US Hitman Tells Sri Lanka President: ‘The Force is with You’

‘Before you study the economics, study the economists!’

e-Con e-News 16-22 October 2022

Sri Lanka’s economy is like a patient being murdered in the ICU

due to non-treatment of prescribed macroeconomic drugs by the Central Bank

while the government & CBSL top officials travel world over

to import already failed drugs from the IMF & ‘international’ well-wishers.

– see, ee Economists, Operationally bankrupt

Another US mafia hitman flies in. US Assistant Secretary of State for South & Central Asian Affairs Don ‘Banana2’ Lu enters to threaten escalation of their proxy war. He was here to warn against any attempt by Sri Lanka to signal – let alone entertain – any thought of independence, autonomy, non-alignment or whatever we call it – especially in the run up to the US midterm elections on 8 November. Any upturned finger could tumble their doddering geriatric boss Joe Biden, who threatens the world with nuclear armageddon, and Europeans with frying ice cubes for water, with a shy Arctic-hostage sun and abundant radiation. All to maintain Anglo-American domination.

• Meanwhile they wished to emphasize clearly again what they mean by ‘democracy’, ‘free trade’ and laissez-faire’. Capitalists, bankers or fund managers, or whatever they call them, led the Bank of England – one of the world’s topmost criminal organizations – to turf out another English government, just 6 weeks old!

A carefully coordinated effort to reassure the markets

that there’d be no more policy surprises to spook bond traders

 England has so far had 4 chancellors (finance ministers) in 2022. The outgoing English chancellor & PM are expected to have made a killing from so-called fiscal turbulence.

     ‘One of the strongest’ messages was delivered by the International Monetary Fund, says the New York Times:

‘Don’t undermine your own central bankers.’ The IMF,

which ‘usually reserves such scoldings for developing nations,

on Thursday doubled down on its message to England:

‘Don’t prolong the pain.’

The NYTimes should know. They amplify or diminish such scoldings and pain. And to emphasize their point, US Federal Reserve banker Shalom (Bob) Bernanke was awarded the 2022 Nobel Memorial Prize in Economic Sciences.

     Prolong indeed! The US is accordingly delaying dollars to make Sri Lankans ‘scream’. To make sure the leadership, if not the Sri Lankan people, stay in line.

   They warn they can finance yet another ‘aragalaya’: They can hire lots of unemployed ‘scholars’ and ‘artists’, unleashing the latest weapons of hybrid war, social-media-multiple-meme&hashtag rocket launchers, covert ‘lawfare’ and upgraded espionage, etc. (see Random Notes).

     This Washington peon-of-color in a suit, Don Lu, had earlier delivered the ‘coup or submit’ threat against former Pakistan President Imran Khan in April. Lu finally made it to Colombo, signaling it is a do-or-die moment. A docile media duly all recorded: Lu assured President Ranil Wickremesinghe, ‘he has a force backing him’.

     Perhaps he stuck a gun up their invertebrate cadavers. A docile, clearly unpopular, parliament passed the 22^nd Amendment to supposedly weaken the state, and the President’s legal powers. Plus a Petroleum Bill to undermine the economy further by ‘liberalizing’ the petroleum sector, amid protests by workers and unions. Indeed, Rockefeller determines US foreign policy (and not just Mr Moragoda). So petrol is a test of faith. And fate. Meanwhile, capitalists pressed ahead with plans to weaken labor laws, and sell off strategic natural resources, with an English Ceylon Tobacco Co director in charge of the sale of national enterprises. All to maintain the power of the anti-industrial import-export plantation oligarchy (see Random Notes).

• California Lu was here to warn the ruling class against any attempt to claim ‘neutrality’ or ‘non-alignment’. They wish Sri Lanka to sever links with Russia, China, Iran and any other country the US deems a threat to their ‘sole superpower’ conceit.

     Banana2 Lu arrived here: at his heels, the Pakistan Election Commission’s disqualification of former PM Imran Khan from political office on spurious ‘corruption’ charges. The US is also waging ‘lawfare’ here hoping to play the court system, police & security forces against each other & the people. A similar ‘aragalaya’ involving ‘lawfare’ is being waged against Peru’s popularly elected President, Pedro Castillo (ee Sovereignty, Peru).

     Banana2 Lu ‘called on’ President Ranil Wickremesinghe and ‘met’ Secretary of Defence, General Kamal Gunaratne. Lu also met Foreign Minister Ali Sabry. Sabry had earlier met US Secretary of State Antony Blinken during the 29^th ASEAN Regional Forum in August, in Cambodia.

     California Lu, who claims to be half-Chinese, arrived just as China was holding its 20^th National Congress in Beijing, representing the largest parliamentary gathering on planet earth.

     Perhaps the US sees Sri Lanka as a mafia training ground. Maybe they think Sri Lankans have developed a 225-year-old inbuilt revulsion to Angled Saxons, and an irrational soft spot for them ‘yellow’ folk. This is why the US has decided it will send bananas-of-color and lesser white women (Jews, Irish, etc) wearing short skirts, to execute white dictat, and exert Anglo-Saxon muscle.

• The USA is playing Halloween to their home market and dishing out real Halloween horrors to the rest of the world. They have sent Don Lu trick or treatin’, threatening to unleash another proxy war upon us, while offering pizza-making skills (ee Workers, USAID & Pizza Hut Open 1^st of 28 Commercial Training Kitchens for SL Youth). The pizza brand will be called Made-in-Sam.

     Sri Lanka is indeed being absorbed into the US ‘supply chain’ as a provider of pizza-oven lurkers & award-winning clerks, into the industrial cycles of the imperialist world (evident in such ‘innocent’ events as the Colombo ‘international’ bookfair being held in August, even as our school year begins in January), so we are being intertwined into their political and military cycles.

     This month of October is not just when they display their military budgets and halloween horrors (US halloween spending will be an estimated $11billion dollars, and seeks foreign markets).

     Next year’s US war budget ‘will likely be nearly $1.5trillion… And the US Congress wants to add tens of billions of dollars to that number.’ (ee Security, Next Year’s US war)

     As far as the English media was concerned: Lu was all about:

‘strengthening of the Democratic institutions.

US Ambassador to t [sic!] Sri Lanka Julie Chung

and Political & Economic Advisor Susan Walke

were also present at this discussion.’

Every single English rag repeated this US Embassy Press Release, to a T! The awkward capitalization and errors, perhaps insists no one is allowed to copy-edit yankee prose. Or maybe they had to begun to write ‘US Ambassador to tea plantation Sri Lanka’, and then backtracked.

• For 4 years ee has attempted to fix attention to the roots of our disarray in the prevention of industrialization by an import-export mafia. ee has traversed all the major ‘faux’ eruptions of these years, starting with the US-backed Yahapalana government’s dissolution, the so-called ‘constitutional coup’ to the April 2019 terror attacks, then to a landslide Pohottuva government, and then the aragalya and ‘soft’ coup d’etat of 2022…

     For 4 years ee has offered ample evidence beyond doubt that the Sri Lankan media, certainly the English media, is puppeteered by the US, England, and related body parts. A simple scan of our 60,000 news links will show how the white worldview monopolizes news not just of the world, but about ourselves.

     Indeed so-called ‘global public opinion’ is the true English fiction.

• The media claim to be Sri Lankan (Sunday Times, Daily Mirror, Financial Times, Island, NewsFirst, The Morning, etc.). But their point of view is that of the imperialist world (the fate of almost all English media around the world; even English Moscow Times is owned by the Dutch government! & now operates from Amsterdam!)

     We can therefore see recent events as they unfold even clearer when we realize, what the media calls ‘Russia’s unprovoked invasion of the Ukraine’ is in truth – another US Proxy War.

     This year’s ‘chaos’ in Sri Lanka needs to be also examined against what the US did to the Ukraine government, which until 2014 was attempting to maintain its autonomy. Then came the US coup d’etat, by the same Halloween devils, who have been parading themselves in Sri Lanka, including the US Gallician-diasporic Victoria ‘FtE’ Nuland, lost-Irish paddy Samantha ‘Ghaddafi killer’ Power, etc. Thus came the rule of killer clowns.

• US hitman Lu met with various identified and unidentified officials, accompanied by US envoy Julie ‘Banana1’ Chung. Lu arrives in Sri Lanka just as the US and their poodles Canada, France etc are threatening to invade Haiti. Chung is implicated in the murder of Haitian President J Moise, last year. She arrived in Sri Lanka right after the assassination, promoting further chaos.

     And just to make clear the value of supporting US colonial policy, the media calls the protestors in Sri Lanka, ‘democrats’, and those in Haiti, ‘gangsters’: ‘A powerful gang federation surrounded a key fuel terminal in the capital of Port-au-Prince to demand the PM’s resignation due to a spike in petroleum prices after the PM announced the government would no longer subsidize fuel… The gang is demanding positions in the Cabinet, and has overpowered an understaffed & under-resourced police department…such threats were quickly quelled in the past with the help of UN peacekeeping forces.’ So there the US goes invading yet another country.

     Haiti is a great beacon in human history, having defeated 3 European armies, sending the English scurrying to Sri Lanka in 1796. A French ‘refugee’ from Haiti wrote the handbook on plantations used in Sri Lanka, which advocated ‘terror’ as a tool in labor relations.

     It is ironic therefore, the English Black-whites in Sri Lanka are wetting themselves after one of their PR ‘copy-writers’ won the colonial ‘Booker Prize.’ Booker was a Caribbean slave sugar plantation and shipping owner. They controlled 75% of the sugar industry in Guiana. The Prize is now funded by a hedge fund that trades in plantation stocks. The fund thus arose also out of an English agency that vended slave rum to the English navy for 200 years. Booker as slave owners also received compensation, via the Bank of England, financed by the Rothschilds bakers. The compensation was used to start Barclays Bank.

     Judges choosing the Booker winner included a British Museum curator: England’s second-most infamous symbol of imperialism. The Sri Lankan winner railed against ‘racism’. Then hugged that Queen Consort, implicated in covering up royal murder. His first award-winning book was given the racist title Chinaman. But US publishers changed the name for the US market. Such are the fictions imposed upon us. Royal murder indeed.

Contents:

A1. Reader Comments –

• Economics’ National Grammar • Fake Cricket Wins • Truss Fiasco: Warning from Bankers • Ignore UN • From Galle Face to Teheran • Tax NGOs • Saudi Pivot? • Video Traffickers Target Young Workers • Paris & London Club • Booker’s SL Bashing • Assassinating Sirimavo • Tax Break for Mindfulness

A2. Quotes of the Week

• Solheim & Dead Rats • Ruining Agro • National Policy? • Indian Jobs Report • China’s Sputnik Momento • The Bureaucratic Left • French Hijacking Africa • US Jones Act’s National Laws

A3. Random Notes –

• US Grab for Sinharaja • Ceylon Tobacco to Sell of SoEs • ILO & Destroying Labor Laws • IMF’s Corruption Mania • Satellite Technologies, Western Media & Terrorism • US Says They Want to Help Protests • Vaitilingam & Imports

B. ee Focus       

B1. US National Security, foremost factor in ‘Export Control & Border Security’ project in Sri Lanka: Ex-US State Dept Employee

B2. The Politics of IMF – Dharshana Kasthurirathna

B3. CB Governor Misses the Bus Again – Tennekone Rusiripala

B4. Who Benefits from Devaluation – Sugath Kulatunga

B5. Some Lessons on Planning for 21^st Century from the World’s 1^st Socialist Economy – Elena Veduta

C. News Index

_____________

A1. Reader Comments

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

• ‘Naohiro Amaya, former head of Japan’s Ministry of Trade and Industry once said, his country needs a science of the Japanese economy, not economics generally. He also said, unlike physics, subjects like economics have a ‘national grammar’.’

• ‘Today’s loss shows how fake that Asia Cup win was. I won’t be surprised if SL still ends up winning this T20 Cup too. Like in 1996 they need a few distractions…’

• ‘England staged that Truss-Kwarteng political drama as a warning to all governments to listen to the ‘market’ – the big bankers!… And despite the claims of idiots, we are sure Truss and Kwarteng’s backers gained -m-b-tr-illions… and the taxes on the rich still remain low!’

• Re: UN Agencies, Why talk at all? Just ignore there resolutions!’

• ‘Re: From Galle Face to Teheran: Iran was ripe too for this I suppose after all those years of sanctions. But yeah at least Iranian leaders told the people it was foreign-funded, while our leaders meekly left office.’

• ‘Can’t these NGOs be taxed?’

• ‘Don’t u find this Saudi pivot to Russia/China a lil suspicious? I mean Saudi Arabia is controlled by the CIA. Don’t think they can do anything without CIA approval.’

• ‘There is a serious effort going on to accuse the Rajapakses of the Easter bombs…What I don’t understand is why they haven’t countered all these false-flag operations against them? The common man has started believing their lies.’

• ‘Has ee seen all these fake-scripted – Life in Japan, Life in Canada, etc – videos on the internet targeting Sinhala people in their 20s or 30s, have started popping up all over young people’s feed after July 2022, and it’s nonstop. It’s clearly being pushed by NATO governments ’cause there were not that many videos in Sinhala like this before. They seem rather cookie cutter, nothing authentic at all about these videos. They are targeting SL youth, trying to get them to leave the country, to leave us without skilled workers, etc, perhaps.’ (see ee Workers, Work Day Routines).

• ‘Funny how India and China at supposed to be at odds over who gets to work with the Paris Club. Ranil keeps dropping hints about a London Club.’

• Re: Booker Prize, Rajapksa bashing, demeaning war victory, crusade against corruption and nepotism will bring this man the Nobel if he continues like this. What an achievement to be hugged by the Queen Consort, worth more than the Booker. No surprise if the man invited to Charles’ coronation. This Booker and the Catholic movie Praana cannot be a coincidence. Well-planned and well-orchestrated!’

• ‘They’ve now assassinated Sirimavo finally, with a French-funded documentary, with the complicity of the 2 daughters, who have given up the ghost.’ – see, ee Media, Sirimavo

• ‘White Buddhist monks or nuns can be paid to teach you to become a mindfulness meditation teacher? Forget years of monastic practice, this only takes one day a week for a few months. In Australia you’re then eligible for government subsidies for your new business. Feudal Tibetan Buddhism jumped ship and went to the USA where neoliberal capitalism felt just like home.’

___________

A2. Quotes of the Week_

• ‘Solheim was brought to liaise with Tamil separatist movements. India has informed Sri Lanka they were not in a position to support us any further. Signing the free-trade agreement is a precondition of China. Japan, with its broken heart, has agreed only to restructure the loans. Russia has no capacity to support us because of the war. Europe is in a deep economic crisis. The IMF funds will reach us only after restructuring loans. Hence, the Government has no option but to beg before the separatists.’ – ee Sovereignty, Gammanpila smells a rat

• ‘The Marketing Department was abolished by President JR Jayewardene. The abolition of the Paddy Lands Act has led to a situation where there are no farmer organisations to organise paddy cultivation. The World Bank round 1979 stepped in and forbade all agricultural officers to use people’s organisations like cultivation committees to organise cultivation. That was the Training & Visit System, which was offered to all governments with a fund package, giving funds to the government if they implemented it. We embraced it and the extension service has not been functioning. Further President Ranasinghe Premadasa promoted all Agricultural Overseers at the village level as Grama Niladharis; since then til now there’s been no agricultural extension system at the village level. Directors of Agriculture a& Ministers in charge of the subject do not seem aware that agricultural extension service is dead.’ – ee Agriculture, How agriculture sector was ruined

• ‘A national policy as enunciated by the President is a structure where decisions taken in any sector don’t change when governments change. It ensures continuity and sustainability. But it needs to get the approval of all political parties and civil society.’ – ee Workers, Private sector firms

• ‘The Indian People’s Commission report on unemployment by economist Arun Kumar provides detailed information on the status of employment & unemployment in India. What kind of jobs are people engaged in? How many people are getting a decent income necessary for a dignified life and how many are just living on subsistence wages? How much will it cost to provide employment to people who are unemployed at 30% of India’s annual per-capita income? Where will this money come from?’ – ee Workers: What Does the Report on Unemployment say?

• ‘According to the New York Times, the “Sputnik” moment was the announcement that China’s Semiconductor Manufacturing International Corporation (SMIC) has managed to make a 7nanometer chip without using EUV lithography. That’s extreme ultraviolet lithography, which the U.S. previously considered as the magic bullet or chokepoint for manufacture of the smaller high performance chips everybody cares so much about.’ – ee Industry, Semicon Blockade Bombshell

• ‘The [Brazilian] Left election campaign this year was premised on a top-down, bureaucratic marketing conception of politics …It ignored the recent warning of Brazilian rap legend Mano Brown, that the Left was lost without building its base in working-class neighbourhoods.’ – ee Politics, Won’t Get Fooled

• ‘France has military bases in many parts of Africa and remains an active participant in various military conflicts, which has earned it the reputation of being the continent’s main destabilizing force. Equally important is Paris’s stronghold over the economies of 14 African countries, which are forced to use French currency, the CFA franc, and, according to Frederic Ange Toure writing in Le Journal de l’Afrique, to: “Centralise 50% of their reserves in the French public treasury”.’ – ee Sovereignty, The Other Russia

• The Merchant Marine Act of 1920 is a US federal statute that provides for the promotion and maintenance of US merchant marine. Among other purposes, the law regulates maritime commerce in US waters & between US ports. Section 27 of the Act is known as the Jones Act and deals with cabotage (coastwise trade). It requires that all goods transported by water between US ports be carried on ships that have been constructed in the US and that fly the US flag, are owned by US citizens, and are crewed by US citizens & permanent residents. The act was introduced by Senator Wesley Jones. The law also defines certain seaman’s rights.’ – see, ee Industry, Jones

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

• The USA moved one step closer this week to grabbing Sri Lanka’s ecological & strategic (military, economic) locales. They are using the so-called Human-Elephant Conflict (HEC, which ee calls a Plantation-Elephant Conflict) to move in on Sinharaja, Sri Pada, watershed streams and rivers, etc.

     Grabbing Sinharaja is like grabbing China’s Tibet (from where most of Asia’s major rivers flow). The US has already grabbed Rwanda, an artificial state ‘assigned’ by the 1884 Berlin Conference to ‘the German Empire’. Rwanda is the source of many of East Africa’s major rivers.

     In June, US Rockefeller-funded Wildlife & Nature Protection Society (WNPS) grabbed lands near ‘the ecologically sensitive Peak Wilderness area off Erathna.’ WPNS noted they had set up a ‘Land Trust’ called PLANT (Preserving Land & Nature (Guarantee) Ltd) in 2020 ‘to collect funds’ and ‘to acquire privately owned lands (outright or on a long-term lease) and to collect funds through the entity, and the WNPS, to purchase lands for the purpose of being held in trust for conservation’.

     Reported this week: ‘Sri Lanka’s acclaimed sustainability advisory agency Climate & Conservation Consortium (CCC)’ now partnering PLANT, ‘the country’s largest privately funded land conservation initiative’, ‘to obtain specialist inputs… PLANT coverage by September through direct ownership and MOU engagements with landowners extend to over 300 Acres in diverse locations… helping protect many precious endemic plants and species. The CCC Board is ‘chaired’ by ‘2007 Nobel Prize for Peace’ co-winner Mohan Munasinghe (ee Agriculture, PLANT to Join Hands).

     ee (25 June) recorded under ‘Selling off Grandma’s Crown Jewels’: Credit Suisse & Conservation International, Nature Conservancy & Worldwide Fund for Nature  – all Rockefeller-Exxon-linked experts in international finance & environmental conservation’ were ‘dangling funds for ‘Debt for Nature Swaps’ (DFNS)’ to grab ‘strategic ecological locations. Coincidentally (or astrologically!) Sri Lanka’s ‘legal advisers’ Lazard and Clifford Chance, claim themselves to be world’s leading experts on DFNS. DFNS have been foisted on Belize (last month), Costa Rica, Uganda, Seychelles, Indonesia, Philippines.’

     ee (29 July) recorded: these ‘Debt for Nature Swaps are targeting Lanka’s oceans, fisheries, mineral resources & coastal land, for Blue Economy greenwash. Also for military bases like Chagos Island’s Diego Garcia.

• An English Tobacco Salesman has been appointed to sell off Sri Lanka’s national resources, as demanded by Washington’s IMF. Suresh Kumar Shah, chairman of British American Tobacco’s Ceylon Tobacco Co (BAT-CTC) . He was appointed chair of the SoEs Restructuring Agency in September 2022.

     Shah was guest speaker at the Asia Liberty Forum, co-hosted by US Advocata Institute & Atlas Network in February 2019. Other speakers: Nishan de Mel (Executive Director, Verite Research), Ravi Ratnasabapathy (Resident Fellow, Advocata Institute).

     ‘A separate agency to re-structure state enterprises’ – announced rather quietly by President Ranil Wickremesinghe on August 30 in US media outlet EconomyNext. These SoEs are ‘eating up people’s taxes’, Wickremesinghe wailed.

     Indeed Shah, also a director of Lion Brewery, claims to be ‘the 3^rd-highest taxpayer in Sri Lanka’, agrees. Shah’s CTC headed the League of Multinational Corporations (LMNC), formed, with Unilever, et al, in 2018, which complained bitterly about high taxes. CTC is one of the biggest avoiders of paying taxes in Sri Lanka. It also smuggles cigarettes, & responsible for adding huge costs to Sri Lanka’s health bill.

     Then-President Gotabhaya Rajapakse perhaps thought he was pleasing the country’s top foreign multinationals by sharply cutting taxes in 2019 right after he was elected. The MNCs responded by thinking this was an invitation to park even more dollars outside the country, rather than investing funds in anything productive inside the country (now gone sotto sotto about their pressures).

     Wickremesinghe added, the SRA will review ‘around 60 state agencies with statements of intent…, already set in motion steps to restructure Ceylon Petroleum Corporation. SriLankan Airlines is also to be privatized.’

     Shah is embedded deep in the corporate old-boy network. Shah appointed CTC Chair 16 Feb 2021, and in Oct 2021 founded Dutch-registered Providore BV, grocery-tech platform with ball-hitting&catching Kumar Sangakkara & Mahela Jayawardena, gained name for themselves as philanthropists and philosophers.

     Shah was Chair of Ceylon Chamber of Commerce (2013-15), and sat on such Chamber Subcommittees as ‘Economic & Fiscal Policy’, ‘Peace & Reconciliation’.

     Also Employers Federation of Ceylon Chair, a Commissioner on the Securities & Exchange Commission, member of the Monetary Policy Consultative Committee with the Central Bank, and chaired the Council of the University of Moratuwa. Fellow Member of Institute of Chartered Accountants, Ceylon Beverage CEO since 1991, Carson Cumberbatch Director since 2002, SL Institute of Directors VP since 2009; on the Industrial Association Council, as well as Chief Financial Officer of Lankem & of United Motors Lanka.

     Shah’s sell-out plans will feature at Dec Sri Lanka Economic Summit 2022. SRA Chair Shah ‘will be joined by an eminent international speaker that will speak about the landscape, opportunities, and way forward for SOE reforms‘. The SLES is organised by the colonial-era Ceylon Chamber of Commerce (CCC). Session 2 is dedicated to ‘Implementing the roadmap to SoE reform – Opportunities for the private sector’, 6 Dec 2022.

     Other session panellists: Asia Securities Chairman Dumith Fernando, Borah regional merchant JB Securities CEO Murtaza Jafferjee, Verité Research Associate Malathy Knight, moderated by LIRNEasia Chair Prof Rohan Samarajiva. Samarajiva is held responsible for the privatization of Sri Lanka Telecom. US-funded thinktank Advocata chair Jafferjee was in May appointed by then-PM & Minister of Finance Ranil Wickremasinghe to form an ‘Economic Stabilisation Dialogue’ between the Ministry of Finance and ‘independent’ economists.

     ‘It is these independent economists who pushed the infamous Foreign Exchange Management Act (FEMA), and now demand an ‘independent’ Central Bank’ (ee 04 June 2022):

     ‘Foreign investors wooed to ‘invest in Sri Lanka, gain and take profits away at whim’ – an excited CCC headline, announced after the new Foreign Exchange Act No12 imposed in July 2017, under US-funded Yahapalana’s regimen: ‘The concept of foreign-exchange control has now disappeared from our dialogue’, Rajendra Theagarajah, Ceylon Chamber chair then told a visiting New Zealand business delegation in Colombo.

   ‘That 5-decades-old Act has been repealed and replaced by a much more investor-friendly FEMA’ said the ‘Veteran Banker’. ‘FEMA allows you to invest your money in your chosen ventures, make gains and take your profit away as & when you wish, without having to obtain any formal, regulatory approval from the authorities’.

     Yet in January, Shah complained, the ‘foreign currency crisis’ was making it difficult for corporates to open Letters of Credit (LCs): ‘The path ahead of us is to restructure debt, set out a credible plan to improve our financial position, use this plan for an IMF program, get affordable bridging finance from multilaterals & implement the plan vigorously.’

     He is of course acting ignorant of fellow Chamber-pot Theagarajah’s FEMA. In Feb 2022, at the Daily FT-ICC Sri Lanka webinar, to identify ‘solutions’ to the forex crisis, Shah saw it ‘important to consider the reasons why these deficits and poor consolidation of foreign reserves have occurred, before trying to find a way out of the crisis. He claimed, ‘For 70 of the many years since 1948 successive governments have been content to allow a fiscal deficit to continue, both internally and in the external accounts. This is the fundamental reason for these regimes having had to resort to borrowings. Repaying debt by incurring ‘new debt’. Unsustainable. 70% of revenue is going toward servicing interest on borrowings.’

      That of course is superficially true. What still remains to consider is where all those dollars of the last 70 years went? And we can bet it was not to industrialize China.

• On Saturday Wijeya Group’s FT, SL Institute of Directors, Chartered Institute of Management Accountants & International Chamber of Commerce (note only acronyms were given in the notice!) held the webinar ‘Key Labor Market Reforms for Sri Lanka’. The main IMF demand is for ‘labor flexibility’ – code word for weakening any strong labor laws. For devaluing workers.

     Speakers were: UN’s International Labor Organization (ILO) Geneva Head – Employment Strategies Unit Sher Verick; Washington ‘Global HR Specialist’ Chithral Amarasiri; Ministry of Education & Vocational Training Secretary Nihal Ranasinghe; Swiss chemical importer A Baur & Co. CEO Rolf Blazer; Employers Federation of Ceylon Director General/CEO Vajira Ellepola; University of Buckingham Law & Psychology Dean of Faculty of Computing Prof Harin Sellahewa; ILO Consultant Kanishka Weerasinghe; Virtusa Corporation VP Chandi Dharamarathne. The session was moderated by Ansel Lanka HR Director Sureni Amerasinghe and ICCSL Immediate Past Chair & SLID Vice Chair Dinesh Weerakkody.

     Ansel Lanka is infamous: In the wake of the downfall of the UNP Government, in Aug 1994, 2,000 workers at Ansell Lanka, then a subsidiary of ‘Australian’ transnational Pacific Dunlop, experienced ‘serious labour unrest’ at the Free Trade Zone in Biyagama. Resolution ‘required’ the intervention of Australia’s High Commissioner!

That year saw about 7,000 workers, on strike in several firms in the Biyagama FTZ, attempt to march to meet the new PM Chandrika Kumaratunga, being attacked by police with tear gas. The new Government then came under pressure from some foreign embassies and local industrialists to make a statement of its economic policy, and then moved to set up a promised Workers’ Charter.

Ansel maybe now linked to CVC Capital Partners, ‘Luxembourg-based private equity & investment advisory firm.’

• Kristalina Georgieva, Managing Director of the IMF, told NDTV in May, the economic crisis in Sri Lanka is a result of mismanagement:

     The US Senate Foreign Relations Committee (FRC) said in July, any IMF agreement with Sri Lanka must be contingent on the independence of SL Central Bank, strong anti-corruption measures, promotion of the rule of law. ‘Without these critical reforms, Sri Lanka could suffer further economic mismanagement & uncontrollable debt’.

     Mark Malloch-Brown, President of Open Society Foundations & former Deputy UN Secretary-General had stated in June, Sri Lanka has a history of diverting aid and the IMF must acknowledge the reason the country is in this mess by putting this issue on the agenda with the country. ‘Otherwise, they risk bailing out corrupt politicians instead of people in need’. Amnesty International also called on the IMF to ‘build measures to guarantee accountability and public scrutiny to avoid corruption.’

     The shady St Kitts & Nevis-based Hamilton Reserve Bank filed legal action against Sri Lanka in a New York court in June over the country’s default on its $1bn sovereign bond: some leaders in Sri Lanka… have ‘amassed a multi-billion-dollar fortune and hidden part of it in bank accounts in offshore jurisdictions such as Dubai, Seychelles, St Martin… Sri Lanka has a nefarious history of dumping corruption and criminal cases after such withdrawals or dismissals, without reopening them to find out the culprits. This leads to authorities to press law enforcement officials to file weak cases against politicians and high-ranking officials… instead of initiating judicial probes, committees & commissions appointed to investigate allegations against politicians, they were cleared summarily… the real issue in eradicating or mitigating corruption is not lack of laws, but lack of political will.’ (ee Economists, It’s political will that matters most)

• Satellite Technologies, Western Media & Terrorism: US satellite data collection company Maxar Technologies, provides ‘sensitive’ satellite images to Western media. Last month US Reuters media reported the positions of the Ethiopian army operating against US- & European-funded TPLF terrorist group. Ethiopia points out: ‘Western media thus openly become objective allies of this terrorist group by disseminating sensitive information that could serve terrorists.’

     Behind its civilian satellite environmental observation activities, Maxar Technologies actually conducts spying targeting countries the US deems as enemies. This satellite espionage company, whose primary customer is the US government, set up the ‘Maxar News Bureau,’ to provide Western media with its satellite image bank. These satellite images are then used ‘to fabricate a widely spread narrative that demonizes the actions of countries that compete with the US and their European counterparts’.

The method has been the same for centuries:

flagging of righteous ideals to cover gangster activities

against countries whose wealth is coveted.

The Maxar News Bureau continues that tradition by also flaunting themselves with righteous ideals to justify their criminal espionage activities:

Maxar News Bureau is a partnership program with trusted & respected media

that leverages technology for social good & global transparency.

Maxar Technologies provides satellite imagery, analysis & expertise

that are powerful complements to good journalism,

providing unquestionable truth at a time when credibility is crucial.

(www.maxar.com/news-bureau )

These present themselves as a model of virtue. Maxar even brags about awards received by media that use his satellite image bank: ‘Yesterday, they invaded other countries, also hiding behind the argument of ‘the duty to civilize’. Today, it is also by the morals of plunder disguised as ‘social good & transparency’ that they justify these satellite espionage activities.’

     Russia, China & Syria are also heavily spied on by this US company; its satellite images shared to various western media to fabricate the demonization narrative.

• US Says They Want to Help Protests – ‘A top Google research team, Jigsaw is ‘aiding oppressed populations as well as fending off attacks on more open societies’. One of the unit’s products, a free virtual private network (VPN), lets users hide their internet tracks better than most paid versions,.

     The VPN, called Outline, is available on its own as an app or web download and in versions distributed by third parties such as nthLink, a company that receives US government funding.

     US officials feel they can be most helpful to protesters through their public messaging and by prodding tech companies to provide services – particularly personal communication tools, eg WhatsApp, Signal.

     Nonprofit groups, including behind encrypted messenger Signal & alternative internet communications system Tor, are redoubling their work. Signal has recruited volunteers to operate what are known as proxy servers that act as intermediaries to hide the use of Signal from state telecommunications providers.

     The development of other tools, including a technique called the redirect method, targets people who are searching online for ways to join extremist groups with counterprogramming, eg testimonials from grieving relatives of dead suicide bombers. Jigsaw also makes Intra, an Android app for reaching blocked websites.

     Not long after NATO escalated war in the Ukraine and on Russia, Jigsaw began efforts to ‘pre-bunk’ anticipated false narratives, to inoculate people against disinformation: ‘In cybersecurity, mis- & disinformation, harassment, & extremism, we are confident we can continue to innovate there.’

     Outline is based on previous open-source projects and makes its code public, reassuring those who worry about backdoors.

     Jigsaw’s earlier incarnation, Google Ideas was under Jared Cohen, a former State Department tech evangelist close to then-CEO Eric Schmidt.

     Google has been increasing its investment in the group. That doesn’t mean all its experiments get adopted by Google proper, one of the most powerful companies on earth, or its sister companies within parent Alphabet. YouTube remains a constant source of radicalizing material. Some of Jigsaw’s work has influenced YouTube policies, but neither unit would give specifics.

     If too many people use the same server as a base for a VPN, the traffic to that server will stand out, and the government operators will block it, according to Gustaf Björksten, chief technologist at nonprofit Access Now: ‘VPNs that are large enough to be identified by the authorities as a target, but not large enough to have a significant and constantly changing pool of servers, are more likely to be effectively blocked.’

     Outline is simple to install; nthLink’s version more ease & flexibility. Both let a VPN run from a server at home or one based at a cloud provider like Digital Ocean, which is in Outline’s default configuration. Users can send keys for access to a handful of trusted friends, keeping overall usage below the radar.

     Outline is being detected in many cases, especially when people use Digital Ocean, said Amir Rashidi, director of digital rights & security at Miaan Group,  Iran-focused nonprofit in Texas: ‘They’re blocking every single channel of communications,’ including Meta’s WhatsApp and even some games whose messaging function dissidents were using to communicate. ‘We need developers to study how Iran is blocking their tools.’

     Rashidi said further easing of US sanctions could help: Cloud companies would then be more willing to accept payment from within Iran, helping dissident communications. The White House official said the US has already provided exceptions for payments for personal communication tools, but acknowledged some companies are being overly cautious in applying.

     Elon Musk recently tweeted, his Starlink service was functioning in Iran, but not said how many receivers.

     To keep spreading Outline and beat the blockages, Jigsaw has been running a war room that convenes every day ‘to extend the cat & mouse,’ said Jigsaw executive Scott Carpenter. (ee Media, With US nudges).

• The newspapers carried this story about N. Vaitilingam & Co. Its ‘growth’ apparently shifts from ‘manufacturing’ aided by Japanese imports to ‘services’, then arriving at the limits to its advance. It is unable to expand its self-generating ability, creating new industries, upstream and downstream.

     N Vaitilingam & Co – In 1922 Nagamuthu Vaitilingam set up NV & Co, trading in estate supplies, building & hardware products, on 3^rd Cross St, Colombo 11. The Jaffna branch was run by son-in-law Mudaliyar V Mahesan. The company expanded into a sheet-metal workshop and undertook building contracts in the northern peninsula, building the Telecommunications Building, Paranthan Chemical Corporation, Jaffna Kachcheri.

     In 1955 the proprietorship was converted to a limited liability company. Vaitilingam’s eldest son V Balasubramaniam was appointed first Managing Director along with son V Mahendrarajah & V Mahesan as directors and the founder as the Chair. 1960 saw the first industrial venture – a barbed wire manufacturing plant in Colombo. Thorn Brand barbed wire was a market leader. 4 years later, a rivet & wood screw factory was set up.

     In 1967 a joint venture was signed between Marubeni Steel Corp, Kawasaki Steel Corp of Japan to build a galvanizing plant. Ceylon Galvanizing Industries, and a steel galvanizing facility was built in Ratmalana. Minister of Industries Philip Gunawardena presided at the 1969 opening ceremony. The first locally galvanized steel rolled out of the plant. N Vaitilingam & Co held a controlling interest in Ceylon Galvanizing Industries, with galvanized sheets marketed under the River Brand, in Japan and Sri Lanka.

     The company moved to Bloemendhal Road in 1978. They built Yala Safari Beach Hotel at the entrance to Yala National Park. A car-hire business for tourism. The hotel was sold in 1982. In 1982 a new warehouse was constructed in Colombo, and a wire-nail making plant.

     They invested in a few leading mercantile banks, an office workspace development company, the hotel industry, and the equities market with a substantial portfolio of investments. Investment income contributes to a large share of the company’s revenue. The mid-1980s saw the establishment of a property development company. It concentrated on building individual homes.

     In 1990 a metal-can making company was formed to buy into a small manufacturing plant, TinPak, a leader in the metal packaging industry, with a large portion of its output in direct and deemed exports. They also invested in a filter and composite-can making business. N Vaitilingam Group now has several manufacturing plants in Ratmalana, Homagama, Colombo, Ja-Ela, Minuwangoda.

     Steel in various forms – hot rolled, cold rolled, galvanized, electro galvanized (zinc coated), zinc aluminium and color bonded – is imported by the company to manufacture and add value to a range of end products like galvanized steel roofing, color-bonded roofing, zinc aluminium sheets, cladding, purlins, ceilings, gutters and accessories, hoop iron, box bars, tubes, pipes. Mild steel-wire rods are also imported to manufacture nail wire, galvanized wire and stirrups, for use in construction.

     N Vaitilingam & Co is the holding company for Ceylon Galvanizing Industries, NV Housing, TinPak, and Micro Auto Product. In early 2021 the company controlled a wire galvanizing plant. The 2^nd largest wire galvanizing plant in the country, it will supply the group’s needs for galvanized wire. Outlets at Old Moor St, present head office in Colombo; Ratmalana, Vavuniya.

     The company imports many hardware products. With imports being curtailed, a few of these products are manufactured in-house. The group directly employs over 500 people. (ee Industry N. Vaitilingam)

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B. Special Focus_

B1. US National Security, foremost factor in ‘Export Control & Border Security’ project in Sri Lanka: Ex-US State Dept Employee

Retired Foreign Service National Political Specialist of the US Department of State Daya Gamage, who was in the Political Division of the US Embassy in Sri Lanka, has said that the US was stepping up an operation here meant to enhance its own security.

     US ambassador Julie Chung announced recently the arrival of an official to join her diplomatic staff, in the words of her twitter: ‘Welcome a new team member from US Export Control & Border Security (EXBS) to work with the GoSL to develop and enhance systems for safe, productive ports, ensuring SL can strengthen trade and exports to build the economy in this challenging period.’

     The announcement largely went unnoticed, as it would have been considered another Washington assistance to lift Sri Lanka’s economy from its current doldrums, Gamage said: In what manner could Washington endeavor to help ‘for safe, productive ports, ensuring SL can strengthen trade and exports,’ never came to anyone’s mind.

     Gamage issued the following statement: ‘On the face of the announcement Washington intentions were to ‘strengthen trade and exports to build the economy in this challenging period’ which is an immediate need of Sri Lanka, but the background check revealed the foremost objective was indeed to strengthen & enhance the national security of the US, its prime focus since 2016, with the undertaking of building military capabilities & economic power in the Indo-Pacific region to lessen the clout of China. What happened here, with the arrival of the official from Washington, is, the US Government stepped into Sri Lanka, which is strategically located at the center of the Indo-Pacific region to do just that.

     The US is already has 3 defense &technology agreements with India – It is interesting to find out the covert motives behind the declared intention to assist Sri Lanka, and how Washington could ‘bind’ Sri Lanka to assist its foremost objective in further strengthening its national security[? at a time when there is an imminent threat from China in the Indo-Pacific region.

     Despite the Rajapaksa-controlled political entity continued clout in the legislature with its national and global credibility at low ebb, it has collaborated with its presidential nominee Ranil Wickremasinghe for the latter to have a free hand in governance knowing full well he has better inroads to Western portals of power centers to seek economic assistance. US has 16.6% control over the IMF & greater clout in the World Bank.

     Of course, Ranil Wickremasinghe as PM during 2002-4 period – under Chandrika Kumaratunga’s disabled presidency – due to her political coalition losing control of the legislature in December 2001 elections followed by the surrender of the vital foreign and defense establishments to the PM of her rival party – signed 2 military agreement with the US to facilitate to protect (from International Criminal Court) alleged US war criminals engaged in Iraq and Afghanistan, and extend the facilities of the Colombo Airport to have easy transfer of alleged 9/11 terrorists in US custody to CIA torture chambers in other countries. India refused to sign both these agreements, vehemently opposing them. Washington progressively increased economic assistance during Wickremasinghe tenure due to then Deputy Secretary of State Richard Armitage’s direct involvement in GoSL-LTTE peace talks. Norwegian negotiator Erik Solheim, found favoring the LTTE at that time, arrived in Colombo last week as an advisor on environment to President Wickremasinghe.

     Could be Washington’s reading was correct – well fed by Julie Chung’s diplomatic post in Colombo – that President Wickremasinghe could facilitate to achieve what is intended by sending an official to fulfill the ‘national security’ tasks embedded in 4 US federal regulations: 1) US Export Control & Border Security, 2) Export Control Reform Act, 3) Export Administration Regulations, 4) Bureau of Industry & Security.

     The new arrival from Washington’s Export Control and Border Security is attached to the US Commerce Department under which the 4 US regulations are strictly enforced through overseas diplomatic missions of the US Department of State, under which Ambassador Julie Chung functions.

     As Ambassador Chung herself in a twitter notification – announcing the new arrival from Washington – mentioned the use of US Export Control and Border Security to strengthen Sri Lanka’s trade and export, it is pertinent to find out what the US Export Control Policy is:

     With the stated policy to preserve the qualitative military superiority of the US and to strengthen the US defense industrial base, Washington will use export controls considering the impact of its economy, to restrict the export of items which would make a significant contribution to the military potential of any other country, while strengthening US defense industrial base.

     On May 16, 2019, China-based Huawei Technologies, operating in Sri Lanka, was blacklisted by the Government of the US. This is one of the world’s largest providers of telecommunications equipment, networking gear, smart phones, and more.

     The US Department of Justice (DOJ) on January 28, 2019, charged Huawei with bank fraud and stealing trade secrets. Huawei denied the US charges, saying requests to meet with the US Justice Department had been ‘rejected without explanation.’ The company said, the trade secret theft allegations were ‘already the subject of a civil suit that was settled by the parties.’

     The targeted goals of the US Export Control Policy were, to carry out the foreign policy of the US, including the protection of human rights and the promotion of democracy, to ensure national security controls are tailored to focus on those core technologies and other items that are capable of being used to pose a serious national security threat to the US, to ensure national security controls are tailored to focus on those core technologies and other items that are capable of being used to pose a serious national security threat to the US. One other objective is US national security requires the US maintain its leadership in the science, technology, engineering & manufacturing sectors, including foundational technology essential to innovation. Such leadership requires US persons are competitive in global markets. The last objective explains why Washington blacklisted Huawei Technologies operating in many countries including Sri Lanka.

     The Export Control Policy document has clearly stated, the ‘US needs to do the hard internal work of deciding which specific commodities, software & technologies should, eg, be controlled to (i) respond to human rights abuses; (ii) support a ‘global level playing field;’ (iii) address ‘legal, ethical, and political concerns’ about emerging technologies; (iv) respond to civil-military fusion policies in countries of concern; (v) avoid disruptions to strategic supply chains; and (vi) respond to ‘technology acquisition strategies, including economic coercive measures.’ The primary agencies responsible for such work are the export control agencies at the departments of Commerce, Defense, State, and Energy.’

     It is within these parameters that the Government of the US will engage in discourses with the Government of Sri Lanka, and an experienced official from the US Department of Commerce, just arrived at the US Embassy, to fulfill Washington’s desire to hold onto its hegemony in the Indo-Pacific region.

     What is understood and seen from outside is ‘to work with the GoSL to develop and enhance systems for safe, productive ports, ensuring SL can strengthen trade and exports to build the economy in this challenging period.’ – island.lk/us-national-security-foremost-factor-in-export-control-border-security-project-in-sri-lanka-ex-state-dept-employee/

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B2. The Politics of IMF – Dharshana Kasthurirathna

IMF’s Senior Mission Chair Peter Breuer told reporters in Colombo on 1 October that Sri Lanka needs a government with mandate to carry out the reforms recommended by the IMF under the proposed bailout program. Sri Lanka might well need an election to dilute the political instability but isn’t this a direct interference of the politics of a sovereign member country, and overstepping the boundaries of the IMF?

     Even if an election is held, it is highly unlikely that a rigorous discussion on the proposed IMF demands will take the centre stage of the political discourse leading to the election. At best, all that a national election may achieve is to give the false pretence of a public mandate to carry out the proposed reforms.

     Some of the recent IMF interventions in Greece & Argentina have been counter-productive in terms of economic recovery. IMF’s own internal reports allude to this fact. The internal report published in IMF’s website under the title ‘Argentina: Ex-Post Evaluation of Exceptional Access Under the 2018 Stand-By Arrangement-Press Release and Staff Report’ conclude, the IMF program contributed to ‘arguably worsening capital flight rather than boosting confidence’ and ‘did not fulfil the objectives of restoring confidence in fiscal and external viability while fostering economic growth’. This report was produced following a study by the IMF in relation to the 2018 bailout agreement with Argentina, which was the largest bailout package in IMF’s history. It amounted to $57billion and was the 21^st bailout agreement that the IMF had with Argentina (recently Argentina received the 22^nd bailout package, following the failure of the 21^st).

     A similar scenario played out in Greece following the 2010 bailout program, which was worth $145bn. In a report published by IMF, ‘Greece: Ex Post Evaluation of Exceptional Access under the 2010 Stand-By Arrangement’, IMF admits it bent its own rules on debt sustainability to go ahead with the program and its forecasts following the bailout program on the economic growth, poverty and unemployment due to the austerity measures were ‘too optimistic’. In other words, what actually played out in Greece was much worse than the IMF predicted, which led to political unrest, relentless public protests, destabilisation of the banking system, mass poverty and unemployment.

     It is with this background that we have to look at the current austerity measures that are proposed, and perhaps unofficially already have been or are being implemented, under the blessings of the IMF. In this meeting with the reporters, the IMF Mission Chair apparently did disclose some of the key points in the proposed reforms. Overall, they do not look very different from the IMF template that was followed by Greece and Argentina and many other IMF bailout programs throughout its history.

     One of the key recommendations is to cut-off the fuel and electricity subsidies to reduce government spending. However, another recommendation mentioned was to introduce a ‘safety-net’ for those who will be suffering due to the ongoing crisis. Wouldn’t these ‘handouts’ increase government spending, just on a different front and further increase inflation that is beyond control? It has to be noted that fuel and electricity subsidies (actually this recommendation seems to be already implemented by the current administration, which raises doubts on an ‘unofficial agreement’) are indirect subsidies and that they particularly assist the small- and medium-scale industries and the agricultural & fisheries sectors. Sri Lanka is facing a food crisis and the removal of fuel subsidies have aggravated this problem by the massive blow that it has had on the agricultural and fisheries sectors.

     Another recommendation that is proposed is to provide more ‘autonomy’ to the Central Bank through legal reforms. There’s no argument that the Central Bank’s misregulation of the fiscal market has been a key factor that led to the current crisis. However, making it more ‘autonomous’ may actually worsen the issue as even if it is present, it seems to be lacking in proper oversight and accountability. eg, the Central Bank appointed ‘Lazard’ as an advisor for debt negotiation. Lazard has obvious conflicts of interests in carrying out this task, as it’s also engaged in equity management.

     Further, some of the institutional investors of Lazard include major International creditors such as Blackrock, for all we know may also be holding on to Sri Lankan bonds through its subsidiaries. Actually, the organisations that are holding on the Sri Lankan bonds appear to be a closely guarded secret, which goes against the principle of fiscal transparency that the IMF publicly champions.

     Further, the Central Bank has refused to accept ‘Mir’, the Russian payment system, citing the US has imposed sanctions on Russia. Should such a decision be in the hands of some unelected official at the Central Bank? Sri Lanka is struggling due to an energy crisis and many countries in the world, including some European countries, still trade with Russia, particularly in the energy sector. Examples like these make it evident that what the Central Bank is currently lacking is not autonomy, but accountability & transparency. It should come under the purview of the parliament that is the main body that has the responsibility of providing fiscal oversight. Without such accountability and transparency, the Central Bank could get reduced to a mere national branch of the internal organisations such as the IMF and World Bank.

     Another recommendation that the IMF has put forth is to introduce a progressive income tax (or rather increase the rates of progressive income tax) and to further increase the corporate tax levels. In reality, businesses in the country are struggling due to high interest rates, import controls, energy crisis, high inflation and the skilled labour market that is fleeing the country in record numbers. In the current economic climate, imposing more direct taxes could very well drive away the remaining investors and the more experienced and skilled labour force out of the country. It could even lead to lesser tax revenue in the long run as the spending power of the higher income earners that is already degraded due to high inflation, degrades further.

     The economy could further contract, shooting up unemployment and poverty rates even further. These were the observations in Greece and Argentina following the austerity measures, and it’s quite possible these tax reforms may actually be counterproductive in Sri Lanka as well. It is not clear whether these complexities were taken into account by the IMF in making these recommendations, or whether these reforms are introduced to make the international creditors happy that they have a better chance of recovering their loans.

     The reality is that the IMF has to please two sides, and one of those sides is the international creditors. Moreover, the IMF is not a truly apolitical organisation whose sole mission is to provide economic relief. For instance, USA has the sole veto power regarding all of IMF’s decisions and thus it is unavoidable that its foreign policy may influence IMF’s operations. Sri Lanka’s current economic mess has compelled it to seek IMF’s assistance but at the very least, Sri Lanka deserves experts who can negotiate for her own interests, without blindly following IMF’s recommendations to the letter.

     Current Central Bank governor has worked for the IMF during his professional career and Dr Indrajit Coomaraswamy, who heads the debt restructuring committee, has worked closely with organisations such as the IMF, World Bank and ADB throughout his career. Their very backgrounds may actually lead to group-think and tunnel-vision when it comes to IMF bailout programs. Examples from Greece and Argentina make it evident that we need a better team at the negotiation table that will actually do the act of ‘negotiating’.

(the writer is a Senior Lecturer in Computer Science) – http://www.ft.lk/columns/The-politics-of-IMF/4-741096

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B3. CB Governor Misses the Bus Again – Tennekone Rusiripala

Central Bank of SL to launch study to assess banks’ need for fresh capital? This is a good move but belated! Mr CBSL Governor, trying to close the stable door after the horse has bolted. If the capital adequacy of local banks is so affected that a ‘diagnostic study’ has become a must to ‘assess the extent of the implications coming from higher provisions made for losses on foreign currency-denominated financial assets and the additional losses stemming from possible bad loans’ that itself implies that it is the result of a longstanding ailment and you are trying to assess the damage to prevent something worse happening. All commercial banks are required to be under constant vigilance by a special arm of the Central Bank, the Department of Bank Supervision. But now we know that a situation has come about, warranting a more authentic diagnosis by an audit outside the present external auditors of the banks implying that the deterioration has completely escaped the attention or suffered the consequences of negligence by the authorities.

     While it is alarming to note is that our big banks are undergoing the painful effects of unprecedented pressure due to critical economic conditions of the country, it is more distressing to note the critical situation our Central Bank itself is facing. When confronted with such circumstances we are reminded of the saying, ‘Physician Heal thyself’.

     The outlook of the banking industry became a hot topic after President Ranil Wickremesinghe announced the need to issue 20% of the stock of state banks to depositors and employees in presenting his revised budget to parliament sometime back. While we are not aware whether the Central Bank’s reported initiative is a result of the budget proposal OR arising out of a preconditional directive from the IMF, this CB action plan to launch a diagnostic study centred around the big banks including the state-owned ones is on the cards now.

     The CB is the Banker to the Government, Banker to Banks, Custodian of the Monetary Policy, Regulator of the Commercial Banks and the Economic Advisor to the Government. Associated with these roles the CB is responsible for the discharge of several vital functions related to the issue of currencies, Exchange Control, Bank Supervision, Banking development, including Rural Credit and Rural Banking among many others extending into a wide spectrum in the social web of the country. Of these the most relevant to the topic of our discussion is the Bank Supervision role of the Central Bank.

     Since its inception, bank supervision has been recognised as an important function assigned to the CB among other mandatory duties, specifically provided for in the Monetary Law Act. The MLA provides for continuous supervision and regular examination of all banking institutions including non-bank financial institutions. The Monetary Board has to fix the duration of the periods for such tasks from time to time and the Director of the Bank Supervision Department nominates examiners authorised by law to scrutinise books and accounts of every commercial bank. Specific provisions in the MLA empower the Director Bank Supervision to call for detailed information from any bank in the course of such examinations. The CB is authorised to call for further information and clarifications directly from the Auditors of Commercial Banks.

     Bank deposits have assumed vital importance in the national economy due to their role in money supply. The Department of Bank Supervision of the Central Bank is required to take steps to retain public confidence in the financial institutions and protect depositors’ interests. The existence of the banking system depends heavily on the public confidence in their stability. The Central Bank is duty bound to play the role of creating and maintaining of public confidence in the financial institutions of the country.

     Our banking industry comprises state-owned banks, indigenous banks and foreign-owned international banks. All these banks fall within the regulatory and supervisory purview of the Central Bank. In keeping with the international norms applicable to those banks engaged in cross border operations, the Central Bank from time to time issues directions to update the regulatory standards to match the changing and developing International regulatory frame work. This is achieved under the directives issued to meet the standards stipulated by the Geneva-based Bank for International Settlements (BIS); known as BASEL accords, they are to be observed and adhered to by all internationally active banks. BIS is the Bank for Central Banks and today it has developed a global supervision framework applied as mandatory regulations that should be followed by all banks exposed to international business. Accordingly, the supervisory role of the CBSL is guided and regulated by such BASEL accord directives adopted periodically. To fulfil this requirement and promote development as the economic advisor to the government, the CB issues directives, determinations and circulars to licensed commercial banks in the country, and one of the responsibilities of the Bank Supervision Department is to ensure the observation and adherence to these by the LCBs and that the banks perform their functions prudently. This is essential and mandatory to protect depositors’ interests, and the CB has to take necessary steps to eliminate any possible weaknesses in their operations affecting their financial stability.

     Against this background, let us take a look at the launch initiated by the CB. The objective of this so called ‘diagnostic study’ is to assess the extent of the implications arising out of insufficient loan loss provisions and losses incurred on forex-denominated financial assets.

     Going by the published financial statements of all the big banks, there appears to be no cause for alarm because quite contrary to what is happening in the business circles, banks are showing huge profits.

     Most of the businesses including the export oriented are in a dire state mainly due to the forex crisis the country is facing. Some engaged in import of electrical items, etc., have made unprecedented profits by adjusting and revaluing their previously imported stocks in hand while some others in local production have gained substantially due to import controls imposed. Those associated with businesses operated with borrowed funds have fallen into big trouble due to unprecedented interest hikes.

     All these debacles are the result of economic policy stands taken by the government from time to time while the banking industry has posed a survival of the pressure externally, when the other business activities faced the down fall. This is an aberration which should have been focused on by the CB long before. Among the arbitrarily identified critical factors contributing to a projected breakdown of the banking sector quite carefully shielded by qualifying statements, eg ‘although there aren’t any imminent concerns about their stability, Sri Lanka’s banks are currently undergoing their most painful stretch of stress,’ & several others initiated or overlooked by the government’s economic advisor. Some are loan defaults due to repayment difficulties, soaring interest rates, runaway inflation, etc. The most critical factor not mentioned in the list is the sharp & precipitous fluctuations of the exchange parities for which the CB is directly responsible.

     The global impact due to the pandemic and the resulting light of the domestic adversities cannot be disregarded but the attribution of these as entirely responsible to the current situation is a vain attempt at justification by those who have failed in their performance. History shows us many similar instances of how bloated window-dressed statistics have finally deceived all of us. Let me quote the 1990s experience of subjecting the two state banks to a ‘diagnostic audit’ directed by the World Bank. Ironically, these banks were showing a good balance sheet on the face of it when this international intervention was made. The revelations were so alarming that the then Finance Minister declared the 2 state banks, BOC& PB were insolvent. This led to a huge catastrophe spread over to a countrywide debate, culminating in the tabling of a no-confidence motion against the FM. We still remember how the current President, then Government Chief Whip, Ranil Wickremesinghe ably defended the FM, clearly illustrating how the banks had been cooking the accounts to show bloated profits without adequate provisions for loan loss, employee benefit schemes & writing off bad loans. Finally, the 2 banks were rescued by the provision of capital to support their liquidity shortfalls to the tune of about Rs24bn by the issue of long-term interest bearing bonds from the Treasury.

     Going by various disclosures about the questionable lending operations of the state banks from a long-time before the onset of the pandemic we are compelled to conclude that some have shirked their responsibilities.

     We keep our fingers crossed. The declaration of a state of bankruptcy and the default on loan repayments, the manipulation of exchange rates, failure to meaningfully address causes for diminishing forex inflows, interest-rate manipulations leading to serious economic repercussions are the causes of the current situation while precarious & reckless lending operations resorted to mostly by hired contractors in the state banks are among the many skeletons that may come out of the cupboards during the proposed diagnostic exercise. – island.lk/cb-to-launch-study-to-assess-banks-need-for-fresh-capital/

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B4. Who Benefits from Devaluation? – Sugath Kulatunga

The 2-fold objective of a devaluation exercise is to stimulate exports & reduce imports. An increase in exports depends on the elasticity of supply & demand. At the time of devaluation in 1977 our exports were mainly tea, rubber and coconut products which made up of around 70% of export value. There was hardly elasticity of supply in these plantation commodities. On the other hand, there was a pent-up demand for imports. Critics of the IMF claim, the mandate of the IMF is to make imports from the developing countries cheaper to Western buyers and make poor countries to pay more for their imports.

     Sri Lanka has had a series of devaluations and IMF interventions from 1948 onwards, which has been a futile exercise. When at the time of independence in 1948, the US Dollar was only 3 Rupees and now it is over 360 Rupees. We continue to chase the dollar without focusing on the real problem of poor export performance.

     The direct beneficiaries of devaluation are the exporters but for some exports like apparel the local value addition is limited to labour. Where the value of imported raw materials are high the devaluation gain is offset by the increase in the cost of imported raw materials.

     Total value of exports even today is around $20billion whereas GDP is $80bn, which is 4 times the value of exports. Therefore, rupee depreciation will benefit only a small section of the country. The exporter deserves encouragement, but it is better given on increased investment and exports and not for doing nothing.

     Devaluation is in one sense robbing the fixed income earner & saver, and offering the benefit to the trader & exporter. The recent devaluation has devalued the very existence of the fixed income earner. His hard-earned savings are worth only half the original value. He is not able to cope with the galloping cost of living. Poverty has increased and child malnutrition is rising. On the other hand, the trader is making unconscionable profits. Some time back the Minister of Health announced in Parliament that the pharmaceutical trade was holding 4 months stock of drugs. Within a few days the industry was allowed a 27 % increase in drugs. The traders increased their prices to over 200% with immediate effect and now there is no price control at all.

     From March this year up to May the LKR has depreciated by 44 %. (bizenglish.adaderana.lk/sri-lankan-rupee). Even with CBSL interventions and tight import control there is no light visible at the end of the tunnel.

     Rather than export-led development and aiming at a healthy balance of trade & payments and provide productive employment, all governments resorted to devaluation and prolific borrowing as the remedy.

     The outcome of many devaluations and IMF prescriptions has been negative as far as the trade balance is concerned. The LKR, which was 8.83 in 1976, declined 15.56 to a US dollar after the 1977 devaluation, and slumped to 100/$ in 2005, 135/$ in 2015, and today it is frozen at 365/1US$.

     What have we done to stimulate exports? Have we diversified our supply base other than in low technology apparel industry, which came to us to take advantage of the US garment quotas? Have we introduced new technology? Have we made full use of our human resources and physical resources?

     The graph compare export growth, import reduction and trade balance with each episode of devaluation (www.sundaytimes.lk/110417/BusinessTimes/bt09.html 17/4/2011)

     The top half of Figure 1 shows the annual effective LKR devaluation rates since 1950. The bottom half shows the variation in imports, exports and current account balance, taken as percentages of GDP of the respective year, to maintain uniformity. Please see the highlighted 5-year periods after 3 significant devaluations. No significant improvement is seen in exports or current account balances.

     Were our policymakers idiots or criminals, or both? (Please refer to the next article for the graph)

– lankaweb.com/news/items/2022/10/16/who-benefit-from-devaluation/

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B5.

Some Lessons on Planning for the 21^st Century from the World’s First Socialist Economy

– Elena Veduta

A Brief Overview of Soviet Planning History

     The successes achieved by the USSR thanks to the socialist revolution of 1917 – which transformed a backward agrarian country, rich in raw materials and possessing a huge foreign debt, into an advanced scientific and technological power that determined a bipolar world – are overwhelming. However, after the counter-revolution of 1991, Russia returned to its past. It has again become a raw-material appendage of the world capitalist community and continues to slide downward.

     Depending on the emerging conditions and the accumulation of experience in planning the economy, the model of the socialist economy in the USSR changed. In its construction the following periods can be distinguished: war communism, New Economic Policy, the course of industrialization, and the dismantling of economic planning.

     War Communism (1918-21) – The Great October Socialist Revolution of 1917 established the power of the Soviets of Workers’, Soldiers’ and Peasants’ Deputies in Russia by March 1918. The Soviet state developed the first balances characterizing resources (initially, primarily foodstuffs) and their use for the survival of the people. In its troubled, chaotic early years – there was both a civil war and a war against the intervention of many Entente countries – Soviet Russia, under the leadership of VI Lenin, managed to maintain power in the country, not allowing it to collapse into pieces. While solving the difficult task of retaining power, Lenin was advancing his idea of progress: the electrification of the whole country.

     Under Lenin, the state introduced a monopoly on foreign trade & foreign currency transactions; nationalized land, industrial enterprises, transport, banks; banned the private trade of essential products; introduced general labor conscription; and advanced workers’ control over the production & distribution of vital products. The Supreme Council of the National Economy was responsible for coordinating the activities of enterprises to implement quarterly, and then later, annual plans.¹

     In 1920 the government established the State Commission for the Electrification of Russia (GOELRO). It considered electrification a ‘powerful factor’ in the growth of labor productivity. GOELRO was based on an analysis of social needs, balancing them with available resources and with reference to territorial development plans. It was intended to restore the economy to pre-war levels in 10-15 years. In 1921 for its implementation, the State Planning Committee (GOSPLAN) was created to develop and implement a national economic plan based on the electrification project.²

     GOELRO was faced with complications. Information about the current state of the economy and knowledge of economic planning was not enough. The construction of power plants required the supply of machines, tools, and raw materials, which, in turn, had to be produced. For this production to take place, material support was needed. It was also necessary to consider the interconnections of the manufacturers involved in the implementation of the GOELRO goals. However, this understanding of planning occurred later. The absence in the early stages of planned calculations of all production relationships for supporting the goals of GOELRO led to a halt in the construction that had begun, including closures of factories supplying essential products, in turn leading to an economic crisis. Scheduling errors resulted in increased imbalances, production shutdowns, and plant closures. The country was thus forced to switch to the New Economic Policy.

     New Economic Policy (1921-27) – The New Economic Policy, based on a mixed economy with different forms of ownership while preserving the state-directed economy, was a step backward. But it was necessary to construct a practical form of socialism that understood the importance of various forms of property since the Soviet state, still in its infancy, was not able to manage everything effectively.

     The principle of ‘party maximum’ was introduced in June 1921 for party members who were executive employees of institutions and enterprises. The idea came from the 1871 Paris Commune. According to this principle, salaries of executive employees would not exceed 150% of the average salary in the enterprises under their control.³

     The goal of the New Economic Policy was to restore the national economy by maintaining control over heavy industry, transport, banks, and wholesale and international trade, while introducing private entrepreneurship and raising foreign capital. State-owned enterprises competed against each other. Agriculture, retail trade, services, and light industries were mostly in private hands.

     GOSPLAN began to develop balances in order to provide producers with the preconditions of food and livestock, as well as the necessary means to make rubber, metal, and other materials. The 1924 balances developed by the GOSPLAN were compiled into a single table – the balance of the national economy, covering the most critical product flows. In the introduction to this work in which this table appears, P Popov wrote, ‘neither in the statistical, nor in the economic literature, nor in the Russian, nor in the Western European literature, were there any examples of such works, and we had to decide on our own in the process of forming not only the technical method of research, but also the methodological prerequisites.’⁴

     The method known as ‘input-output analysis,’ developed in the US in the 1930s by Wassily Leontief, originally used linear algebra to build an economic and mathematical model and analyze the structure of the US economy.

     Joseph Stalin criticized this approach, calling it ‘a game of numbers.’⁵ Some argue, Stalin’s negative reaction to this work was because the balance contradicted the policy of forced industrialization, which broke the existing proportions of the economy – but in fact, the reason was quite different. Stalin, as the manager of the development of a huge country, was interested in algorithms for solving strategic problems, rather than simply describing them.

     In 1926 the national economy was restored to 1913 levels, but economic growth began to slow and unemployment increased. The so-called ‘price scissors’ between high prices for industrial products and low prices for agricultural products had caused rural areas to cease trade with cities, resulting in urban famines. Faced with growing economic problems by 1926, the Bolsheviks began to discuss a planning model capable of ensuring a high rate of industrialization.⁶

     Those on the right, eg N Bukharin, V Bazarov, N Kondratyev, believed that the market would decide, and the state should only intervene to correct negative consequences predicted by the models. Leftists, including G Krzhizhanovsky, V Kuibyshev, and S Strumilin, opposed this position, preferring a managed economy to ensure that the country could rapidly progress toward industrialization.⁷ This group proposed implementing successive approximations (iterations) in order to coordinate government orders with production capabilities. This was the idea of cybernetic planning of the economy, relying on feedback from manufacturers and adjustments to government orders depending on the capabilities of manufacturers.

The Course of Industrialization, the War Economy & Economic Recovery (1928-50)

     The USSR made the transition from the New Economic Policy to the path of industrialization at the end of the 1920s. The intended plan was directed at the long-term planning of the economy by coordinating the input-output calculations at all levels of the management hierarchy through iterations. Investments became a managing parameter of the plan.

     The starting points for planning were government orders to prioritize the development of key industries and the planned fund for public working time. Materials, labor & financial resources were calculated by modeling the necessary production chains for determining capital investments to create additional manufacturing capacities. After all intra-sectoral calculations were carried out, applications for the material, labor & financial resources were supplied to the top coordinating body: GOSPLAN. Taking into consideration the real capabilities of manufacturers, assignments for state orders were corrected, and a new round of calculations began. The process continued until a balanced input-output plan was obtained within the specified calculable accuracy. Only after that were contracts concluded and the plan turned into a directive. The principle of rolling planning enabled the government to make timely adjustments to the plan.

     Between 1929 and 1934, the USSR was first in Europe and second in the world in terms of growth of industrial production and national income.⁸

     The advantages of this method were demonstrated by the centralized economy of the USSR during WW2. Quarterly, monthly & 10-day recalculations became the main form of planning. eg while smelting about 3 times less steel and producing almost 5 times less coal than Germany, the USSR created almost twice as many weapons and military equipment during wartime.⁹

     After the war, the course of industrializing the Soviet economy continued. Every year between 1947 and 1954 saw real incomes of the population increase, rising by up to 34% compared to pre-war levels. (To be continued – Elena Veduta is professor & head of the Department of Strategic Planning a& Economic Policy in Faculty of Public Administration at Lomonosov Moscow State University, Russian Federation)

Endnotes:

1 N Veduta, Strategy & Economic Policy Governance (Moscow: Akademicheskiy proekt, 2003).

2 Council of People’s Commissars, ‘Management of Sovnarkom,’ Assembly of Legislation and Deployment of Laws for 1921, no106, Statement of the Governmental Commissariat (1944).

3 ‘Stalinskoye nevraventsko (Stalinist Inequality),’ 1917.com (blog) (2015).

4 G Eljmeev & VG Ovsjnnikov, Applied Sociology: Opinions of Theories (University of St. Petersburg), 35.

5 Joseph Stalin, Works, vol12 (Moscow: Pravda, 1929).

6 Stephen Cohen, Bukharin & the Bolshevik Revolution: a Political Biography, 1938-88 (NY: Knopf, 1988).

7 S Autonomov, OI Ananin, & NA Makasheva, ‘Economic Discussions of the 1920s on the Nature of the Planned Economy’ in The History of Economic Doctrines, ed Autonomov (Moscow: INFRA-M, 2002).

8 Raymond Barr, Political Economy (Moscow: International Relations, 1995).

9 Veduta, Strategy & Economic Policy Governance.

  – monthlyreview.org/2022/10/01/some-lessons-on-planning-for-the-twenty-first-century-from-the-worlds-first-socialist-economy/

__________________________________________________________

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.

• Refusal of MIR through eyes of transformation

‘US focused on transforming the society.’

– lankaweb.com/news/items/2022/10/20/refusal-of-mir-through-eyes-of-transformation/

• NATO Debt Trap Tightens Around Sri Lanka to Accept Military Designs

 ‘Sri Lanka will be compelled to accept a NATO military design to manage the 62% foreign debt owed to NATO and allies. US troops, particularly naval units, will land here under various pretexts…’

– lankaweb.com/news/items/2022/10/19/nato-debt-trap-tightens-around-sri-lanka-to-accept-military-designs/

• US Asst. Secretary of State Lu assures President Wickremesinghe he has a force backing him.

– adaderana.lk/news/85641/us-assit-secretary-of-state-assures-support-for-sri-lanka

– adaderana.lk/news/85635/us-assistant-secretary-of-state-donald-lu-arrives-in-sri-lanka

– dailymirror.lk/breaking_news/Top-US-official-due-here-to-discuss-economic-situation/108-247025

– adaderana.lk/news/85637/us-asst-secretary-of-state-donald-lu-calls-on-president-ranil

dailymirror.lk/breaking_news/US-continues-to-assist-SL-for-debt-restructuring-talks-US-official/108-247140

– ft.lk/news/US-Assistant-Secretary-assures-to-assist-Sri-Lanka/56-741140

• President is the right person to get country out of crisis – Secretary Lu

– newsfirst.lk/2022/10/19/president-is-the-right-person-to-get-country-out-of-crisis-secretary-lu/

• Foreign Ministry Sabry in talks with visiting top-US official

– timesonline.lk/news-online/Ministry-Sabry-in-talks-with-visiting-top-US-official/2-1139205

• US National Security, foremost in ‘Export Control & Border Security’ project in SL: ex-US-State Dept Employee

– island.lk/us-national-security-foremost-factor-in-export-control-border-security-project-in-sri-lanka-ex-state-dept-employee/

• Sri Lanka Cabinet Surrenders the Country to the USA (2019)

– lankaweb.com/news/items/2019/11/06/sri-lanka-cabinet-surrenders-the-country-to-the-americans/

• Debunking Tamil Homeland myth with 5 questions

– lankaweb.com/news/items/2022/10/20/debunking-tamil-homeland-myth-with-5-questions/

• Why has SL wasted over $ 50 mn on ‘Bim Saviya’ Title Registration Act?.

– lankaweb.com/news/items/2022/10/18/why-has-sl-wasted-over-50-mn-on-bim-saviya-title-registration-act/

• New laws to be drafted to make use of State’s non-financial assets: Land!

‘the Railway Department has a land bank of 14,000 acres’

– dailymirror.lk/business/New-laws-to-be-drafted-to-make-use-of-States-non-financial-assets/215-247066

• Sri Lanka Cabinet Surrenders the Country to the USA

– lankaweb.com/news/items/2019/11/06/sri-lanka-cabinet-surrenders-the-country-to-the-americans/

• Pohottu As USA Proxy Pt 9C

‘In the 1950s, USA decided to be the protector of the Free World versus the Communist world.’

– lankaweb.com/news/items/2022/10/19/pohottu-as-usa-s-proxy-pt-9c/

• SL secures a long-term Credit Line from Russia to procure fuel [Await denial!]

– dailymirror.lk/breaking_news/SL-secures-a-long-term-Credit-Line-from-Russia-to-procure-fuel/108-247114

– adaderana.lk/news/85634/sri-lanka-secures-long-term-credit-line-from-russia-to-procure-fuel

• Violation of Buddhist Human Rights during the Euro- Christian era of Colonial Rule in Sri Lanka and other pre-dominant Buddhist countries

– lankaweb.com/news/items/2022/10/19/violation-of-buddhist-human-rights-during-the-euro-christian-era-of-colonial-rule-in-sri-lanka-and-other-pre-dominant-buddhist-countries/

• Indian Navy intercepts ‘suspicious’ boat near Lankan maritime border

– newsfirst.lk/2022/10/21/indian-navy-intercepts-suspicious-boat-near-lankan-maritime-border/

• Indian Navy fires at ‘suspicious’ boat near Indo-Sri Lanka IMBL

– adaderana.lk/news/85681/indian-navy-fires-at-suspicious-boat-near-indo-sri-lanka-imbl

• TN fisherman shot at by Indian Navy near Sri Lanka border, state writes to PM Modi

– lankaweb.com/news/items/2022/10/21/tn-fisherman-shot-at-by-indian-navy-near-sri-lanka-border-state-writes-to-pm/

• Indian Defence State Minister reiterates commitment to assist SL in defense sphere

– newsfirst.lk/2022/10/21/indian-defence-state-minister-reiterates-commitment-to-assist-sl-in-defense-sphere/

• India commits to strengthen defence cooperation with Sri Lanka

– lankaweb.com/news/items/2022/10/21/129379/

• Sri Lankan security forces couldn’t pay training fees to India

– dailymirror.lk/breaking_news/Sri-Lankan-security-forces-couldnt-pay-training-fees-to-India/108-247200

• Sumanthiran, Hakeem differ on foreign involvement in truth-seeking mechanism

– themorning.lk/sumanthiran-hakeem-differ-on-foreign-involvement-in-truth-seeking-mechanism/

• Jaffna politicians avoid commemoration of 1987 Indian Peacekeeping Forces (IPKF) massacre

– sundaytimes.lk/221016/columns/mea-culpa-mea-culpa-mea-maxima-culpa-says-foreign-minister-499050.html

• Did India abstain on UN Vote Against Russia due to plans for Sri Lanka as 29th pranth?

– sundaytimes.lk/221016/columns/rajapaksa-and-son-launch-bold-comeback-bid-to-gain-lost-power-498840.html

• Security threat to India is threat to Lanka: Envoy Moragoda

– island.lk/security-threat-to-india-is-threat-to-lanka-envoy-moragoda/

• How and why MGR launched ADMK 50 years ago – Jeyaraj

– dailymirror.lk/opinion/How-and-why-MGR-launched-ADMK-50-years-ago/172-247286

• Indian taxpayers saved SL – JVP AKD

– island.lk/indian-taxpayers-saved-sl-akd/

• New Cabinet Sub-Committee tasked to step up reconciliation

– ft.lk/news/Cabinet-clears-submission-of-Premises-Given-on-Lease-Special-Provisions-Bill-to-Parliament/56-741078

• Sri Lanka still in talks to prevent external probe on alleged human right abuses: minister

– economynext.com/sri-lanka-still-in-talks-to-prevent-external-probe-on-alleged-human-right-abuses-minister-101192/

• Kiriella accuses Mahinda of betrayal: Second only to signing of Kandyan convention

‘former President Mahinda Rajapaksa, and former UN Secretary-General Ban Ki-moon, agreeing to inquiry into alleged war crimes in 2009 was reason resolutions were adopted against SL at UNHRC.’

– island.lk/kiriella-accuses-mahinda-of-betrayal-second-only-to-signing-of-kandyan-convention/

• Kandyan Sinhala leaders wanted federalism and N-E merger before Tamils – Jeyaraj

– ft.lk/columns/Kandyan-Sinhala-leaders-wanted-federalism-and-N-E-merger-before-Tamils/4-741083

• Moving the Centre of The Protest to Teheran from Galle Face Green

– lankaweb.com/news/items/2022/10/15/moving-the-centre-of-the-protest-to-teheran-from-galle-face-green/

• US Aragala Awards for Their ThinkTanks

– lankaweb.com/news/items/2022/10/16/us-aragala-awards-for-their-thinktanks/

• “I’ll try to bring investors to Sri Lanka” – Erik Solheim

– dailymirror.lk/opinion/Ill-try-to-bring-investors-to-Sri-Lanka-Erik-Solheim/172-247054

• Gammanpila smells a rat in appointing Solheim as Presidential Advisor on Climate Change

‘He was brought to liaise with Tamil separatist movements. India has informed Sri Lanka that they were not in a position to support us any further. Signing the free trade agreement is a precondition of China. Japan, with its broken heart, has agreed only to restructure the loans. Russia has no capacity to support us because of the war. Europe is in a deep economic crisis. The IMF funds will reach us only after restructuring loans. Hence, the Government has no option but to beg before the separatists.’

– island.lk/gammanpila-smells-a-rat-in-appointing-solheim-as-presidential-advisor-on-climate-change/

• Upcountry Workers’ Union threatens to go to Geneva over estate workers’ rights

– dailymirror.lk/print/front_page/Upcountry-Workers-Union-threatens-to-go-to-Geneva-over-estate-workers-rights/238-246931

• Tamil Nadu worried over increased presence of Chinese Army in Sri Lanka – The Hindu

‘the alert claimed that the PLA deployed sophisticated gadgets in the garb of launching sea cucumber farming’

– thehindu.com/news/national/tamil-nadu-worried-over-the-increased-presence-of-the-chinese-army-in-sri-lanka/article66018297.ece

• Persecuted Hindu Tamils from SL can obtain Indian citizenship under CAA says Madras HC

– dailymirror.lk/breaking_news/Persecuted-Hindu-Tamils-from-Lanka-can-obtain-Indian-citizenship-under-CAA-says-Madras-HC/108-247021

• LTTE revival connection under investigation over recent Indian drug haul

– island.lk/ltte-revival-connection-under-investigation-over-recent-indian-drug-haul/

• Restoration of moral legitimacy is essential –– USAID NPC Perera

– island.lk/restoration-of-moral-legitimacy-is-essential/

• GoSL in Geneva etc. – Jayatilleka

‘The UN Human Rights Council is not an alien or abstract idea imposed on countries’

– island.lk/gosl-in-geneva-etc/

• US Lectures India

– youtube.com/watch?v=TJy3B25Exfs

• India’s stance on the Ukraine war makes little sense: White House policy advisor

– politico.eu/article/indias-stance-on-the-ukraine-war-makes-little-sense/

• The Rise of Asia | Kishore Mahbubani – Best Quotes (Part 1)

– youtube.com/watch?v=4xjyTORYggA

• Blasts kill at least 8 at Myanmar’s Insein Prison

– adaderana.lk/news/85636/blasts-kill-at-least-8-at-myanmars-insein-prison

• 20th CPC National Congress: Opening & Structure

‘The 20th National Congress of the Communist Party of China (CPC) opened at the Great Hall of the People in Beijing on October 16. Yang Xinmeng is among the many journalists covering the Party’s highest convention. She shares her experience and thoughts attending the opening ceremony’

– youtube.com/watch?v=6zfg8NkKtcQ

– youtube.com/watch?v=6Xui7166rPE

• Quotable quotes from Xi Jinping’s report to 20th CPC National Congress

– en.qstheory.cn/2022-10/18/c_821566.htm

• Blinken Falsely Blames China For U.S. Hostility Directed At It

– moonofalabama.org/2022/10/blinken-falsely-blaims-china-for-us-hostility-directed-at-it-.html

• What is Behind the Growing US-China Crisis Over Taiwan?

– youtube.com/watch?v=2TFU3uil3iw

• Pakistan summons U.S. ambassador over Biden’s nuclear remarks

– radiohc.cu/en/noticias/internacionales/302058-pakistan-summons-us-ambassador-over-bidens-nuclear-remarks

• Pakistan election commission disqualifies former PM Imran Khan

– newsfirst.lk/2022/10/21/pakistan-election-commission-disqualifies-former-pm-imran-khan/

– island.lk/pakistan-election-commission-disqualifies-former-pm-imran-khan/

• Iran Agrees to Ship Missiles, More Drones to Russia, Defying the West-Sources

– usnews.com/news/world/articles/2022-10-18/exclusive-iran-agrees-to-ship-missiles-more-drones-to-russia-defying-the-west-sources

• Russia to review its ties with UN Secretariat if probe into Iran’s UAV sales launched

– tass.com/politics/1525109

• Behind The Iranian Riots

– moonofalabama.org/2022/10/behind-the-iranian-riots

• Persistent protests put survival of Iran’s theocratic regime in question – Whiteman

– themorning.lk/persistent-protests-put-survival-of-irans-theocratic-regime-in-question/

• Israeli settlers attack Palestinian school in West Bank, set fire to classroom

– radiohc.cu/en/noticias/internacionales/302066-israeli-settlers-attack-palestinian-school-in-west-bank-set-fire-to-classroom

• Australia reverses recognition of Jerusalem as Israeli capital

– ft.lk/news/Australia-reverses-recognition-of-Jerusalem-as-Israeli-capital/56-741079

• Israeli defense minister: We will not sell weapons to Ukraine

– jns.org/israeli-defense-minister-we-did-not-sell-weapons-to-ukraine/

• Eritrea calls up armed forces after Ethiopia clashes

– english.ahram.org.eg/News/476290.aspx

• Satellite images show troops near Tigray-Eritrea border

– reuters.com/video/watch/idOV848828092022RP1

• Comments about Africa aid were not meant to offend: Canada’s Deputy Prime Minister

– theglobeandmail.com/canada/article-freeland-says-comments-about-africa-aid-were-not-meant-to-offend-2/

• Mali vows to defend nation against French intrusions

– radiohc.cu/en/noticias/internacionales/302485-mali-vows-to-defend-nation-against-french-intrusions

• The other Russia-West war: Why African countries are abandoning Paris and joining Moscow

– middleeastmonitor.com/20221015-the-other-russia-west-war-why-some-african-countries-are-abandoning-paris-and-joining-moscow/

• Colonialism, Compradors & The Militarized Crisis of Capitalism in Africa

– blackagendareport.com/colonialism-compradors-militarized-crisis-capitalism-africa

• Did We Learn Anything from Cuban Missile Crisis?

– newsclick.in/mapping-faultlines-did-we-learn-anything-cuban-missile-crisis

• No to Foreign Military Intervention In Haiti! Yes, to Haitian Self-Determination!

– blackagendareport.com/no-foreign-military-intervention-haiti-yes-haitian-self-determination

– blackagendareport.com/black-alliance-peace-opposes-biden-administrations-security-council-resolution-haiti-and-calls-its

• USA will support sending ‘multinational rapid action force’ to Haiti

– miamiherald.com/news/nation-world/world/americas/haiti/article267336107.html

• US intelligence agency link to the assassination of Haiti’s president?

– univision.com/amp/univision-news/latin-america/cia-link-assassination-president-moise-haiti

• Haiti’s White War Lords

– blackagendareport.com/haitis-white-war-lords

– blackagendareport.com/black-agenda-radio-october-21-2022

• Haiti gang makes demands in test of power with government

– jamaica-gleaner.com/article/news/20221014/haiti-gang-makes-demands-test-power-government

– radiohc.cu/en/noticias/internacionales/302049-un-says-blockade-by-gangs-on-fuel-source-in-haiti-is-causing-famine

• Haitian opposition leader says it’s time for revolution

– radiohc.cu/en/noticias/internacionales/302477-haitian-opposition-leader-says-its-time-for-revolution

• Peruvian President Pedro Castillo turns to the OAS to avoid soft coup in Peru

‘a “new form of coup d’état”, which uses “lawfare” as a mechanism to delegitimize leftist rulers and promote their resignation or dismissal.’

– radiohc.cu/en/noticias/internacionales/302479-peruvian-president-pedro-castillo-turns-to-the-oas-to-avoid-soft-coup-in-peru

– radiohc.cu/en/noticias/internacionales/302528-unanimous-support-for-peruvian-government-at-oas-assembly

• Remaining crew members released from US-hijacked Venezuelan plane in Argentina

– radiohc.cu/en/noticias/internacionales/301971-remaining-crew-members-released-from-hijacked-plane-in-argentina

• Russia, China, Iran, India, Pakistan and other states are prepared for new world order.

‘This is building up in Asia with solid industry, an exchange of trade in local currency, large reserves of food, and a prosperous future for those who represent almost half of the world’s population.’

– ejmagnier.com/2022/10/14/the-cias-invisible-war-on-russia-who-is-winning-in-the-bigger-picture-of-the-war/

• EU to dispatch 40 observers to Armenian-Azerbaijan border

– news.cgtn.com/news/2022-10-17/EU-to-dispatch-40-observers-to-Armenian-Azerbaijan-border-1ecMM63Icbm/index.html

• Ukraine war is ‘Biden’s war’ now

‘As English politics descends to skulduggery that will extend into months, the US will be a stakeholder. Historically, since the WW2, England led the US from the rear in critical situations involving Russia.’

– indianpunchline.com/ukraine-war-is-bidens-war-now/

• A war Russia set to win – The Europeans have been nicely played by the Americans

– tribuneindia.com/news/comment/a-war-russia-set-to-win-441926

• Russia Courts Muslim Countries as Strategic Eurasian Partners

– lankaweb.com/news/items/2022/10/15/russia-courts-muslim-countries-as-strategic-eurasian-partners/

• Ukraine Targets Elon Musk, US Aid Dwindles, Ukraine’s Offensive Increasingly Depleted

– youtube.com/watch?v=Ry51OGhVPlU

• Why the US must press for a ceasefire in Ukraine

– responsiblestatecraft.org/2022/10/17/on-ukraine-the-us-is-on-the-hook-to-find-a-way-out/

• Another US Proxy War

– lankaweb.com/news/items/2022/10/21/putins-winter-offensive/

• US inks security deal with NATO applicant Sweden

– rt.com/news/564766-sweden-us-security-deal-nato/

• Europe Under Control of the U.S. Mafia

– blackagendareport.com/index.php/europe-under-control-us-mafia

• Biden Regime, Commentary, Militarism, Nuclear Weapons, Russia, Turkey, U.S., Ukraine

– consortiumnews.com/2022/10/13/caitlin-johnstone-us-rejects-moscows-offer-to-talk/

________________________________________________________________

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.

• Rehabilitation: the broad and narrow, global and local

– lankaweb.com/news/items/2022/10/20/rehabilitation-the-broad-and-narrow-global-and-local/

• The Sri Lanka Army celebrated its 73rd anniversary on 10th October – Hettige

– bizenglish.adaderana.lk/he-who-wage-wars-perish-he-who-forgets-wars-will-be-in-danger-chinese-proverb/

• Cabinet sub-committee to study overdue police promotion

– dailymirror.lk/breaking_news/Cabinet-sub-committee-to-study-overdue-police-promotion/108-247235

• Thico ‘investments’, money laundering and related matters

‘operated from the 34th floor of the World Trade Centre, situated within walking distance of the Central Bank, and, virtually, under its nose. What is the Bank’s supposed top intelligence unit doing?’

– island.lk/thico-investments-money-laundering-and-related-matters/

• Supreme Court issues notice on ex-Prez GR over Jaffna disappearances

– island.lk/sc-issues-notice-on-ex-prez-over-jaffna-disappearances/

• England will consider any request to support inquires

– dailymirror.lk/top_story/UK-will-consider-any-request-to-support-inquires/155-247202

• Navy re-establishes communication with missing patrol vessel after a month

– dailymirror.lk/breaking_news/Navy-re-establishes-communication-with-missing-patrol-vessel-after-a-month/108-247033

• Search continues for missing naval vessel

– island.lk/search-continues-for-missing-naval-vessel/

• STF to be removed from prison and highway security; re-deployed in drug operations

– sundaytimes.lk/221016/news/stf-to-be-removed-from-prison-and-highway-security-re-deployed-in-drug-operations-499055.html

• IUSF protest march to Colombo blocked

– themorning.lk/iusf-protest-march-to-colombo-blocked/

• Police now even attack peaceful commemorations – Lawyer testifies

– dailymirror.lk/breaking_news/Police-now-even-attack-peaceful-commemorations-Lawyer-testifies/108-247141

• Alleged plot to kill Sumanthiran: Suspects released on bail under new PTA provisions

– sundaytimes.lk/221016/news/alleged-plot-to-kill-sumanthiran-suspects-released-on-bail-under-new-pta-provisions-499080.html

• The Rajapakse Behind Bombs in Colombo: Truth with Chamuditha

– youtu.be/IBGLYMY_f4o

• Police demo crackdown stirs debate on rights, obligations of children

– sundaytimes.lk/221016/news/police-demo-crackdown-stirs-debate-on-rights-obligations-of-children-499009.html

• The Association for Relatives of Enforced Disappearances protest near UN compound

‘Calling for intl probe on enforced disappearances…’

– dailymirror.lk/caption_story/Calling-for-intl-probe-on-enforced-disappearances/110-246959

• Sri Lanka Cabinet Spokesman backs rehabilitation law to protect fundamental rights

– economynext.com/sri-lanka-cabinet-spokesman-backs-rehabilitation-law-to-protect-fundamental-rights-101285/

• Ex-Deputy Minister acquitted of bribery charges

‘provide two jobs in the Health Ministry to the children of the complainant’

– timesonline.lk/news-online/Ex-Deputy-Minister-acquitted-of-bribery-charges/2-1139207

• Vagueness of new Bureau of Rehabilitation Bill a serious concern

‘There is a phrase on the Bill which alludes to nomaga giya satankamin (misguided activists). However, there is no definition of them.’

– island.lk/economic-reforms-alone-will-not-create-a-stable-government/

• Draft ‘rehabilitation’ law would spur abuse – Human Rights Watch

– dailymirror.lk/breaking_news/Draft-rehabilitation-law-would-spur-abuse-HRW/108-246954

• More than 40 demining Halo Trust NGO workers injured in major accident at Muhamalai

– sundaytimes.lk/221016/news/more-than-40-demining-workers-injured-in-major-accident-at-muhamalai-499001.html

– island.lk/truck-bus-collision-leaves-44-injured/

• Commando Staff Sergeant arrested for giving firearm to his brother

– dailymirror.lk/breaking_news/Commando-Staff-Sergeant-arrested-for-giving-firearm-to-his-brother/108-246923

• One killed, two including 4-year old child injured in shooting in Galle

– dailymirror.lk/breaking_news/One-killed-two-including-4-year-old-child-injured-in-shooting-in-Galle/108-247104

• Young woman shot dead in Nedunkerni

– dailymirror.lk/breaking_news/Young-woman-shot-dead-in-Nedunkerni/108-247094

• Two Police personnel issued summons over blocking protest

– newsfirst.lk/2022/10/21/two-police-personnel-issued-summons-over-blocking-protest/

– dailymirror.lk/breaking_news/Obstructing-peaceful-protest-SSP-Roshan-Dias-and-ASP-Dilruk-noted-to-appear-in-court-as-accused/108-247246

• Two ex-police officers sentenced to prison on charges of sexual harassment

– adaderana.lk/news/85639/two-ex-police-officers-sentenced-to-prison-on-charges-of-sexual-harassment

• Ex-Justice Minister serves severe indictment on prisons, urges relocation of women’s wards

– island.lk/ex-justice-minister-while-serving-a-severe-indictment-on-countrys-prisons-urges-relocation-of-womens-wards/

• Imposition of the death penalty and some tidbits from the Ceylon Bar

– island.lk/imposition-of-the-death-penalty-and-some-tidbits-from-the-ceylon-bar/

• India’s Spy Agency Bought Hardware That Matches Kit Used for Pegasus, Shows Import Data

– newsclick.in/indias-spy-agency-bought-hardware-matches-kit-used-pegasus-shows-import-data

• England’s Secret Working Group on Syria, Propaganda and Media

‘The Integrity Initiative accounts for most of the budget of a Scottish-registered charity named the Institute for Statecraft…Most of the overt funding for this programme — about £2.6 million / year — comes from the Conflict Security and Stability Fund’s Russian Language Programme, now merged with a secret Counter Disinformation and Media Programme’

– syriapropagandamedia.org/working-papers/briefing-note-on-the-integrity-initiative

• Next year’s US war budget nearly a trillion and a half dollars

– cnbc.com/2022/10/15/us-defense-industry-faces-surging-demand-and-a-supply-chain-crunch.html

• Vietnam General Giap On How To Win, English Armchair General Freedman On How To Lose

– johnhelmer.net/vietnam-army-general-giap-on-how-to-win-british-armchair-general-freedman-on-how-to-lose/#more-69031

• Mark Galeotti is a Fact Faker – His Book on Russian Crime is a Hate Crime, a War Crime

‘Rupert Murdoch has engaged Galeotti to be the new Russia expert of The Sunday Times’

– johnhelmer.net/mark-galeotti-is-a-fact-faker-his-book-on-russian-crime-is-a-hate-crime-a-war-crime-2/

• The Lethal Threat of White Boss Syndrome

– blackagendareport.com/lethal-threat-white-boss-syndrome

_____________________________________________________________

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.

• There will be two Sri Lankas soon – Editorial

– dailymirror.lk/opinion/There-will-be-two-Sri-Lankas-soon-EDITORIAL/172-247196

• Government should Push for Mergers of Banks

‘Sri Lanka 2025, needs a minimum of four strong banks’

– ft.lk/columns/Banking-sector-needs-urgent-reforms-to-weather-SL-bankruptcy-storm/4-741175

• Sri Lanka’s central bank largely loses ability to create BOP deficits

– economynext.com/sri-lankas-central-bank-largely-loses-ability-to-create-bop-deficits-101368/

• Sri Lanka central bank’s BOP deficit creating ability wanes

– economynext.com/sri-lanka-central-banks-bop-deficit-creating-ability-wanes-101368/

• Prez insists on IMF’s new tax regime, warns of dire consequences unless fully implemented

‘If we don’t get the IMF certification, we will not get the support of those international institutions, such as the World Bank, and Asian Development Bank, and the countries that provide support. If that happens, we will have to go back to the era of queues.’

– island.lk/prez-insists-on-imf-approved-new-tax-regime-warns-of-dire-consequences-unless-fully-implemented/

– ft.lk/top-story/President-justifies-tax-hikes-amidst-criticism/26-741111

• What’s Happening in Sri Lanka: New Income Tax regime, IMF & Sri Lanka

– youtu.be/vCIthSnEeio

• Good luck with Ranil

‘Vajira will say that the so-called international community is waiting to give support to Ranil. They don’t even offer to give a loan’

– kalaya.org/2022/10/blog-post_19.html

• No alternative other than IMF to revive economy: CBSL Chief

– ft.lk/front-page/No-alternative-other-than-IMF-to-revive-economy-CBSL-Chief/44-741229

• Sri Lanka needs quick bilateral creditor consent if IMF money is to come this year: Minister

– economynext.com/sri-lanka-needs-quick-bilateral-creditor-consent-if-imf-money-is-to-come-this-year-minister-101353/

• No response from India, China to Paris Cub beckoning them to help in Lanka’s debt talks

‘Quoting an unnamed official, Reuters speculated that India and China might be at odds on which country should take the first step to work in close coordination with the Paris Club. Neither Beijing nor Delhi are members of the Paris Club.’

– island.lk/no-response-from-india-china-to-paris-cub-beckoning-them-to-help-in-lankas-debt-talks/

• Japan to organize SL creditors’ meeting by end of this year – Yomiuri Shimbun

– dailymirror.lk/breaking_news/Japan-to-organize-SL-creditors-meeting-by-end-of-this-year/108-247005

• Sri Lankan officials meet creditors in Washington DC

‘A select group of sovereign bond holders, to whom the country owes nearly USD 13 billion…

The Sri Lanka team was assisted by financial and legal advisers Lazard and Clifford Chase….

The creditors were HBK Capital Management, Black Rock, Amudi Asset Management and T. Rowe Price Associates, with other holders participating virtually.’

– sundaytimes.lk/221016/news/sri-lankan-officials-meet-creditors-chinese-finance-minister-calls-president-499085.html

• Yes and no to joining the poorest club for loans

‘International Development Association loans sought, ‘because we cannot get IBRD (International Bank for Reconstruction and Development)’… the Government cannot change the status given by the World Bank as “lower middle income country”, but can request a change.’

– sundaytimes.lk/221016/news/yes-and-no-to-joining-the-poorest-club-for-loans-498998.html

• Resilience: Sri Lanka’s strength to navigate an uncertain future – Hadad-Zervos, World Bank Country Director

‘An estimated half a million jobs were lost between 2021 and 2022 in industry and services. Those who continue to be employed in these sectors can expect a 15% decline in their real incomes.’

– bizenglish.adaderana.lk/resilience-sri-lankas-strength-to-navigate-an-uncertain-future/

• IMF working with other lenders on Sri Lanka financing

‘very closely with the World Bank, the Asian Development Bank, the Asian Investment Bank,’

– economynext.com/imf-working-with-other-lenders-on-sri-lanka-financing-101193/

• Sri Lanka will remain as a middle income country – IMF

– lankaweb.com/news/items/2022/10/15/sri-lanka-will-remain-as-a-middle-income-country-imf/

• IMF working with multilateral lenders on financing programmes for Sri Lanka

– lankaweb.com/news/items/2022/10/15/imf-working-with-multilateral-lenders-on-financing-programmes-for-sri-lanka/

• Paris Club assures fullest support for SL to find early resolution to debt crisis: Minister

– dailymirror.lk/breaking_news/Paris-Club-assures-fullest-support-for-SL-to-find-early-resolution-to-debt-crisis-Minister/108-246956

• Creditors assure fullest support to Sri Lanka: State Minister of Finance

– ft.lk/front-page/Creditors-assure-fullest-support-to-Sri-Lanka-State-Minister-of-Finance/44-741230

• UN wants India to mobilise G20 to help debt-stressed countries

– adaderana.lk/news/85632/un-wants-india-to-mobilise-g20-to-help-debt-stressed-countries

• President confident about success of debt negotiations

– island.lk/president-confident-about-success-of-debt-negotiations/

• Sri Lanka has more debt discussions with China, India: President

– economynext.com/sri-lanka-has-more-debt-discussions-with-china-india-president-101214/

• Money printing would put the country in a paradoxical situation: President

– island.lk/money-printing-would-put-the-country-in-a-paradoxical-situation-president/

• President to chair 12-member Cabinet Sub-Committee on economic growth and revival

– dailymirror.lk/business/President-to-chair-12-member-Cabinet-Sub-Committee-on-economic-growth-and-revival/215-247069

• ‘Will support economic reforms, but not moves against protestors’ – SJB

– themorning.lk/will-support-economic-reforms-but-not-moves-against-protestors/

• Eran says targets set by IMF must be reasonable and achievable

– ft.lk/front-page/Eran-says-targets-set-by-IMF-must-be-reasonable-and-achievable/44-741144

• New Inland Revenue law: Lack of balance and impact on individual taxpayers

– ft.lk/columns/New-Inland-Revenue-law-Lack-of-balance-and-impact-on-individual-taxpayers/4-741011

• Corruption out of control – Sunday Times Editorial

– sundaytimes.lk/221016/editorial/corruption-out-of-control-498907.html

• Sri Lanka’s audit service lacks teeth to combat corruption

– sundaytimes.lk/221016/business-times/sri-lankas-audit-service-lacks-teeth-to-combat-corruption-498613.html

• It’s the political will that matters most: new anti-corruption law – Daily Mirror

– dailymirror.lk/opinion/Its-the-political-will-that-matters-most/172-247006

• Australia arrests SMEC officials over bribery charges in SL; questions over Sirisena-era probe

– sundaytimes.lk/221016/news/australia-arrests-smec-officials-over-bribery-charges-in-lanka-questions-over-sirisena-era-probe-499076.html

• Committee on Public Finance (COPF): Tax concessions granted to Keells-linked BoI enterprise India’s HCL should be scrutinised

– island.lk/copf-tax-concessions-granted-to-boi-enterprise-should-be-scrutinised/

• Transparency International Sri Lanka (TISL) seeks critical amendments and public consultation on proposed Anti-Corruption Law

– island.lk/tisl-seeks-critical-amendments-and-public-consultation-on-proposed-anti-corruption-law/

• Economic crisis FR petitions: Supreme Couty directs to make two CBSL Monetary Board members respondents

– themorning.lk/economic-crisis-fr-petitions-sc-directs-to-make-two-cbsl-monetary-board-members-respondents/

• Administrative Service Association asks Parliament to punish corrupt politicos, officials

– island.lk/administrative-service-association-asks-parliament-to-punish-corrupt-politicos-officials/

• Taxman and the anti-graft commission officials look the other way

– island.lk/justice-handcuffed/

• New tax bill: Sri Lanka’s corporates wary about ‘subtle’ non-deductions

– island.lk/new-tax-bill-sri-lankas-corporates-wary-about-subtle-non-deductions/

• Sri Lanka likely to go ahead with new income tax regime, but president “ready to discuss”

– economynext.com/sri-lanka-likely-to-go-ahead-with-new-income-tax-regime-but-president-ready-to-discuss-101317/

• Govt. urged not to make tax policy decisions behind closed doors: US Verite

– dailymirror.lk/business-news/Govt-urged-not-to-make-tax-policy-decisions-behind-closed-doors/273-247277

• New tax bill: Sri Lanka’s corporates wary about ‘subtle’ non-deductions

– island.lk/new-tax-bill-sri-lankas-corporates-wary-about-subtle-non-deductions/

• Crooks as cops

– island.lk/crooks-as-cops/

• Out-of-the box approach to raise taxes – Damien Fernando

– timesonline.lk/business/OPINION-Out-of-the-box-approach-to-raise-taxes/10-1139185

• Ceylon Chamber of Commerce (CCC)’s Economic Summit 2022 to focus on SOE reforms

‘Plenary presentation by SOE Restructuring Agency Chairman Suresh Shah, who will be joined by an eminent international speaker that will speak about the landscape, opportunities, and way forward for SOE reforms. Session panellists will include Asia Securities Chairman Dumith Fernando, JB Securities Ltd. CEO Murtaza Jafferjee, and Verité Research (Pvt.) Ltd. Research Associate Dr. Malathy Knight, and will be moderated by LIRNEasia Chairperson Prof. Rohan Samarajiva.’

– sundaytimes.lk/221016/business-times/cccs-sri-lanka-economic-summit-2022-in-december-498582.html

– themorning.lk/sri-lanka-economic-summit-2022-to-focus-on-soe-reforms/

• US making the SL economy scream – Darini Rajasingham-Senanayake

– themorning.lk/us-making-the-sl-economy-scream/

• CB to launch study to assess banks’ need for fresh capital – Tennekone Rusiripala

– island.lk/cb-to-launch-study-to-assess-banks-need-for-fresh-capital/

• Operationally bankrupt CB murders SL economy in the ICU? We need to stop it – Samarasiri

– economyforward.blogspot.com/2022/10/how-operationally-bankrupt-central-bank.html

• From middle income to least developed class – Usvatte-aratchi

‘It was the CDP that made decisions which were transmitted to ECOSOC and the Secretary-General. It is a bit baffling why the Cabinet decided to ask the World Bank for a decision. There must be dozens of officers in the public service who must know these common rules in the UN.’

– island.lk/from-middle-income-to-least-developed-class

• Who benefits from devaluation – Sugath Kulatunga

– lankaweb.com/news/items/2022/10/16/who-benefit-from-devaluation/

• Rupee devaluation: Is it to save the country, exporters or the opposition?

– lankaweb.com/news/items/2022/10/16/rupee-devaluation-is-it-to-save-the-country-exporters-or-the-opposition-2/

• The politics of IMF – Dharshana Kasthurirathna

– ft.lk/columns/The-politics-of-IMF/4-741096

• Monetary Policy: For Monetary Board’s Intellectual Satisfaction or Recovery of the Public from the Economic Crisis? – Samarasiri

– economyforward.blogspot.com/2022/10/monetary-policy-for-monetary-boards.html

• Why the incumbent CB Governor is not fit and proper for reappointment?

– economyforward.blogspot.com/2022/06/why-incumbent-cb-governor-is-not-fit.html

• Sri Lankan Recovery Strategy after the Power Struggle: IMF Bailout or Local Bail-in?

– economyforward.blogspot.com/2022/07/sri-lankan-recovery-after-power.html

• The Chinese ‘Debt Trap’ Is a Myth-The narrative wrongfully portrays both Beijing and the developing countries it deals with – Deborah Brautigam and Meg Rithmire

‘It was the Canadian International Development Agency—not China—that financed Canada’s leading engineering and construction firm, SNC-Lavalin, to carry out a feasibility study for the port.’

– lankaweb.com/news/items/2022/10/17/the-chinese-debt-trap-is-a-myth-the-narrative-wrongfully-portrays-both-beijing-and-the-developing-countries-it-deals-with-3/

• Uncertainties and impediments for obtaining international assistance – Sanderatne

‘The IMF condition of demonstrating foreign debt sustainability, undertaking fiscal and economic reforms and measures to reduce corruption are vital to obtain substantial international assistance.’

– sundaytimes.lk/221016/columns/uncertainties-and-impediments-for-obtaining-international-assistance-498924.html

• Child’s guide to Ranilnomics VI: Actual tax payment is not what one pays today – Wijewardena

– ft.lk/columns/Child-s-guide-to-Ranilnomics-VI-Actual-tax-payment-is-not-what-one-pays-today/4-741006

• What lies behind Sri Lanka’s collapse? – Thamashi De Silva, Simon Commander, Saul Estrin

‘Corruption, the preferential treatment of connections, dependence on debt finance, and explosive borrowing from China have combined to push Sri Lanka into economic collapse.’

– blogs.lse.ac.uk/businessreview/2022/07/19/what-lies-behind-sri-lankas-collapse/

• A failed state; self-inflicted, can it be fixed or is it an unrealisable reality?

‘What would be the crown jewels of Sri Lanka? My picks would be, Tourism, Port(s), Airport(s) and Port City Special Economic Zone.’

– ft.lk/columns/A-failed-state-self-inflicted-can-it-be-fixed-or-is-it-an-unrealisable-reality/4-741039

• Sri Lanka: Ostriches with heads in the sand on the impact of a Global recession? Is an economic alignment with India the only answer? by Raj Gonsalkorale

– lankaweb.com/news/items/2022/10/17/sri-lanka-ostriches-with-heads-in-the-sand-on-the-impact-of-a-global-recession-is-an-economic-alignment-with-india-the-only-answer/

• Pay your taxes: Pay your oppressor – Gehan Guntailleka

– ft.lk/columns/Pay-your-taxes-Pay-your-oppressor/4-741012

• Growth plan for Sri Lanka

‘If you look at the US, Silicon Valley pretty much generated most of the growth area and they were not backed by the Government. They were backed by venture capitalists.’

– ft.lk/columns/Growth-plan-for-Sri-Lanka/4-741038

• Bangladesh hopeful of getting back money from Lanka

‘Sri Lankan delegation met the Governor of the Bangladesh Central Bank and other leading officials on the sidelines of the World Bank/IMF sessions in Washington DC’

– sundaytimes.lk/221016/news/bangladesh-hopeful-of-getting-back-money-from-lanka-499090.html

– island.lk/bangladesh-reminds-sl-of-its-loan/

• How Bangladesh portrays itself as a promotor of human rights through UNHRC election win

– lankaweb.com/news/items/2022/10/17/how-bangladesh-portrays-itself-as-a-promotor-of-human-rights-through-unhrc-election-win/

• Raghuram Rajan explains why India should not follow China’s economic model

– timesofindia.indiatimes.com/business/india-business/raghuram-rajan-explains-why-india-should-not-follow-chinas-economic-model/articleshow/94923044.cms

• China’s wisdom to drive global modernization

– globaltimes.cn/page/202210/1277437.shtml

• Xi Jinping, 20th Party Congress, and The Developmental World Order

– vk.com/@580896205-xi-jinping-20th-party-congress-and-the-developmental-world-o

• Chinese model that Rajapaksas got wrong

– dailymirror.lk/opinion/Chinese-model-that-Rajapaksas-got-wrong/172-247007

• Xi’s Third Term – Part One: Growth, Investment & Consumption: Roberts

– thenextrecession.wordpress.com/2022/10/16/china-xis-third-term-part-one-growth-investment-and-consumption/

• Xi’s Third Term – Part Two: Property, Debt and Common Prosperity: Roberts

– thenextrecession.wordpress.com/2022/10/18/china-xis-third-term-part-two-property-debt-and-common-prosperity/

• Xi’s Third Term – Part Three: Chips, Dual Circulation and Imperialism: Roberts

– thenextrecession.wordpress.com/2022/10/20/china-xis-third-term-part-3-chips-dual-circulation-and-imperialism/

• Xi Jinping doubles down on zero-Covid as meeting opens: BBC

– dailymirror.lk/business/Xi-Jinping-doubles-down-on-zero-Covid-as-meeting-opens/215-246917

• US’ ‘decoupling’ push endangers world stability. Can Washington see it?

– globaltimes.cn/page/202210/1277493.shtml

• Russia is the resource richest country in the world – David

– island.lk/putins-last-stand/

• Strong US dollar is a headache – IMF

– rt.com/business/564685-strong-us-dollar-headache/

• The Welfare State and Collective Imperialism (1968) –Kwame Nkrumah

– redsails.org/nkrumah-on-welfare-and-imperialism/

• The new finance capital has blurred the line between industrial and financial corporations

‘Rather than capitalist decline, the new finance capital has been constituted by the formation of dynamic, competitive, and flexible networks of global production, investment – and capitalist class power.’

– blogs.lse.ac.uk/businessreview/2021/03/30/the-new-finance-capital-has-blurred-the-line-between-industrial-and-financial-corporations/

• How England’s Pension Scheme Hedge Became A Trillion Pound Gamble

– ibtimes.com/how-britains-pension-scheme-hedge-became-trillion-pound-gamble-3624352

• English Government Reverses Course on Fiscal Plan That Rattled Markets

– nytimes.com/live/2022/10/14/world/uk-finance-minister-truss-kwarteng

• The Lettuce Has Won. Liz Truss Resigned.

– moonofalabama.org/2022/10/liz-truss-resigns.html

____________________________________________

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 national inflation hits 73.8-pct in September

– economynext.com/sri-lanka-national-inflation-hits-73-8-pct-in-september-101359/

• Sri Lanka Central Bank Governor Says Inflation Nears Peak, Easing Pressure on Economy

– newsfirst.lk/2022/10/21/sri-lanka-says-inflation-nears-peak-easing-pressure-on-economy/

• Central Bank estimates further ease in imports as tighter policies take root

– dailymirror.lk/breaking_news/Central-Bank-estimates-further-ease-in-imports-as-tighter-policies-take-root/108-247210

• Govt. presents 613 billion rupee Appropriation Bill for 2023

The Ministry of Defence has been allocated 410 billion rupees (Army 209b, Navy 75b and Air Force 66b, President GR’s multi-task force (9.8b)). The Ministry of Public Security 129 b (Police 116b). The Ministry of Health 322 b, Ministry of Education 232b, Ministry of Public Administration 856b (Pensions 353b). Transport Ministry 372 b.’

– island.lk/govt-presents-appropriation-bill-for-2023/

• Banks bracing for non-performing loans (NPL) from construction and renewable energy

‘renewable energy companies have not been paid by the CEB for the last 10 months. This has racked up the loans at the banks.’

– sundaytimes.lk/221016/business-times/banking-sector-forges-ahead-of-challenges-498604.html

• Central Bank yet to embark on shrinking its over Rs.2.3tn balance sheet

‘In a special issuance of Treasury bills, the Central Bank last Friday gave the Treasury Rs.1.69 billion to finance debt service payments by the government due on that day, taking the face value of the bill stock held by the CB on behalf of the government by Rs.27.32 billion to a total of Rs.2,383.84 billion by the end of last week. This process is referred to as money printing in general economic parlance.’

– dailymirror.lk/business-news/Central-Bank-yet-to-embark-on-shrinking-its-over-Rs-2-3tn-balance-sheet/273-247002

• CB ends up as net buyer of forex for second consecutive month in September

– dailymirror.lk/business/CB-ends-up-as-net-buyer-offorexfor-second-consecutive-month-in-September/215-246918

• Rupee value of total outstanding foreign debt amounted to Rs. 11,529 bn by end May 2022

– island.lk/rupee-value-of-total-outstanding-foreign-debt-amounted-to-rs-11529-bn-by-end-may-2022/

• First Capital forecasts BoP surplus by 2023 end with forex reserves at US$ 3.5bn

– dailymirror.lk/business-news/First-Capital-forecasts-BoP-surplus-by-2023-end-with-forex-reserves-at-US-3-5bn/273-247208

• Tax concessions cancelled for newly listed companies

– themorning.lk/tax-concessions-cancelled-for-newly-listed-companies/

• Don’t pay tolls to unauthorized CMC Reps: Commissioner

‘around 300,000 vehicles enter Colombo on weekdays, and these vehicles are often parked in the parking lots prepared in Colombo. About 7000 of those places have been named by the CMC’

– dailymirror.lk/breaking_news/Dont-pay-tolls-to-unauthorized-CMC-Reps-Commissioner/108-246977

• New parking ticket racket in Colombo

– themorning.lk/new-parking-ticket-racket-in-colombo/

• While Canada’s Ontario Struggles, Government Stashes Cash

‘food bank usage has gone through the roof as Ontarians scraping by on social assistance see what little money they have for groceries devoured by inflation.’

– socialistproject.ca/2022/10/while-ontario-struggles-queens-park-stashes-cash/

• Soaring food prices push English inflation back to 40-year high

– bizenglish.adaderana.lk/soaring-food-prices-push-uk-inflation-back-to-40-year-high/

• English inflation returns above 10%

– dailymirror.lk/business-news/UK-inflation-returns-above-10/273-247129

_________________________________________________________________________

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

• FT-ICC-CIMA -SLID webinar on ‘Key Labour Market Reforms for Sri Lanka’

– ft.lk/front-page/Top-HR-specialists-to-address-FT-ICC-CIMA-SLID-webinar-today/44-741233

• Kolonnawa and Muthurajawela refineries stop work over bill being taken up in Parliament

‘the Petroleum Special Provisions Act Amendment, which is expected to pave the way for the liberalization of the petroleum industry,’

– dailymirror.lk/breaking_news/Kolonnawa-and-Muthurajawela-refineries-stop-work-over-bill-being-taken-up-in-Parliament/108-247022

• CPC employees boycott work protesting against an Amendment Bill

– timesonline.lk/business/CPC-employees-boycott-work-protesting-against-an-Amendment-Bill/10-1139165

• CPC unions all out to scuttle restructuring bid

– island.lk/cpc-unions-all-out-to-scuttle-restructuring-bid/

• Token strike against passing bill called off: Ceylon Petroleum Corporation (CPC) Trade Union Collective

– dailymirror.lk/breaking_news/Token-strike-against-passing-bill-called-off-CPC-Trade-Union-Collective/108-247047

• Legal action against employees, trade unions who violate essential services Act: Minister

– dailymirror.lk/breaking_news/Legal-action-against-employees-trade-unions-who-violate-essential-services-Act-Minister/108-24702

• Minister assures reforms won’t affect workers

– island.lk/minister-assures-reforms-wont-affect-workers/

• Sri Lanka petroleum reforms not aimed at worker layoff: energy minister

– economynext.com/sri-lanka-petroleum-reforms-not-aimed-at-worker-layoff-energy-minister-101275/

• Upcountry Workers’ Union threatens to go to Geneva over estate workers’ rights

– dailymirror.lk/print/front_page/Upcountry-Workers-Union-threatens-to-go-to-Geneva-over-estate-workers-rights/238-246931

• Private bus bodies to launch country strike protesting seizure of 50 buses by leasing companies

– dailymirror.lk/breaking_news/Private-bus-bodies-to-launch-countrywide-strike-from-next-Tuesday/108-247173

– economynext.com/private-bus-owners-in-sri-lanka-threatens-nationwide-strike-on-oct-25-demand-moratorium-101344/

• Docs vow to abort Inland Revenue Amendment Bill

– island.lk/docs-vow-to-abort-inland-revenue-amendment-bill/

• Doctors get one more year before retirement: Bandula

– dailymirror.lk/breaking_news/Doctors-get-one-more-year-before-retirement-Bandula/108-247048

• Docs’ retirement to be phased out to avert a crisis

– themorning.lk/docs-retirement-to-be-phased-out-to-avert-a-crisis/

• Private hospitals fleecing patients

– island.lk/private-hospitals-fleecing-patients/

• JVP leader claims university ragging allegations outrageous

– island.lk/jvp-leader-claims-university-ragging-allegations-outrageous/

• Cabinet clears submission of Premises Given on Lease (Special Provisions) Bill to Parliament

‘Over the years, the rent laws have caused severe inconvenience and injustice to the owners of properties as the law, and the procedure was abused by tenants seeking to gain an unfair advantage over property owners.’

– ft.lk/news/Cabinet-clears-submission-of-Premises-Given-on-Lease-Special-Provisions-Bill-to-Parliament/56-741078

• Sri Lankans migrate, work over time, eat less to beat inflation

– economynext.com/sri-lankans-migrate-work-over-time-eat-less-to-beat-inflation-101312/

• Sri Lanka households drop meat from diet, slash drug doses as poverty worsens: Red Cross

– economynext.com/sri-lanka-households-drop-meat-from-diet-slash-drug-doses-as-poverty-worsens-survey-101259/

• Sri Lanka girls at risk of early marriage as currency collapse makes people poorer: Red Cross

– economynext.com/sri-lanka-girls-at-risk-of-early-marriage-as-currency-collapse-makes-people-poorer-101296/

• Lanka sees new sex workers after currency collapse, rise in STI, HIV detections

– island.lk/lanka-sees-new-sex-workers-after-currency-collapse-rise-in-sti-hiv-detections/

• Report on minor children’s care mandatory for women aged below 45 when migrating: Foreign Employment Bureau (SLFEB)

– dailymirror.lk/breaking_news/Report-on-minor-childrens-care-mandatory-for-women-aged-below-45-when-migrating-SLFEB/108-247287

• Private sector firms are reporting an exodus of workers for overseas jobs

– sundaytimes.lk/221016/business-times/council-for-national-policies-498597.html

• Work day Evening Routine – Life in Japan

– youtu.be/O2NyhqnVoHE

– youtu.be/bg0vefHEFuQ

• 183 Lankan nationals sent back from Australia

– dailymirror.lk/breaking_news/183-Lankan-nationals-sent-back-from-Australia/108-247182

• Most of the migrants at British Indian Ocean Territory are Sri Lankans – England

– dailymirror.lk/breaking_news/Most-of-the-migrants-at-British-Indian-Ocean-Territory-are-Sri-Lankans-UK/108-247072

• Diego Garcia controversy: England quietly sends back some Lankan asylum seekers “voluntarily” as Australia issues dire warning

– island.lk/diego-garcia-controversy-uk-quietly-sends-back-some-lankan-asylum-seekers-voluntarily-as-australia-issues-dire-warning/

• The Story of the Nobel Prize – Nalin de Silva

– kalaya.org/2022/10/blog-post_18.html

• USAID and Pizza Hut Open First of 28 Commercial Training Kitchens for Sri Lankan Youth

‘with YouLead; Gamma Pizzakraft Lanka, the owner of the Pizza Hut franchise in Sri Lanka; and the Sevalanka Foundation’

– bizenglish.adaderana.lk/usaid-and-pizza-hut-open-first-of-28-commercial-training-kitchens-for-sri-lankan-youth/

• Japan & UN International Organization for Migration (IOM) set up Sewing & Training Centre in Galle to help returnee migrants

– island.lk/japan-with-iom-set-up-sewing-training-centre-in-galle-to-help-returnee-migrants/

• US-Korea provides US$ 6million grant to improve employability of Sri Lankan workforce

– dailymirror.lk/business/Korea-provides-US-6million-grant-to-improve-employability-of-Sri-Lankan-workforce/215-247064

• Supreme Court rules Chinese law firm is not entitled to engage in legal professional work in SL

– dailymirror.lk/breaking_news/Supreme-Court-rules-Chinese-law-firm-is-not-entitled-to-engage-in-legal-professional-work-in-Sri-Lanka/108-247049

• Council of Legal Education insists on conducting law college exams only in English: Minister

– dailymirror.lk/breaking_news/Council-of-Legal-Education-stands-by-decision-to-conduct-law-college-examinations-only-in-English-Minister/108-247106

– island.lk/justice-minister-says-english-remains-medium-of-instruction-at-law-college/

• Rights petition after Islam textbook withdrawn on one-country-one-law task force advice

– sundaytimes.lk/221016/news/rights-petition-after-islam-textbook-withdrawn-on-one-country-one-law-task-force-advice-499006.html

• Educational reforms Sri Lanka demands today for a brighter tomorrow

‘We have still been unable to establish a home-grown education system seventy-four years later, ‘

– island.lk/educational-reforms-sri-lanka-demands-today-for-a-brighter-tomorrow/

– island.lk/educational-reforms-sri-lanka-demands-today-for-a-brighter-tomorrow-2/

– island.lk/educational-reforms-sri-lanka-demands-today-for-a-brighter-tomorrow-3/

• Belarus to support Sri Lanka educational reforms

– dailymirror.lk/breaking_news/Belarus-to-support-local-educational-reforms/108-246970

• Australian Universities dominated by white males unused to South Asian female intellectuals saying exactly what they think out loud and clear

– island.lk/an-insiders-guide-to-pandemics-and-biosecurity/

• What Does the Indian People’s Commission Report on Unemployment say?

– newsclick.in/what-does-peoples-commission-report-unemployment-say

• English a Symbol of Slavery? Why Indian Ministers’ Kids go to English Schools, Modi Ji?

– newsclick.in/english-symbol-slavery-why-ministers-kids-go-english-schools-modi-ji

• Talented professionals in high demand in China’s high-tech manufacturing-related industries

– globaltimes.cn/page/202210/1277435.shtml

• Liberal arts taboo – Pakistan

– island.lk/liberal-arts-taboo/

• More than 100 Haitian migrants found on island near Puerto Rico

– radiohc.cu/en/noticias/internacionales/302369-more-than-100-haitian-migrants-found-on-island-near-puerto-rico

• France: Is The Cost of Living Protest Movement About to Erupt?

– newsclick.in/France-Is-The-Cost-Living-Protest-Movement-About-Erupt

• Massive protest in Paris against inflation and climate crisis

– radiohc.cu/en/noticias/internacionales/302080-massive-protest-in-paris-against-inflation-and-climate-crisis

• Millions of English skipping meals in cost of living crisis: Trades Union Congress (TUC)

– dailymirror.lk/breaking_news/Millions-of-Britons-skipping-meals-in-cost-of-living-crisis/108-247165

_________________________________________________________________________

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.

• How agriculture sector was ruined

– island.lk/how-agriculture-sector-was-ruined/

• Prof. Senaratne warns of danger of not maintaining ancient tank bunds

– island.lk/prof-senaratne-warns-of-danger-of-not-maintaining-ancient-tank-bunds/

• Why has SL wasted over $ 50 mn on ‘Bim Saviya’ Title Registration Act?.

‘It is an unnecessary waste of funds when the country has other solutions.’

– lankaweb.com/news/items/2022/10/18/why-has-sl-wasted-over-50-mn-on-bim-saviya-title-registration-act/

• Chinese Investment in Sea Cucumber Farm in Sri Lanka also a Threat to Indian Security?

– dailymirror.lk/news-features/Chinese-Investment-in-Sea-Cucumber-Farm-in-Sri-Lanka-also-a-Threat-to-Indian-Security/131-247136

• Local Material Used in Producing NPK Fertilizer and Other Health Products

‘A story of amazing drug research: Prof. Roshan Perera’

– youtube.com/watch?v=L37WTeDVNuc

• Agrochemicals Once More – Nalin de Silva

– kalaya.org/2022/10/blog-post_15.html

• Rs. 6,900 mn loss from urea tender: Gulf Trade and Investment Board Head

– dailymirror.lk/breaking_news/Rs-6-900-mn-loss-from-urea-tender-Gulf-Trade-and-Investment-Board-Head/108-247174

• Agriculture Ministry Secretary assures paddy farmers urea fertiliser as per required usage

– island.lk/agriculture-ministry-secretary-assures-paddy-farmers-urea-fertiliser-as-per-required-usage/

• Toxin Gonibillas – Another View

‘Prof. Chandre Dharmawardana has been a great defender of the use of Glyphosate, as he claims that traditional organic methods are not feasible for food production.’

– island.lk/toxin-gonibillas-another-view/

• COPA inquires about failure to maintain rice reserves in the country

– adaderana.lk/news/85687/copa-inquires-about-failure-to-maintain-rice-reserves-in-the-country

• The battle for food security – Lakshila Wanigasinghe, IPS

– themorning.lk/the-battle-for-food-securityby-lakshila-wanigasinghe/

– island.lk/food-fight-sri-lankas-battle-for-food-security/

• New tax puts small-time rice millers out of business

‘Around 60% of the rice consumed is produced by small and medium scale rice mills.’

– island.lk/new-tax-puts-small-time-rice-millers-out-of-business/

• Farmers warn against releasing 1 mn kilos of rice held at Port: United Rice Producers’ Association (URPA)

‘lead to a sharp drop in the rice prices and the rice market could even collapse’

– island.lk/farmers-warn-against-releasing-1-mn-kilos-of-rice-held-at-port/

• Disbursing of cultivation loans for coming Maha begins

– island.lk/disbursing-of-cultivation-loans-for-coming-maha-begins/

• ADB to provide Rs 10 billion for local paddy cultivators to buy MoP this Maha

– island.lk/adb-to-provide-rs-10-billion-for-local-paddy-cultivators-to-buy-mop-this-maha/

• Audit reports reveal mysterious disappearance of PMB’s paddy stocks

– island.lk/audit-reports-reveal-mysterious-disappearance-of-pmbs-paddy-stocks/

• Sri Lanka coconut action price up for fourth week

– economynext.com/sri-lanka-coconut-action-price-up-for-fourth-week-101381/

• Why do we have an egg problem?

– dailymirror.lk/recomended-news/Why-do-we-have-an-egg-problem/277-244033

• Controversy over plan to bring Bisons from India

– island.lk/controversy-over-plan-to-bring-bisons-from-india/

• Poultry Forum, Bakery Association commend Litro for continuous support amid crisis

– island.lk/poultry-forum-bakery-association-commend-litro-for-continuous-support-amid-crisis/

• Price of imported wheat flour reduce by Rs.25: Assn.

– dailymirror.lk/breaking_news/Price-of-imported-wheat-flour-reduce-by-Rs-25-Assn/108-247163

• Prima Stella to advance Sri Lanka’s food security

– bizenglish.adaderana.lk/prima-stella-partners-with-allies-in-its-mission-to-advance-sri-lankas-food-security/

• Govt. must safeguard excise revenue and consumers

‘Sri Lankans are amongst the highest per capita consumers of alcohol in the world, and 80% illicit… over 600 million cigarettes are smuggled into the country annually’

– ft.lk/columns/Govt-must-safeguard-excise-revenue-and-consumers/4-741041

• Planters Association’s Rajadurai says Tea business chemicals unavailable

– sundaytimes.lk/221016/business-times/tea-industry-brewing-in-troubled-times-498607.html

• Hiked corporate tax brews storm in Ceylon teacup

– dailymirror.lk/business-news/Hiked-corporate-tax-brews-storm-in-Ceylon-teacup/273-246998

• US WPNS PLANT to join hands with CCC’s Consortium for Conservation

‘Climate and Conservation Consortium (CCC) joins PLANT (Preserving Land and Nature (Guarantee) Ltd, the country’s largest privately funded land conservation initiative.’

– island.lk/plant-to-join-hands-with-cccs-consortium-for-conservation/

• Killing of Blue Whales in Puttalam DM report prompts probe

– dailymirror.lk/breaking_news/Killing-of-Blue-Whales-in-Puttalam-DM-report-prompts-probe/108-247142

• Blockade by gangs on fuel source in Haiti is causing famine: UN

– aljazeera.com/news/2022/10/14/91

• 11 Wrong Ideas About Climate: 11 answers to topics hindering the fight against climate change

– socialistproject.ca/2022/10/eleven-wrong-ideas-about-climate/

_____________________________________________________________________

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.

• Petroleum Bill passed as unions protest ‘greatest betrayal’

– themorning.lk/petroleum-bill-passed-as-unions-protest-greatest-betrayal/

• Sri Lanka parliament nod to liberalize petroleum sector amid protests

– economynext.com/sri-lanka-parliament-nod-to-liberalize-petroleum-sector-amid-protests-101286/

• Second Reading of Petroleum Products (Special Provisions) Amendment Bill passed

– lankaweb.com/news/items/2022/10/18/second-reading-of-petroleum-products-special-provisions-amendment-bill-passed-in-parliament/

• SL secures a long-term Credit Line from Russia to procure fuel

– dailymirror.lk/breaking_news/SL-secures-a-long-term-Credit-Line-from-Russia-to-procure-fuel/108-247114

– adaderana.lk/news/85634/sri-lanka-secures-long-term-credit-line-from-russia-to-procure-fuel

• Gammanpila asks govt. to reveal CPC losses since 2008

– island.lk/gammanpila-asks-govt-to-reveal-cpc-losses-since-2008/

• Losses likely to top Rs.4tn in 2022 as SL embarks on State-owned Enterprises restructuring

– dailymirror.lk/business/Losses-likely-to-top-Rs-4tn-in-2022-as-Sri-Lanka-embarks-on-State-owned-Enterprises-restructuring/215-247065

• PM slams State agencies over failure to submit financial reports to Parliament

– ft.lk/front-page/PM-slams-State-agencies-over-failure-to-submit-financial-reports-to-Parliament/44-741150

• August industrial production rebounds from July but remains well below last year’s

– dailymirror.lk/business/August-industrial-production-rebounds-from-July-but-remains-well-below-last-years/215-246920

• September PMI logs surprise decline pointing to prolonged economic woes

– dailymirror.lk/business/September-PMI-logs-surprise-decline-pointing-to-prolonged-economic-woes/215-247067

• Decline in consumers’ purchasing power hits manufacturing sector

– island.lk/decline-in-consumers-purchasing-power-hits-manufacturing-sector/

• CB denies claims that primary cause for small and medium enterprise pains is higher rates

– dailymirror.lk/business-news/CB-denies-claims-that-primary-cause-for-small-and-medium-enterprise-pains-is-higher-rates/273-247003

• Cost reflective pricing formula on the cards for water supply

– sundaytimes.lk/221016/business-times/cost-reflective-pricing-formula-on-the-cards-for-water-supply-498576.html

• Sri Lanka owes US$751mn to oil suppliers: Minister

– economynext.com/sri-lanka-owes-us751mn-to-oil-suppliers-minister-101308/

• Sri Lanka’s CPC in profits from July 2022, forex loans drive Rs600bn loss

– economynext.com/sri-lankas-cpc-in-profits-from-july-2022-forex-loans-drive-rs600bn-loss-101290/

• Sobadhanavi takes delivery of German Siemens gas turbine

– island.lk/sobadhanavi-takes-delivery-of-gas-turbine/

• Crisis-hit Sri Lanka slashes fuel prices

– lankaweb.com/news/items/2022/10/17/crisis-hit-sri-lanka-slashes-fuel-prices/

• Sri Lanka to allow airlines to import own fuel amid currency crisis

– economynext.com/sri-lanka-to-allow-airlines-to-import-own-fuel-amid-currency-crisis-101380/

• National Council sub-committee suggests using 87 octane petrol by trishaws and motorcycles

– island.lk/national-council-sub-committee-suggests-using-87-octane-petrol-by-trishaws-and-motorcycles/

• Tuk tuk fare to remain unchanged until Minister allows 30 liters of petrol weekly: Assn.

– dailymirror.lk/breaking_news/Tuk-tuk-fare-to-remain-unchanged-until-Minister-allows-30-liters-of-petrol-weekly-Assn/108-246972

• Petrol price reduction could cause huge traffic jam tomorrow: Private Bus Owners’ Association

– dailymirror.lk/breaking_news/Petrol-price-reduction-could-cause-huge-traffic-jam-tomorrow/108-246976

• Tax increase puts ‘final nail in the coffin’ for renewable energy industry

– dailymirror.lk/business-news/Tax-increase-puts-final-nail-in-the-coffin-for-renewable-energy-industry/273-247209

• Elevated motor spare parts prices undermine motor insurers’ underwriting profits

– dailymirror.lk/business-news/Elevated-motor-spare-parts-prices-undermine-motor-insurers-underwriting-profits/273-247001

• Import restrictions on cosmetics, vehicle spare parts to be lifted

restrictions on beautycare products, vehicle spare parts and raw materials for export items…over 700 products were removed from the list following appeals’

– dailymirror.lk/breaking_news/Import-restrictions-on-cosmetics-vehicle-spare-parts-to-be-lifted/108-247251

– ft.lk/front-page/Import-restrictions-on-several-items-to-be-relaxed/44-741231

• Motor traders uncertain of industry’s viability amid proposed tax hike

– dailymirror.lk/breaking_news/Motor-traders-uncertain-of-industrys-viability-amid-proposed-tax-hike/108-247204

• CTMA warns of complete halt of motor trade with latest tax increases

– ft.lk/front-page/CTMA-warns-of-complete-halt-of-motor-trade-with-latest-tax-increases/44-741155

• Elevated highway EIA report: Resettlement costs alone will be a staggering Rs. 38bn

– sundaytimes.lk/221016/news/elevated-highway-eia-report-resettlement-costs-alone-will-be-a-staggering-rs-38bn-499082.html

• CICT engineer invents potentially life-saving quick-release hook

– dailymirror.lk/business-news/CICT-engineer-invents-potentially-life-saving-quick-release-hook/273-247273

• Enabling sustainable mobility: convened by Netherlands Embassy

– bizenglish.adaderana.lk/enabling-sustainable-mobility-through-stakeholder-engagement-second-design-thinking-session-convened-by-netherlands-embassy/

• Deaths in Gambia, Indonesia due to low quality medicines: SL could be next victim – CMLS

– island.lk/deaths-in-gambia-indonesia-due-to-low-quality-medicines-sl-could-be-next-victim-cmls/

• Indian Credit line meant for medical drugs used for fuel, other payments

– dailymirror.lk/opinion/Indian-Credit-line-meant-for-medical-drugs-used-for-fuel-other-payments/172-246901

• Health Ministry Calls India to expedite credit line

– timesonline.lk/news-online/Health-Ministry-Calls-India-to-expedite-credit-line/2-1139204

• How targets have introduced a form of corruption to healthcare

– themorning.lk/how-targets-have-introduced-a-form-of-corruption-to-healthcare/

• Gotabaya’s Covid fund terminated

– timesonline.lk/news-online/Gotabayas-Covid-fund-terminated/2-1139206

• SSC levy waived off on imported pharmaceuticals but not imported medical devices

– sundaytimes.lk/221016/business-times/ssc-levy-waived-off-on-pharmaceuticals-but-not-imported-medical-devices-498589.html

• US Drug Importer GlaxoSmithKline blames import controls and low foreign exchange

‘opts for direct distribution model to ensure competitiveness’

– sundaytimes.lk/221016/business-times/businesses-moving-to-other-countries-amidst-tax-hike-498610.html

• U.S. donates medical equipment to Lankan hospitals

– island.lk/u-s-donates-medical-equipment-to-lankan-hospitals/

• Artificially produced toddy entering the industry

– dailymirror.lk/breaking_news/Artificially-produced-toddy-entering-the-industry/108-247203

• Toddy production and consumption: Minister calls for report on mismatch between figures

– island.lk/toddy-production-and-consumption-minister-calls-for-report-on-mismatch-between-figures/

• Construction industry’s struggle amidst crisis under spotlight

– ft.lk/front-page/Construction-industry-s-struggle-amidst-crisis-under-spotlight/44-741235

• Sri Lanka to probe alcohol producers running their own retail outlets

– economynext.com/sri-lanka-to-probe-alcohol-producers-running-their-own-retail-outlets-101351/

• N. Vaitilingam & Co marks a century of entrepreneurship

– ft.lk/business/N-Vaitilingam-Co-marks-a-century-of-entrepreneurship/34-741045

• Sri Lanka Ceramics & Glass Council host discussion on bath ware industry

‘there more than 8 small, medium, and large-scale producers in the industry’

– bizenglish.adaderana.lk/sri-lanka-ceramics-glass-council-host-panel-discussion-regarding-the-quality-affordability-and-self-reliance-of-the-bath-ware-industry/

• Taxation increase counter-productive to increasing exports, competitiveness – JAAF

– island.lk/taxation-increase-counter-productive-to-increasing-exports-competitiveness-jaaf/

• Sri Lanka Apparel Sourcing Association hold 25th Annual General Meeting under EU

‘EU Charge d’Affaires Thorston Bargfrede…Wilhelm Elias re-elected Chairman, Shweta Dhir and Azmina Kareem elected Vice Chairmen. Treasurer Denver Jayasundara and Secretary Gayan Galapitige. Gopal K Iyer appointed Secretary General for the Association’

– island.lk/transforming-tenacity-resilience-into-opportunity/

• Sri Lanka well suited for Taiwan’s labor-intensive manufacturers to invest in

– island.lk/taiwan-seeing-sri-lanka-as-a-well-suited-location-for-its-investors/

• 2nd stage of Hydro-chlorofluorocarbon Phase-out Management Plan underway with UNDP

– dailymirror.lk/business-news/Second-stage-of-Hydro-chlorofluorocarbon-Phase-out-Management-Plan-underway-with-UNDP-assistance/273-247272

• Why India is losing out to Vietnam in attracting companies quitting China

‘Vietnam’s wage for workers is half of that of China, where rising wages have become a barrier to investment. But India’s worker wages are still a third of that of China,’

– island.lk/why-india-is-losing-out-to-vietnam-in-attracting-companies-quitting-china/

• India’s third mission to the Moon to be launched in August 2023

– island.lk/indias-third-mission-to-the-moon-to-be-launched-in-august-2023/

• Indonesia bans all syrup, liquid medicines after 99 child deaths

– radiohc.cu/en/noticias/internacionales/302470-indonesia-bans-all-syrup-liquid-medicines-after-99-child-deaths

• Orders for LNG ships surge as demand rise from energy-starved Europe

‘China’s shipbuilders, accounting for about a 50-percent global market share, are working around the clock to provide much-needed liquefied natural gas (LNG) carriers, driven by booming demand from Europe as it scrambles to increase natural gas storage.’

– globaltimes.cn/page/202210/1277246.shtml

• China’s first photonic chip production line to be ready in 2023

– globaltimes.cn/page/202210/1277405.shtml

• US struggles to mobilise its East Asian ‘Chip 4’ alliance

‘Internal tensions and concerns over China undermine proposed grouping with South Korea, Japan and Taiwan’

– ft.com/content/98f22615-ee7e-4431-ab98-fb6e3f9de032

• China seems to have figured out how to make 7nm chips despite US sanctions

– theregister.com/2022/07/22/china_smic_7nm_chips/

• The US Semicon Blockade Bombshell on China

‘updated export controls announced by the Commerce Department’s Bureau of Industry and Security… triggered by the realization that previous bans and blockades weren’t slowing down China enough… China imports 90% of its chips. China’s bill for imported chips: $200 billion dollars a year.’

• German business chiefs clash with Berlin over China policies

‘Mercedes-Benz, Volkswagen, BMW and BASF were together responsible for a third of all European investment in China in 2018-2021’

– news.yahoo.com/german-business-chiefs-clash-berlin-104328295.html?fr=sycsrp_catchall

• How Asian Airlines Make Money After Paying Pilots $500,000?

‘This video describes how profitable Chinese airlines have diversified their business and continue to profit despite selling tickets for a loss and paying high salaries. ‘

– youtube.com/watch?v=xQnGyxTujPk• Saudi defends oil policy in face of US charges

– dailymirror.lk/business-news/Saudi-defends-oil-policy-in-face-of-US-charges/273-247000

• OPEC Secretary General warns about fuel price fluctuations in the market

– radiohc.cu/en/noticias/internacionales/302061-opec-secretary-general-warns-about-fuel-price-fluctuations-in-the-market

• Europe at risk of ‘much worse’ energy crisis next year, warns Qatar

– ft.com/content/96611190-3c09-48b7-8ded-7b2651590f94

• Freeland condemns killers of Canadian mining executive found dead in Africa

‘Etruscan Resources of Halifax [worked] on some of the first gold mines in Niger and then Burkina Faso — as part of a group of Canadian geologists pioneering development of mines in western Africa.’

– canadiansecuritymag.com/freeland-condemns-killers-of-canadian-mining-executive-found-dead-in-africa-4645/

• Haitian judges ask to stop fuel speculation

clandestine storage or refusal to sell outside the forms prescribed by the legal provisions may be considered an illegal speculation… there is a disparity between the fuels dispatched by the terminals and those arriving at the gas stations.’

– plenglish.com/news/2022/09/01/haitian-judges-ask-to-stop-fuel-speculation/

• The wasteland of English politics based in oil – Bhadrakumar

‘The heart of the matter is that Europe’s prosperity was built on the availability of cheap, reliable, energy supplies from Russia in huge volumes.’

– indianpunchline.com/the-wasteland-of-british-politics/

• What Next in the Electric War for Ukraine – How Marshal Kutuzov’s Golden Bridge for Napoleon’s Retreat is Working Today

– johnhelmer.net/what-next-in-the-electric-war-for-ukraine-how-marshal-kutuzovs-golden-bridge-for-napoleons-retreat-is-working-today

• Canada’s ‘tenuous hold’ in Arctic could be challenged by Russia, China, says top soldier

‘Canada has a “persistent, not permanent presence” in the Arctic which will be challenged as climate change opens up the northern sea lanes…Beijing’s ‘Polar silk road’ initiative, will connect world’s 3 major economic centres – North America, East Asia, & Western Europe – through the Arctic Ocean.

– theglobeandmail.com/politics/article-canada-arctic-territories-russia-china/

• After Greta’s Blessing, Germany Extends Life Of Three Remaining Nuclear Plants

– zerohedge.com/political/after-gretas-blessing-germany-extends-life-three-remaining-nuclear-plants

• Dominic Barton on role as former ambassador, transition to head Rio Tinto Mining

‘Barton is Chair of the Board of Directors for RioTinto. Prior to that, he was Canada’s Ambassador to China (during the Meng Wanzhou saga). Prior to that he was Global Managing Director at McKinsey.’

– bnnbloomberg.ca/video/dominic-barton-on-role-as-former-ambassador-transition-to-rio-tinto~2546217

• US warned of winter blackouts

‘They also cannot buy US-produced LNG due to the Jones Act, which bans the movement of ships between US ports.’

– rt.com/business/564842-us-blackouts-cold-snap/

• Feds Allow Single Foreign Ship To Deliver Fuel to Hurricane-Ravaged Puerto Rico

– reason.com/2022/09/29/feds-allow-single-foreign-ship-to-deliver-fuel-to-hurricane-ravaged-puerto-rico

– naturalgasintel.com/dhs-approves-jones-act-waiver-for-puerto-rico-bound-lng-cargo/

• Biden Administration Affirms Support for Protectionist Jones Act, Throwing Hawaiians, Puerto Ricans to the Sharks

– reason.com/2021/01/27/biden-administration-affirms-support-for-protectionist-jones-act-throwing-hawaiians-puerto-ricans-to-the-sharks/

• Biden Manipulates Oil Price To Buy More Votes

– moonofalabama.org/2022/10/biden-manipulates-oil-price-to-buy-more-votes.html

• US Speaker Pelosi’s husband sold Nvidia, Micron options at a loss

‘A 2012 law makes it illegal for lawmakers to use information from their work in Congress for their personal gain. The law requires them to disclose stock transactions by themselves or family members within 45 days.. Democrats have yet to allow a vote on legislation restricting members of Congress and other government officials from trading stocks. Such legislation has been introduced in response to allegations that some lawmakers may have taken advantage of their positions for personal gain.’

– reuters.com/technology/us-speaker-pelosis-husband-sold-nvidia-micron-options-loss-2022-10-17/

• New Jersey sues oil giants for deceiving public about climate change

‘ExxonMobil, Shell, Chevron, BP, ConocoPhillips and the American Petroleum Institute’

– radiohc.cu/en/noticias/internacionales/302476-new-jersey-sues-oil-giants-for-deceiving-public-about-climate-change

– radiohc.cu/en/noticias/internacionales/302476-new-jersey-sues-oil-giants-for-deceiving-public-about-climate-change

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

ee Finance tracks the effects of financialization, the curious role of ratings agencies, false indices, etc., and the rule of moneylenders, preventing investment in modern production.

• Private sector credit decline to persist through year-end, extending months-long decline

– dailymirror.lk/business-news/Private-sector-credit-decline-to-persist-through-year-end-extending-months-long-decline/273-247130

• Sri Lanka’s Sampath Bank to plans to sell up Rs10bn in Tier II debt

– economynext.com/sri-lankas-sampath-bank-to-plans-to-sell-up-rs10bn-in-tier-ii-debt-101386/

• Softlogic Finance to raise Rs850mn from cash call

– economynext.com/sri-lankas-softlogic-to-raise-rs850mn-from-cash-call-101385/

• Seylan Bank appoints Sunjeevani Kotakadeniya and Averil Ludowyke as Directors

– island.lk/seylan-bank-appoints-sunjeevani-kotakadeniya-and-averil-ludowyke-to-the-board-of-directors/

• CID arrests Thilini Priyamali’s business partner

– dailymirror.lk/top_story/CID-arrests-Thilini-Priyamalis-business-partner/155-246974

– dailymirror.lk/breaking_news/Who-says-the-truth/108-246978

– dailymirror.lk/print/front_page/Thilini-Priyamali-Saga-A-story-of-cheat-sex-greedprobe-continues/238-247087

– dailymirror.lk/breaking_news/Several-politicians-and-popular-personalities-reluctant-to-make-complaints-against-Thilini-Priyamali-CID/108-247108

– dailymirror.lk/breaking_news/Justice-Minister-calls-for-CID-probe-on-facebook-post-that-he-arranged-special-treatment-to-Thilini-Priyamali/108-247189

– island.lk/thico-scam-rs-3-bn-withdrawn-from-thilinis-account-in-six-months/

• Sri Lanka T-bond yields edge up in moderate trade; rupee steady (O18)

– economynext.com/sri-lanka-t-bond-yields-edge-up-in-moderate-trade-rupee-steady-101289/

• Sri Lanka govt security yields slightly down in full trade: investors wait (O19)

– economynext.com/sri-lanka-govt-security-yields-slightly-down-in-full-trade-investors-wait-101316/

• Initial foreign investor interest in rupee bonds fizzles out

‘investors may have begun to favour higher risk-free returns from the US treasuries’

– dailymirror.lk/business-news/Initial-foreign-investor-interest-in-rupee-bonds-fizzles-out/273-247134

• Sri Lanka govt security yields slightly down in full trade: investors wait

– economynext.com/sri-lanka-govt-security-yields-slightly-down-in-full-trade-investors-wait-101316/

• Sri Lanka bond yields mostly flat (O20)

– economynext.com/sri-lanka-bond-yields-mostly-flat-101366/

• Sri Lanka debt office raises 21 pct of required debt via T-bills (O19)

– economynext.com/sri-lanka-debt-office-raises-21-pct-of-required-debt-via-t-bills-101313/

• Sri Lanka govt security yields edge up amid sluggish trade; tax talks weigh (O20)

– economynext.com/sri-lanka-govt-security-yields-edge-up-amid-sluggish-trade-tax-talks-weigh-101348/

• CB sells only fraction of T-bills as it rejects bids at higher yields (O19)

– dailymirror.lk/business-news/CB-sells-only-fraction-of-T-bills-as-it-rejects-bids-at-higher-yields/273-247149

• Sri Lanka debt office raises 21 pct of required debt via T-bills

– economynext.com/sri-lanka-debt-office-raises-21-pct-of-required-debt-via-t-bills-101313/

• Index-heavy Lanka IOC and LOLC shares negatively impact stocks (O17)

– island.lk/index-heavy-lanka-ioc-and-lolc-shares-negatively-impact-stocks/

• Sri Lanka shares fall for 3rd session in thin trade; tax hikes weigh (O18)

– economynext.com/sri-lanka-shares-fall-for-3rd-session-in-thin-trade-tax-hikes-weigh-101288/

• Sri Lanka shares fall over 1-pct in mid-day trade

– economynext.com/sri-lanka-shares-fall-over-1-pct-in-mid-day-trade-101274/

• Indices continue to fall

– dailymirror.lk/business/Indices-continue-to-fall/215-247063

• Lanka IOC shares decline against the backdrop of fuel price reduction

– island.lk/lanka-ioc-shares-decline-against-the-backdrop-of-fuel-price-reduction/

• Sri Lanka stocks bucks falling trend on bargain hunting (O19)

– economynext.com/sri-lanka-stocks-bucks-falling-trend-on-bargain-hunting-101310/

• Worries over delays in IMF support dampen share market

– island.lk/worries-over-delays-in-imf-support-dampen-share-market/

• Sri Lanka shares gain in mid-day trade

– economynext.com/sri-lanka-shares-gain-in-mid-day-trade-101305/

• Sri Lanka stock index, turnover down to 7-week low on tax concerns (O20)

– economynext.com/sri-lanka-stock-index-turnover-down-to-7-week-low-on-tax-concerns-101347/

• Treasury Bill auction results negatively impact CSE trading

– island.lk/treasury-bill-auction-results-negatively-impact-cse-trading/

• Colombo stock market ends week with a sharp plunge (O20)

– ft.lk/front-page/Colombo-stock-market-ends-week-with-a-sharp-plunge/44-741234

• Sri Lanka stocks down 0.5-pct as punters mull taxes, future profits (O21)

– economynext.com/sri-lanka-stocks-down-0-5-pct-as-punters-mull-taxes-future-profits-101362/

• CSE indices fall to eight-week low; turnover slumps

– island.lk/cse-indices-fall-to-eight-week-low-turnover-slumps/

• Atlanta Fed President Bought Low and Sold High in 2020 as the Fed Bailed Out Wall Street; Then He Failed to Report those Trades

– wallstreetonparade.com/2022/10/atlanta-fed-president-bought-low-and-sold-high-in-2020-as-the-fed-bailed-out-wall-street-then-he-failed-to-report-those-trades/

• Casino Banking: Wall Street Mega Banks Traded More in their Federally-Insured Bank than the Total for their Bank Holding Company

– wallstreetonparade.com/2022/10/casino-banking-wall-street-mega-banks-traded-more-in-their-federally-insured-bank-than-the-total-for-their-bank-holding-company/

• This Time Will Be Different: One or More Corporations Will Blow Up from Derivatives along with Global Banks

– wallstreetonparade.com/2022/10/this-time-will-be-different-one-or-more-corporations-will-blow-up-from-derivatives-along-with-global-banks/

• Three Business Days after Credit Suisse Was Named “Credit Derivatives House of the Year,” Its Own Credit Derivatives Blew Out

– wallstreetonparade.com/2022/10/three-business-days-after-credit-suisse-was-named-credit-derivatives-house-of-the-year-its-own-credit-derivatives-blew-out/

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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’

• Severe blow to Lankan biz if crisis deepens: Fitch

– dailymirror.lk/breaking_news/Severe-blow-to-Lankan-biz-if-crisis-deepens-Fitch/108-247135

• Fitch says mixed impact on rated Lankan corporates from macroeconomic challenges

– ft.lk/front-page/Fitch-says-mixed-impact-on-rated-Lankan-corporates-from-macroeconomic-challenges/44-741108

• Sri Lanka firms could be hit from import ban, rising costs, rates: Fitch

– economynext.com/sri-lanka-firms-could-be-hit-from-import-ban-rising-costs-rates-fitch-101302/

• Former IMF hack Sharmini Coorey appointed to Dialog Axiata board

– dailymirror.lk/business/Dr-Sharmini-Coorey-appointed-to-Dialog-Axiata-board/215-247068

• Dhammika Perera’s daughter joins his biz as director

‘eldest daughter Donna Brindhini Perera appointed Non-Executive Director of Vallibel One, Royal Ceramics, Lanka Walltiles, Lanka Tiles, Singer, Haycarb, Dipped Products, Hayleys Fabric, Hayleys Leisure and The Kingsbury’

– dailymirror.lk/business-news/Dhammika-Pereras-daughter-joins-his-biz-as-director/273-247150

– ft.lk/front-page/Dhammika-Perera-s-daughter-appointed-to-Boards-of-10-listed-companies/44-741110

• Japanese Embassy briefed on Port City Colombo’s investment prospects

– ft.lk/business/Japanese-Embassy-briefed-on-Port-City-Colombo-s-investment-prospects/34-740884

• Prez: Cumbersome investment laws to be revised to make country attractive to investors

– island.lk/prez-cumbersome-investment-laws-to-be-revised-to-make-country-attractive-to-investors/

• Only 30% Lankan IT/BPM firms embrace environmental, social, and corporate governance (ESG), reveals PwC survey for SLASSCOM

– dailymirror.lk/business-news/Only-30-Lankan-ITBPM-firms-have-embraced-ESG-reveals-survey/273-247133

• Unilever partners with Sri Lanka Scouts Association

– island.lk/lifebuoy-partners-with-sri-lanka-scouts-association-to-advocate-good-hand-hygiene/

• Customer Service in a Septic Isle – England

– island.lk/customer-service-in-a-septic-isle/

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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.

• 22A passed in Parliament as lone MP Sarath Weerasekara votes no

– ft.lk/top-story/22A-passed-in-Parliament-as-lone-MP-votes-no/26-741237

– timesonline.lk/news-online/22A-passed-in-House-with-174-votes-in-favour-one-against-49-abstained/2-1139217

• To Hell with Sinhala Buddhists – Nalin de Silva

– kalaya.org/2022/10/blog-post_22.html

• The Crisis facing the Buddhist World

‘Traditional Buddhist countries such as Thailand, Myanmar, Sri Lanka, Cambodia, and Laos are now under severe pressure to distance themselves from extending state patronage to Buddhism’

– lankaweb.com/news/items/2022/10/21/the-crisis-facing-the-buddhist-world/

• My Grandfather and my Father – Nalin de Silva

– kalaya.org/2022/10/blog-post_14.html

– kalaya.org/2022/10/blog-post_16.html

• My World – Nalin de Silva

– kalaya.org/2022/10/blog-post_30.html

• Buddhist Elites – Nalin de Silva

– kalaya.org/2022/10/blog-post_17.html

• Rajapaksas responsible for economic crisis in England, France? – Aluthgamage

– dailymirror.lk/breaking_news/Rajapaksas-responsible-for-economic-crisis-in-England-France-Aluthgamage/108-247018

• Gammanpila challenges Govt. to dissolve Parliament

– ft.lk/news/Gammanpila-challenges-Govt-to-dissolve-Parliament/56-741052

• Aragalaya failed for want of proper leadership, Rajapaksas regained power through Wickremesinghe – JVP

– island.lk/aragalaya-failed-for-want-of-proper-leadership-rajapaksas-regained-power-through-wickremesinghe-jvp/

• The Hallucination Of Ranil’s International Support – Jayatilleka

– island.lk/the-hallucination-of-ranils-international-support/

• Mahinda’s make-believe, the Trincomalee trap & Ranil’s political unsustainability – Jayatilleka

‘The only way to ensure political sustainability and stability is a steely insistence by the International Financial Institutions, the creditor states and private creditors, as well as EU states deliberating on GSP Plus, that immediate elections at all levels, front-end loaded with the presidential, constitute conditionality for support.’

– ft.lk/columns/Mahinda-s-make-believe-the-Trincomalee-trap-and-Ranil-s-political-unsustainability/4-741123

• 22nd Amendment hangs in the balance

‘SLPP lays down conditions on dual citizenship, independent commissions’

– sundaytimes.lk/221016/news/22nd-amendment-hangs-in-the-balance-499087.html

• Dire Predictions, Karmic Quirks, Solheim’s Return and Ranilnomics – Phillips

‘Cabinet ministers and a good majority of MPs seem to be taking it for granted that the IMF agreement, China’s concessions, the overall restructuring of debt payments, and the reopening of channels for new FDI inflows – all these will somehow start happening.’

– island.lk/dire-predictions-karmic-quirks-solheims-return-and-ranilnomics/

• Aragalaya Failed? Lurking? Likely To Come Back? More Violently? –Pethiyagoda

– island.lk/aragalaya-failed-lurking-likely-to-come-back-more-violently/

• Cardinal calls on youth to fight for justice

– island.lk/cardinal-calls-on-youth-to-fight-for-justice/

• Cardinal blames rulers’ folly and robbery for country’s present plight

– island.lk/cardinal-blames-rulers-folly-and-robbery-for-countrys-present-plight/

• JVP leader says President fears elections

– island.lk/jvp-leader-says-president-fears-elections/

• Police disperse SJB protest in Nawalapitiya

– island.lk/police-disperse-sjb-protest-in-nawalapitiya/

• Let the government be warned that it is testing people’s patience

– island.lk/when-thieves-punish-their-victims/

• The dollar crunch is nowhere near gone

‘whether foreign assistance is coming at the desired level at the right time is far from assured’

– island.lk/his-masters-voice/

• Deciding election dates

‘The power to fix the election schedule is, therefore, considered important in democracies. Over a span of 11 years, the English parliament has twice altered the law and replaced the Fixed-term Parliaments Act, 2011, with the Dissolution and Calling of Parliament Act…’

– island.lk/deciding-election-dates/

• 8,000 local councillors for another five years if mini polls held before electoral reforms

– island.lk/mahindas-labour/

• SLPP decides not to support 22nd Amendment to Connotation?

– adaderana.lk/news/85644/slpp-decides-not-to-support-22nd-amendment-to-connotation

• Government leaders currently enjoying an interval in hell – Editorial

– island.lk/of-that-crab-dance/

• Opposition to sign joint statement today against LG polls delay

– ft.lk/news/Opposition-to-sign-joint-statement-today-against-LG-polls-delay/56-741142

• Six critical reforms that would ‘not delay’ local elections

– ft.lk/columns/Six-critical-reforms-that-would-not-delay-local-elections/4-741125

• 22A – AKD remarks on the biggest irony of fate

– newsfirst.lk/2022/10/21/22a-akd-remarks-on-the-biggest-irony-of-fate/

• Passing 22A ‘great victory’ for those who value democracy: Karu Jayasuriya

– dailymirror.lk/breaking_news/Passing-22A-great-victory-for-those-who-value-democracy-Karu-Jayasuriya/108-247252

• Channa Jayasumana says 10 MPs with dual citizenship should resign

– dailymirror.lk/breaking_news/Channa-Jayasumana-says-10-MPs-with-dual-citizenship-should-resign/108-247250

• Eran says 44-year Executive Presidency a liability since not accountable to Legislature

– ft.lk/news/Eran-says-44-year-Executive-Presidency-a-liability-since-not-accountable-to-Legislature/56-741218

• 22-A Bill passed: Dual citizens can’t contest elections

– island.lk/22-a-bill-passed-dual-citizens-cant-contest-elections/

• Won’t Get Fooled Again (Brazil?)

– socialistproject.ca/2022/10/wont-get-fooled-again/

• Lula appeals to Brazil’s evangelicals before second round vote

– radiohc.cu/en/noticias/internacionales/302428-lula-appeals-to-brazils-evangelicals-before-second-round-vote

– socialistproject.ca/2022/10/brazilian-elections-challenges-in-second-round/

• The last six years have seen three English PMs and six finance ministers.

‘Kwarteng delivered a ‘mini-Budget’ on September 23—a precursor to a full Budget in which he promised £45 billion of tax cuts mostly to big corporations and the wealthiest.’

– newsclick.in/Structural-Issues-Behind-British-Soap-Opera

• Former WEF Young Global Leader Gabbard Condemns Schwab’s ‘Totalitarian Dream’

– newspunch.com/former-wef-young-global-leader-tulsi-gabbard-condemns-klaus-schwabs-totalitarian-dream/

• Tulsi Gabbard May Have Left the Democratic Party, But She Isn’t Helping the Left

‘The biggest problem (and there were many) with Gabbard’s statement is her citation of “anti-white” racism in the Democratic Party.’

– blackagendareport.com/tulsi-gabbard-may-have-left-democratic-party-she-isnt-helping-left

• What the Hell Is MAGACommunism?

‘“MAGA Communism” went viral on social media last month, and its supporters think it’s a serious theory that can reshape American politics. Critics say it’s a dangerous grift. What gives?’

– vice.com/en/article/88qk4b/what-the-hell-is-magacommunism

• Is ‘Freebie’ Culture Hampering Democracy?

– newsclick.in/Is-Freebie-Culture-Hampering-Democracy

• Why New Discoveries About Human Origins Open Up Revolutionary Possibilities

– newsclick.in/why-new-discoveries-about-human-origins-open-revolutionary-possibilities

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C11. Media (Mis/Coverage of economics, technology, science and art)

ee Media shows how corporate media monopoly determines what is news, art, culture, etc. The media is part of the public relations (corporate propaganda) industry. The failure to highlight our priorities, the need to read between the lines. To set new perspectives and priorities.

• Hashtag Activism and US Imperialism

– blackagendareport.com/hashtag-activism-and-us-imperialism

• Print media the most preferred channel among Lankan PR professionals: London’s Public Relations and Communications Association (PRCA)

‘The PRCA also manage the International Communications Consultancy Organisation (ICCO) – the umbrella body for 41 PR associations and 3,000 agencies across the world, and LG Comms – England’s national body for local government communicators. Additionally, we support the delivery of the Motor Industry Communicators Association (MICA).’

– island.lk/pricing-industry-connections-and-influence-playing-key-roles-in-sls-pr-industry/

– island.lk/print-media-the-most-preferred-channel-among-lankan-pr-professionals-survey/

• Japan Dentsu’s ISOBAR storms into the Effies 2021 TOP 100 Global Rankings

– island.lk/isobar-sri-lanka-storms-into-the-effies-2021-top-100-global-rankings/

• Sirimavo Assassinated? – Franco-Horagolla documentary

‘ordering an investigation into the killing of Kataragama beauty queen Premawathie Manamperi after she heard on the grapevine that an army officer was boasting about it at the CR & FC.’

– sundaytimes.lk/221016/plus/who-was-sirimavo-498657.html

• The Engine Room and Powerful Bureaucrats from JRJ years – Sarath Amunugama’

– island.lk/the-engine-room-and-powerful-bureaucrats-from-jrj-years/

• The legendary Victor Dhanapala: was priceless Burmese gem root of his fortune?

– island.lk/the-legendary-victor-dhanapala-was-priceless-burmese-gem-root-of-his-fortune/

• The early days of a Civil Servant who became Governor – Moncki-Mason Moore

– island.lk/the-early-days-of-a-civil-servant-who-became-governor/

• Comrade Milton Santos

‘the relationship between the production of space and the production of ideology’

– journals.sagepub.com/doi/full/10.1177/20438206221102950

• New York Times spotlight on Thenuwara at Frieze London

– sundaytimes.lk/221016/plus/nyt-spotlight-on-thenuwara-at-frieze-london-498651.html

• The Museum of Modern and Contemporary Art SL partners with George Keyt Foundation

– island.lk/the-mmca-sri-lanka-partners-with-the-george-keyt-foundation/

• Sunday Times journalist Jayampathy passes away

‘Jayasinghe attached to the Business Desk…joined the now defunct Sun newspaper in 1985 after a stint in the Police from which he retired as an Inspector after serving in the East during the separatist insurgency and also with the Tourist Police’

– sundaytimes.lk/221016/business-times/sunday-times-journalist-jayampathy-passes-away-498585.html

• On the Relationship Between The Arts and Politics (1989): Xi Jinping

– redsails.org/xi-on-art/

• The Neocons and the Woke Left Are Joining Hands and Leading Us to Woke War III

– newsweek.com/neocons-woke-left-are-joining-hands-leading-us-woke-war-iii-opinion-1748947

• A Sri Lankan Ghost Story – Samarajiwa

‘In August I had an Op-Ed published in the NYTimes. I think it was edited to death, and now that 30+ days have passed, I thought I’d bring out the ghost. This is the original article as written’

– indi.ca

• How Self-Help Is Not Helping

– indi.ca

• How Sri Lankan-Kiwi writers are defying the odds and making their mark

‘If you’re Kiwi of any kind of Asian heritage, you’ll probably recognise the reference immediately: we aren’t hugely represented in creative industries…Though now a migrant to Canada, Ondaatje famously described his writing style as shaped by Ceylon’s oral traditions: “tall stories, gossip, arguments and lies at dinner”.

– lankaweb.com/news/items/2022/10/21/how-sri-lankan-kiwi-writers-are-defying-the-odds-and-making-their-mark/

• India stops Pulitzer-winning photographer from flying to US

– ft.lk/news/India-stops-Pulitzer-winning-photographer-from-flying-to-US/56-741138

• With US nudges, Google and others aim to help Iranian protesters

– washingtonpost.com/technology/2022/10/13/iran-protests-google-jigsaw-vpn/

• What Made Facebook Staffer Sophie Zhang a Whistleblower

‘Social media monopoly Facebook, now known as Meta, sacked whistleblower Sophie Zhang after she refused to accept a $64,000 severance package that came with the condition that she keep quiet’

– newsclick.in/exclusive-what-made-facebook-staffer-sophie-zhang-whistleblower

• “Meta/Facebook is Unlikely to Reform Voluntarily and Would Have to be Regulated”

– newsclick.in/metafacebook-unlikely-reform-voluntarily-and-would-have-be-regulated

• Elon Musk’s covert war on free speech

– sundaytimes.lk/221016/sunday-times-2/elon-musks-covert-war-on-free-speech-498860.html

• ‘Pirate Queen’ for scientific publications on trial in key copyright case in India

– straitstimes.com/asia/south-asia/pirate-queen-for-scientific-publications-on-trial-in-key-copyright-case-in-india

• Korean Science experts call for creation of national science hub

– koreaherald.com/view.php?ud=20221007000605

• German Federal Court of Justice: Pirate Site Blocking Must Be a Tool of Last Resort

– torrentfreak.com/federal-court-of-justice-pirate-site-blocking-must-be-a-tool-of-last-resort-221014/

• 10 Best Websites Like Sci Hub Alternative

– keeperfacts.com/10-best-websites-like-sci-hub-alternative/

• 10 Best Free Ways to Read Articles Without Subscription on Any Website

– gadgetbridge.com/how-to/best-10-free-ways-to-read-articles-without-subscription-on-any-website/

• Rectify the names

“Confucius was asked what he would do if he was a governor. He said he would “rectify the names” to make words correspond to reality.”

– en.wikipedia.org/wiki/Rectification_of_names

• The Devil’s Dictionary

‘DICTIONARY, n. A malevolent literary device for cramping the growth of a language and making it hard and inelastic. This dictionary, however, is a most useful work.’

– devilsdictionary.org/dictionary/dictionary/

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email: econenews@gmail.com

blog: eesrilanka.wordpress.com

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