneering Sustainability Standards & Certification Initiative (SSCI)’, rated by its International Council in Germany. This has resulted in an even greater focus on this unwavering commitment of the Company and better measurements of the impact created.

      AFC has dedicated an annual allocation of 4% of profits for sustainability and CSR initiatives,. And aims to plant one million trees by 2024 (bizenglish.adaderana.lk/afc-raises-lkr-1-bn-in-subordinate-debt-to-strengthen-the-tier-ii-capital)

• In 2000, Capital Alliance Group-owned CALT started as a Debt Securities Dealer and eventually was appointed as a Primary Dealer by the CBSL. CALT forms the Securities Trading arm of CAL, dealing in such instruments as Government Securities & Corporate Debt Securities. CALT became the first standalone Primary Dealer to list their equity shares on the CSE. The CAL Group has become one of the leading Investment Banks in Sri Lanka, offering Equity and Debt Advisory, Stockbroking, Fund Management, Private Equity and Securities Research services to a wide clientele.

      CAL partners ‘with market-leaders in frontier brokering’ – including Auerbach Grayson, EFG Hermes, StoneX, Maybank Kim Eng and Edelweiss. CAL is also one of the largest brokers of foreign institutional investors into Sri Lanka….

The President’s relative Deshal de Mel is a Non-Executive Director of Capital Alliance Investments and Research Director of Verité Research. There are several organizations under the ‘Capital Alliance’ brand, and their directors interlock with dozens of companies.

Capital Alliance Holdings Board of Directors: Chairman Dinesh De Zoysa; CEO Ajith Fernando is also Managing Director of Ceylon Tea Brokers; Shiromal Cooray is the Managing Director of Jetwing Travels, she was previously Finance Director of J. Walter Thompson, and is a Director of Commercial Bank of Ceylon; Jeevan William links to Bank of America and Morgan Stanley; Raju Arasaratnam, Jetwing Group; Kasturi Wilson, Hemas Holdings CEO, former President of the Sri Lanka Chamber of the Pharmaceutical Industry, and serves on the Ceylon Chamber of Commerce; Rajitha Jayasuriya, MAS Holdings Group Director Legal; Sanjeewa Anthony, Jetwing Hotels, is a Life Member of the Bar Association of Sri Lanka (BASL).

• Chairman of Insite Holdings, Chrisantha Priyange Richard Perera is the Chairman of Ceylon Tea Brokers, and heads 11 different companies: Anglo Ceylon Estates, Avondale Tea Factories, Chairman of Insite Holdings, and Chairman at CBSL; also Member of The Tea Council of SL & Planters’ Association of Ceylon and on the board of 18 other companies.

      In the past Perera held the position of Chairman at Public Enterprises Reform Commission of SL, Chairman at Forbes & Walker Ltd, Chairman for SL Tea Board, Chairman at Dialog Finance, Chairman of Bank of Ceylon, Chairman at Sri Lanka Insurance Corp Ltd, Member of The Ceylon Chamber of Commerce.

Rag Trade’s Ragamuffins – Organizations across world are all of a sudden ‘coming together to express their support for SL’s garment industry and its workers during the ongoing economic crisis’: Who are they? And why now? The American Apparel and Footwear Association (AAFA) writes ‘on behalf of the buyers’ to its counterpart association in Sri Lanka, the Joint Apparel Association Forum (JAAF), Ethical Trading Initiative, Fair Wear Foundation, Fair Labour Association and British Retail Consortium. Their names exude a certain smell. Why didn’t they write these letters before? Oh, it must have been the President!

• On the first anniversary of the hurried escape of US troops taking Afghanistan’s Central Bank reserves with them, ‘international economists’ are asking Biden to release the bank’s funds (also see, ee, 4 Sept 2021)

      More than 70 economists and experts are calling for Washington and other nations to return $9billion in Afghan central bank assets to Da Afghanistan Bank (DAB) to allow the economy to function… The letter, also addressed to US Treasury Secretary Janet Yellen, was signed by economists in the US as well as Germany, India and England. Among them was former Greek finance minister Yanis Varoufakis and US Prof J Stiglitz, who is on the advisory board to the Washington-based thinktank the Center for Economic and Policy Research, which organized the letter. (ee Economists, International Economists)

      No economists are asking for England to return Venezuela’s gold reserves (see ee Sovereignty, Venezuela)

Peruvian President Pedro Castillo is facing familiar headwinds: ‘Those who accuse us are those who betray the country. They accuse us of so many things, without evidence. They have not liked the fact that we work with the people, with the teachers, with the peasants… A sector of the opposition will continue ‘inventing and creating constitutional accusations’…The Peruvian president made these statements after the Attorney General decided to open a new preliminary investigation against him for alleged acts of corruption. This would be the 6th investigation of the Public Prosecutor’s Office against Castillo, despite the fact that the Constitution only allows accusing the incumbent president for treason and for impeding elections.

      For Castillo, the investigations, which also involve his family, are part of a coup operation, allegedly orchestrated by those who already tried to snatch power from him when he won the elections in June 2021 through accusations of a non-existent electoral fraud. – ee Sovereignty, Peruvian…

      Last ee noted that much of the US NGO funds disbursed by the whites, are related to so-called corruption.

Whither the Monroe Doctrine @ 200 Years? Just as NATO’s North Atlantic now overflows into the Pacific and Indian Oceans, the US Monroe doctrine now escapes the Americas…

      A webinar panel discusses the opposing ideas provoking the clash between US hegemony and anti-US forces throughout the western hemisphere – on 28 August 2022 at 10am.

      Ever since US President James Monroe adumbrated his infamous Doctrine in 1823, claiming the Western Hemisphere as the US’s ‘sphere of influence’, subordinated to US interests, the US has assailed the region’s autonomy, recently with much assistance from Canada. Barring upsets like the Cuban and Nicaraguan revolutions, the US appeared to be winning until the 21st century. However, the ‘pink tide’ inspired by indomitable Cuba, that has since surged has tilted the balance of power against the US and Canada.

      This tilt became glaringly obvious at the June 2022 Summit of the ‘Americas,’ where the Biden administration was reduced to excluding socialist governments – Cuba, Nicaragua, Venezuela – and many countries spoke out against the US in one form or the other. The US’s indignity was further underlined when contrasted with the success of the September 2021 Summit of the Community of Latin American and Caribbean States (CELAC) in Mexico, which involves all countries south of the Rio Grande. Not only did these countries move forward cooperation with each other on important matters, such as health, they are also increasingly collaborating with the capitalist world’s rival, socialist China, as exemplified by the virtual speech given by Chinese President Xi Jinping to the Mexico Summit. China’s economic attractions and respect for the region’s sovereignty and autonomy cannot be matched by the US and Canada.’

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B. Special Focus_

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B1. The Greecing & Ukraining of Sri Lanka

There are many similarities between the undermining of the economies of Sri Lanka and Greece, let alone of the Ukraine. The bankers (the US’s IMF, European Central Bank & EU) sought to colonise Greece as an adjunct of Germany, et al.

      In June 2011 the bankers decided to withhold the final tranche of the 2010 Greek bailout. The bailout would pay for pensions, public servants and interest on huge debts. The government could not get this money from taxes or financial markets. Greece was also running out of cash.

      In the European Union, only the German-speaking economies could print €500 Euro notes, Greece, etc, were only given €10-printing plates. Greece had to secretly send military planes to Italy to get banknotes. However, the money kept being drained out of the country: fleeing to the London property market, Greek bedroom mattresses and Cypriot banks.

      The bankers demanded that Greece sell them 50billion Euros of land and privatizations. The Greek government thus forced through new austerity, reform and privatization measures, by a narrow majority. ‘The country was voting for its life and to vote down the IMF’s economic reforms would be ‘suicide’ and a ‘crime’,’ so warned the Central Bank governor.

      The new Greek parliament passed the ‘reforms’ demanded by the bankers (US’s IMF, European Central Bank & EU). But then Greece was accused of not implementing the IMF measures.

      The IMF’s tactics are said to involve the ‘sequencing and timing of policy matters’. The bankers warned the Greek parliament about ‘loan conditions’, dangling aid packages, to bribe them to pass a massive electricity tax.

      This generated even more unpopularity, and the ruling party got wiped out in the next election.

Firefighters Who Sold the Sun for a Song – The IMF had sent in to Greece, this ‘firefighter’ (they have been promoting in SL recently): Lee Buchheit, a partner of New York law firm Cleary Gottlieb Steen & Hamilton.

      ‘Rare is the finance minister of a developing country who does not have Cleary Gottlieb Steen & Hamilton on speed-dial’. Based in New York, the firm has advised 28 sovereign debtors in 54 restructurings from 1983-2014, and proudly say they once employed US Treasury Secretary Robert Rubin and Ford Foundation President Darren Walker, et al) Cleary Gottlieb has however lost major battles over Russia (Hague) and Argentina (US).

      Prof Lee Buchheit, the ‘crisis debt restructuring veteran’, has ‘crafted the restructuring deal that cut Greek debt by 100billion euros’, gushed the local FT.

      Buchheit is grave, ‘Sri Lanka’s creditors – be they bilateral or commercial, will be interested in one critical question – who are we going to share the pain with? Every sovereign bond restructuring boils down to one decision : How much of the country’s pain should be borne by its citizens, and how much should be borne by the creditors.’ – ft.lk/columns/The-sorry-state-of-Sri-Lanka-s-debt-management/4-735660

      Sharing the Pain among Workers Only – Buchheit bailed out the bankers in Greece, selling off airports, etc. Greece was told to bank on tourists – who never came due to the general downturn. Greece was then ‘forced to mortgage its sunshine to pay for the bailout’. Germany, ‘the world’s leader in solar power production’ would establish solar parks to grab sunshine and transfer energy to Germany, etc.

      The fundamental game in ‘restructuring’ is called the ‘realignment of unit labor costs’ to supposedly raise productivity (without investment in machinery and machine skills) and lower wages.

      Wage cuts are the key demand by bankers, who promise long-term growth. The program to cut wages begins (or continues) outraged media headlines showing soaring salaries of workers. The bankers say some not working harder or producing more. Yet other workers see their productivity rise while their wages fall.

      ‘Unit labour costs’ was as important to the debate in Europe, as the deficit & debt figures. Greece pointed to the scale of salary and government budget cuts. The German bankers pointed to the state spending in Greece, much of it going into salary. Greeks called it sado-austerity, their European masters saw it as a painful return to reality.

      Bankers prescribed ‘labour cost realignment’– paying less wages, to regain ‘competitiveness’. They said ‘entrepreneurs’ would move factories to obtain cheapened labour. England had devalued its currency, but Greece could not, within the Eurozone. So Greece endured ‘internal devaluation’. The bankers threw people out of work, and even wanted to introduce a 6-day week, effectively abolishing the weekend, while heavily reducing Greece’s real minimum wage. (Info: Faisal Islam, The Default Line)

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B2. Who, What or Where Lies the London Club?

Sri Lanka’s new bankers are in Brussels, Frankfurt, Washington, and London.

      On August 5, President Ranil Wickremesinghe told US Advocata Institute’s ‘ReformNow’ forum, ‘the country is unable to seek assistance from London Club in facing the current economic crisis’. US-funded EconomyNext added: ‘The London Club is an informal group of private creditors on the international stage, similar to the Paris Club of public lenders’.

      Who is this London Club? – 2 months earlier, June 7, 2022, at a Central Bank of Sri Lanka event, the former CBSL Governor Indrajith Coomaraswamy said, ‘Sovereign debt restructuring negotiations with the London Club… that is going to be the most difficult negotiations that we will have.’ – https://www.themorning.lk/chinese-swap-was-deceitful. The President (or the media his family owns) should tell us more.

      In February 2022 London’s Financial Times warned of the bankers cutting off dollars to Sri Lanka, seeking a way to ‘share the pain’ in asserting their control of – restructuring! – this system of debt bondage

      The FT foresaw ‘incipient sovereign debt crises in Sri Lanka, Zambia and several other economies. Handling these looming defaults will test the IMF, new creditors such as China and the whole rickety architecture of sovereign debt restructuring.

      ‘Sri Lanka illustrates the challenge… It has a large budget deficit and financial markets will not lend more… An IMF adjustment program, accompanied by a debt restructuring, is the sensible way forward. The sooner Sri Lanka’s government accepts the inevitable, the less painful it will be.

      To handle such situations is why the IMF exists. After a decade marred by its troubled programs for Greece and Argentina, the Washington-based guardian of the international financial system needs to show it is still the natural port of call for countries such as Sri Lanka and Zambia, that it will demand the reforms needed to put their economies back on track, and that it will not lend without sufficient restructuring to make any remaining debts sustainable…

      More widely, the challenge in any sovereign debt restructuring is to co-ordinate all creditors. Unlike in the past, when most were countries grouped in the Paris Club, or a few large international banks forming the London Club, there is now a plethora of private and official lenders. As the World Bank notes in its new World Development Report, the average country seeking a restructuring now has more than 20 distinct creditors, not including bondholders. They may include non-traditional lenders, such as trading houses that paid in advance for years of commodity deliveries.

      What is needed is a modern equivalent of the Paris Club & London Club: a framework where all creditors can get together and share the pain. In a tentative form, this exists. There is a G20 framework on debt restructuring to parallel the Paris Club for official creditors, while so-called Collective Action Clauses allow, in theory, for private bondholders to co-ordinate.

      But these emerging institutions are not yet sufficient for their weighty task. A top priority, then, should be the resolution of any remaining China-Paris Club differences via the G20. Sovereign debt overhangs can weigh on growth for years and even decades. The only way to end them is for all creditors to accept comparable treatment. As the Covid-19 aftermath throws countries into default, they must find ways to do exactly that. – ft.com/content/ee97ec19-5b37-4c89-83eb-e69ec17cdf89

_________

B3. 1846 Sri Lanka

Compulsory unpaid labor was demanded by the Dutch and English, claiming it under the ancient system of ‘rajakariya’, originally meant to maintain the irrigation system (translated as corvee labor) primarily. In 1832, the English abolished rajakariya, and expanded wage labor. In 1846 (see below) the English declared ‘free trade’. However, with budget deficits, the government enacted a new Labor Ordinance in 1848 making it compulsory for adult males to work 6 days a year on the roads or pay an annual commutation fee. The great hostility to this also contributed to the great 1848 Kandy rebellion, and English genocide. (excerpts from A Very Personal Ingrisi History of the World by Krisantha Sri Bhaggiyadatta)

1846: • ‘Free Trade’ introduced in English empire. Preferential duties on coffee and other produce cut. Brazilian and Costa Rican slave-grown coffee admitted to London markets at same duty as English colonial coffee. Depression commenced. 1847: Crash. Almost all proprietors of coffee estates, especially extensive holders, made bankrupt.

• Coffee’s first depression, 1846-48; new taxes imposed on Lanka’s peasants.

Labor shortages. Public meetings held by planters: draft resolution presented to Legislative Council ‘for the protection & encouragement of Indian laborers to Ceylon.’ • London Economist noted estate ‘coolies’ in Lanka were ‘cheated & defrauded of their wages by the European superintendents to an extent few know of.’

• Colonial Secretary JE Tennent published his Report on the Finances and Commerce of Ceylon to remove restrictions on industry and secure free trade. He suggested that reduced or abolished export and import duties as well as grain taxes could be replaced by land tax, as in India. Midst this depression, Governor Torrington preferred new taxes that fell mostly on peasants and the local population.

• Urban dwellers were also affected by the shop tax, stamp fees and road ordinance. The English government tried to demolish the verandas of Colombo residents, without compensation, to widen the roads. The campaign against it was led by Burgher Richard Morgan, and Irish doctor Christopher Elliott, editor of Ceylon Observer.

Ceylon Railway Co (CRC) engineer Thomas Drane did preliminary survey for Kandy to Colombo railway for European coffee planters (see below). • Surveyor-General’s Office made into separate department.

• English appointed Mudaliyar Edirimanasinghe of Manipay to the Legislative Council, 1846-61. His brother-in-law Ponnambalam Mudaliyar was the father of P Coomaraswamy, P Ramanathan and P Arunachalam, all 3 later nominated members as of the Legislative Council.

• Trader Brodie Bogue & Co set up (1867: Brodie & Co), dealt with imports, as wholesaler of wine and spirits.

• AM Ferguson made proprietor of Observer. Ceylon Advertiser & General Intelligencer stopped on April 3. Ceylon Herald changed its name to The Ceylon Times on July 1. The Examiner was set up by merchants. 1859: Examiner taken over by Lorenz, and syndicate of lawyers.

George Wall (formerly of gunmaker Whitworth & Co of Manchester) sent to Lanka as manager of Ceylon Plantation Co in Kandy. 1853: Captain John Keith Jolly became partner of George Wall & Co. George Wall drafted circular proposing the Planters’ Association, and Jolly was made first chairman of Planters’ Association. 1856: George Wall was first Englishman made chair of Planters’ Association; re-elected 9 times.

• 3rd Earl Grey made Secretary of State for War and the Colonies, 1846-52.

Narasimha Reddy, Kurnool Revolt against English East India Company (EIC), 1846-7.

Bhils Revolt (with Khandesh, Dhar, Malwa) against English EIC.

• The ‘Sugar Preference’ was ended, and duties on east and west sugar equalized. The Caribbean would be ‘forgotten’ until the Panama Canal came about, and the revolt of ‘free’ workers made the news. (Eric Williams)

• US cotton famine was costly to English textile industry. 80% of English cotton was imported from US. Chambers of Commerce in textile-producing areas such as Lancashire, supported by the English media and Anglo-Indian business lobby, demanded English East India Company Court of Directors to push railway development in colonial India, 1847: The Economist declared that Indian railroads would benefit a country so ‘densely peopled’ and ‘rich in spontaneous productions’ by making ‘her the cotton field of Europe.’ 1849: With the support of cotton manufacturers, the railway companies secured a contractual agreement with the EIC Court of Directors that stipulated a state guarantee of 5% to investors (so much for ‘free trade!’).

• English East India Company reforms of Customs Department abolished duties except for indigo, ending bias against foreign shipping except double duty on foreign goods, and standardized tariff system.

• England claimed Punjab as a ‘vassal principality.’

Dacca Bank set up. 1862: Taken over by Bank of Bengal.

Uncovenanted Service Bank set up. 1894: Closed.

Madras Hindu Society formed, with petition of grief sent to English EIC directors in London.

• English East India Company claimed Nepali Queen’s plot to overthrow Jung Bahadur led to Kot Massacre, with several hundred princes and chieftains executed. Bahadur set up the Rana dynasty. Ranas were staunchly pro-English, and assisted them during 1857 Sepoy Rebellion.

• In Malay state south of Perak, mining expanded, with indentured Chinese labor, under Sultan Muhammad of Selangor.

• After Brunei Town captured by English, Sultan Saifuddin II ceded Labuan to English under Treaty of Labuan.

• 117,000 Chinese ‘coolies’ – indentured servants – are taken to the USA, with 230,000 pounds of gum opium and over 53,000 pounds of prepared (smoking) opium

Opium trader Jardine Matheson & Co’s shore branches operated in Canton, Macau, Shanghai and Amoy.

Couper Dock (built under P&O overseer John Couper) in Hong Kong partly destroyed during ‘Arrow Affair’, with Couper killed. 1863: Hong Kong & Whampoa Dock Co. set up.

• Whaler Samuel Enderby’s grandson Charles Enderby set up the Southern Whale Fishery Co in England. 1849: Enderby Settlement Colony set up on Auckland Island, close to Enderby Island..

Azerbaijan drilled its first oil well in Bibi-Heybat. 1900: Azerbaijan producing over 50% of world oil supply.

• Caucasian government called upon to extend use of distillates, refining crude oil into white naptha.

• English opium dealer Charles Elliot, former colonial administrator of Hong Kong and Texas, made Governor of Bermuda.

• Rivalry between US and England to take over the ‘Oregon Territory’ (now Oregon, Washington, Idaho, Montana, British Columbia) of the Kalapuya and other peoples, led to Oregon Treaty, dividing the lands in half. The treaty extended the US-English North America border…

• Province of Canada Assembly authorized compensation to all who suffered during 1837 rebellion. 1848: Domestic ‘independence’ for English white settler colonies, ‘through responsible parliamentary government.’ Bankruptcies kept accumulating. Property values were in free fall in the cities, particularly in the capital. 1849: Rebellion Losses Bill: Parliament burned down over rewarding ‘rebels.’

• The first Canadian copper mine opened in Bruce Mines (James Bruce, the new Governor General of Canada) on north Lake Huron in Ontario, drawing white settlers – migrant miners from Cornwall, England.

__________________________________________________________

C. News Index______________________________________________

ee News Index provides headlines & links to make sense of the weekly focus of published English ‘business news’ to expose the backwardness of multinational, corporate 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 (machine-making) industrialization fueled by a producer culture.

• US envoy calls on Public Security Minister

‘Ambassador Chung further is pleased that no catastrophic incidents took place on the 9th of August.’

http://www.adaderana.lk/news/84232/us-envoy-calls-on-public-security-minister

https://www.newsfirst.lk/2022/08/12/us-sl-discuss-human-rights-imf/

• EU Envoys encourage SL President to devote attention on GSP+, IMF, HR Council

https://www.dailymirror.lk/breaking_news/EU-encourages-SL-to-devote-attention-on-GSP-IMF-HR-Council/108-242863

http://www.adaderana.lk/news/84239/eu-says-bringing-sri-lanka-back-on-track-requires-joint-inclusive-action

https://www.ft.lk/front-page/EU-encourages-SL-President-to-pay-special-attention-to-GSP-IMF-and-HRC-processes/44-738607

• Secret Australia-Sri Lanka fuel deal keeps patrol boats going after illegal migrants

https://island.lk/australia-sri-lanka-fuel-deal-keeps-patrol-boats-going-after-illegal-migrants/

• Indo-Lanka Accord 1987 doesn’t restrict Sri Lanka’s use of its own Ports or Trinco Oil Tanks

https://www.lankaweb.com/news/items/2022/08/10/indo-lanka-accord-of-29-july-1987-does-not-restrict-sri-lankas-use-of-its-own-ports-or-trinco-oil-tanks/

• Off public glare, India held first round of talks with NATO, agreed to keep the dialogue going

‘given their substantial common ground with NATO, the Indian side saw maritime security as a key area of discussion in the future’

https://www.news9live.com/india/in-closed-door-meeting-india-held-its-first-round-of-talks-with-nato-and-agreed-to-continue-the-dialogue-188631

https://indianexpress.com/article/india/off-public-glare-india-first-round-talks-nato-agreed-dialogue-going-8083396/

• Tourism Minister Harin Fernando met English High Commissioner Sarah Hulton (A11)

https://www.dailymirror.lk/business-news/Tourism-Minister-Harin-Fernando-met-with-British-High-Commissioner-to-Sri-Lanka-Sarah-Hulton-on-Thursday/273-242973

• English instagrammer in SL informed to leave SL

https://www.dailymirror.lk/breaking_news/British-instagrammer-in-SL-informed-to-leave-SL/108-242859

https://economynext.com/sri-lanka-cancels-visa-of-scotswoman-who-documented-anti-govt-protests-98446/

https://www.timesonline.lk/news-online/Visa-of-Scottish-woman-cancelled-after-promoting-protest-campaigns/2-1138344

https://www.dailymirror.lk/breaking_news/British-instagrammer-files-writ-petition-against-deportation/108-242936

• Former LTTE member arrested in Dubai

https://www.timesonline.lk/news-online/Former-LTTE-member-arrested-in-Dubai/2-1138354

• Ban on key diaspora groups lifted

‘The British Tamil Forum and the Canadian Tamil Congress are also among those de-listed…The Mahinda Rajapaksa Government and later the Gotabaya Rajapaksa administration had banned the Tamil groups….The ‘Yahapalanaya’ Government had lifted the ban on some diaspora groups’

https://www.dailymirror.lk/breaking_news/Ban-on-key-diaspora-groups-lifted/108-242985

• Japan halts 12 JAICA projects in Sri Lanka until IMF provides roadmap: minister

https://economynext.com/japan-halts-12-jaica-projects-in-sri-lanka-until-imf-provides-roadmap-minister-98408/

• Govt. reverses top diplomatic appointment to Tokyo

‘Rodney Perera’s elder brother Ronald Perera, PC, recently received appointment as Chairman of the Sri Lanka Insurance Corporation (SLIC). They are sons of the late Cabinet Minister Paul Perera, a staunch Wickremesinghe loyalist. Rodney Perera served as Sri Lanka’s Ambassador, in Washington…’

https://island.lk/govt-reverses-top-diplomatic-appointment-to-tokyo/

• Stop the Hate Campaign Against Sri Lanka!

https://www.lankaweb.com/news/items/2022/08/08/stop-the-hate-campaign-against-sri-lanka/

• UN human rights experts condemn repeated emergency measures to crackdown on protests

https://www.dailymirror.lk/breaking_news/UN-human-rights-experts-condemn-repeated-use-of-emergency-measures-to-crackdown-on-protests/108-242675

• UN Human Rights Council (UNHRC) led by OHCHR’s Rory Mungoven here in September

https://www.sundaytimes.lk/220807/columns/president-makes-major-effort-to-form-all-party-govt-491039.html

• President Wickremesinghe needs to end crackdown – US HRW

https://www.dailymirror.lk/breaking_news/President-Wickremesinghe-needs-to-end-crackdown-HRW/108-242703

• Colombo allows Pakistani frigate Taimur to dock, Dhaka says no (A8)

https://www.dailymirror.lk/latest_news/Colombo-allows-Pakistani-frigate-Taimur-to-dock-Dhaka-says-no/342-242642

•  Pakistan guided missile frigate heading to Colombo (A9)

https://www.newsfirst.lk/2022/08/09/pakistan-guided-missile-frigate-heading-to-colombo/

• Pakistan Navy ship arrives in Colombo (A13)

https://island.lk/pakistan-navy-ship-arrives-in-colombo/

• War in Europe and baiting of China – Editorial

https://www.dailymirror.lk/opinion/War-in-Europe-and-baiting-of-China-EDITORIAL/172-242563

• Lanka caught in middle of Indo-Sino tug of war

https://www.sundaytimes.lk/220807/columns/lanka-caught-in-middle-of-indo-sino-tug-of-war-490875.html

• Crisis deepens over Chinese vessel (A6)

https://www.sundaytimes.lk/220807/news/crisis-deepens-over-chinese-vessel-491073.html

• Is China fishing in troubled Sri Lankan waters? (A6)

‘Pattali Makkal Katchi (PMK) founder S. Ramadoss on July 31 expressed concern over the Chinese spy ship docking in Hambantota Port. He also said that if the vessel is allowed to dock at the Hambantota Port, it will pose a risk for the Kudankulam and Kalpakkam nuclear reactors as well as for the Chennai and Thoothukudi Ports.’

https://www.dailymirror.lk/business/Is-China-fishing-in-troubled-Sri-Lankan-waters/215-242529

• Sino-Indian conflict and economic crisis put Sri Lanka in a cleft stick over “spy” ship visit (A7)

https://www.lankaweb.com/news/items/2022/08/07/sino-indian-conflict-and-economic-crisis-put-sri-lanka-in-a-cleft-stick-over-spy-ship-visit/

• China asks India to ’’stop disturbing’’ its exchange with SL (A8)

https://www.dailymirror.lk/top_story/China-asks-India-to-stop-disturbing-its-exchange-with-SL/155-242645

• On the controversial ship visit to SL, China says it is “senseless” to invoke “security concerns”

https://www.lankaweb.com/news/items/2022/08/08/on-the-controversial-ships-visit-to-sri-lanka-china-says-it-is-senseless-to-invoke-security-concerns/

• Foreign Ministry confirms requesting China to defer Yuang Wang 5 visit (A9)

https://www.ft.lk/front-page/Foreign-Ministry-confirms-requesting-China-to-defer-Yuang-Wang-5-visit/44-738477

• The Yuang Wang 5 controversy Govt. was handling the issue cautiously – Cabinet (A10)

https://www.dailymirror.lk/print/front_page/The-Yuang-Wang-5-controversy-Govt-was-handling-the-issue-cautiously-Cabinet-Spokesman/238-242771

•  China ship heading to H’tota reduces speed, course remains unchanged (A10)

https://www.newsfirst.lk/2022/08/10/china-ship-heading-to-h-tota-reduces-speed-course-remains-unchanged/

• Hambantota port bound Chinese vessel Yuan Wang 5 changes course amidst diplomatic concerns

https://www.timesonline.lk/news-online/Hambantota-port-bound-Chinese-vessel-Yuan-Wang-5-changes-course-amidst-diplomatic-concerns/2-1138333

• Vicissitudes of India-Sri Lanka strategic relations (A10) – Balachandran

https://www.lankaweb.com/news/items/2022/08/10/vicissitudes-of-india-sri-lanka-strategic-relations/

• Yuan Wang 5 standoff: Sri Lanka’s IMF process may be under threat (A11)

https://economictimes.indiatimes.com/news/international/world-news/yuan-wang-5-standoff-sri-lankas-imf-process-may-be-under-threat/articleshow/93486813.cms?

• India rejects claims on pressuring Sri Lanka to defer Chinese research ship’s visit (A12)

http://www.adaderana.lk/news/84268/india-rejects-claims-on-pressuring-sri-lanka-to-defer-chinese-research-ships-visit

• USA strongly pressured Colombo over Chinese vessel’s planned visit: reports

http://www.adaderana.lk/news/84265/us-strongly-pressured-colombo-over-chinese-vessels-planned-visit-reports

• Govt. directly handles matter with Chinese Embassy (A12)

https://www.dailymirror.lk/latest_news/Govt-directly-handles-matter-with-Chinese-Embassy/342-242911

• Sri Lanka Grants Permission for Chinese Tracking Ship to Dock (A12)

https://www.lankaweb.com/news/items/2022/08/12/sri-lanka-grants-permission-for-chinese-tracking-ship-to-dock/

https://www.timesonline.lk/news-online/SL-grants-permission-for-entry-of-Chinese-tracking-vessel/2-1138369

•  Yuan Wang 5 in Sea of Sri Lanka; Drops speed, but remains on course (A12)

https://www.newsfirst.lk/2022/08/12/yuan-wang-5-in-sea-of-sri-lanka-drops-speed-but-remains-on-course/

• CP frowns on govt.’s handling of Chinese ship issue (A13)

https://island.lk/cp-frowns-on-govt-s-handling-of-chinese-ship-issue/

• US and India Score Tactical Victories Vis-à-Vis China in Taiwan and Sri Lanka – Kuruwita

https://thediplomat.com/2022/08/us-and-india-score-tactical-victories-vis-a-vis-china-in-taiwan-and-sri-lanka/

• SL will get negative impact on long-term friendship with China: Association for Sri Lanka-China Social and Cultural Cooperation (ASLCSCC)

https://www.dailymirror.lk/latest_news/SL-will-get-negative-impact-on-long-term-friendship-with-China-ASLCSCC/342-242801

• SL cannot afford the consequences of offending India or China: Sirisena

‘Mr. Sirisena said in the modern world of technology, governments are formed and toppled by the media. Politicians are also made and destroyed by the media.’

https://www.dailymirror.lk/breaking_news/SL-cannot-afford-the-consequences-of-offending-India-or-China-Sirisena/108-242873

• Former Public Security Minister Weerasekera alone refuses to abandon China ship (A11)

https://island.lk/weerasekera-alone-refuses-to-abandon-china-ship/

• Impact of security considerations on foreign policy crafting

https://island.lk/impact-of-security-considerations-on-foreign-policy-crafting/

•  USNS Charles Drew in Chennai port for repairs from August 07, for 11 days.

‘The first ever repair of a US Navy ship in India….at L&T’s Shipyard at Kattupalli …Defence Secretary Ajay Kumar, Vice Chief of Naval Staff Vice Admiral SN Ghormade, Flag Officer Commanding Tamil Nadu & Puducherry Naval Area Rear Admiral S Venkat Raman…Consul General in Chennai Ms Judith Ravin and Defence Attaché at the US Embassy at New Delhi Rear Admiral Michael Baker…Member of the Executive Council and Advisor to the CEO of L&T for Defence and Smart Technologies Shri JD Patil said, the Marine Sealift Command of the US Navy had undertaken rigorous evaluation of select shipyards in India…’

https://www.newsfirst.lk/2022/08/10/usns-charles-drew-in-indian-port-for-repairs/– https://www.newsfirst.lk/2022/08/10/usns-charles-drew-in-indian-port-for-repairs/

• An epochal transition – India should not lose strategic focus as it finds its feet in the global order – MK Bhadrakumar

https://www.tribuneindia.com/news/comment/an-epochal-transition-419839

• July 28, US secretary of state in India will meet PM, Jaishankar today

https://timesofindia.indiatimes.com/india/us-secretary-of-state-in-india-will-meet-pm-jaishankar-today/articleshow/84808069.cms

• US commits a perfect murder in Kabul

‘“such aggressive actions of the US Air Force, which invaded the sovereign territory of Afghanistan, raise a number of serious questions.”

https://www.indianpunchline.com/us-commits-a-perfect-murder-in-kabul/

• PLA extends ‘Taiwan encirclement’ exercises

https://www.globaltimes.cn/page/202208/1272446.shtml

• How Nancy Pelosi’s Taiwan Visit Helped China Score Major Geopolitical Victory

https://sputniknews.com/20220803/how-nancy-pelosis-taiwan-visit-helped-china-score-major-geopolitical-victory-1098076320.html

• Is Nancy Pelosi’s Trip to Taiwan the ‘Pearl Harbour Moment’.

“Is Something Reckless and Stupid about to Happen”. It was called for by Former National Security Advisor Jake Sullivan.’

https://www.globalresearch.ca/pelosi-trip-taiwan-pearl-harbour-moment-jake-sullivan-called/5788614

• Excerpts from ‘The Taiwan Question and China’s Reunification in the New Era’

https://www.globaltimes.cn/page/202208/1272662.shtml

• China white paper on Taiwan, outlines irreversible historical process, stronger capability and rock-solid resolution in new era

https://www.globaltimes.cn/page/202208/1272637.shtml

• China’s Reaction To Pelosi’s Visit Reveals Its Taiwan Conflict Plans

https://www.moonofalabama.org/2022/08/reaction-to-pelosis-visit-reveals-chinas-plans-for-a-taiwan-conflict

• Statement condemning Nancy Pelosi’s reckless visit to China’s Taiwan

https://socialistchina.org/2022/08/03/statement-condemning-nancy-pelosis-reckless-visit-to-chinas-taiwan/

• ‘The High Cost of U.S. Meddling in West Asia’

https://news.cgtn.com/news/2022-08-10/CGTN-launches-feature-The-High-Cost-of-U-S-Meddling–1cns44X4ymk/index.html

• What If? – DC War Game Maps Huge Toll of a Future US-China War Over Taiwan

https://www.bloomberg.com/news/articles/2022-08-09/what-if-war-game-for-a-us-china-conflict-sees-a-heavy-toll

• Pelosi trip part of efforts to contain China – Andrey Denisov, Russian ambassador to China

http://www.chinadaily.com.cn/a/202208/12/WS62f5891aa310fd2b29e71b6a.html

• How Big Defense took over the White House — and Philippines plans

‘Now the idea is to “enhance alliance commitments” so that “a potential trigger,” including any dual use structures at Scarborough Shoal or elsewhere, would result in “employing Article IV of the Mutual Defense Treaty” (MDT) — a kind of Ukraine scenario, but in Southeast Asia.’

https://www.manilatimes.net/2022/06/06/opinion/columns/how-big-defense-took-over-the-white-house-and-ph-plans/1846282

• In August 1945, the Soviets occupied the Kuril Islands

https://island.lk/kamikaze-aunt-and-other-stories/

• Why the Gulf states’ SCO membership is a big deal

‘Biden had three overlapping objectives: one, to rally Saudi leadership behind his containment strategy against Russia and China; two, to break up the OPEC+ alliance between Saudi Arabia and Russia so that a coordinated counterpoint ceases to be in the world oil market that is beyond American control; and, three, to assemble an anti-Iran military military alliance of Gulf states and Israel to give verve to Abraham Accords which has patently lost its fizz. Biden drew blank on all three counts’

https://www.indianpunchline.com/why-the-gulf-states-sco-membership-is-a-big-deal/

• Iran may accept EU proposal to revive nuclear deal if demands met

https://english.alaraby.co.uk/news/iran-may-accept-eu-proposal-revive-nuclear-deal

• Latvia, Estonia withdraw from China cooperation group

‘Bulgaria, Croatia, the Czech Republic, Greece, Hungary, Poland, Romania, Slovakia and Slovenia are among countries that remain in the cooperation format’

http://bizenglish.adaderana.lk/latvia-estonia-withdraw-from-china-cooperation-group/

• Who’s Who in the Biden Administration on Iran (2021)

‘Blinken’s previous roles have allowed him a direct hand in formulating the U.S. response to instability in Egypt, Iraq, Syria, and Libya.’

https://www.us-iran.org/resources/2021/6/25/media-guide-whos-who-in-the-biden-administration-on-iran

• Russia, Turkey launch new economic ‘roadmap’ – Bhadrakumar

‘The meeting in Sochi has rapidly accelerated Russian-Turkish economic initiatives and financial ties. These include bypassing western sanctions, integrating money transfers, and trading outside the dollar’

https://thecradle.co/Article/Columns/14036

https://www.indianpunchline.com/russia-turkey-reset-eases-regional-tensions/

• How Ukraine Lost Its Riches

https://www.moonofalabama.org/2022/08/how-ukraine-lost-its-riches

• Ukraine’s Mystic Kherson Offensive Did Not, And Will Not Happen

https://www.moonofalabama.org/2022/08/via-daniel-ukraine-battle-expands-as-kyiv-launches-counteroffensive-new-york-times-may-29-2022-ukraine-regains-some

• 42 Malian soldiers killed in suspected Islamist attack

https://news.cgtn.com/news/2022-08-11/42-Malian-soldiers-killed-in-suspected-Islamist-attack-1coVDam1c1W/index.html

• English museum to return Benin Bronzes stolen by colonial English to Nigeria

https://www.radiohc.cu/en/noticias/internacionales/296201-uk-museum-to-return-benin-bronzes-stolen-by-colonial-british-to-nigeria

• US Threatens Ethiopia and Eritrea with “Genocide Designation”

https://www.blackagendareport.com/us-threatens-ethiopia-and-eritrea-genocide-designation

• Reparations for African People

https://www.blackagendareport.com/reparations-african-people

• Haitian gangs burn alive former senator in Port-au-Prince

https://www.radiohc.cu/en/noticias/internacionales/296014-haitian-gangs-burn-alive-former-senator-in-port-au-prince

• Venezuela demands the return of its assets held abroad

‘retention of the gold reserves of the Venezuelan Central Bank carried out by England, the appropriation of the assets belonging to CITGO Petroleum Corporation, and the retention of a CONVIASA plane in Argentina.’

https://www.radiohc.cu/en/noticias/internacionales/296185-venezuela-demands-the-return-of-its-assets-held-abroad

• Colombia’s new president Petro proposes ambitious tax reforms

https://www.radiohc.cu/en/noticias/internacionales/296174-colombias-new-president-petro-proposes-ambitious-tax-reforms

• The end of contemporary history: China will be a tough nut to crack – Joschka Fischer

https://www.sundaytimes.lk/220807/sunday-times-2/the-end-of-contemporary-history-490864.html

• How Biden’s Foreign-Policy Team Got Rich (2020)

https://prospect.org/world/how-biden-foreign-policy-team-got-rich/

• For the US Empire, Hypocrisy and War Go Hand in Hand

https://www.blackagendareport.com/american-empire-hypocrisy-and-war-go-hand-hand

• Pelosi, Taiwan, and the US Crisis

https://www.blackagendareport.com/pelosi-taiwan-and-american-crisis

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

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

• Ministry of Defence didn’t ensure security to prevent President’s House being overrun?

https://www.sundaytimes.lk/220807/columns/president-makes-major-effort-to-form-all-party-govt-491039.html

• Mercenaries at the gates – A new type of Democracy

When the mercenaries clear the path, the police and the military will peacefully walk into the scene with a lawful gesture.’

https://www.dailymirror.lk/news-features/Mercenaries-at-the-gates/131-242976

 • Yahapalana Counter-Terror Act (CTA) modeled on the US Patriot Act

https://www.sundaytimes.lk/220807/columns/great-excesses-committed-against-protestors-but-where-is-the-civic-response-490909.html

• SLAF to recieve first ever Dornier aircraft from India (A12)

https://www.dailymirror.lk/breaking_news/SLAF-to-recieve-first-ever-Dornier-aircraft-from-India/108-242940

https://www.themorning.lk/first-maritime-patrol-aircraft-to-arrive-next-week/

• AG wants FR petition filed by Liberal Youth Movement against Emergency taken up before three-judge bench

https://island.lk/ag-wants-fr-petition-filed-by-liberal-youth-movement-against-emergency-taken-up-before-three-judge-bench/

• SC grants Leave to Proceed on FR applications challenging Emergency Regulations

https://www.timesonline.lk/news-online/SC-grants-Leave-to-Proceed-on-FR-applications-challenging-Emergency-Regulations/2-1138364

• Rule of law is not the rule of lawyers – Attorney-at-law Manoj Gamage

https://www.lankaweb.com/news/items/2022/08/06/rule-of-law-is-not-the-rule-of-lawyers-attorney-at-law-manoj-gamage/

• Persons taken into custody held in ‘undisclosed locations’: Satkunanathan and Raheem

‘Application will be supported by Saliya Pieris, Pulasthi Hewamanna, Harini Jaywardena and Fadhila Fairoze’

https://island.lk/persons-taken-into-custody-held-in-undisclosed-locations

• BASL calls on IGP to ensure all arrests happen according to legal procedures

https://www.ft.lk/news/BASL-calls-on-IGP-to-ensure-all-arrests-happen-according-to-legal-procedures/56-738529

• Shootouts rise while cops keep order at fuel lines

https://www.sundaytimes.lk/220807/news/shootouts-rise-while-cops-keep-order-at-fuel-lines-490958.html

• Frontline Socialist Party (FSP) vows to fight back – Emergency receives some lawyers’ backing:

https://www.lankaweb.com/news/items/2022/08/06/frontline-socialist-party-fsp-vows-to-fight-back-emergency-receives-some-lawyers-backing/

• Two human rights activists go before SC against police-military arbitrary action

https://www.dailymirror.lk/latest_news/Two-human-rights-activists-go-before-SC-against-police-military-arbitrary-action/342-242627

• SLPP PS member’s shooting suspect dies after taken to show hidden weapons

https://www.dailymirror.lk/breaking_news/SLPP-PS-members-shooting-suspect-dies-after-taken-to-show-hidden-weapons/108-242706

• Court grants bail to 8 protesters including Damita and Ratta

https://www.ft.lk/news/Court-grants-bail-to-8-protesters-including-Damita-and-Ratta/56-738500

• Action against protesters: AG objects to FR application filed by Reverend Pieris

https://island.lk/action-against-protesters-ag-objects-to-fr-application/

• English woman asked to leave Sri Lanka before 15th August for posting Aragalaya Content

https://www.newsfirst.lk/2022/08/10/british-woman-asked-to-leave-sri-lanka-before-15th-august-for-posting-aragalaya-content/

• Suspect arrested over aiding and abetting murder of PS member

http://www.adaderana.lk/news/84231/suspect-arrested-over-aiding-and-abetting-murder-of-ps-member

• SJB MP Wedaarachchi’s brother arrested

https://www.dailymirror.lk/breaking_news/SJB-MP-Wedaarachchis-brother-arrested/108-242866

• Police Log: August 9, 10, 11, & 12, 2022

https://www.timesonline.lk/news-online/POLICE-LOG-August-9-2022/2-1138313

https://www.timesonline.lk/news-online/POLICE-LOG-August-10-2022/2-1138327

https://www.timesonline.lk/news-online/POLICE-LOG-August-11-2022/2-1138347

https://www.timesonline.lk/news-online/POLICE-LOG-August-12-2022/2-1138358

• SLArmy Training School Accommodation & Quarantine Complex construction supported by Citizens Development Business Finance (CDB) with LKR 10 Mn

https://island.lk/sla-training-school-accommodation-quarantine-complex-completes-first-phase-of-construction-supported-by-cdb-with-lkr-10-mn/

• The Extra Mile: Memories of a fulfilling experience during the civil war

https://www.dailymirror.lk/news-features/The-Extra-Mile-Memories-of-a-fulfilling-experience-during-the-civil-war/131-242751

• Magnificent Sri Lanka Police – Lalin Fernando

https://island.lk/magnificent-sri-lanka-police/

• North Korea declares ’shining victory’ over Covid

https://www.timesonline.lk/world/North-Korea-declares-shining-victory-over-Covid/7-1138345

• Summary of the Ministry of Defense of the Russian Federation on the progress of a special military operation on the territory of Ukraine (07082022)

https://www.moonofalabama.org/2022/08/ukraine-open-thread-2022-124/comments/page/2/#comments

• Policy By Other Means

‘all intelligently-conducted wars are “hybrid wars” advancing on many levels to achieve the “political object” by “other means”.’

https://www.moonofalabama.org/2022/08/policy-by-other-means-by-helmholtz-smith/comments/page/2/#comments

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C3. Economists (Study the Economists before you study the Economics)

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

• Should Sri Lanka privatize Central Bank & Institute of Policy Studies too?

https://www.lankaweb.com/news/items/2022/08/12/should-sri-lanka-privatize-central-bank-institute-of-policy-studies-too/

• Should we privatize Sri Lanka’s State Owned Enterprises (SoEs)

https://www.lankaweb.com/news/items/2022/08/11/should-we-privatize-sri-lankas-state-owned-enterprises-soes/

• GR govt. ignored Chinese lenders’ request for debt restructuring in 2021

https://island.lk/gr-govt-ignored-chinese-lenders-request-for-debt-restructuring/

• Bypassing cabinet & Central Bank, President as Finance Minister could use executive powers to push privatization

https://www.sundaytimes.lk/220807/columns/president-makes-major-effort-to-form-all-party-govt-491039.html

• Financial advisors Lazard also reviewing local debt of just over Rs 12 bn

https://www.sundaytimes.lk/220807/columns/president-makes-major-effort-to-form-all-party-govt-491039.html

• Sri Lankan Rupee to the US Dollar depreciation by 90% in 1977

https://www.sundaytimes.lk/220807/editorial/people-participation-and-transparency-in-public-finance-491033.html

• Supreme Court told how record tax cuts and Gotabaya Govt.’s policies led to economic crisis

‘One petition by Athulasiri Kumara Samarakoon, Soosaiappu Neavis Morais and Mahim Mendis. The other by Chandra Jayaratne, Julian Bolling, Jehan CanagaRetna and Transparency International’

https://www.sundaytimes.lk/220807/news/sc-told-how-record-tax-cuts-and-gotabaya-govt-s-policies-led-to-economic-crisis-491042.html

• National Economic Policy being drafted for the next 25 years – President

https://www.sundaytimes.lk/220807/columns/a-speech-that-made-it-clear-that-here-is-a-president-who-intends-settling-in-for-the-long-haul-491057.html

• IMF proposals must be implemented – Old economic model will Not work need innovative thinking – President

https://www.lankaweb.com/news/items/2022/08/06/imf-proposals-must-be-implemented-old-economic-model-will-not-work-need-innovative-thinking-president/

• Following the IMF is not the way ahead – Karunaratne

https://www.lankaweb.com/news/items/2022/08/09/why-follow-binduof-sunday-times-it-is-nato-no-action-talk-only/

• Domestic debt restructure could stoke fresh banking crisis, expert warns

https://www.dailymirror.lk/breaking_news/Domestic-debt-restructure-could-stoke-fresh-banking-crisis-expert-warns/108-242698

• ‘SL should stand firm and not restructure domestic debt’ – Eran of God

https://www.themorning.lk/sl-should-stand-firm-and-not-restructure-domestic-debt/

• Current PM said current President robbed Central Bank when he was Prime Minister

https://island.lk/govt-should-not-deviate-from-agenda-of-national-needs-in-discussions-to-find-solutions-to-crises-eran/

• Harsha: Will RW use Emergency to steamroller his economic reforms?

https://island.lk/harsha-will-rw-use-emergency-to-steamroller-his-economic-reforms/

• Harsha supports genuine all-party effort, presents reform proposals

https://www.ft.lk/front-page/Harsha-supports-genuine-all-party-effort-presents-reform-proposals/44-738637

• COPE Audits are for Show & Soon Forgotten

https://www.ft.lk/columns/Dollar-chase-Reforms-and-audits/4-738615

• Sri Lanka built on loans, not tax revenue: Industries Minister

‘We have 40,000 graduates every year. If most of them become jobless with degrees, then education officers should take the responsibility for not giving them the proper skills for the job market’

https://economynext.com/sri-lanka-built-on-loans-not-tax-revenue-industries-minister-98460/

• IMF introduces new framework for debt sustainability

‘an early warning system gauging debt-related risks, and when risks are detected, the framework can help identify policy recommendations to prevent potential stress from materialising.’

https://www.themorning.lk/imf-introduces-new-framework-for-debt-sustainability/

• Multiparty governance, IMF agreement and human rights risks – Jayatilleka de Silva

https://www.ft.lk/columns/Multiparty-governance-IMF-agreement-and-human-rights-risks/4-738458

• Stagflation in Sri Lanka? Risks and policy responses – IPS

‘The country will need to impose austerity measures to receive an extended fund facility from the IMF’

https://www.dailymirror.lk/features/Stagflation-in-Sri-Lanka-Risks-and-policy-responses/185-242819

https://www.dailymirror.lk/businessopinion/Stagflation-in-Sri-Lanka-Risks-and-policy-responses/306-242819

• Neoliberalism: Oversold? – Ostry, Loungani, and Furceri

https://www.imf.org/external/pubs/ft/fandd/2016/06/ostry.htm

• Report of the Special Rapporteur on extreme poverty and human rights (2018)

https://www.ohchr.org/en/documents/thematic-reports/ahrc3833-report-special-rapporteur-extreme-poverty-and-human-rights

• South Asia Debt Woes Evoke Fears of Another 1997-Style Crisis

http://bizenglish.adaderana.lk/south-asia-debt-woes-evoke-fears-of-another-1997-style-crisis/

• Members appointed to Committee on Public Finance

‘Bandula Gunawardana, Vidura Wickramanayaka, Nalin Fernando, Anura Priyadharshana Yapa, Vijitha Herath, Duminda Dissanayake, Shehan Semasinghe, Premitha Bandara Tennakoon, Dr. Harsha de Silva, Indika Anuruddha Herath, Siripala Gamalath, Seetha Arambepola, Suren Raghavan, M. A. Sumanthiran, Kavinda Heshan Jayawardhana, Mujibur Rahuman, Harshana Rajakaruna, Chaminda Wijesiri, Isuru Dodangoda, Anupa Pasqual, and Ranjith Bandara’

https://www.themorning.lk/members-appointed-to-committee-on-public-finance/

https://economynext.com/mps-nominated-to-sri-lankas-parliamentary-committee-on-public-finance-98444/

• Parliamentary Business Committee new members

‘Nimal Siripala de Silva, Douglas Devananda, M.U.M. Ali Sabry, Kanchana Wijesekera, Chamal Rajapaksa, Johnston Fernando, Gayantha Karunatilleka, Anura Dissanayaka, Rauff Hakeem, Pavithradevi Wanniarachchi, Gamini Lokuge, C.B. Rathnayake, Rishad Bathiudeen, Wimal Weerawansa, Ranjith Madduma Bandara, Mano Ganesan, Dayasiri Jayasekara, Rohitha Abegunawardhana, G.G. Ponnambalam, M.A. Sumanthiran, Sagara Kariyawasam’

http://www.adaderana.lk/news/84235/public-finance-committee-and-parliamentary-business-committee-get-new-members

https://economynext.com/mps-named-for-sri-lankas-committee-on-parliamentary-business-98443/

• UNDP Official Neto lectures lawmakers on revenue generation

https://www.themorning.lk/mps-discuss-revenue-generation-for-economic-rrecovery/

https://island.lk/undp-official-lectures-lawmakers-on-revenue-generation/

• Bridging finance and an early agreement with the IMF are vital – Sanderatne

https://www.sundaytimes.lk/220807/columns/president-wickremesinghe-determined-to-address-fundamental-structural-economic-weaknesses-490905.html

• 600 articles over 11 years: What did they tell the reading public and policymakers? – Wijewardena

‘the top priority of the Government should be the promotion of exports.’

https://www.ft.lk/columns/600-articles-over-11-years-What-did-they-tell-the-reading-public-and-policymakers/4-738412

• Overcome domestic savings and investment gap with foreign investment from those who’ve already conquered international markets – Abeyratne

https://www.sundaytimes.lk/220807/business-times/a-way-out-through-the-port-city-490674.html

• SL must focus on higher revenue mobilisation to overcome crisis: US Advocata Roshan Perera

https://www.ft.lk/top-story/SL-must-focus-on-higher-revenue-mobilisation-to-overcome-crisis/26-738518

• What value does the Port City Colombo have for Sri Lanka?

https://www.ft.lk/columns/The-synergies-of-two-cities/4-738414

• Targeted legislative tweaks can help contain the harm of debt crises – Gill and Buchheit

‘At the end of 2021, governments in low- and middle-income economies owed an

estimated $9.3 trillion—a record—to foreign creditors, mostly to private creditors and bondholders scattered across multiple countries’

https://www.brookings.edu/blog/future-development/2022/06/27/targeted-legislative-tweaks-can-help-contain-the-harm-of-debt-crises/

• Fixing the Sri Lankan economy: Better to have products at high prices than no products at all

https://www.timesonline.lk/business/OPINION-Fixing-the-Sri-Lankan-economy/10-1138326

• Corporations, Boards and Foundations & Planning Ministry – Leelananda De Silva

https://island.lk/corporations-boards-and-foundations/

• Genesis of the the Export Development Board (EDB) – Sugath Kulatunga

https://www.lankaweb.com/news/items/2022/08/09/genesis-of-the-the-export-development-board-edb/

• Chinese Assistance is Opulent but Opaque! ­– Prof. Samitha Hettige

http://bizenglish.adaderana.lk/chinese-assistance-is-opulent-but-opaque-by-prof-samitha-hettige/

• Reintroducing Kotelawala’s Six Years Program of Investment (1955-1960)

The main purpose of the program was economic diversification, import substitution and mobilization of domestic savings.’

https://www.lankaweb.com/news/items/2022/08/11/reintroducing-the-six-years-program-of-investment-1955-1960/

• India projected to become Asia’s fastest-growing economy

https://www.rt.com/business/560641-india-asia-strongest-economy/

• Great leap forward for rupee’s transformation as reserve currency!

https://www.indianpunchline.com/china-us-decoupling-gushes-out/

• Yuan, Rupee, Lira May Replace Dollar, Euro in Russia Wealth Fund

https://www.bloomberg.com/news/articles/2022-08-12/yuan-rupee-lira-may-replace-dollar-euro-in-russia-wealth-fund

• International economists ask Biden to release Afghan central bank funds

https://www.reuters.com/world/international-economists-ask-biden-release-afghan-central-bank-funds-2022-08-10/

• US and Taliban make progress on Afghan reserves, but big gaps remain (JL26)

https://www.reuters.com/world/exclusive-us-taliban-make-progress-afghan-reserves-big-gaps-remain-2022-07-26/

• Bangladesh minister warns against China’s BRI lending, cites Sri Lanka’s example

http://bizenglish.adaderana.lk/bangladesh-minister-warns-against-chinas-bri-lending-cites-sri-lankas-example/

• Pakistan was headed to Sri Lanka’s ‘default-like situation’ but crisis averted – finance minister

https://www.newsfirst.lk/2022/08/10/pakistan-was-headed-to-sri-lanka%e2%80%99s-%e2%80%98default-like-situation%e2%80%99-but-crisis-averted-%e2%80%94-finance-minister/

• Laos Economic Crisis Intensifies amid Massive Chinese Debt

https://www.newsclick.in/Laos-Economic-Crisis-Intensifies-Massive-Chinese-Debt

• Ukraine seeks debt freeze as war ravages economy (JL20)

https://www.reuters.com/world/europe/ukraine-intends-postpone-debt-payments-24-months-government-resolution-2022-07-20/

• Ukraine’s creditors agree 2-year freeze on $20 billion overseas debt (A11)

‘BlackRock Inc (BLK.N), Fidelity International, Amia Capital and Gemsstock Ltd are among the biggest holders of Ukraine’s debt… bilateral creditors including the United States, Britain and Japan had also backed a debt repayment delay and a group of governments in the Paris Club agreed to suspend payments until the end of 2023.’

https://www.reuters.com/markets/europe/ukraines-creditors-agree-two-year-payment-freeze-almost-20-billion-international-2022-08-10/

•  Ukraine in default according to Fitch and S&P (A13)

https://www.dawn.com/news/1704627/ukraine-in-default-according-to-fitch-and-sampp

• We Don’t Need No Stinkin’ Harvard: Why the Crew, and not the Captain, Will Save America

‘The elites who control international finance are the best educated people in the world. They are also the most dangerous and have inflicted the most harm’

https://www.blackagendareport.com/we-dont-need-no-stinkin-harvard-why-crew-and-not-captain-will-save-america

• What to do about the coming debt crisis in developing countries (2020)

‘Emerging markets and developing countries have about $11 trillion in external debt and about $3.9 trillion in debt service due in 2020. Of this, about $3.5 trillion is for principal repayments. Around $1 trillion is debt service due on medium- and long-term (MLT) debt, while the remainder is short-term debt, much of which is normal trade finance.’

https://www.brookings.edu/blog/future-development/2020/04/13/what-to-do-about-the-coming-debt-crisis-in-developing-countries/

• Truth About Markets, Pillar of Capitalist Ideology – Richard D. Wolff

‘In reality, markets are useful institutions for capitalists to manipulate for profit.’

https://www.newsclick.in/truth-about-markets-pillar-capitalist-ideology

• The IRA and the four horsemen of the climate apocalypse –Roberts

https://thenextrecession.wordpress.com/2022/08/07/the-ira-and-the-four-horsemen-of-the-climate-apocalypse/

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C4. Economy (Usually reported in monetary terms)

ee Economy section shows how media usually measures economy by false indices like GDP, etc., in monetary terms, confusing money and capital, constantly calling for privatization, deregulation, moaning about debt & balance of payments, without stating the need for modern industrial production.

• Sri Lanka hikes electricity prices 75-pct after soft-peg collapse (A9)

https://economynext.com/sri-lanka-hikes-electricity-prices-75-pct-after-soft-peg-collapse-98364/

• Electricity charges to go up by 75% from tomorrow: PUCSL

https://www.dailymirror.lk/latest_news/Electricity-charges-to-go-up-by-75-from-tomorrow-PUCSL/342-242708

• Sri Lanka to revise water tariffs to reflect operational costs (A9)

https://economynext.com/sri-lanka-to-revise-water-tariffs-to-reflect-operational-costs-98386/

• Electricity tariff hike to go live next week

https://www.themorning.lk/electricity-tariff-hike-to-go-live-next-week/

• Cost-reflective water tariffs in the offing

https://www.dailymirror.lk/business-news/Cost-reflective-water-tariffs-in-the-offing/273-242745

• Opposition slams electricity tariff hike: ploy to privatise the Ceylon Electricity Board (CEB)

https://www.themorning.lk/opposition-slams-electricity-tariff-hike/

https://island.lk/sjb-demands-debate-on-unconscionable-power-tariff-hike/

• ‘We are going to see further cuts in welfare measures and subsidies’– DM Editorial

https://www.dailymirror.lk/opinion/Subsidies-inflation-and-need-for-A-safety-net-EDITORIAL/231-242753

• Interim Budget tabled in Parliament

‘The Amendment Bill, with regard to the Appropriation Act No. 30 of 2021 for the year 2022’

https://island.lk/interim-budget-tabled-in-parliament/

https://economynext.com/sri-lanka-new-president-to-reallocate-funds-in-interim-budget-98365/

• Customs notify travellers to refrain from bringing prohibited, restricted commodities

https://www.dailymirror.lk/breaking_news/Customs-notify-travellers-to-refrain-from-bringing-prohibited-restricted-commodities/108-242712

https://www.ft.lk/front-page/Customs-warn-passengers-on-restricted-items/44-738488

• Argentina rate hiked to 69.5% as inflation hits 20-year high

‘In July, Martín Guzmán resigned as Finance Minister after being in the role for more than two and a half years. His successor Silvina Batakis lasted just a mont…protestors have taken to the streets…’

https://www.dailymirror.lk/business-news/Argentina-rate-hiked-to-69-5-as-inflation-hits-20-year-high/273-242969

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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

• Nine dead, thousands made helpless by downpours and floods

https://www.sundaytimes.lk/220807/news/nine-dead-thousands-made-helpless-by-downpours-and-floods-490985.html

• Stalin reads riot act to govt. over proposal to allow schoolchildren to work part time

https://island.lk/stalin-reads-riot-act-to-govt-over-proposal-to-allow-schoolchildren-to-work-part-time/

• Sri Lanka to remove night work restrictions on women

https://economynext.com/sri-lanka-to-remove-night-work-restrictions-on-women-98397/

• Cabinet approves amending existing laws on night work for women; boost for ICT sector

https://www.ft.lk/front-page/Cabinet-approves-amending-existing-laws-on-night-work-for-women-boost-for-ICT-sector/44-738527

• Unionists ready for renewed bout against ‘suppression’

‘Saman Ratnapriya, President Wikremesinghe’s current advisor on trade unions, also took part in the demonstrations that day. “It was very clear that not only the United National Party (UNP) supported that protest on May 28, but it also had Mr. Wickremesinghe’s blessing,” said Ravi Kumudesh, co-convener of the Trade Union Coordination Centre.’

https://www.sundaytimes.lk/220807/news/unionists-ready-for-renewed-bout-against-suppression-490978.html

• Bus owners threaten NTC officials with death over reduced bus fares

https://www.dailymirror.lk/latest_news/Death-threats-to-NTC-officials-for-reducing-bus-fares/342-242807

• Fire breaks out at Durdans Hospital hostel

https://www.dailymirror.lk/latest_news/Fire-breaks-out-at-Durdans-Hospital-hostel/342-242799

• About Rs 3 bn paid as overtime to CPC workers during past few months

https://island.lk/about-rs-3-bn-paid-as-ot-during-past-few-months/

• Overtime payment to refinery workers; Minister to present detailed report in Parliament

https://www.dailymirror.lk/breaking_news/Overtime-payment-to-refinery-workers-Minister-to-present-detailed-report-in-Parliament/108-242857

• Opposition calls for debate on electricity tariff hike

https://www.dailymirror.lk/latest_news/Opposition-calls-for-debate-on-electricity-tarrif-hike/342-242800

• Sri Lanka to introduce new electricity tariff scheme for low-income households

https://economynext.com/sri-lanka-to-introduce-new-electricity-tariff-scheme-for-low-income-households-98420/

• Select consumers in Sri Lanka required to pay electricity bills in dollars: regulator

https://economynext.com/select-consumers-in-sri-lanka-required-to-pay-electricity-bills-in-dollars-regulator-98405/

• No bonuses for CEB if it doesn’t deliver: PUCSL

https://www.dailymirror.lk/business-news/No-bonuses-for-CEB-if-it-doesnt-deliver-PUCSL/273-242746

• Complex and archaic labour laws keep workers in informal sector: US Advocata expert

https://www.dailymirror.lk/business-news/Complex-and-archaic-labour-laws-keep-workers-in-informal-sector-expert/273-242691

• CIPM establishes study centre in Bangladesh to support Sri Lanka’s economic recovery

https://www.dailymirror.lk/business-news/CIPM-establishes-study-centre-in-Bangladesh-to-support-Sri-Lankas-economic-recovery/273-242966

• Winners and Losers of Sri Lanka’s Work from Home Policy

https://island.lk/winners-and-losers-of-sri-lankas-work-from-home-policy/

• Hundreds risk illegal sea journey for a better life

‘More than 50,000 illegal migrants had arrived in Australia on 820 boats with 1200 deaths at sea, during the period the last Labor government was in power’

https://www.sundaytimes.lk/220807/news/hundreds-risk-illegal-sea-journey-for-a-better-life-491016.html

• 32 Sri Lankans leaving for overseas jobs every hour

https://www.sundaytimes.lk/220807/news/32-sri-lankans-leaving-for-overseas-jobs-every-hour-491069.html

• Govt. expects labour migration to hit an all-time high this year

https://www.dailymirror.lk/breaking_news/Govt-expects-labour-migration-to-hit-an-all-time-high-this-year/108-242696

• UNFPA appeals for US$10.7mn to meet urgent needs of Lankan women and girls affected by economic crisis

https://www.dailymirror.lk/business-news/UNFPA-appeals-for-US-10-7mn-to-meet-urgent-needs-of-Lankan-women-and-girls-affected-by-economic-crisis/273-242695

https://economynext.com/unfpa-appeals-for-over-10-million-dollars-to-assist-sri-lankas-vulnerable-women-98406/

• We’re In A Big COVID Wave And Just Drowning

– indi.ca

• Mary Rutnam’s Legacy

https://island.lk/mary-rutnams-legacy/

• Mental Health Is Not Your Problem, It’s Our Problem

– indi.ca

• Vaccines Aren’t Stopping COVID And We Need To Talk About It

– indi.ca

• Fake computer institutes ruin career of Odisha jobseekers

https://island.lk/fake-computer-institutes-ruin-career-of-odisha-jobseekers/

• National Strike Called on Cost of Living Crisis in South Africa

https://socialistproject.ca/2022/08/national-strike-called-on-cost-of-living-crisis-in-south-africa/

• Study shows hate crimes against Muslims in Canada jump by 71 percent

https://www.radiohc.cu/en/noticias/internacionales/295809-study-shows-hate-crimes-against-muslims-in-canada-jump-by-71-percent

• Ontario Government Refuses to Address the Healthcare Crisis

https://socialistproject.ca/2022/08/ontario-government-refuses-to-address-healthcare-crisis/

• Women in Prison: How We Are, Assata Shakur, 1978

https://www.blackagendareport.com/essay-women-prison-how-we-are-assata-shakur-1978

• Ruchell Magee: US Prisoner, Political Thinker, Rebel, & Still Fighting for Release After 67 Years

https://www.blackagendareport.com/ruchell-magee-us-prisoner-political-thinker-rebel-and-still-fighting-release-after-67-years

• Lean Production Is Not a Solution

‘framing of lean production as a neutral technology that provides openings for worker empowerment and participation is mistaken.’

https://socialistproject.ca/2022/08/lean-production-is-not-a-solution/

• Fuel poverty is creating a left-out English generation that will never recover from the scars

https://www.theguardian.com/commentisfree/2022/aug/06/fuel-poverty-is-creating-a-left-out-generation-that-will-never-recover-from-the-scars

_________________________________________________________________________

C6. Agriculture (Robbery of rural home market; Machines, if used, mainly imported)

ee Agriculture emphasizes the failure to industrialize an agriculture that keeps the cultivator impoverished under moneylender and merchant, and the need to develop the rural home market, monetization and commercialization, to produce, rather than import, agricultural machinery.

• Won’t allow Indian fisher folk to exploit fishing resources in lieu of India’s donation: Minister

https://www.dailymirror.lk/breaking_news/Wont-allow-Indian-fisher-folk-to-exploit-fishing-resources-in-lieu-of-Indias-donation-Minister/108-242584

• Nine Indian fishermen arrested in Mullaithivu sea

https://www.timesonline.lk/news-online/Nine-Indian-fishermen-arrested-in-Mullaithivu-sea/2-1138338

• Economic crisis: 100,000 families already starving

https://island.lk/economic-crisis-100000-families-already-starving/

• CAA, Trade minister must provide relief to people in rural, town areas: Canteen Owners Assn.

https://www.dailymirror.lk/breaking_news/CAA-Trade-minister-must-provide-relief-to-people-in-rural-town-areas-Canteen-Owners-Assn/108-242810

• Enough diesel to be provided to farmers for Yala harvesting

‘For paddy harvesting machinery about 20.27 million litres or 3,0020 bowser loads of diesel needed’

https://island.lk/enough-diesel-to-be-provided-to-farmers-for-yala-harvesting/

• Northern farmers mired in fuel-cum-fertiliser crisis

https://www.sundaytimes.lk/220807/news/northern-farmers-mired-in-fuel-cum-fertiliser-crisis-490922.html

• Sri Lanka food prices down over open account imports: Minister (A11)

https://economynext.com/sri-lanka-food-prices-down-over-open-account-imports-minister-98427/

• National tea sales average in July reaches highest ever for a calendar month

https://www.dailymirror.lk/business-news/National-tea-sales-average-in-July-reaches-highest-ever-for-a-calendar-month/273-242970

• Pitfalls of forced organic farming in Sri Lanka, how it led to food insecurity

https://news.cgtn.com/news/2022-07-30/Pitfalls-of-forced-organic-farming-in-Sri-Lanka-1c5808cmUFy/index.html

• AmCham SL and Habitat for Humanity join for Humanitarian Emergency Relief mission

https://www.ft.lk/news/AmCham-SL-and-Habitat-for-Humanity-join-hands-for-Humanitarian-Emergency-Relief-mission/56-738549

• US Envoy Opposes China-Ceylon Rubber Agreement, in 1951

https://history.state.gov/historicaldocuments/frus1951v06p2/d426

• Japan to provide US $ 3mn grant through ADB to ensure SL’s food security

‘Japan Fund for Poverty Reduction (original JFPR)’

https://www.dailymirror.lk/business-news/Japan-to-provide-US-3mn-grant-through-ADB-to-ensure-SLs-food-security/273-242844

• AG gives undertaking not to construct new roads in Sinharaja forest

https://www.dailymirror.lk/latest_news/AG-gives-undertaking-not-to-construct-new-roads-in-Sinharaja-forest/342-242641

• AG’s undertaking raises hope for protection of ‘Other State Forests’

https://www.sundaytimes.lk/220807/news/ags-undertaking-raises-hope-for-protection-of-other-state-forests-490913.html

• When The Climate Karma Comes Due

– indi.ca

• UN registers one millionth person displaced by drought in Somalia

https://www.radiohc.cu/en/noticias/internacionales/296432-un-registers-one-millionth-person-displaced-by-drought-in-somalia

• Peruvian president denies existence of evidence against him

‘investigations, which also involve his family, are part of a coup operation, allegedly orchestrated by those who already tried to snatch power from him when he won the elections in June 2021 through accusations of a non-existent electoral fraud.’

https://www.radiohc.cu/en/noticias/internacionales/296378-peruvian-president-denies-existence-of-evidence-against-him

• Canada’s Iqaluit city declares state of emergency over water shortage

https://news.cgtn.com/news/2022-08-13/Canada-s-Iqaluit-city-declares-state-of-emergency-over-water-shortage-1csg7QkCt0Y/index.html

• The Race Gap in the US Native Americans

https://newsus.cgtn.com/news/2022-08-12/BIG-STORY-The-Race-Gap-in-the-U-S-Native-Americans-1cq8ZwxKaJi/index.html

• Nancy Pelosi, White Supremacy, and China

https://www.blackagendareport.com/nancy-pelosi-white-supremacy-and-china

_____________________________________________________________________

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 domination by merchants and moneylenders.

• Global apparel industry steps up to support Sri Lanka’s apparel sector

https://www.dailymirror.lk/business-news/Global-apparel-industry-steps-up-to-support-Sri-Lankas-apparel-sector/273-242974

• FTZ industrialists cry foul over ‘unreasonable’ power tariff hike

https://www.ft.lk/top-story/FTZ-industrialists-cry-foul-over-unreasonable-power-tariff-hike/26-738638

• Fuel pass: Four-wheel users happy, but not so three-wheeler drivers

https://www.sundaytimes.lk/220807/news/fuel-pass-four-wheel-users-happy-but-not-so-three-wheeler-drivers-491052.html

• Same people who created artificial fuel crisis are behind the importation of fuel

https://www.dailymirror.lk/opinion/GIMMICKS-IN-FUEL-CRISIS/231-242565

• Litro customers laugh; Laugf customers in quandary

‘supplies were being obtained through a US$ 90 million deal with Oman Trading…to meet customer demand till October..possible through a $70 million loan granted by the World Bank and a US$20 million Treasury loan, which Litro is expected to settle in five months.’

https://www.sundaytimes.lk/220807/news/litro-customers-laugh-laugf-customers-in-quandary-490944.html

• STF seizes 19,000 L of Diesel

https://www.newsfirst.lk/2022/08/10/stf-seizes-19-000-l-of-diesel/

• 1,321 arrested for hoarding fuel in Sri Lanka

http://www.adaderana.lk/news/84225/1321-arrested-for-hoarding-fuel-in-sri-lanka

• Govt. permits to open 50 new Indian Oil Co. filling stations

https://www.dailymirror.lk/latest_news/Govt-permits-to-open-50-new-LIOC-filling-stations/342-242634

https://economynext.com/sri-lankas-ioc-unit-authorised-to-open-50-new-filling-stations-98341/

• Indian Oil Co welcomes Govt. nod for higher footprint

https://www.ft.lk/front-page/Lanka-IOC-welcomes-Govt-nod-for-higher-footprint/44-738485

• Sinopec likely to enter Lankan fuel market

‘90 percent of Sri Lanka’s fuel supply is through the State-owned Ceylon Petroleum Corporation, and the remaining 10 percent by Lanka IOC’

https://www.dailymirror.lk/business-news/Sinopec-likely-to-enter-Lankan-fuel-market/273-242595

• China’s Oil Giant Sinopec Eyes Business In Sri Lankan Gas & Energy Market Amid Crisis

https://www.republicworld.com/world-news/rest-of-the-world-news/chinas-oil-giant-sinopec-eyes-business-in-sri-lankan-gas-and-energy-market-amid-crisis-articleshow.html

• PUCSL assures CEB will resume issuance of new electricity connections

https://www.ft.lk/front-page/PUCSL-assures-CEB-will-resume-issuance-of-new-electricity-connections/44-738524

• Attorney General clears new Petroleum Products Bill

https://www.ft.lk/front-page/Attorney-General-clears-new-Petroleum-Products-Bill/44-738526

• Despite signs of economic crisis, Govt spent huge amounts on roads and highways last year

https://www.sundaytimes.lk/220807/news/despite-signs-of-economic-crisis-govt-spent-huge-amounts-on-roads-and-highways-last-year-491067.html

• China’s Exim Bank suspends loan; Central Expressway hits road block

https://www.sundaytimes.lk/220807/news/chinas-exim-bank-suspends-loan-central-expressway-hits-road-block-491071.html

• JICA’s suspension of funding halts BIA expansion project by Taisei

https://www.sundaytimes.lk/220807/business-times/jicas-suspension-of-funding-halts-bia-expansion-project-by-taisei-490698.html

• Lack of dollars hits rail tracks

https://www.sundaytimes.lk/220807/news/lack-of-dollars-hits-rail-tracks-490890.html

• Demand for inverters owing to the power shortages and power cuts

https://www.sundaytimes.lk/220807/business-times/demand-for-inverters-490701.html

• Sri Lanka Insurance Corp. gets UL contract

https://www.ft.lk/front-page/Sri-Lanka-Insurance-Corp-gets-UL-contract/44-738491

• The National Airline: A financial catastrophe in the making! – Rockefeller Pathfinder Foundation

https://island.lk/the-national-airline-a-financial-catastrophe-in-the-making/

• Sri Lanka pro-govt legislator calls for privatisation of SriLankan Airlines

https://economynext.com/sri-lanka-pro-govt-legislator-calls-for-privatisation-of-srilankan-airlines-98458/

• If govt. provide concessions, we will convert our three-wheelers to electric: AITWDU

https://www.dailymirror.lk/breaking_news/If-govt-provide-concessions-we-will-convert-our-three-wheelers-to-electric-AITWDU/108-242724

• Colombo port’s June transshipment volumes drop amid social unrest

https://www.dailymirror.lk/business__main/Colombo-ports-June-transshipment-volumes-drop-amid-social-unrest/245-242890

• 284 import licenses issued in 2021 for vehicles, spare parts despite ban

‘19,576 overall import licenses, out of which 8,982 licenses are issued for mobile phones and telecommunication equipment.’

https://www.themorning.lk/284-import-licenses-issued-for-vehicles-spare-parts-despite-ban/

• Industrial Association (IASL) appoints Haycarb’s Brahman Balaratnarajah as Chairman

‘part of the Ceylon Chamber of Commerce…Kelum Kospelawatte of Singer Industries and Harini Rajadasa of Unilever were appointed as Senior Vice Chairman and Deputy Vice Chairman.

Executive Committee: Ceylon Biscuits, Ceylon Tobacco Co, Dipped Products, Ex-Pack Corrugated Cartons Hettigoda Industries, Litro Gas Lanka, Nestle Lanka, PGP Glass Ceylon, Polypak Secco, Richard Pieris & Co, The Lion Brewery Ceylon, The Swadeshi Industrial Works and Vision Fund.’

https://www.dailymirror.lk/business/IASL-appoints-Haycarbs-Brahman-Balaratnarajah-as-Chairman/215-242757

• SMEs are sinking, Mr. President

‘When 75% of the GDP of the country is generated by the SME sector and IMF estimates that the country’s economy will contract by -7% one can imagine the impact to this sector. Some speculate that already almost a million SMEs are in trouble, especially the tourism industry, construction and the cottage industry of Sri Lanka’

https://www.ft.lk/columns/SMEs-are-sinking-Mr-President/4-738495

• Cabinet nod to allocate lands from regional industrial zones to set up factories

https://www.ft.lk/front-page/Cabinet-nod-to-allocate-lands-from-regional-industrial-zones-to-set-up-factories/44-738522

• Hospitals fall victim to severe shortage of medicines

https://www.newsfirst.lk/2022/08/12/hospitals-fall-victim-to-severe-shortage-of-medicines/

• Hemas operating profit for Q1 FY23 at least Rs. 2 billion

https://www.ft.lk/front-page/Hemas-resilience-leads-to-improved-performance-in-1Q-amidst-challenges/44-738604

• Prices of all communication services to go up: Communication Owners’ Assn.

https://www.dailymirror.lk/latest_news/Prices-of-all-communication-services-to-go-up-Communication-Owners-Assn/342-242803

• Dialog Axiata consolidated revenue of Rs.81.6 billion for 1H22 and Rs.43.3 billion for 2Q22

‘Dialog’s Malaysian parent Axiata Investments (Labuan) Limited holds 82.74 percent shares of the company while the Employees’ Provident Fund has a 2.9 percent stake.’

https://www.dailymirror.lk/business-news/Dialog-profitability-impacted-by-massive-forex-losses/273-242743

https://www.ft.lk/front-page/Dialog-hit-by-more-forex-losses-in-Q2-suffers-Rs-28-b-1H-loss/44-738519

• Sri Lanka Telecom H1 2022 profit before tax at least Rs.7.2 billion

https://www.dailymirror.lk/business/SLT-records-resilient-June-performance-amid-prudent-foreign-exchange-strategies/215-242758

https://www.ft.lk/front-page/SLT-Group-posts-stable-revenue-growth-in-1H-amidst-challenges/44-738487

• Huge investment required to deploy 5G in SL

https://www.sundaytimes.lk/220807/business-times/huge-investment-required-to-deploy-5g-in-sl-490667.html

• Govt. struggling to settle Rs.100bn owed to contractors of road development projects

https://www.dailymirror.lk/business-news/Govt-struggling-to-settle-Rs-100bn-owed-to-contractors-of-road-development-projects/273-242744

• Tokyo Cement 1Q profit of Rs.535 million,

https://www.dailymirror.lk/business/Tokyo-Cement-1Q-performance-signals-a-faltering-market/215-242754

• Big Chip in US-China Crisis

‘Pelosi’s trip coincided with US efforts to convince TSMC – the world’s largest chip manufacturer, on which the U.S. is heavily dependent – to establish a manufacturing base in the US and to stop making advanced chips for Chinese companies.’

https://consortiumnews.com/2022/08/05/big-chip-in-us-china-crisis/

• The US is dependent upon Taiwan’s machine tool industry.

https://www.trade.gov/country-commercial-guides/taiwan-machinery-and-machine-tools

• Most silicon wafers come from Japan.

https://www.youtube.com/watch?v=0s5TO9h6fco

______________________________________________________________________

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, preventing investment in modern production.

• President threatens to shut down Colombo Stock Exchange

https://www.sundaytimes.lk/220807/columns/lankas-envoy-in-high-profile-observer-team-for-kenyas-polls-491029.html

• Lehman Brothers’ Ruth Horowitz is IFC’s Regional VP for Asia and the Pacific

https://www.dailymirror.lk/business-news/Global-investment-professional-assumes-duties-as-IFCs-Regional-VP-for-APAC/273-242692

• Sampath Profit Before Tax at least Rs. 9 billion for H1 2022

https://www.ft.lk/front-page/Sampath-Bank-navigates-economic-crisis-with-confidence-backed-by-strong-capital-liquidity-positions/44-738636

• Seylan Bank records Rs. 1.5 b Profit After Tax for 1H 2022

https://www.ft.lk/front-page/Seylan-Bank-records-Rs-1-5-b-PAT-for-1H/44-738634

• State Mortgage and Investment Bank (SMIB) new CEO

‘Thushara Asuramanna was Vice President of Nations Trust Bank (NTB)….’

https://www.dailymirror.lk/business-news/SMIB-announces-appointment-of-new-CEO/273-242693

• Sri Lanka rupee guidance peg down: dull trade in bonds (A9)

https://economynext.com/sri-lanka-rupee-guidance-peg-down-dull-trade-in-bonds-98394/

• All bids for bond auction maturity rejected for first time in four months (A12)

https://www.ft.lk/financial-services/All-bids-for-bond-auction-maturity-rejected-for-first-time-in-four-months/42-738587

• Yields in Sri Lanka govt securities, rupee guidance peg steady (A10)

https://economynext.com/yields-in-sri-lanka-govt-securities-rupee-guidance-peg-steady-98421/

• Sri Lanka Treasuries auction fails amid re-structuring fears (A10)

https://economynext.com/sri-lanka-treasuries-auction-fails-amid-re-structuring-fears-98395/

• Sri Lanka rejects bids for 2025 bonds, some 2029 bonds sold (A10)

https://economynext.com/sri-lanka-rejects-bids-for-2025-bonds-some-2029-bonds-sold-98410/

• Sri Lanka shares gain for 9th session in high turnover (A9)

https://economynext.com/sri-lanka-shares-gain-for-9th-session-in-high-turnover-98392/

• Turnover crosses LKR 5 Bn (A10)

https://www.dailymirror.lk/business/Turnover-crosses-LKR-5-Bn/215-242759

• Sri Lanka shares gain over 2-pct in mid-day trade (A10)

https://economynext.com/sri-lanka-shares-gain-over-2-pct-in-mid-day-trade-98404/

• Turnover hits 6 month high at CSE; ASPI reaches 8,500 point level (A10)

https://www.ft.lk/front-page/Turnover-hits-6-month-high-at-CSE-ASPI-reaches-8-500-point-level/44-738492

• Sri Lanka stocks end at 4-month high after gaining for 10th straight session (A11)

https://economynext.com/sri-lanka-stocks-end-at-4-month-high-after-gaining-for-10th-straight-session-98426/

• Expolanka Holdings and Hayleys power share market

https://island.lk/expolanka-holdings-and-hayleys-power-share-market/

• Colombo stock market rebounds to 4-month high (A11)

https://www.ft.lk/front-page/Colombo-stock-market-rebounds-to-4-month-high/44-738520

• Sri Lanka stocks end the week gaining for the 11th session, setting a new 4-month high (A12)

https://economynext.com/sri-lanka-stocks-end-the-week-gaining-for-the-11th-session-setting-a-new-4-month-high-98473/

• Sri Lanka shares gain over 3-pct in mid-day trade (A12)

https://economynext.com/sri-lanka-shares-gain-over-3-pct-in-mid-day-trade-98454/

• Stock market rally persists; ends week on a high (A13)

https://www.ft.lk/front-page/Stock-market-rally-persists-ends-week-on-a-high/44-738633

• Without Any Legislative Powers, the US Fed Is Rewriting the Law and Creating a Permanent $500 Billion Bailout Facility for Wall Street

https://wallstreetonparade.com/2022/08/without-any-legislative-powers-the-fed-is-rewriting-the-law-and-creating-a-permanent-500-billion-bailout-facility-for-wall-street/

___________________________________________________________________________________

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

ee Business focuses on the rentier diversions of the oligarchy, the domination by a merchant mafia, making money from unproductive land sales, tourism, insurance, advertising, etc. – the charade of corporate press releases disguised as ‘news’

• IFS reports sharp increase in ARR + 33% YoY supporting a shift in the revenue mix

http://bizenglish.adaderana.lk/ifs-reports-sharp-increase-in-arr-33-yoy-supporting-a-shift-in-the-revenue-mix/

• London-based leading tour operator TUI further axes holidays to SL

https://www.dailymirror.lk/business-news/TUI-further-axes-holidays-to-SL/273-242967

• AmCham Sri Lanka roundtable with US Amb. Chung & Economic Section head Loosli

https://island.lk/amcham-sri-lanka-hosts-us-member-roundtable-with-amb-julie-j-chung/

• General insurance to bear brunt of National Insurance Trust Fund’s (NITF) reinsurance issue

https://www.sundaytimes.lk/220807/business-times/general-insurance-to-bear-brunt-of-nitfs-reinsurance-issue-490671.html

• UNDP sets stage to lure more Lankan youth to action change around the world

‘partners, include the Sports and Youth Affairs Ministry, United Nations Children’s Fund (UNICEF), Youth Co:Lab co-led by Citi Foundation and UNDP and Citra Social Innovation Lab.

Both the HackaDev Green Innovation Challenge and Movers4Climate programme were launched through UNDP Sri Lanka’s flagship youth platform HackaDev.’

https://www.dailymirror.lk/business-news/UNDP-sets-stage-to-lure-more-Lankan-youth-to-action-change-around-the-world/273-242971

• Faizal Salieh re-elected as Chairman of Sri Lanka Institute of Directors

‘Prakash Schaffter, Dilshan Rodrigo, Aruni Rajakarier, Ravi Abeysuriya, Manohari Abeyesekera, Charaka Perera and Rolf Blaser were elected, with Immediate Past Chairman A.R. Rasiah continuing ex-officio.

https://www.dailymirror.lk/business/Faizal-Salieh-re-elected-as-Chairman-of-Sri-Lanka-Institute-of-Directors/215-242756

• Hayleys’ Dhamitha Pathirana installed as 48th President of Rotary Club of Colombo Mid Town

https://www.sundaytimes.lk/220807/education/rtn-dhamitha-pathirana-installed-as-the-48th-president-of-rotary-club-of-colombo-mid-town-490750.html

• Start-up ecosystem grappling with crisis but forging ahead

‘70% of the start-ups will not continue while the balance is thriving.. some of these companies started last year in sectors such as social enterprises and projects funded by donor agencies such as the World Bank and the United Nations’

https://www.sundaytimes.lk/220807/business-times/start-up-ecosystem-grappling-with-crisis-but-forging-ahead-490695.html

• Goldman Sachs’ Apple Credit Card Provided Has Created a Living Hell According to Consumer Complaints

https://wallstreetonparade.com/2022/08/the-apple-credit-card-provided-through-goldman-sachs-has-created-a-living-hell-according-to-consumer-complaints/

• Dire Straits of U.S. Consumers During the 2008 Crash and Its Aftermath

https://wallstreetonparade.com/2022/08/astonishing-charts-from-new-york-fed-show-the-dire-straits-of-u-s-consumers-during-the-2008-crash-and-its-aftermath-versus-today/

______________________________________________________

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

ee Politics points to the constant diversions and spectacles and the mercantile and financial forces funding the political actors, of policy hijacked by private interests minus public oversight.

• Indi Raja, Rajiv Gandhi’s messenger of peace, carries golden casket

‘sent to Sri Lanka as a messenger of peace when relations between India and Sri Lanka were strained…on February 2, 1988.’

https://www.sundaytimes.lk/220807/news/indi-raja-rajiv-gandhis-messenger-of-peace-carries-golden-casket-490933.html

• No one’s talking about going from a subsistence economy to a production economy

http://www1.kalaya.org/2022/08/blog-post_7.html

• What’s needed is not an All-Party Government but a National Government

http://www1.kalaya.org/2022/08/blog-post_10.html

• Gotabhaya

http://www1.kalaya.org/

• Beware of ‘Human Rights’ mercenaries

https://www.lankaweb.com/news/items/2022/08/11/beware-of-human-rights-mercenaries/

• Pohottu As USA’S Proxy Part 8K, La & Lb

https://www.lankaweb.com/news/items/2022/08/08/pohottu-as-usa-s-proxy-part-8k-3/

https://www.lankaweb.com/news/items/2022/08/07/pohottu-as-usa-s-proxy-part-8la/

https://www.lankaweb.com/news/items/2022/08/11/pohottu-as-usa-s-proxy-pt-8lb/

• The System Change that can Enable Sri Lanka to Recover from this Massive Crisis – Vitarana

‘Unfortunately the cooperatives that are still functioning in this country are cooperatives only in name operated by mudalalis’

https://island.lk/the-system-change-that-can-enable-sri-lanka-to-recover-from-this-massive-crisis/

• JVP to take part at discussion with President: Handunnetti

https://www.dailymirror.lk/latest_news/JVP-to-take-part-at-discussion-with-President-Handunnetti/342-242632

• RW making an effort to resolve crisis – Maithripala

https://www.dailymirror.lk/front_page/RW-making-an-effort-to-resolve-crisis-Maithripala/238-242607

• The 22nd Amendment – Kulatunga

https://www.lankaweb.com/news/items/2022/08/08/22-nd-amendment/

• SJB’s Kesbewa organiser arrested over May 09 violence

https://www.lankaweb.com/news/items/2022/08/08/sjbs-kesbewa-organiser-arrested-over-may-09-violence/

• JVP pulls out of talks with President on all-party govt

https://www.lankaweb.com/news/items/2022/08/08/jvp-pulls-out-of-talks-with-president-on-all-party-govt/

• “The Argalaya must win for the system to change” – Field Marshal Sarath Fonseka

https://www.dailymirror.lk/hard-talk/The-Argalaya-must-win-for-the-system-to-change-Field-Marshal-Sarath-Fonseka/334-242674

• Activists leave Galle Face protest site

https://www.dailymirror.lk/breaking_news/Activists-leave-Galle-Face-protest-site/108-242731

https://island.lk/now-aragalaya-going-home/

• Occupy Galle Face ‘aragalaya’ no more

‘“We received tents from donors and we have to give them back, but at the moment, we have only 10 tents left, as the others were stolen.”’

https://www.themorning.lk/occupy-galle-face-aragalaya-no-more/

• It was the Security forces that safeguarded the legislature – President Wickremesinghe

https://www.dailymirror.lk/breaking_news/It-was-the-Security-forces-that-safeguarded-the-legislature-President-Wickremesinghe/108-242721

• Received death threats before Presidential vote: three MPs allege

https://www.dailymirror.lk/breaking_news/Recieved-death-threats-before-Presidential-vote-three-MPs-allege/108-242716

• SLPP questions GR’s response to ‘Aragalaya’

https://island.lk/slpp-questions-grs-response-to-aragalaya/

• Remember Ranil is Revengeful and a Risk to Rights – David

https://island.lk/remember-ranil-is-revengeful-and-a-risk-to-rights/

• Proposals to let voters recall MPs dismissed by the PSC

https://www.themorning.lk/proposals-to-let-voters-recall-mps-dismissed-by-the-psc/

• Political parties and trade unions stage protests with limited crowds (A9)

https://www.timesonline.lk/news-online/Political-parties-and-trade-unions-stage-protests-with-limited-crowds/2-1138320

https://www.timesonline.lk/news-online/In-Pictures-More-pictures-from-todays-protests-in-Colombo/2-1138321

• Yahapalanaya-2: All-parties arrangement, Economic Batalanda & Opposition options – Jayatilleka

https://www.ft.lk/columns/Yahapalanaya-2-All-parties-arrangement-economic-Batalanda-and-Opposition-options/4-738539

• The Aragalaya: A sceptic’s notes – Hoole

https://www.ft.lk/columns/The-Aragalaya-A-sceptic-s-notes/4-738455

• Ranil’s three-stage return and rise to the top – Jeyaraj

https://www.ft.lk/columns/Ranil-s-three-stage-return-and-rise-to-the-top/4-738493

• Peaceful Protests for a Revolutionary Change in Sri Lanka

https://www.asia-pacificresearch.com/peaceful-protests-revolutionary-change-sri-lanka/5631297

• JVP writes to Prez; says not ready to join all-party govt.

https://www.dailymirror.lk/breaking_news/JVP-writes-to-Prez-says-not-ready-to-join-all-party-govt/108-242872

https://island.lk/reds-at-sea/

• Prez regrets NPP’s refusal for dialogue on forming all-party govt.

https://www.dailymirror.lk/breaking_news/Prez-regrets-NPPs-refusal-for-dialogue-on-forming-all-party-govt/108-242876

• All MPs must ensure 22A adopted unanimously: Karu Jayasuriya

https://www.dailymirror.lk/breaking_news/All-MPs-must-ensure-22A-adopted-unanimously-Karu-Jayasuriya/108-242814

https://island.lk/karu-supports-22nd-amendment-and-calls-on-parliament-to-pass-it-unanimously/

• Sri Lanka’s proposed 22nd constitutional amendment to transcend 19th: Wijeyadasa

https://economynext.com/sri-lankas-proposed-22nd-constitutional-amendment-to-transcend-19th-minister-98422/

• 22A: Composition of CC problematic; ensures government domination – J Wickramaratne

https://island.lk/22a-composition-of-cc-problematic-ensures-government-domination/

• Wigneswaran claims RW accepted all his demands

https://island.lk/wigneswaran-claims-rw-accepted-all-his-demands/

• FSP: SJB and opposition parties facing litmus test that will determine their political future

https://island.lk/fsp-sjb-and-opposition-parties-facing-litmus-test-that-will-determine-their-political-future/

• Gallup polls and G-strings

https://island.lk/gallup-polls-and-g-strings/

• Basil can pull the rug out from under both the President and the Prime Minister, at will

https://island.lk/noble-effort-and-roadblocks/

• Propping-Up this President is a Prescription for Political Suicide – Jayatilleka

https://island.lk/propping-up-this-president-is-a-prescription-for-political-suicide/

• Wickremesinghe, Alahapperuma and the 2022 Presidential Election – Jeyaraj

https://www.dailymirror.lk/plus/Wickremesinghe-Alahapperuma-and-the-2022-Presidential-Election/352-242980

• “President must withdraw emergency as it sends out a wrong message”: Prof. Uyangoda

https://www.ft.lk/opinion/President-must-withdraw-emergency-as-it-sends-out-a-wrong-message-Prof-Uyangoda/14-738577

• Prominent Sinhala and Tamil leaders were killed by Sinhala and Tamil rebels and forces

https://www.ft.lk/columns/Dismissing-Ranil/4-738580

• Sri Lanka: Lest we forget, not Gotabhaya Rajapaksa, but the political system failed the country

https://www.lankaweb.com/news/items/2022/08/11/sri-lanka-lest-we-forget-not-gotabhaya-rajapaksa-but-the-political-system-failed-the-country/

•  Will not sit and govern with bandits: Vijitha Herath

https://www.newsfirst.lk/2022/08/12/will-not-sit-and-govern-with-bandits-vijitha-herath/

• Marching ahead with the spirit of Swatantra Bharat

https://www.lankaweb.com/news/items/2022/08/11/marching-ahead-with-the-spirit-of-swatantra-bharat/

• Black August Builds on Our Black Radical Traditions

https://www.blackagendareport.com/black-august-builds-our-black-radical-traditions

• Trump Raid Sabotages Democrats Campaign

https://www.moonofalabama.org/2022/08/trump-raid-sabotages-democrats-campaign.html#more

• The Aristocratic Ineptitude of Ursula Von Der Leyen

https://foreignpolicy.com/2021/04/30/aristocratic-ineptitude-ursula-von-der-leyen-eu-europe-vaccines-pandemic-response/

__________________________________________________________

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.

• The first Buddhist Council was held on a Nikini Poya

https://www.sundaytimes.lk/220807/plus/the-first-buddhist-council-was-held-on-a-nikini-poya-490738.html

• In Buddhist literature, the universe is said to be infinite and limitless

http://www1.kalaya.org/2022/08/blog-post_26.html

• What now for the media?

‘The foreign journalists who were so much of a concerned feature of the Aragalaya coverage have left.’

https://www.dailymirror.lk/opinion/What-now-for-the-media/231-242752

• Unilever partners with SLIM to upskill sales force

‘to upskill the company’s Sales and Merchandising Representatives, and Promoter Cadre employees including beauty advisors, category assistants, supervisors and project managers, across all channels.’

http://bizenglish.adaderana.lk/unilever-partners-with-slim-to-upskill-sales-force/

• Vajira Kodithuwakku appointed as Presidential Electronic Media Director

https://www.dailymirror.lk/breaking_news/Vajira-Kodithuwakku-appointed-as-Presidential-Electronic-Media-Director/108-242711

• Commercial HC injunction for Maharaja against ITN precluding broadcast of ‘Asterix’

https://www.ft.lk/front-page/Commercial-HC-grants-interim-injunction-against-ITN-precluding-broadcast-of-Asterix-in-case-filed-by-Maharaja/44-738632

• How To Deprogram Yourself From Hating China

– indi.ca

• Chinese social media platform bars a promotional campaign by SL

https://www.dailymirror.lk/latest_news/Chinese-social-media-platform-bars-a-promotional-campaign-by-SL/342-242730

• History of Sri Lanka Documentary

https://www.lankaweb.com/news/items/2022/08/07/history-of-sri-lanka-%f0%9f%87%b1%f0%9f%87%b0-documentary/

• A drama that probes on human weakness, chauvinism and phobias

https://www.dailymirror.lk/news-features/A-drama-that-probes-on-human-weakness-chauvinism-and-phobias/131-242530

• Versatile Filmmaker Vasantha Obeysekera’s “Dadayama” (The Hunt)

https://www.dailymirror.lk/dbs-jeyaraj-column/Versatile-Filmmaker-Vasantha-Obeysekeras-Dadayama-The-Hunt/192-242534

• ‘Western’ Conflict Reporting Has Come Down To “Officials On Our Side Said …”

https://www.moonofalabama.org/2022/08/western-conflict-reporting-has-come-down-to-officials-on-our-side-said-/comments/page/2/#comments

• The Negation of Abnegation: Marx on Consumption (2018)

‘Marx regarded the expansion of needs entailed by capitalism in a generally favourable way, but saw capitalism as a system yoking use-value to the imperatives of profit accumulation, hence limiting and subjugating the consumption of the masses.’

https://redsails.org/the-negation-of-abnegation/

_________________________________________________

email: econenews@gmail.com

blog: eesrilanka.wordpress.com

_________________________________________________

Published by ee ink.

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

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