‘Before you study the economics, study the economists!’
e-Con e-News 27 November – 03 December 2022
• India’s Research & Analysis Wing (RAW) ‘spy chief’ Samant Kumar Goel slunk into Colombo to further grab strategic sectors (fuel, ports, etc) and regions (Trincomalee, Mannar, Hill Country, etc) to divide the country. His arrival accounts for the rather muted LTTE Maaveerar Naal or Great Heroes Day on 27 November (see Random Notes).
India-allied MPs and media then raised greater clamour blaming China for the delay in the IMF’s gifts. Their IMF demand amounts to continuing the colonial import-export plantation economy. Warlord-backed Trinitian TNA MP Shanakiyan Rasamanickam is reported as calling for ‘Go Home China’ demonstrations, just like US-funded NGOs are now doing in Thailand, Malaysia, etc. (see ee Focus, Are China and Russia Imperialist?)
• The US government also summoned Foreign Minister Ali Sabry to Washington for a 3-day visit on November 30, just after ‘dual citizen’ Basil Rajapakse returned from the USA. Sabry met with US Secretary of State Anthony Blinken, also meeting US Senate Foreign Relations Committee members (see ee Sovereignty, Minister Sabry meets).
‘The US has been one of the prime movers of the resolution against Sri Lanka at the UN Human Rights Council in Geneva. In this backdrop, diplomatic sources say Washington would try to persuade Sri Lanka to heed the provisions of the resolution. Moreover, a UNHRC Secretariat is now probing allegations against political leaders in SL for alleged human rights violations and ‘economic crimes’.’
• US-state news outlet EconomyNext reports, ‘India sends RAW chief after lending $500mn loan’. The media downplayed the Indian government’s ‘commercial interactions’, their economic and political demands, and instead barked out the usual anti-China rhetoric. RAW’s ‘Goel comes amid indirect efforts by Wickremesinghe to meet Indian PM Narendra Modi since last month, sources said… Officials at Sri Lanka’s Foreign Ministry said they did not facilitate RAW chief’s visit…, while the cabinet spokesman swore: ’I swear that I don’t know such an intelligence chief met the president or any other government official.’
The RAW chief also met finance minister & strategist of the SLPP Basil Rajapaksa… I think the message is related to the upcoming election’… Former president Mahinda Rajapaksa himself in 2015 said it was India and RAW who defeated him. So the RAW chief’s visit could be something more than what we hear. How can India order a sovereign nation on how and whom to deal with?’
‘China has also started funding underprivileged universality students in Jaffna and Eastern Universities. This has also drawn Indian concerns, university sources have told EconomyNext. Jaffna University Students’ Union last week said they are opposed to a move by the government to sign a memorandum of understanding with a Chinese agricultural university.’ (ee Sovereignty, RAW chief Samant Kumar Goel)
• Former IMF & current CIA operator Anwar Ibrahim has been narrowly ‘elected’ PM of Malaysia. This recalls 2015 Sri Lanka’s rigged Yahapalana election. The US chose Ibrahim as Chairman of the Development Committee of World Bank & International Monetary Fund (IMF) in 1998. He has been working with the US National Endowment for Democracy (NED) ever since. The US government through the NED has massively poured millions of dollars to Ibrahim’s ‘opposition party, a street front he has helped lead, and media networks promoting him across Malaysia’s information space’ (see ee Sovereignty, Malaysia’s New Prime Minister).
• ‘Politicians are known for smug moralising and fervent religiosity’, editorializes the Island. But surely, there is no sickening sanctimony more than the ’Fair and Lovely’ moneyed media, especially the English media. Politicians are an easy target, but this week more evidence arrived of the collusion between this even-more unaccountable and unelected media and those officials who work against the country’s interests.
Central Bank (CB) Governor Nandalal Weerasinghe is ‘the most trusted’
and the ‘only person trusted by the majority of Sri Lankans’
to carry out economic reforms in resolving the present economic crisis,
according to the ‘Economic Reform Index’ survey
conducted by Social Indicator (SI), the survey research arm
of the US-government-funded Centre for Policy Alternatives (CPA)
(see ee Economists, Central Bank Governor most trusted)
• ‘There is an unwarranted public debate taking place in Sri Lanka today’, groans the ‘always-former Deputy Governor’ W Wijewardena, who usually calls for an ‘open society’. This Monday morning FT columnist is referring to the intensified electronic spitting, sparring and spluttering of Central Bank governors and officials, present and past.
An unverified accusation doing the social-media circuit, states that recently appointed IMF Country Representative Sarwat Jahan beckoned 6 journalists nominated by Governor Nandalal Weerasinghe to their office at the 14th Floor of the Central Bank, for ‘a highly secretive meeting’ on November 29.
At that meeting, the ‘IMF’s secret agenda of toppling the Government’ through the new ‘Independent Central Bank’ law was explained. They were told how ‘the new law will place the CB above the country’s laws and parliament, so that thereafter the IMF (read: US Treasury) could control the entire economy, and through that process, the country’.
The persons so ‘recruited’ to do the bidding of the IMF ‘with the promise of handsome rewards’ are Daily FT‘s Nisthar Cassim, Divaina‘s Shyam Nuwan, Daily News‘ Shirajiv Sirimanne, Adaderana‘s Sisira Kanangaram, and 2 more from Lankadeepa and Virakesari.
• Meanwhile, trade unions accused present CB governor Nandalal Weerasinghe of protecting the export mafia that is illegally hoarding huge dollars outside the country (see ee Focus). Yet as SBD de Silva noted, the bleeding is otherwise all very legal:
‘The conglomerates can defend their interests abroad without colonialism
based on conquest of territory, for the reason that they can control activities
by their monopoly of technology and markets. First, a good portion of their income
is in the form of technological rents, royalties, licensing rights,
technical assistance fees, etc. The technology is rarely transferred,
and its diffusion outside the orbit of such corporations
is rigidly controlled. When deprived of this technology and marketing know-how,
the natural resources and cheap labour of the host countries become idle assets at least in the short run’
– SBD de Silva, The Political Economy of Underdevelopment, 1982
• If Anwar Why Not Weera? – President Ranil Wickremesinghe’s Advisor on Parliamentary Affairs, Professor Ashu Marasinghe also accused the current CB Governor of campaigning to be the Common Candidate at the next presidential election. He also warned the CB governor not to announce ‘false information about the country’s debt situation’, and directly accused the CB governor of lying over debt figures.
Former CB governor Indrajith Coomaraswamy too jumped into the fray, invited by various oratorical platforms to whitewash his role in the current meltdown. Also, that perennial always-former Deputy Governor WAW Wijewardena has come out to bat for the current IMF posterboy governor. Wijewardena was recently seen with the envoy from US-colonized Korea, who sponsored a seminar, hoping to reproduce the ‘Miracle on the Han River’ by the Kelani. We wonder if Sri Lanka sponsors seminars on the divided Korean economy in Seoul? Such ‘export’ miracles require US military bases.
‘We emphasise the need to reintroduce the Central Bank Act
which was proposed in 2018 when the current President was Prime Minister
to enable an independent Central Bank,
prioritise price stability and
limit the monetisation of the fiscal deficit.’
– Ceylon Chamber of Commerce (CCC); see ee Economists, Ceylon Chamber
‘Sri Lanka’s parliament has no authority over the entire money in the country
although it has the power and responsibility for public money
as the Central Bank is the monetary authority
with the power over the country’s finance
to determine interest rates and control inflation’
– CB Governor Nandalal Weerasinghe
Last week, CB Governor Weerasinghe denied he was still on the IMF’s payroll. This week, the CB governor announced a new CB law, which he attributed to the IMF’s demand for ‘prior actions’ before the US Treasury loosens the IMF’s parsimonious purse strings. The new law, Weerasinghe promises, includes clauses to legalize ‘flexible inflation targeting’. He said members of the monetary board will be appointed by an unelected ‘Constitutional Council’ (whoever that is) ‘replacing the current system of the Finance Minister making appointments.’ He added: the Central Bank’s ‘ability to finance the budget deficit will be taken out’. Flexible inflation targeting regime will be recognized in the law as the framework… and also place ‘macro-prudential surveillance formally under the bank’, with ‘2 governing boards, one for the management of the agency and one to conduct monetary policy’. – economynext.com/sri-lanka-new-cb-law-to-cabinet-soon-as-imf-prior-action-104498/
• The UN’s International Labor Organization (ILO) in Geneva is well aware that in the ‘Democratic Socialist Republic of Sri Lanka’ freedom of association and the rights of collective bargaining are not guaranteed ‘in law and practice’ for the vast majority of its workers in the rural, urban and plantation sectors.
In May 1980 unions launched a major campaign to prevent the UNP government from denouncing the ILO Convention No. 89, prohibiting such work, to which Sri Lanka had been bound up to then. However, the ILO this week was seen cavorting with the Employers Federation of Ceylon (EFC), which sees Sri Lanka’s labor legislation as past expiry date! The EFC in July 1980 demanded the government sack 10,000s of workers. The subsequent turmoil was then diverted towards escalating terrorism north and south So what was the ILO doing with the Chamber of Commerce recently (see Random Notes).
• Sri Lanka will face huge energy scarcities, when the ban on ‘European’ services to ship, finance or insure Russian oil shipments to destinations outside the EU kicks off on December 5, to push their rather selective embargo on Russian oil imports.
The EU, G7 and Australia will also ban companies that provide shipping insurance, brokering services, or financing for oil exports from Russia to third countries. Global shipping & insurance companies are mostly based in Europe. Most tankers transporting Russian oil are Greek-owned. And London is home to the world’s biggest maritime insurance companies.
The English media blames Russia for the current escalation in oil prices. Yet, it is the US and European sanctions that cut Russia off from financial markets, making oil, its biggest export, essential to financing its security. The US and EU now claim they wish to avert fuel shortages, which would force prices up and compound a cost-of-living crisis around world. Ha! (Random Notes)
• With the IMF holding a gun to its head, SriLankan Airlines announces it will lease 11 more airplanes. SriLankan Airlines does not own a single aircraft and currently maintains 24 leased aircraft.
ee wishes to point again at German industry’s published anxieties about buying US fighter jets and helicopters. It is not that these Junkers abhor war and prefer peace. (Colonized by US military bases who earlier channelled their bellicosity) Germany (& Japan) are now rearming at Mach speeds. German concerns are due to ‘the absence of any maintenance rights or domestic manufacturing of the parts of the aircraft’ being sold to them. We wonder if any of our so-called ‘industrialists’ and ‘entrepreneurs’ would dare make such demands on the machines we import? We wonder if the Goethe Institute would pay artists to sing about such demands?
German industrialists are demanding that the German Ministry of War involve them in the ‘maintenance, repair & support of these expensive aircraft’. Involving their industries would ensure profits as well as jobs. Other European nations that have ordered US weapons have firmly agreed ‘on thorough consideration, maintenance, servicing, & parts production’.
German industry says it is ‘necessary to compute the projects across the entire term of use’. For heavy-duty helicopters, just 30% of total costs would go toward acquisition, while 70% would go into maintenance over the next 30 years. ee has no doubt these weapons of mass murder will be ‘eco-friendly, diverse & inclusive’! – eurasiantimes.com/germanys-hasty-purchase-of-f-35-fighters-comes-under-fire (also: Random Notes, SBD de Silva on Tech)
• ‘400 home-trained nurses declared unsuitable to work in the USA due to lack of English’ weep the headlines. The US Embassy tested and denied entry to these ‘narrow’ Sinhala-only workers. English media need English readers. So the story unleashed the usual nattering and gnashing of elocuting English teeth.
This ee reports on the actual conditions of health workers in North America, and why the US & Canada are in desperate need of nurses, etc., whose jobs are being ‘fissured’ into being misclassified as ‘independent contractors’, without workers’ rights. The Covid pandemic saw more Filipino nurses die in the US than in the Philippines, and white workers refuse to work in such conditions. So why is US Envoy Julie Chung in a hurry to push these workers into the abyss? Health workers, nurses (& doctors too) are slowly being stripped of their rights. Envoys in Oman are not the only pimps (ee Random Notes).
• ‘Doing Nothing is Impossible’ – Welfare is the penance the rich pay for refusing to develop the economy. Yet the President this week took to reinforcing the classic media myth that it’s lazy & thieving workers who are responsible for our economic malaise. Media headlines splashed: Sri Lanka’s Samurdhi welfare scheme should only benefit those in need: president; Ranil says no more Samurdhi for the ineligible. (ee Workers). Yet the real welfare is to the multinationals and their agents who, not just hoard their profits and dollars outside the country and invest in their own industrial power, but also prevent real investment in Sri Lanka.
• Most of the goals scored are by stolen Africans at football’s so-called World Cup (a world that excludes most of the world: like US baseball’s World Series & cricket’s World Cup). These stolen Africans play for (West) European and (North, Central & South) American teams. Players are poached from African teams as well as from ‘refugee camps’.
These African players may end up representing their own countries, yet they spend most of their time playing at European clubs, and spend little time training with their own national teams. The ‘nation’ only occurs on vacation. Another symbol of imperialism at work. And play.
Contents:
A1. Reader Comments –
• Sri Lanka’s School of Economic Warfare • Rothschild Loves Elephants • Mahathir also Pro-US • Name Plantations Stealing Dollars
A2. Quotes of the Week
• Ranil Identifies Aragala Diesel • Chambers Want Independent Central Bank • Politicians Now Blame CB Default • Times Revises Diem Death • Johnson & Johnson’s Deadly Talcum Powder • US Sanctions & Boston Strangler • More Die in Winter • US Boots in Ukraine • Sustainable Development Goals [SDGs] is the New Opium • Smallholding & Science
A3. Random Notes –
• Minister’s Daughters’ Oxygen for Officials • SBD de Silva on Tech Game • Rubber & Underdevelopment • EU & US Choke Oil Supply • Sinhala Nurses Unfit for USA • Fall of Industry & the Rise of US Healthcare • ILO hits Workers’ Rights • The Plan to Steal National Industries • SL Economic Association’s Balancing Act • India’s List of SL Dreams • Green Opium for Banks • Privatizing Health in India
B. ee Focus
B1. Trade Unions Call to Repatriate Illicit Capital Outflows & Residual Export incomes Immediately
B2. Greek wisdom for Lankan Meltdown – Sumudu Chamara on Yanis Varoufakis
B3. The Loadstar Case Study – Bram Nicholas, Howard Nicholas, & Sheran Fernando
B4. Are China & Russia imperialist? – Shiran Illanperuma
C. News Index
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A1. Reader Comments
ee thanks Readers who send articles of interest. Please excerpt or summarize what is important about any news sent, or your comments, and place any e-link at the end. Email: econenews@gmail.com
• ‘Why doesn’t Sri Lanka have a School of Economic Warfare like in France?
• ‘Re: Evelyn Rothschild, what is the link between his ‘wildlife’ charity Elephant Family and the numerous media stories about Elephant-Human Conflict (which ee presciently calls the Plantation-Elephant Conflict)?’
• ‘Re: Malaysia Soft Coup – ‘Mahathir was also pro-US, right? He was installed after toppling that Najib guy for ‘taking loans from China’. But they need Mahathir gone too now?’
• ‘Ohhhh what are the big plantation firms ripping off dollars that trade in those?’
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A2. Quotes of the Week_
• ‘I know who they are, I worked with them, I protected them… the diesel to power them comes from money from overseas’ – President Ranil Wickremesinghe, ee Security,If police are ‘obstructed’
• ‘We emphasise the need to reintroduce the Central Bank Act which was proposed in 2018 when the current President was Prime Minister, to enable an independent Central Bank, prioritise price stability and limit the monetisation of the fiscal deficit.’ – Ceylon Chamber of Commerce (see ee Economists, Ceylon Chamber)
• ‘It was the Central Bank that made decisions on issuing bonds, on exchange rates and interest rates. However, the MPs of this House had to pay the price by having their houses attacked… Finances seem to be controlled by the CB though powers are vested with the legislature as per the constitution… Importation of essential goods has become an uphill task after the decision made to declare that Sri Lanka is in a default status. Foreign banks no longer accept letters of credit granted by local banks after the declaration of default status.’ – ee Economists, Cabinet, Parliament should question CB
• ‘Dinh Diem was the US-backed leader of South Vietnam between 1954 and November 1963. Diem and his regime were notorious for their corruption, rigged elections, and persecution of political opponents and religious groups. He was captured & killed in Nov 1963.*’ – Sunday Times Political Editor (ee Sovereignty, RAW Chief)
* Not so; it was a US coup d’etat of a leader they had imposed and then discarded
• ‘Then, quietly, the company embraced a strategy to circumvent juries entirely. Deploying a legal maneuver first used by Koch Industries, Johnson & Johnson, a company valued at nearly half a trillion dollars, with a credit rating higher than that of the US government, declared bankruptcy. Because of that move, the fate of 40,000 current lawsuits and the possibility of future claims by cancer victims or their survivors now rests with a single bankruptcy judge in the company’s home state, New Jersey.’ – ee Industry, Johnson & Johnson
• ‘In 1919, Woodrow Wilson, eager for alternatives to military action and America’s most outspoken sanctions advocate, called them ‘a hand upon the throat of the offending nation,’ and a ‘peaceful, silent, deadly remedy’ that will ‘not cost a life outside the nation boycotted,’ but which apply pressure that ‘in my judgment, no modern nation can resist.’ Wilson was proposing economic warfare, not virtue signaling.’ – ee Sovereignty, US needs a sanctions policy revolution
• ‘Although heatwaves get more press, cold temperatures are usually deadlier than hot ones. Between December and February, 21% more Europeans die per week than June-August.’ (ee Industry, Russia-Ukraine War)
• ‘Something is wrong with this world if 2 women are discussing Stingers, MANPADS, SAMS, and HARM anti-radar missiles. As a reminder, scaling up its military supplies to Kiev and directly controlling Ukrainian forces, including the provision of real-time recon data, Washington has, in fact, become a party to the conflict in Ukraine.’ – Maria Zakharova, Russia Foreign Ministry, on US weapons supplies to the Ukraine, ee Sovereignty
• ‘In my book, I start a sentence by describing sustainable development goals [SDGs] as the new opium of the masses. Buying eco bags and bottles without changing anything about the economic system… SDGs mask the systemic problem & reduce everything to the responsibility of the individual, while obscuring the responsibility of corporations and politicians.’ – Kohei Saito, Marx in the Anthropocene: towards the Idea of Degrowth Communism, ee Economists
• ‘The smallholding peasants form a vast mass, the members of which live in similar conditions but without entering into manifold relations with one another. Their mode of production isolates them from one another instead of bringing them into mutual intercourse… Their field of production, the smallholding, admits of no division of labor in its cultivation, no application of science and, therefore, no diversity of development, no variety of talent, no wealth of social relationships. Each individual peasant family is almost self-sufficient; it itself directly produces the major part of its consumption and thus acquires its means of life more through exchange with nature than in intercourse with society. A smallholding, a peasant and his family; alongside them another smallholding, another peasant and another family… In so far as millions of families live under economic conditions of existence that separate their mode of life, their interests and their culture from those of other classes, and put them in hostile opposition to the latter, they form a class. In so far as there is a merely local interconnection among these small-holding peasants, and the identity of their interests begets no community, no national bond and no political organization among them, they do not form a class. – Karl Marx, The 18th Brumaire of Louis Bonaparte, p124
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A3. Random Notes (‘Seeing Number in Chaos’) _
• ‘Minister’s daughter works for a company that supplied oxygen generators’: ‘The official told the Minister’s daughter that he would grant the tender to a company of his choice to ensure a comfortable retirement and if her company wanted to secure the contract he should be given an extension in service.’ The money for the medical equipment was to be paid through the grants from the Global Fund. The World Bank is a major contributor to the Global Fund. ‘Officials can grant these tenders to companies of their choice by changing criteria. They make small technical specifications to ensure that only one company qualifies. These officials are a law unto themselves.’ – ee Industry, Top bureaucrat
• ‘In the resource-based industries local collaboration gives the foreigner access to mining concessions, and in industries supplying the domestic market it gives him access to sales outlets and distribution networks which the local partner may have built up earlier as an importer. In the garments industry, the foreigner avails himself of the host country’s export entitlements. In other instances, joint industrial ventures are trading operations in disguise, promoting the sale of machinery, components & raw materials, and the hiring of technology. In these cases, a condition of foreign participation is that the enterprise purchases plant & equipment from the foreign partner himself, or on his advice, and raw materials from tied sources. The supply of inferior, possibly reconditioned equipment, resulting in very frequent breakdowns requiring large imports of spares for maintenance & repairs, and an income in the form of royalties & technical assistance fees, enables the foreign partner to recoup a portion of his investment regardless of the profits or losses of the enterprise. With a high import content even a slight overpricing of supplies enhances hidden profits. The local collaborators in these ventures may be ‘outright dummies’, and totally unprepared to assert themselves. Their predominantly trading character may even lead them to connive with the foreign partner to give a trading orientation to what is nominally an industrial venture. The trading proclivities of the local bourgeoisie are thereby strengthened, retarding its transformation into a genuine industrial class.’ – SBD de Silva, The Political Economy of Underdevelopment
• SBD de Silva would always ask why rubber workers still have to sit on the ground to produce the world’s best rubber, while Germany’s synthetic rubber workers have an infinitely advanced standard of living. This ee focuses on the claims by Belgian ‘joint venture’ Loadstar (ee Focus). There is no mention of the type of skills imparted, and to which workers and where, and the potential for this ‘venture’ leading to other industries (if it has changed anything in the sourcing of rubber?), and how far it goes beyond the international division of labor. A few days later a story appeared, ‘Sri Lanka rubber farmers to get boost from France, Michelin’:
After all these years of operation, Michelin has decided to ‘support 6,000 rubber farmers. Rubber farmers in Badalgama & Medagama in Moneragala district will be supported [to] improve their capacity & supply chains at a cost of 726,700 Euros…’provided by France’s Michelin Group, with a subsidiary in Sri Lanka, and the Government of France. The project will be implemented by France’s Ksapa Group under the guidance of Ministry of Industries, on a proposal by the Plantations Industries Minister.’ (ee Agriculture, SL rubber farmers).
There is very little public info on Ksapa. In Indonesia, Porsche and Michelin claim to be ‘championing the sustainable extraction of natural rubber, through their CASCADE (Committed Actions for Smallholders Capacity Development) project, which is designed and operated by Ksapa to support ‘Sumatran small plantation farmers in the extraction of rubber’.
• The European Union’s 27 member nations want to cap the price that traders, shippers and other companies in the supply chain could pay for Russian oil sold outside the bloc. The policy must be in place before an EU embargo on Russian oil imports kicks in on Dec 5. The embargo applies only in the 27-nation bloc. So to further limit Russia’s financial gains, the group wants to cap how much buyers outside the region pay for Russian oil.
The US and Europe have imposed sanctions on Russia since the start of the war, cutting the country off from financial markets, and making oil, its biggest export, essential to financing the war in Ukraine. They wish to avert, they claim, a shortage of the fuel, which would force prices up and compound a cost-of-living crisis around world.
G7 countries have been trying to prepare participants in the energy markets for how the price cap will work. It will place the burden of carrying out and policing the policy on the businesses that help sell the oil. Those global shipping & insurance companies are mostly based in Europe. Most tankers transporting Russian oil are Greek-owned, according to maritime data. And London is home to the world’s biggest maritime insurance companies.
The G7 also bans EU companies from providing shipping insurance, brokering services, or financing for oil exports from Russia to third countries… Since the G7 price cap does not include transport & insurance costs, all that may eventually increase the export of Russian oil. Thus, the end result would be the loss of lucrative business for London as the world’s leading centre for maritime insurance services, including P&I – and for Greek shipping companies. Will G7 trigger such a calamity?
The EU embargo on Russian oil that kicks in on Dec 5 also includes a ban on European services to ship, finance or insure Russian oil shipments to destinations outside the bloc, a measure that would disable the infrastructure that moves Russia’s oil to buyers around the world.
European shipping providers can ship the Russian crude outside the bloc only at a price below the cap. These companies would be held legally liable for violating sanctions. (ee Industry, Russia-Ukraine War)
• Sinhala Nurses Unfit? – Not a moment goes by in the English media without overabundant lament for the state of the English language in the country, inevitably leading to an attack on Sinhala Buddhism. The supreme irony of course is that these English bon vivants themselves do not know English! Here’s a perfect example:
The latest lament is headlined A Tragedy,by Goolbai Gunasekara, weeping: ‘The full tragedy of over 400 home-trained nurses being declared unsuitable to work in the USA because of their lack of English proficiency has shocked all of us. Despite opposition by Sri Lankan chauvinists many of us have persevered in our attacks on the former stupidity of the education policy of this country. Only 4 out of 400 applicants passed the English proficiency test conducted by the USA for applicants of nursing jobs abroad. This is a good measure of the sad, bad standard of English in our island.’
Gunasekara then adds her own-goal spelling mistakes: ‘Almost simulultaneously [sic!], we have a Booker Prize Award deservedly won by a Sri Lankan – but let this not make is feel any better. Shehan Karunatilake won the Booker award DESPITE, not BECAUSE, of the educational policy of our island. Then, recently, Kanya D’Almeida won the Commonwealth Essay Award and is now an established writer in English. But she won it BACAUSE a good English education in Sri Lanka helped her as she regularly acknowledges. She studied in the English medium.
‘Let the government take the advice of those who have nothing to do with the government and then implement those policies even against the views of those vociferous Sinhala Buddhist chauvinists who have so far decimated the educational policies of this once educated country.
‘Let us not fool ourselves. Being able to read & write does not make us 90% literate[!] as we proudly announce every so often. Our youngsters are not really educated. Those 400 nurses are ‘educated’ Sri Lankan style but cannot compete in an international arena.’ (– island.lk/a-tragedy)
Now, let’s reproduce a glimpse into the real English story of profit-driven, deteriorating healthcare in Anglo North America, from The Next Shift: the Fall of Industry & the Rise of Healthcare in Rust Belt America, Gabriel Winant:
‘In 2013, Pennsylvania’s largest private employer claimed before federal regulators that it ‘has no employees.’ This institution, the University of Pittsburgh Medical Center (UPMC), added that it ‘conducts no operations’ and ‘engages in no employee or industrial relations activities.’ This argument surprised many because UPMC, a healthcare giant, dominates the regional economy. It looms over Pittsburgh from US Steel Tower, the tallest building in the skyline, on top of which the giant letters UPMC have replaced USS. And the massive healthcare system today employs more than 85,000 people – legal claims notwithstanding. Where did all the workers go?
The hospital chain’s claim of having no employees, made in the context of disputes over its employment practices and tax status, rested upon a legal distinction between the parent company and its subsidiary entities. Because of its organizational structure, UPMC argued, it was not obligated to act in ways expected of an employer. This contention put UPMC in the growing camp of employers in all industries seeking to avoid responsibility for employment’s costs through the use of subcontracting or misclassification of workers as independent contractors – a phenomenon known as the ‘fissuring’ of the workplace. A 2018 magazine feature on the subject used UPMC’s practices for its central example, telling the story of the outsourcing of the job of medical transcriptionist Diana Borland to a contractor that paid her per line rather than per hour. ‘As a UPMC employee, she had earned $19/hour, enough to support a solidly middle-class life. Her first paycheck at the per-line rate worked out to just $6.36/hour.’
While UPMC’s claim was tactical chiseling at one level, at another the assertion also symbolizes a profound paradox in the US political economy: care workers are at once everywhere and nowhere. They are responsible for everyone, but no one is responsible for them. The practice of ‘fissuring’ is only one formalized manifestation of this deeper phenomenon.
In a large-scale pattern often described as the ‘polarization’ or ‘dualization’ of the economy, profits accrue increasingly to firms that do not generate mass employment, while labor simultaneously accumulates in low-margin industries far from profits. The accumulation of capital is more and more decoupled from employment not just by formal corporate structures but also by the mix of commodities that human labor is required to produce. What has changed is not just the corporate organization of labor markets but also, beneath it, the social division of labor.
This change has meted out severe social consequences. High-employment, low-profit industries – such as healthcare, education, and social services – experience constant downward pressure on their margins as a result of these industries’ limited opportunities for productivity gains, a problem inherent to the provision of human services. The pattern even plays out inside the bounds of a given industry like healthcare, as pharmaceutical companies, insurers & medical technology firms capture the profits, while hospitals, home health agencies & nursing homes – the engines of employment – operate less profitably, further down the value chain. Unable to achieve steady advances in efficiency of production, such employers instead sustain themselves financially by increasing prices and suppressing wages. ‘I have not received a raise for approximately 10 to 12 years from my employer, and I pay the same price for bread as they do,’ one Pittsburgh hospital worker testified in 2015.’ (see below for Privatizing Health in India)
• Midst the IMF’s demand for ‘labor flexibility’ to weaken workers’ rights in Sri Lanka, we’re told this week, ‘labour legislation seems to have outlived its shelf life’, deemed ‘not business-friendly’. The need to attract investors should be the priority,’ sermonizes the Financial Times, in a story headlined ‘Key labour reforms needed for economic recovery’.
With input from such grey bureaucracies as Geneva UN’s International Labor Organization (ILO)’s Employment Strategies Department, the webinar was promoted by Daily FT, Employers Federation of Ceylon, International Chamber of Commerce, Chartered Institute of Management Accountants (CIMA), Sri Lanka Institute of Directors, and the University of Colombo’s MBA Alumni Association.
All talk about raising ‘female participation rates’ has to do with ‘increasing the labour supply amidst its move to an ageing population’ and the mismatch in available & required skills in the private sector, especially the English language ability of workers, which is clearly hampering labor productivity in the growing services sector.
Speakers included: ILO’s Head of Employment Strategies Dr Sher Verick, Research Fellow of the Institute for Labour Economics, Ansell Director Human Resources Surani Amerasinghe, ICCSL past Chair & SLID Vice Chairman Dinesh Weerakkody, former Employers Federation Director General Kanishka Weerasinghe (now Legal & Employment Specialist Consultant, also working with ILO), Swiss chemical fertilizer importer A Baur CEO Rolf Blaser, University of Buckingham Faculty of Computing, Law & Psychology Professor of Computing, Dean Harin Sellahewa, Ministry of Education Secretary Nihal Ranasinghe, Virtusa VP Human Resources Chandi Dharmaratne, Employers Federation of Ceylon Director General & CEO Vajira Ellepola. (ee Workers, Key Labor Reforms)
• An FT-ICCSL Webinar on SOE restructuring options was provided cover by the MBA Alumni Association of University of Colombo, Women’s Chamber and CA Sri Lanka. Speakers were: Franklin Templeton Investments Deputy CEO – Corporate Strategy Marius Dan and BOI former Chairman Thilan Wijesinghe. The webinar will be followed by a panel discussion featuring Auerbach Grayson & Company Chairman and CEO David S. Grayson, PWC Sri Lanka CEO Sujeewa Mudalige, former State Minister of Finance Eran Wickremaratne, Ministry of Finance former PPP Head Bradley Emerson, Capital Alliance Group CEO Ajith Fernando, and Ambassador of Sri Lanka to Turkey Hasanthi Urugodawatte Dissanayake. The session will be moderated by Daily FT Editor and CEO Nisthar Cassim and ICCSL Immediate Past Chairman Dinesh Weerakkody.’
• The monthly seminar by the Sri Lanka Economic Association (SLEA) on 1 October, was themed on: ‘Policy choices before a small state: Sri Lanka, balancing relations with India and China’. The main resource person was Professor Karori Singh, the former Director and Emeritus Fellow at the South Asia Studies Centre of University of Rajasthan, India and the discussant was Dr. Shuwen Yan, a Lecturer in International Economics, Chongqing Jiaotong University, China. The session was moderated by Senior Professor Sirimal Abeyratne from the Department of Economics, University of Colombo.
• Indian joint venture infrastructure projects MOUs were signed on April 25, 2017 by then-PM Ranil Wickremesinghe and India’s Narendra Modi. They include: a re-gasified Liquefied Natural Gas (LNG)-fired 500 megawatt power plant in Kerawelapitiya near Colombo; an LNG Terminal/Floating Storage Regasification Unit (FSRU) in Kerawalapitiya; a piped gas distribution system and retail outlets for the supply of Compressed Natural Gas (CNG) to the transportation sector; a 50 MW (extendable to 100 MW) solar power plant in Sampur in the Eastern Province; joint development initially of 10 of the 84 giant oil tanks in the Upper Tank Farm in Trincomalee; development of the Trincomalee port and the setting up of industries in the hinterland; Industrial Zones or Special Economic Zones in identified locations in the island; roads linking Mannar and Jaffna, Mannar and Trincomalee and Dambulla and Trincomalee; upgrading of the railway rolling stock; construction of a Container Terminal in Colombo Port; and agricultural development including livestock development, water management and agro-based industries’ – ee Sovereignty, Indo-Sri Lankan Relations Hit A Snag
• Green as Opium: With ‘Greenwashing’ to claim ecological kudos and ‘Pinkwashing’ to claim gender awareness, Sri Lanka’s banks, which have refused to invest workers with modern production and skills, ‘are aiming to apply for the Green Growth Equity Fund to overcome the current economic crisis and improve relations with investors in impact financing’. ee believes all such pretensions are meant to prevent industrialization by demanding we depend on their ‘green’ machinery.
In May, the Central Bank launched ‘Sri Lanka Green Finance Taxonomy to identify environmentally sustainable economic assets and activities, as well as guidance on integrating sustainability into investment decisions’. SL Green Finance Taxonomy applies to ‘all market participants offering financial products (such as bank lending, debt instruments, portfolio management, investment funds), large corporations, as well as national and local government bodies.
Amidst the exchange rate issues, lack of reserves, and liquidity in the banking industry, certain commercial banks were in discussion with development finance institutions with green funding lines, to secure credit lines and beef up their foreign reserves.
A Commercial Bank CEO claims, ‘Eventually, with the IMF bailout, we can execute these transactions.’ Based in US-colonized Korea, the Global Green Growth Institute is a treaty-based international, inter-governmental organization dedicated to supporting and promoting strong, inclusive, and sustainable economic growth in developing countries and emerging economies, having welcomed Sri Lanka as its 13th member in 2019.’ Blah! Blah! Blah… (ee Finance, Banks pitching for green financing)
• Privatizing Health in India – ‘The IMF and World Bank, in the name of aiding the health sector, started schemes like ‘pay at the point of service’. In the name of financial reconstruction, they started giving tied loans…As a result, in 2000, the target of ‘Health for All’ could not be reached and this marked the obituary of the ‘Health for All’ declaration.
A new term called Millennium Development Goals was coined, which too, later proved to be unattainable. Then in 2014, ‘Health for All’ was turned into ‘Healthcare for all’. It was a paradigm shift from the tertiary medical facility-oriented social determinant to the only realisation of medical services.
The great economic depression in the 2000s affected various sectors; the notable exceptions being health and education. International finance capital then started investing largely in these two sectors. In 2013 -2014, 35-40% of those hospital beds were underutilised as people did not have the economic capacity to avail of services in these hospitals. Schemes like insurance are now brought in to transfer patients from government hospitals to private hospitals…Through these, the public health infrastructure is further weakened. Vaccination receives low priority now in the government sector. Taxpayers’ money is channelised toward private players. Under this model, government expenditure is mainly channelised toward financing other hospital costs, including their profit’ – ee Workers, India Heading Toward Uncontrolled Privatisation of Health Sector
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B. Special Focus_
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B1. Call to repatriate illicit capital outflows & residual export incomes immediately
The following statement is issued by the Commercial & Industrial Workers’ Union, on behalf of Ceylon Bank Employees Union, Ceylon Teachers Union, Dabindu Union, Engineers Services Professional Association, Federation of Media Workers’ Trade Union, Mass Movement for Social Justice, Movement for Land & Agricultural Reform, National Fisheries Solidarity Movement, North South Solidarity Group, Professionals’ Centre for People, Protect Union, Red Flag Union, Satahan Media, Sri Lanka All Telecommunication Employees’ Union, Stand Up Workers’ Union, Textiles Garments & Clothing Workers’ Union, United Fishermen’s & Fish Workers’ Congress, Young Lawyers’ Association, Economics Professor Sumanasiri Liyanage, Political Economist & PhD Student Amali Wedagedara, Economist & PhD Student Kalpa Rajapaksha
‘In a recent statement Central Bank of Sri Lanka (CBSL) Governor Dr Nandalal Weerasinghe accused exporters of refusing to repatriate residual export incomes. The Governor affirms that only 23% of export incomes are currently repatriated by exporters while 65% of export incomes were repatriated up to July 2021. This means that with an expected annualised export income of $16.3 billion in 2022 ($13.3bn in merchandise exports & $3bn in services exports) the country is being deprived of a staggering $6.8bn in 2022 alone due to the corruption and social apathy of Sri Lanka’s business elite. This is driving the economy further down the path of a liquidity trap and cutting off working masses from access to affordable food, healthcare, education, clothing, and other means of subsistence.
Sri Lanka’s monetary law stipulates that residual export income must be fully repatriated to the domestic financial system within 180 days from the date of shipment or provision of services. If only 23% of export incomes are repatriated throughout the year, only $ 3.75bn will flow into the country’s financial system. ($10.6bn can be expected if 65% of incomes were repatriated, as at pre-2022 levels).
Furthermore, the Ceylon Chamber of Commerce has absolutely nothing to ‘enlighten’ us on this issue, as usual on everything pertaining to the economy and how to set economic policy. The Chamber has also been quick to condemn protesters for ‘destabilising the economy’. Yet, when it is reported that its own members are the main instigators and beneficiaries of Sri Lanka’s economic collapse, they choose to remain silent behind a shroud of neutrality and impartiality. This is despite the crimes committed by its core members frequently appearing in the national press.
The true scale of mis-invoicing – The CBSL Governor also stated there are accusations that the import and export sector corporate elite are stashing away $35bn of foreign exchange inflows in offshore accounts since 2007 up to now. He stated that while he himself does not believe this, it is the business elite’s responsibility to counter such allegations. Here, we bring to the CBSL Governor’s attention that the alleged figure is close to $40bn being illegally taken from the economy through trade mis-invoicing between 2009 and 2018, according to widely-cited analysis published by Global Financial Integrity (GFI), a globally reputed thinktank on illicit financial flows. Their analysis was based on cross-referencing UN commercial trade data only on Open Accounts transactions and leaving out international trade in services and merchandise trade through Letters of Credit – this means, the estimated outflow is a gross underestimation!
The undersigned are therefore particularly surprised that the CBSL Governor does not consider this issue seriously. While not a concern of the Sri Lankan economic establishment, mis-invoicing is a widely studied phenomenon elsewhere in the world and is attributed as the main cause of impoverishment & perpetual stagnation in Africa (see UNCTAD, 2020, ‘Economic Development of Africa’), in Latin America countries (UNCTAD, 2016, ‘Trade Mis-invoicing in Primary Commodities’), and in parts of Asia. Alternatively, the Governor’s statement implies that he is in fact aware of mis-invoicing and is attempting to absolve the Central Bank of the responsibility of investigating the largest financial crime committed in Sri Lanka’s history which has ravaged its economy and people.
Repatriation & wage increases, not privatisation – In this connection the unelected President Ranil Wickremesinghe in his 2023 Budget speech asserted that even profit-making state institutions should be privatised as a solution to the foreign exchange crisis and the yawning Budget deficit, and he hopes to raise approximately $3bn by doing so. Thus, after the corporate elite of the country has driven the economy to its knees through its corrupt practices, the solution is to sell state assets. However, repatriating the normal ratio of export incomes in 2022 alone can reap well over twice as much as what is expected by selling off state institutions. This goes to further show the devastating lack of common sense and understanding of the country’s economic problems as well as the collusion of the country’s corrupt corporate elite and its political establishment.
Furthermore, the export sector recorded tremendous growth in profits during the year due to the collapse of the rupee by around 80%, the increase in world market prices, and the brutal suppression of workers’ demands for higher wages corresponding to rupee depreciation. Such increases in wages would, however, simultaneously alleviate the dearth of foreign exchange in the domestic banking system required to ensure the availability of essential imports and improve the liquidity position of banks. This is because exporters will be compelled to increase the rate of repatriation of export incomes to pay higher wages. This underlines the fact that wage suppression in the export sector is also contributing to the foreign exchange crisis the economy is currently facing. Furthermore, the colossal loss of tax revenue on account of trade mis-invoicing is also causing chronic instability in government finance and escalating public sector indebtedness.
In light of all the above, we demand the Government and the Parliament to:
Immediately cease any move to privatise state assets, and instead act in the national interest and take steps to repatriate foreign exchange flows illicitly transferred out of the banking system by our export and import sector companies. Repatriation of outflows will boost foreign reserves of the monetary authority, substantially appreciate the currency and cut down interest rates. It will further significantly contribute to reducing internal price levels and improving living conditions of the public.
Increase export-sector wages at the same rate of currency depreciation as a means of ensuring justice in income distribution and the wellbeing of working people.
Hold repatriated funds in a designated investment fund under the purview of the Central Bank and deployed in reviving domestic industrialisation and ensuring the supply of essentials.
– ft.lk/opinion/Call-to-repatriate-illicit-capital-outflows-and-residual-export-incomes-immediately/14-742460
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B2. Greek Wisdom for Lankan Meltdown – Sumudu Chamara
Greece’s former crisis-era Finance Minister & economist Prof Yanis Varoufakis prescribes a non-IMF, home-grown solution for SL
‘A renowned economist has suggested that, instead of relying on an International Monetary Fund (IMF) deal, which will be neither adequate to save Sri Lanka from its economic meltdown nor favourable in terms of the conditions that the country will be required to adhere to, Sri Lanka should accept its bankruptcy, and get itself out of the meltdown through its own, homegrown efforts. That would be far better than being turned into a debt colony that is fated to remain bankrupt permanently, he noted.
These words of advice were given by Prof Yanis Varoufakis, who served as the Finance Minister in 2015 when Greece was grappling with an unprecedented economic crisis from 2009-17. Standing by his earlier stance of advocating against countries seeking IMF assistance on unfavourable and harmful conditions, he opined that availing an IMF loan on such conditions is far worse than not obtaining such a loan.
He made these remarks during the State of the Nation program conducted by Mahieash Johnney and broadcast on Ada Derana 24, which focused on the pros and cons of getting IMF assistance.
IMF & debt-ridden nations – With regard to his recent tweet advising Sri Lanka to refrain from seeking IMF assistance, Prof Varoufakis emphasised that while Sri Lanka’s economic recovery will be difficult, it is unwise to rely heavily on the IMF to ease it. The manner in which the IMF dealt with several countries that were facing economic crises and sought the IMF’s assistance, according to him, proves this point. Adding that pain is unavoidable when a country goes bankrupt and that there are no easy solutions, Prof Varoufakis however stressed that there is a profound difference between pain of the kind that is an investment into future prosperity, and the pain of the kind that is a pointless investment into more pain.
‘The standard argument is that the IMF is like a doctor who comes to deliver bitter medicine that is nevertheless essential for you to recover. If that was the case, I would be all for embracing the assistance of the IMF,’ he said.
While pointing out that the IMF’s interventions caused adverse impacts in South Korea in 1998, a score of African countries in the 1970s, and in Greece between 2010 and 2018, Prof Varoufakis explained: ‘20 years ago, the IMF committed an outright crime against the people of Argentina. The IMF provided a multibillion-US$ loan to the Government of Argentina to facilitate the conversion of the profits of the oligarchs & some corporations from the local currency to US dollars, so that a few oligarchs could take their money out of Argentina before it collapsed. The good people who did not benefit from this IMF loan would then owe the money to the IMF. They did this 20 years ago, and they did it again 5 years ago. They did exactly the same thing in the same country.’
During the discussion, he further spoke of the geopolitical aspects of international loans:
‘How could the IMF possibly not know that by imposing severe austerity upon us and not agreeing to a rational debt structure, they would not get their money back? The answer was actually given to me by famous Indian Nobel Prize-winner in economics, Amartya Sen, when he said to me ‘the problem is, when you were the Finance Minister, you were negotiating with people who did not really care to take their money back. What they cared about was a new kind of imperialism‘. This is the essence of what he said.’
In addition, Prof Varoufakis opined that, in a context where there are geopolitical concerns associated with debt, the Sri Lankan Government would be very remiss to strike a deal with the IMF that effectively turns the country into a debt colony.
A shared fight against the economic crisis – During the discussion, Prof Varoufakis spoke extensively of the economic crisis that Greece faced during the 2009-17 period, and analysed how various factors had made Greece and Sri Lanka vulnerable to economic crises, especially with regard to debt.
The sovereign debt crisis that Greece had to deal with, although triggered by the global financial crisis in the 2007-8 period, was worsened and prolonged by a number of structural weaknesses in the Greek political system and economy, and also financial instability which had been worsened by that country’s debts, which had reached around EUR 300billion by 2009. As a result of this crisis, the country was compelled to opt for severe austerity measures, which led to a social and humanitarian crisis led by poverty. Among the entities that were involved in the management of Greece’s economic crisis were the European Central Bank (ECB) and the IMF. In this regard, Prof Varoufakis, who served as Greece’s Finance Minister in 2015, said, between 2010 and 2015 Greece followed an IMF program, which had catastrophic results.
Adding that Sri Lanka could learn from Greece’s experience, he explained: ‘The world economy – or to put it simply, global capitalism – went through a once-in-a-lifetime spasm. That was the 2008 financial catastrophe across the Western world. Shockwaves of that global crisis eventually toppled a number of entities. The small City State of Dubai was the first one to go bankrupt after the banks of the US, the UK, Germany and France toppled. Dubai was the first to go bankrupt, and essentially had to be bailed out by Saudi Arabia. Immediately after that, it was the State of Greece. A global financial crisis creates a tsunami, and the weakest States, companies and banks begin to fail one after the other. Greece was the State with the largest debt that toppled immediately after that.
‘The IMF came in and orchestrated loan conditions that guaranteed further depression and humiliation of the people of Greece. Following that catastrophe in the 2008-10 period, in the West, in the 12 years between 2008 and 2020, when the Covid-19 pandemic broke out, there was a very silly policy. For 12 years the ECB and the central banks of the US, England, Switzerland, Sweden and Japan, among others, were printing huge quantities of money to refloat the financial sector. At the very same time, the governments of those countries were imposing strict austerity measures on the majority of their peoples.’
‘The result was that we had a huge quantity of money in the financial sector, and very low levels of demand, investment and consumer spending in the economy at large. This situation created a permanent deflation or a permanent stagnation between 2009 and 2020. Then, you had the pandemic, and central banks started printing even more money to support businesses and individuals during the pandemic.’
Adding that in this context, there was increased demand and decreased supply, which eventually affected global supply chain disruptions and inflation-related increases in energy prices, Prof Varoufakis said, Sri Lanka, being one of the weakest links in this new cycle, was also affected.
‘As a result of mismanagement by the Sri Lankan Government, you found yourselves in the situation where we were in 2010. The country has a currency and a balance of payments problem, in the midst of a global maelstrom caused by the failures of the US and capitalism. Now, the IMF is visiting you and pointing fingers at the people, saying that it was all their fault. It was not your fault; it was a fault of the global capitalist system & previous governments that most people in Sri Lanka were not supporting. Now, they are trying to impose upon you a series of policies that are not going to deliver you from the present crisis.’
He further said, overall, the IMF’s policies were destructive for Greece, and Sri Lanka should learn from the former’s experience.
Can the IMF be Sri Lanka’s saviour? – While it is widely believed that the IMF could assist Sri Lanka in the long run, according to Prof Varoufakis, it should be questioned whether turning to the IMF is the best or the only solution for Sri Lanka. He urged Sri Lanka to stop thinking of the IMF as its saviour, opining that the IMF could potentially do the very opposite.
Prof Varoufakis noted however, that does not mean that Sri Lanka should not hold talks with the IMF, as it is a very important international organisation, but that the country should be careful enough to secure a beneficial arrangement.
He explained: ‘For Sri Lanka to get a decent deal out of the IMF, there are 2 prerequisites. The first one is that there has to be a massive reduction in your debts before you borrow another penny. Do not borrow any money from the IMF before there is an international agreement with your bankers, be they European, American, or Chinese, to significantly reduce debts, because you will not be able to repay them if you borrow.
‘The second prerequisite is that you should not borrow under conditions of austerity, or fiscal austerity, if the IMF makes it a condition that your Government massively reduces spending at a time when your private sector is already reducing expenditure and investment. Your national income is further going to drop if your Government agrees to austerity imposed by the IMF.’
He opined that if the IMF is not prepared to grant Sri Lanka those prerequisites, no deal should be signed between the Government and the IMF.
Speaking of the advantages and disadvantages of obtaining an IMF loan in order to revive Sri Lanka’s economy, Prof Varoufakis said, the majority share of such a loan will not go to the people, but to creditors, who he said do not deserve to be paid because they have not been responsible when issuing loans. He said, his answer to the parties that criticise Sri Lanka for not being able to repay loans is that, for every irresponsible borrower, there is an irresponsible creditor.
He further said: ‘When banks were giving away all that money to shadowy characters in Sri Lanka on behalf of the Sri Lankan people, they were responsible for the predatory loans that they were issuing, so the creditors of Sri Lanka must bear a very significant proportion of the cost of Sri Lanka’s bankruptcy. Any party, especially the IMF, that always takes the side of the creditors, has to be told by the Sri Lankan Government that the first prerequisite for any discussion between Sri Lanka and the IMF is an acknowledgment by the IMF that there will have to be a very significant debt reduction.
‘Creditors must accept that they will not get their money back. They will get back a small portion of the money they lent. That is because if your Government commits your people to pay a large percentage of an un-payable debt, the only way you will be paying it is by imposing taxation that is so high that you will kill off the economic activities through which you have to generate income to make sure that your people can survive and that the country repays your debts.’
According to Prof Varoufakis, Sri Lanka should rely on its own capabilities instead of an IMF deal: ‘There is something far worse than not getting a loan from the IMF under those conditions – and that is getting it. What would happen if you did not take a loan from the IMF? You would go bankrupt. That is good; go bankrupt officially. Embrace your bankruptcy, pick yourselves up from the bootstraps, and start from scratch. This is far better than being indebted to the IMF and to creditors that will turn your country into a debt colony that is permanently bankrupt. In the end, the worst fate possible for Sri Lanka is for young people to leave the country in droves, because that is the most important capital that you have for the future.’
– themorning.lk/greek-wisdom-for-lankan-meltdown
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B3. The Loadstar Case Study – Bram Nicholas, Howard Nicholas, & Sheran Fernando
Growth of the Solid Rubber Tire export market in Sri Lanka: Given that Loadstar is by far the market leader, this story examines the growth of Loadstar and its impact in the Sri Lankan economy
In the wake of the Budget 2023 and its focus on export orientation, I felt it appropriate to publish the study below on Loadstar, a private company formed as a joint venture between the Pringiers family and the Jinasena family. This business grew to be the largest producer of industrial tires in the world, accounting for over 25% of the global market. The company was the single largest source of foreign exchange into Sri Lanka in the 90s and early 2000s.
Loadstar put Sri Lanka on the map as a global industrial manufacturer in general, and one of rubber products in particular. Today, Loadstar is owned and run by Michelin, showing that Sri Lanka can attract global giants.
The issues that we often hear about Sri Lanka’s labour being uncompetitive, extinct, our electricity rates being high, and that businesses cannot compete, should be evaluated against the success story below. Sri Lanka is home to many such success stories. The Government should explore what they can do to create 10 more Loadstars.
Objective of Case Study – To showcase how a Sri Lankan manufacturing company grew to be the global leader in its product category. The identification and evaluation of the factors that led to the success of Loadstar could facilitate the growth of other companies.
Background – Loadstar began production in 1984 as a joint venture between Pierre Pringiers, a Belgian engineer working for Trelleborg (Belgian company producing industrial tires in Sri Lanka) and the Jinasena family, who ran a local engineering business.
Pierre Pringiers also brought into the joint venture, Phillippe Danneels who had a connection with the retail channel for industrial tires. By 2005 the company was the largest producer of industrial tires in the world, overtaking Pierre’s previous company Trelleborg.
Loadstar produced 25% of the global solid rubber tire market, 5% of the pneumatic industrial tire market, and were leading manufacturer of tracks, industrial rims, and even entire axle assemblies.
Loadstar was the largest source of foreign exchange into Sri Lanka, bringing in over 2% of the country’s foreign exchange. It comprised 11 production units employing over 6,500 Sri Lankan staff. They produced solid and pneumatic industrial tires, rubberized tracks, rims and complete axle assemblies. Michelin bought Loadstar in 2018 for US$1.45billion. By this time, 11 industrial tire produces had emerged in Sri Lanka, contributing 65% of the global market. [For charts referred to, please use online link given below]
Key Drivers of Loadstar Success:
BOI – When Loadstar was established, there was a national focus on globalization and industrialization. The Board of Investment (BOI) established in 1978 was a strong entity with wide powers to promote investment. They facilitated a genuine ‘one stop shop’ for foreign investment approvals. The BOI law gave the investors’ confidence that the dollars they brought into the country were safe, that they could withdraw dividends when required. The BOI gave investors the confidence that they would deliver on commitments made to investors.
Concessional Project Finance – The National Development Bank (NDB), established in 1982, was then a new and dynamic institution with a strong development focus. They were mandated to lend long-term, on the strength of a company’s cash flow and business plan. Loadstar negotiated an uncollateralized loan at inception, which gave the investors much needed financial support. NDB’s loan disbursements were based on concessional funds they were granted by the ADB, which further assisted Loadstar.
Founders specialized expertise – Pierre Pringiers, who conceptualized the idea to form Loadstar, brought with him extensive technical knowledge of tire production. He was supported by Phillippe who gave the company access to a global retail and distribution network. The third element was that Jinasenas brought not just funding, but also strong skills and experience in managing manufacturing companies. Dr Tissa Jinasena, who was the Joint Managing Director of the company, dedicated his life to growing this business. He is a qualified engineer, with a passion for training and HR. He created a corporate culture within the company that was its foundation for growth. Pierre’s son Koenraad is the Managing Director of the company, working with Michelin.
Engineering support – The Jinasena’s engineering ability enabled the company to develop production equipment in-house. This facilitated rapid expansion through the ability to increase production capacity very cost-effectively. This ability not only improved scale but also the company’s productivity, as the locally designed machinery was designed specifically for the production process adopted by Loadstar. The Loadstar engineering team, led by Dr Tissa Jinasena married Sri Lankan engineers with Chinese counterparts to source the components required. This team designed and manufactured complex computerized material handling systems and robotic arms with 4-way movement and printed circuit control.
Trainable workforce – Loadstar boasted of 6,500 direct staff to 400 indirect staff. This ratio was achieved through the creation of self-managing working teams, with inbuilt maintenance ability. This team did their own equipment maintenance and ran preventive maintenance programs and took responsibility for industrial safety and the cleanliness of their working environment, whilst doing their production. Global visitors to the plant have been extremely impressed that the factory has worked on a 24/7/365 from its inception.
Commitment to growth & reinvestment of profits – Aggressive reinvestment of profits enabled the company to grow its production capacity, which in turn enabled them to achieve 20% growth year on year for their first 10 years of existence. Through this process, the company now has 11 factories and a widely diversified product range.
Sri Lankan living experience – Finally, a part of the success story that supported Loadstar is that Sri Lanka is a country that offers expatriates a good living experience, in comparison to other countries a potential investor may consider.
Diversification: Product Diversification – Loadstar commenced producing industrial solid rubber tires, diversified into the production of industrial pneumatic tires, then went into the production of tire-related equipment such as rims and axels. Tracks, a highly profitable related product that drove their success in the mid-2000s.
Production of machinery & engineering services – As discussed above, they developed the competence of manufacturing production equipment. This activity didn’t bring in a revenue stream but saved very significant investment expenditure. The reason this activity didn’t develop into a profit centre is that the internal demand for machinery to drive the company’s expansion was very high, and there was never spare capacity available.
Training & HRD – A core strength of the company was the induction training module developed by the company’s HR team, led by founder Dr Tissa Jinasena. The Loadstar training and motivational toolkit was acknowledged as ‘world-class’ by all who have interacted with the business.
Skills transfer – A Loadstar-funded CSR activity to help local fishermen rebuild their boats, destroyed by the Tsunami, is today a yacht manufacture, exporting million-dollar yachts internationally.
To revisit the objective of the study on Loadstar, it was to identify factors that drove growth of the company. The data on the impact of Loadstar on the Sri Lankan export sector is so startling that it leads one to question where Sri Lanka would be if she had nurtured 10 more entities like Loadstar.
– dailynews.lk/2022/11/26/features/291909/loadstar-case-study
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B4. Are China & Russia imperialist? – Shiran Illanperuma
Recent geopolitical and economic developments disrupting the US-led unipolar world order have renewed debate on the concept of imperialism.
In the post-war period, the term was politically deployed by National Liberation Movements around the world, and worker states in the Communist bloc, to describe the policies and actions of the West (namely the US and its partners in Western Europe, Japan, Israel).
However, the deployment of the term ‘imperialism’ was never a one-sided affair, even during the peak of the Cold War. The West, as well as some Third World leaders (like Sri Lanka’s own John Kotelawala), sought to portray the export of revolution from the Soviet Union and China as a form of imperialism.
Following the Sino-Soviet split, China itself would describe the Soviet Union as ‘social imperialist’. In Sri Lanka, some have characterized India’s interventions as being imperialistic (or sub-imperialistic) in nature. More recently, Russia’s interventions in Ukraine, as well as China’s territorial claims and overseas investments, have been labeled as imperialist by Western corporate media.
The object of this article is to explain, from a political and economic perspective, why these claims are false and why the US remains the sole imperialist power in the world (not counting its subordinated allies, who in many ways are starting to look more like occupied colonies themselves – Germany the most obvious example).
Despite being surrounded by oceans and allies, the US has the largest military budget in the world – spending about $801billion per year as of 2021 – which is more than the combined budget of the next 9 largest spenders, including China and Russia. The US also has, by far, the largest overseas military presence, operating around 750 bases across 80 countries, compared with single-digit figures for Russia and China.
US interventions in sovereign nations, from military interventions to financially backed coups, are similarly unparalleled and far too numerous to mention here, though Afghanistan, Iraq and Syria are some of the most recent and disastrous examples.
While China and Russia have had territorial conflicts and disputes, these are either defensive in nature (such as Russia’s intervention in Ukraine in response to NATO expansion) or steeped in history (such as the Taiwan issue, where both mainland and Taiwanese governments agree on the one-China policy).
In terms of economic imperialism, the US Dollar enjoys a position as the sole global reserve currency, backed by the ability to militarily coerce countries to trade oil – the most fundamental of commodities – using US Dollars. There is a saying in the financial community that there is only one monetary policy that matters, and that is the monetary policy of the US Federal Reserve.
The Fed is the only Central Bank in the world that can print world reserve currency. When Fed rates go down, Dollars flood the global economy, lapping up assets. When rates go up, capital flies back to Wall Street, causing currency crises, bankruptcies, and inflation.
US militarism is therefore part and parcel of the political project of Dollar hegemony, whose chief beneficiaries are not even US citizens, but a minority of financial elites. US power over the global financial system gives it unilateral power to seize financial assets, as it has done to Russia and Afghanistan recently.
Russia and China have their own interests and seek to shore up their economic strength, as any sensible nation-state ought to do. However, rather than attempt to do so via coercion and gunboat diplomacy, the 2 countries have sought to build alliances through forums like BRICS and SCO – which could be seen as successors to the Non-Aligned Movement.
Both countries have pushed for greater usage of national currencies in international trade, alternative payment systems (MIR, CIPS) and alternative financial institutions (AIIB, NDB). In October, President Putin said, BRICS was working towards creating a new commodity-backed global reserve currency as an alternative to the US Dollar.
These moves would objectively democratize and decentralize the global economic order, benefiting even smaller nations like Sri Lanka, and are therefore anti-imperialist in substance, regardless of what one may think of the individual leaders or political systems in these countries.
The push by Western corporate media to portray these countries as ‘imperialist’ is curiously only possible because of the hegemonic position they enjoy in the global media swamp and in the production of knowledge and narratives. China and Russia have both tried to tell their stories on a world stage, but they do not have globetrotting media empires or networks of thinktanks and advocacy groups on any comparable scale to the US.
Perhaps more importantly, Russia and China do not have a global middle-class audience that is linguistically and culturally predisposed to their interests. Such is the case in Sri Lanka, which is an example of a country whose local elites are firmly within the grip of the Anglosphere – this alone could be a testament to who the real imperialists are.
Shiran Illanperuma is a journalist & independent researcher on development, political economy, & economic history – factum.lk/regional-geopolitics/factum-perspective-are-china-and-russia-imperialist/
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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.
• IMF-Led Privatization, Land and Resource Grab in Sri Lanka – Bandarage
– lankaweb.com/news/items/2022/12/02/imf-led-privatization-land-and-resource-grab-in-sri-lanka/
• GoSL & Diplomatic Community goes behind TNA/ITAK which has hardly 2% of Tamil mandate – Waduge
– lankaweb.com/news/items/2022/11/30/gosl-diplomatic-community-is-going-behind-tna-itak-which-hardly-has-2-of-tamil-mandate/
• New Fortress Energy project: Govt. explores options to move ahead
– themorning.lk/new-fortress-energy-project-govt-explores-options-to-move-ahead/
• Constitutional Council (CC) may begin work with minimum quorum
‘Five members remain to be appointed. One MP must be nominated by agreement with the majority of the MPs representing the Government. One MP must be appointed by consensus from among the minority parties in opposition. The other 3 members must be appointed from outside Parliament.’
– sundaytimes.lk/221127/news/cc-may-begin-work-with-minimum-quorum-503520.html
• RAW chief Samant Kumar Goel in Lanka talks with President and Basil
‘President Ranil Wickremesinghe was asked by the chief of Indian intelligence agency, Research and Analysis Wing (RAW) to fulfil all the commitments the island nation has promised since 1987 including a Federal solution for the ethnic minority Tamils’
– economynext.com/india-china-use-own-geopolitical-strategy-to-keep-crisis-hit-sri-lanka-in-check-104554/
– sundaytimes.lk/221127/columns/raw-chief-in-lanka-for-talks-with-president-and-basil-503488.html
• Indo-Sri Lankan Relations Hit A Snag: Absence Of Reciprocity Irks New Delhi – Balachandran
– lankaweb.com/news/items/2022/12/02/indo-sri-lankan-relations-hit-a-snag-absence-of-reciprocity-irks-new-delhi-analysis/
• US Secretary of State Antony Blinken beckons Sabry to US from 29 November to 04 December
‘Sri Lanka’s Ambassador to Washington DC has also lined up meetings for him with the Senate Foreign Relations Committee members.’
– ft.lk/front-page/Sabry-off-to-US-on-official-visit/44-742494
– sundaytimes.lk/221127/columns/raw-chief-in-lanka-for-talks-with-president-and-basil-503488.html
• Minister Sabry meets US State Secretary
‘Sabry met with a member of the Senate Committee on Foreign Relations, Senator Bill Hagerty (Republican – Tennessee), Congress Rep. Bill Johnson (Republican – Ohio), Co-Chair of the Caucus on Ethnic and Religious Freedom in Sri Lanka and Rep. Raja Krishnamoorthi (Democrat – Illinois) ‘who has shown an interest in Sri Lanka’. Also: USAID’s Samantha Power, Under Secretary of State for Civilian Security, Democracy and Human Rights Ambassador Uzra Zeya, and Deputy Assistant Secretary, Bureau of South and Central Asian Affairs of the Department of State Afreen Akhter.
– adaderana.lk/news/86560/minister-sabry-meets-us-state-secretary
– english.newsfirst.lk/2022/12/3/minister-ali-sabry-meets-us-state-secretary-antony-blinken
• Chinese Ambassador meets SL Foreign Secretary
– adaderana.lk/news/86517/chinese-ambassador-meets-sl-foreign-secretary
• China welcomes SL foreign minister’s remarks on ‘Chinese debt trap’
– lankaweb.com/news/items/2022/11/29/china-welcomes-sl-foreign-ministers-remarks-on-chinese-debt-trap/
• China is not Sri Lanka’s friend, but Mahinda’s – TNA MP Shanakiyan
– adaderana.lk/news/86513/china-is-not-sri-lankas-friend-but-mahindas-shanakiyan
• TNA MP vows to send China packing
– island.lk/tna-mp-vows-to-send-china-packing/
• Sri Lanka debt restructuring: opposition MP warns of “China go home” protests
‘If China was a true friend, the MP reiterated, it would help the IMF programme.’
– economynext.com/sri-lanka-debt-restructuring-opposition-mp-warns-of-china-go-home-protests-104858/
• Policy choices before a small state: Sri Lanka, balancing relations with India and China
– ft.lk/columns/Policy-choices-before-a-small-state-Sri-Lanka-balancing-relations-with-India-and-China/4-742626
• PM recalls Soviet support to industrialisation setting up steel factory at Oruwela and tyre factory in Kelaniya
– ft.lk/news/Russia-is-a-reliable-friend-Prime-Minister/56-742484
• Senior SL military officers meet High Commissioner Moragoda in Delhi
‘Following 62nd National Defence Course at the National Defence College (NDC) in New Delhi…Brigadier UKDDP Udugama, Commodore MDK Wijewardana, and Group Captain WPAH Perera…Defence Advisor-Sri Lanka’s High Commission in Delhi, Cmdr. Rohan Joseph…’
– island.lk/senior-military-officers-meets-high-commissioner-moragoda-in-delhi
• India’s National Defence College celebrates 50 years of ties with Sri Lankan Armed Force
– ft.lk/news/India-s-National-Defence-College-celebrates-50-years-of-ties-with-Sri-Lankan-Armed-Force/56-742477
• India’s Constitution Day celebrated in Lanka
– island.lk/indias-constitution-day-celebrated-in-lanka/
• Tamil Talks Doomed To Fail From The Start? – Sathiya Moorthy
– lankaweb.com/news/items/2022/12/02/tamil-talks-doomed-to-fail-from-the-start/
• TNA’s R. Sampanthan: ‘We cannot go on like this’
– island.lk/r-sampanthan-we-cannot-go-on-like-this/
• The TNA’s position on Ranil Wickremesinghe
– island.lk/the-tnas-position-on-ranil-wickremesinghe/
• Ready to reintroduce district development councils: President
– dailymirror.lk/breaking_news/Ready-to-reintroduce-district-development-councils-President/108-249558
• President denies reports of District Development Committees replacing Provincial Councils
– island.lk/pmd-claims-presidents-response-misinterpreted/
– lankaweb.com/news/items/2022/11/30/district-development-committees-will-not-replace-provincial-councils/
• Speech in Japanese Parliament (Diet) won Japan’s abstention on UNHRC Resolution against SL
– lankaweb.com/news/items/2022/12/02/the-speech-in-the-japanese-parliament-diet-that-won-japans-abstention-on-the-resolution-against-sri-lanka-at-unhrc/
• South Africa’s Truth and Reconciliation Commission and what it means for SL
– island.lk/south-africas-truth-and-reconciliation-commission-and-what-it-means-for-sl/
• Cabinet nod to enter MoU with EU to boost social integrity, peace and green policies
– ft.lk/front-page/Cabinet-nod-to-enter-MoU-with-EU-to-boost-social-integrity-peace-and-green-policies/44-742544
• Credibility in governance through elections and not security forces – USAID NPC Perera
– island.lk/credibility-in-governance-through-elections-and-not-security-forces/
• USAID’s National Peace Council (NPC) wants elections soon to bring people and govt. together
– island.lk/npc-calls-for-elections-soon-to-bring-people-and-govt-together/
• England says human rights must be part of conversation in providing assistance to SL
– ft.lk/front-page/UK-says-human-rights-must-be-part-of-conversation-in-providing-assistance-to-SL/44-742649
• Amnesty International: Lanka at brink of humanitarian crisis
– island.lk/ai-lanka-at-brink-of-humanitarian-crisis/
• Imran says he has stopped short of creating Lanka in Pakistan
– island.lk/imran-says-he-has-stopped-short-of-creating-lanka-in-pakistan/
• Real threat to Israel is coming from Sri Lanka
– dailymirror.lk/opinion/Sri-Lankans-have-the-power-to-dig-themselves-out-of-trouble-EDITORIAL/172-249693
• Moragoda meets envoys from Middle East, Central Asia and Southeast Asian countries concurrently accredited to Sri Lanka in India
‘High Commission of Sri Lanka in New Delhi functions as the main coordinating point between the concurrently accredited 94 Foreign Missions and the Ministry of Foreign Affairs of Sri Lanka.
– ft.lk/news/Moragoda-interacts-with-envoys-from-Middle-East-Central-Asia-and-Southeast-Asian-countries-concurrently-accredited-to-Sri-Lanka/56-742658
• Power struggle in the Indian Ocean
‘Indian military presence has been observed in Uganda, Lesotho and Tanzania. Agreement with the French to use naval facilities on Reunion Island will enhance the Indian naval presence in the ocean.’
– ft.lk/columns/Power-struggle-in-the-Indian-Ocean/4-742468
• India lone absentee at China’s Indian Ocean forum of 19 countries
‘representatives from 19 countries including Indonesia, Pakistan, Myanmar, Sri Lanka, Bangladesh, Maldives, Nepal, Afghanistan, Iran, Oman, South Africa, Kenya, Mozambique, Tanzania, Seychelles, Madagascar, Mauritius, Djibouti, and Australia’
– island.lk/india-lone-absentee-at-chinas-indian-ocean-forum-of-19-countries/
• Union Carbide Continued Business in India for 14 Years After Bhopal Gas Tragedy Through “Dummy” Firms
– newsclick.in/union-carbide-business-india%20-14-years-bhopal-gas-tragedy-through-dummy-firms
• India should focus on global good, welfare during G20 presidency: Modi
– island.lk/india-should-focus-on-global-good-welfare-during-g20-presidency-modi/
• India Govt to Build a Memorial at the Site of Massacre of 149 Soldiers by British in 1858
– newsclick.in/MP-govt-build-memorial-site-massacre-149-soldiers-british-1858
• Imran Khan’s new war game
– island.lk/khans-new-war-game/
• Malaysia’s New Prime Minister: The Impact on US-China Tensions in Asia
– youtube.com/watch?v=RTdpdFCwff0
• Anwar Ibrahim: Not Malaysia’s Mandela, but something more
– ft.lk/columns/Anwar-Ibrahim-Not-Malaysia-s-Mandela-but-something-more/4-742434
• World Anti-Imperialist Conference, Hanoi, Vietnam, November 25, 2022
– blackagendareport.com/crisis-western-imperialism-and-imperative-war-and-repression
• Russian, Chinese bombers make cross landings in joint aerial patrol for first time
– tass.com/defense/1543803
• China’s Leadership Shines Bright in Asia’s Moment
– blackagendareport.com/chinas-leadership-shines-bright-asias-moment
• China – Protest Instigators And Zero-Covid Policies
– moonofalabama.org/2022/12/china-protest-instigators-and-zero-covid-policies.html
• China rejects Canada’s attack and smear in its newly released Indo-Pacific strategy: Embassy
– globaltimes.cn/page/202211/1280585.shtml
• Tajikistan hosts NATO Herat Security Dialogue of anti-Taliban Forces – Bhadrakumar
– indianpunchline.com/reflections-on-events-in-afghanistan-41/
• End the Last Colony in Asia: Justice for Palestine
– sundaytimes.lk/221127/sunday-times-2/discussion-end-the-last-colony-in-asia-justice-for-palestine-503267.html
• Red card for FIFA as Palestinian cause reaches goal at World Cup
– dailymirror.lk/opinion/Red-card-for-FIFA-as-Palestinian-cause-reaches-goal-at-World-Cup/172-249692
• 29 Nov. 1947: United Nations collapsed and justice died when Israel was created in Palestine
– ft.lk/columns/29-Nov-1947-United-Nations-collapsed-and-justice-died-when-Israel-was-created-in-Palestine/4-742433
• A nuclear-weapons-free zone in West Asia remains a fantasy: Israel the only nuclear power
– sundaytimes.lk/221127/sunday-times-2/a-nuclear-weapons-free-zone-in-middle-east-remains-a-fantasy-503299.html
• Israeli media says Tel Aviv regime facing another Palestinian Intifada
– radiohc.cu/en/noticias/internacionales/306656-israeli-media-says-tel-aviv-regime-facing-another-palestinian-intifada
• Bahrainis rally ahead of Israeli President visit chanting Death to Israel
– radiohc.cu/en/noticias/internacionales/306873-bahrainis-rally-ahead-of-herzog-visit-chanting-death-to-israel
• Ex-U.S. diplomats urge Biden to stop providing arms to new Israeli regime
– radiohc.cu/en/noticias/internacionales/306868-ex-us-diplomats-urge-biden-to-stop-providing-arms-to-new-israeli-regime
• US-Turkiye brinkmanship won’t reach a point of no return – Bhadrakumar
‘A conflict of interest between Ankara and Washington over Syria will likely see the two drift apart, with Turkiye aligning more closely with Eurasian powers.’
– thecradle.co/Article/Columns/18899
• An unholy row! Russia’s Lavrov blasts ‘un-Christian’ Pope
– politico.eu/article/vladimir-putin-russia-segey-lavrov-calls-the-pope-francis-un-christian-over-his-comments-on-russian-ethnic-minorities-cruelty/
• What to expect in Russia’s winter offensive in Ukraine – Bhadrakumar
– indianpunchline.com/what-to-expect-in-russias-winter-offensive-in-ukraine/
• Conflict in Ukraine is doomed to escalate – Bhadrakumar
– indianpunchline.com/conflict-in-ukraine-is-doomed-to-escalate/
• Ukraine War – A Contentious Graveyard In Poland
– moonofalabama.org/2022/11/ukraine-war-a-contentious-graveyard-in-poland
• US Colonel Douglas Macgregor: Ukraine Never Won the War
‘former advisor to the Secretary of Defence in the Trump administration, a decorated combat veteran, noted military historian and the author of five books.’
– youtube.com/watch?v=WUBRwIwYj0E
• Ukraine Armistice – How the UDZ Of 2023 Will Separate Armies Like the Korean Dmz Of 1953
– johnhelmer.net/ukraine-armistice-how-the-udz-of-2023-will-separate-the-armies-like-the-korean-dmz-of-1953
• Abramovich Lobbying US Government For The Russian Government To End Ukraine War
– johnhelmer.net/roman-abramovich-reveals-he-is-lobbying-the-us-government-for-the-russian-government-to-end-the-ukraine-war
• Alexei Kudrin Starts his Run to Succeed President Vladimir Putin
– johnhelmer.net/alexei-kudrin-starts-his-run-to-succeed-president-vladimir-putin/#more-70294
• Vladimir Putin’s Vision of a Multipolar World -An end to US hegemony?
– unz.com/pgiraldi/vladimir-putins-vision-of-a-multipolar-world/
• Seven Decades of Nazi Collaboration: USA’s Dirty Little Ukraine Secret
– fpif.org/seven-decades-nazi-collaboration-americas-dirty-little-ukraine-secret/
• Mounting evidence Canada trained Ukrainian extremists, gov’t needs to be held to account
– ctvnews.ca/world/mounting-evidence-canada-trained-ukrainian-extremists-gov-t-needs-to-be-held-to-account-experts-1.5879303
• German military preparing for potential war with Russia, leaked internal report reveals
– multipolarista.com/2022/11/24/germany-military-war-russia/
• World Order Z: The Irreversibility of Change and Prospects for Survival
– eng.globalaffairs.ru/articles/world-order-z/
• NATO foreign ministers summit in Bucharest Renews Pledge to Eventually Admit Ukraine
– news.antiwar.com/2022/11/29/nato-doubles-down-on-pledge-to-eventually-admit-ukraine/
• Ukraine war: Biden prepared to end Russia’s war if Putin Resigns
– island.lk/ukraine-war-biden-prepared-to-meet-putin-to-end-russias-war/
• An African View On Ukraine
– blackagendareport.com/african-view-ukraine
• Canada Sets up Embassy in Rwanda, Amidst Growing Mass Anti-Imperialist Movement in Neighbouring DRC
– blackagendareport.com/canada-sets-embassy-rwanda-amidst-growing-mass-anti-imperialist-movement-neighbouring-drc
• Brussels Conference Act of 1890
‘The 1890 Brussels Act provided Europeans with the legal and humanitarian justification for the colonization of Africa. Why have so few heard of it?’
– blackagendareport.com/excerpt-brussels-conference-act-1890
• Is Russia Really the Reason Why Mali Continues to Push France Away?
– newsclick.in/Is-russia-really-reason-mali-continues-push-france-away
• South Africa Inc. – The Oppenheimer Empire
– karibaa.com/catalog/product/view/id/1308114/s/south-africa-inc-pre-owned-used-very-good
• Benin Bronzes: Nigeria hails ‘great day’ as London museum signs over looted objects
– bbc.co.uk/news/entertainment-arts-63783561
• Venezuelan president says Citgo profits must be returned
– radiohc.cu/en/noticias/internacionales/306687-venezuelan-president-says-citgo-profits-must-be-returned
• Venezuelan Government & Opposition Sign ‘Social Agreement’, US Approves Chevron License
– blackagendareport.com/venezuelan-government-and-opposition-sign-social-agreement-us-approves-chevron-license
• Venezuela: Maduro Welcomes Chevron License, Demands All US Sanctions Lifted
– venezuelanalysis.com/news/15662
– radiohc.cu/en/noticias/internacionales/306840-venezuela-and-chevron-sign-contracts-to-continue-operations
• ALBA Secretary criticizes comments by head of European diplomacy
‘Josep Borrell, the European Union’s high representative for Foreign Affairs, made an unfortunate, wrong and dangerous analogy when referring to “discoverers and conquerors.” There was no “discovery” and those conquerors are synonymous with invasion, genocide, looting and colonialism’
– radiohc.cu/en/noticias/internacionales/306874-alba-secretary-criticizes-comments-by-head-of-european-diplomacy
• Argentina rejects England military exercises in the Malvinas Islands
– radiohc.cu/en/noticias/internacionales/306790-argentina-rejects-uk-military-exercises-in-the-malvinas-islands
• 16 communities in Puerto Rico file climate lawsuit against Big Oil
‘Chevron, ExxonMobil, Shell and other corporations pushed a multibillion-dollar fraudulent marketing scheme that downplayed the catastrophic impacts of fossil fuels.’
– radiohc.cu/en/noticias/internacionales/306772-16-communities-in-puerto-rico-file-climate-lawsuit-against-big-oil
• Is The “Conscience of the US Congress” Unconscious?
‘The Congressional Black Caucus has strayed far’
– blackagendareport.com/conscience-congress-unconscious
• The US needs a sanctions policy revolution – John Bolton
– thehill.com/opinion/international/3757034-the-us-needs-a-sanctions-policy-revolution/
• Provocative tactics being applied by the USA around the world
– island.lk/path-to-disaster/
• The secretive US embassy-backed group cultivating the English Left
– declassifieduk.org/the-secretive-us-embassy-backed-group-cultivating-the-british-left/
• French President’s visit may exacerbate EU-US divisions: experts
– globaltimes.cn/page/202212/1280956.shtml
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C2. Security (the state beyond ‘a pair of handcuffs’, monopolies of legitimate violence)
ee Security section focuses on the state (a pair of handcuffs, which sposedly has the monopoly of legitimate violence), and how the ‘national security’ doctrine is undermined by private interests, with no interest in divulging or fighting the real enemy, whose chief aim is to prevent an industrial renaissance as the basis of a truly independent nation.
• Intelligence agencies underestimated mob – Sirisena
‘rather than pumping billions more funding into the defence budget, what was needed was a complete overhaul of the armed forces’
– sundaytimes.lk/221127/columns/naval-manoeuvres-over-the-warm-waters-of-the-indo-pacific-region-503492.html
• US International Criminal Investigative Training Assistance Program (ICITAP) Trains SL Counterparts
‘In Sri Lanka, ICITAP works with the support of and in coordination with the US Department of State’s Bureau of International Narcotics and Law Enforcement Affairs (INL)’.
– lankaweb.com/news/items/2022/12/02/sri-lanka-icitap-conducts-forensic-interviewing-training-for-sri-lankan-counterparts/
• Police Ordinance – Sugath Kulatunga
‘the law governing the Police which had been enacted as the Police Ordinance in 1865 still stays in the days of carts and tom-toms in spite of 29 amendments as an Ordinance and 7 times as an Act.’
– lankaweb.com/news/items/2022/11/29/police-ordinance/
• If police are ‘obstructed’, President will call on Attorney General to draft laws to prevent such
– sundaytimes.lk/221127/columns/table-thumping-hitler-wannabes-and-empty-threats-503312.html
• 37 police personnel are addicted to drugs in the Western Province
– island.lk/a-double-whammy/
• Armed gang robs Police OIC’s house
– dailymirror.lk/breaking_news/Armed-gang-robs-Police-OICs-house/108-249787
• Defence Ministry: ‘curse of the Tamil people’ –Tamil Congress (ACTC) MP Ponnambalam
– sundaytimes.lk/221127/columns/presidents-stand-on-aragalaya-sets-house-on-fire-503473.html
• Federalism is not separatism: Landmark ruling by Supreme Court – Jeyaraj
– ft.lk/columns/Federalism-is-not-separatism-Landmark-ruling-by-Supreme-Court/4-742526
• Prez suppressing people’s right to protest, say JVP lawyers
– island.lk/prez-suppressing-peoples-right-to-protest-say-jvp-lawyers/
• Sri Lanka Easter Sunday suspect hacked to death; opposition leader demands answers
– economynext.com/sri-lanka-easter-sunday-suspect-hacked-to-death-opposition-leader-demands-answers-104523/
– dailymirror.lk/breaking_news/Easter-Sunday-accused-hacked-to-death/108-249481
– island.lk/easter-sunday-terror-attack-suspect-hacked-to-death/
– ft.lk/news/Premadasa-questions-Govt-over-brutal-killing-of-Easter-Sunday-suspect/56-742549
• Easter Sunday: “Accept guilt with contrite hearts,” says Kurunegala Bishop
– island.lk/easter-sunday-accept-guilt-with-contrite-hearts-says-kurunegala-bishop/
• Asian Human Rights Commission: Justice for Easter terror possible only from a legitimate govt.
– island.lk/basil-justice-for-easter-sunday-terror-victims-possible-only-from-a-legitimate-govt/
• President approves bill to empower Maha Sangha to discipline wayward monks
– ft.lk/news/President-approves-bill-to-empower-Maha-Sangha-to-discipline-wayward-monks/56-742510
• Majority of members didn’t accept payment to draft new Constitution says former Secretary
– sundaytimes.lk/221127/news/majority-of-members-didnt-accept-payment-to-draft-new-constitution-says-former-secretary-503421.html
• Supreme Court (SC) instructs IGP to form committee to create guidelines on inquiries
– sundaytimes.lk/221127/news/sc-instructs-igp-to-form-committee-to-create-guidelines-on-inquiries-503508.html
• Lawyers visiting clients: SC orders IGP to put in place regulatory framework
– island.lk/lawyers-visiting-clients-sc-orders-igp-to-put-in-place-regulatory-framework/
• Magistrate dismisses private plaint against top police officers
– sundaytimes.lk/221127/news/magistrate-dismisses-private-plaint-against-top-police-officers-503506.html
• Western Pacific Naval Symposium (WPNS) in Yokohama
– sundaytimes.lk/221127/columns/naval-manoeuvres-over-the-warm-waters-of-the-indo-pacific-region-503492.html
• Habitual offenders face driving bans under ‘demerit’ scheme
– sundaytimes.lk/221127/news/habitual-offenders-face-driving-bans-under-demerit-scheme-503355.html
• Mr. President, get the army to bust ice mafia – Editorial
– dailymirror.lk/opinion/Mr-President-get-the-army-to-bust-Ice-mafia-EDITORIAL/172-249569
• UN peacekeeping: Lankan troops short on tyres and spares
– themorning.lk/un-peacekeeping-lankan-troops-short-on-tyres-and-spares/
• SJB threatens to walk out over MP Edirimanne reading AG report implicating Sajith embezzling Central Cultural Fund
– island.lk/sjb-threatens-to-walk-out-of-chamber-over-mp-edirimanne-reading-ags-report-implicating-sajith/
• Thilini and Janaki further remanded: Borelle Sirisumana Thera and Isuru granted bail
– dailymirror.lk/breaking_news/Thilini-and-Janaki-further-remanded-Borelle-Sirisumana-Thera-and-Isuru-granted-bail/108-249620
– island.lk/thico-scam-thilini-janaki-further-remanded-bail-for-alleged-associates/
• The journalists who revealed about Thilini’s father are receiving death threats
– lankaweb.com/news/items/2022/11/28/the-journalists-who-revealed-about-thilinis-father-are-receiving-death-threats/
• The role of English intelligence services in the abduction, murder of James Foley
– thecradle.co/Article/Investigations/18810
• Newsbits On Ukraine – Swamp Trenches, Short Training, Out Of Ammo
– moonofalabama.org/2022/12/newsbits-on-ukraine-swamp-trenches-short-training-out-of-ammo.html
• Russian troops get upgrade against HIMARS – RIA
– rt.com/russia/567542-russia-upgrade-himars-air-defense/
• Allied forces gain fire control of all major roads on Artyomovsk front
– tass.com/defense/1544189
• Artillery Is Breaking in Ukraine. It’s Becoming a Problem for the Pentagon.
– nytimes.com/2022/11/25/us/ukraine-artillery-breakdown.html
• The Two Types of Death Penalties
‘In the 17 years that Kevin Johnson has served on death row, nearly 20,000 people have been killed by police in the United States, over 1,000 this year alone.’
– blackagendareport.com/two-types-death-penalties
• Activists Demand Report on the NYPD Gang Database
– blackagendareport.com/activists-demand-report-nypd-gang-database
• Former US marine pilot unfairly classified ‘high-risk’ in Australian prison, lawyer says
– abc.net.au/news/2022-11-28/daniel-duggan-held-under-restrictive-conditions-in-prison/101705510
• England is on the verge of effectively making protest illegal.
– blackagendareport.com/worthy-and-unworthy-protest
_____________________________________________________________
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.
• Sri Lanka in talks with ADB, World Bank for US$1.9bn in loans after IMF
– economynext.com/sri-lanka-in-talks-with-adb-world-bank-for-us1-9bn-in-loans-after-imf-104560/
• World Bank’s IFC Appoints Alejandro Alvarez de la Campa as New Country Manager for SL
– bizenglish.adaderana.lk/ifc-appoints-alejandro-alvarez-de-la-campa-as-new-country-manager-for-sri-lanka-and-maldives/
• Sri Lanka new CB law to cabinet soon as IMF prior action
– economynext.com/sri-lanka-new-cb-law-to-cabinet-soon-as-imf-prior-action-104498/
• FT-ICCSL Webinar on SOE restructuring options
– ft.lk/front-page/FT-ICCSL-Webinar-on-SOE-restructuring-options-at-4-p-m/44-742667
• What happened to us. What is the way ahead – Karunaratne
‘What overthrew Suharto was not a guerrilla insurgency, but a conspiracy far more subversive – capitalism, markets and globalisation; Suharto’s sleuths never figured how to handcuff them’
– lankaweb.com/news/items/2022/11/30/what-happened-to-us-what-is-the-way-ahead/
• Sri Lanka must look beyond IMF – Sumanasiri Liyanage
– youtu.be/jJ4p-NI5ElM
• Greek wisdom for Lankan IMF meltdown – Yanis Varoufakis,
– themorning.lk/greek-wisdom-for-lankan-meltdown
• Shackles on Development – Vichara
– lankaweb.com/news/items/2022/12/01/shackles-on-development/
• Ajith Nivard Cabraal interview with WION TV on 17th November 2022.
– youtu.be/wW7Yp8Txu_s
• Cabraal blames sinister foreign forces for Sri Lanka’s downfall
– sundaytimes.lk/221127/columns/can-basil-make-the-crow-fly-anew-from-slpp-ashes-503261.html
• Response to ‘Cabraal vs. Nandalal – The numbers game’ – Manoj Abayadeera
– themorning.lk/response-to-cabraal-vs-nandalal-the-numbers-game/
• SLPP dissidents ask govt. to bring back USD 35 bn ‘parked’ overseas
– island.lk/slpp-dissidents-ask-govt-to-bring-back-usd-35-bn-parked-overseas/
• Under-Invoicing costs State over USD 35 Bn – Minister
‘over nearly 300,000 registered taxpayers only half of that number pay taxes correctly’
– dailynews.lk/2022/11/28/business/291994/under-invoicing-costs-state-over-usd-35-bn-minister
• CB highlights disparity between dollar conversions and repatriation data
– dailymirror.lk/business-news/CB-highlights-disparity-between-dollar-conversions-and-repatriation-data/273-249524
• No offence for ‘any trade union or other organisation’ to offer MP payment for ‘maintenance’
– sundaytimes.lk/221127/editorial/fighting-corruption-why-give-mps-an-escape-route-503481.html
• CB Governor tells exporters to come clean on conversions: Apparel Exporters Association (SLAEA) Chief wants extension
– ft.lk/front-page/CB-Governor-tells-exporters-to-come-clean-on-conversions-SLEA-Chief-wants-extension/44-742411
• Sri Lanka will widen foreign exchange trading band gradually: CB Governor
– economynext.com/sri-lanka-will-widen-foreign-exchange-trading-band-gradually-cb-governor-104459/
• Sri Lanka DDR uncertainty premium too high: CB Governor
– economynext.com/sri-lanka-ddr-uncertainty-premium-too-high-cb-governor-104429/
• Debt-for-Nature Swap after IMF Extended Fund Facility?
– lankaweb.com/news/items/2022/11/29/debt-for-nature-swap-after-imf-extended-fund-facility/
• The Debt Restructuring Controversy In Sri Lanka
– lankaweb.com/news/items/2022/11/28/the-debt-restructuring-controversy-in-sri-lanka/
• ‘We need to continue moving in this direction’ – CBSL Governor at the International Conference on the Roadmap for Economic Recovery of Sri Lanka held in Colombo (N30)
– lankaweb.com/news/items/2022/11/30/we-need-to-continue-moving-in-this-direction-cbsl-governor/
• Cabinet, P’ment should question CB over economy: Bandula
– dailymirror.lk/breaking_news/Cabinet-Pment-should-question-CB-over-economy-Bandula/108-249538
• Ceylon Chamber of Commerce Proposals on State Owned Enterprise Reform
– bizenglish.adaderana.lk/ccc-proposals-on-state-owned-enterprise-reform/
– sundaytimes.lk/online/features/FEATURE-CCC-Proposals-on-State-Owned-Enterprise-SOE-Reform/5-1139851
– themorning.lk/ceylon-chamber-presents-model-for-soe-restructuring-agency/
• Ceylon Chamber of Commerce’s Lanka Economic Summit (SLES) on ‘Resetting from Turmoil to Opportunity’
– sundaytimes.lk/221127/business-times/ccc-economic-summit-to-attract-green-financing-to-sl-502858.html
• Standard Chartered to support Sri Lanka Economic Summit 2022 as Platinum Sponsor
– bizenglish.adaderana.lk/standard-chartered-to-support-sri-lanka-economic-summit-2022-as-platinum-sponsor/
• Relaxation of import restrictions could reignite pressure on foreign exchange, says Standard Chartered Bank Chief
‘The moment you allow (imports through) open accounts, people will buy dollars from outside markets and the kerb market will go up.’
– dailymirror.lk/business-news/Relaxation-of-import-restrictions-could-reignite-pressure-on-foreign-exchange-says-top-banker/273-249520
• US-Korean Embassy hosts academic seminar on economic situation of SL
‘Former CB Deputy Governor W. Wijewardena, Daily FT Nisthar Cassim, UN WFP’s Abdurrahim Siddiqui, and Verite Research Senior Research Analyst Raj Prabu Rajakulendran.’
– ft.lk/news/Korean-Embassy-hosts-academic-seminar-on-economic-situation-of-SL-and-effort-to-turn-challenges-into-chances/56-742478
• Is Sri Lanka a victim of Chinese debt trap?
– dailymirror.lk/international/Is-Sri-Lanka-a-victim-of-Chinese-debt-trap/107-249676
• Geopolitical tensions and repaying external debt
– dailymirror.lk/opinion/Geopolitical-tensions-and-repaying-external-debt/172-249637
• Sri Lanka in progressive talks with China on debt restructuring, submits all details: Minister
– dailymirror.lk/print/front_page/Sri-Lanka-in-progressive-talks-with-China-on-debt-restructuring-submits-all-details-Minister/238-249757
• Templeton Freedom Award a victory for US Advocata, Horekale and St Sebastian’s College
– island.lk/young-sri-lankans-need-to-be-up-front-two-such-examples/
• Sri Lanka hopeful of unlocking IMF deal in January 2023
‘CB Governor says missing December target is no big deal as IMF Board meets every week’
– dailymirror.lk/top_story/Sri-Lanka-hopeful-of-unlocking-IMF-deal-in-January-2023/155-249432
• High interest rate regime to remain until IMF deal clinched
– dailymirror.lk/business/High-interest-rate-regime-to-remain-until-IMF-deal-clinched/215-249430
• Sri Lanka confident of managing imports with existing inflows until IMF deal comes through
– dailymirror.lk/business/Sri-Lanka-confident-of-managing-imports-with-existing-inflows-until-IMF-deal-comes-through/215-249429
• Rates should ease despite domestic debt restructuring fears: Central Bank chief
– dailymirror.lk/business/Rates-should-ease-despite-domestic-debt-restructuring-fears-Central-Bank-chief/215-249427
• Central Bank sole authority of country’s finance: CB governor
– sundaytimes.lk/221127/business-times/central-bank-sole-authority-of-countrys-finance-cb-governor-502889.html
• CB governor in a campaign to be Common Candidate at next Presidential Poll: RW Advisor
– dailymirror.lk/top_story/CB-governor-in-a-campaign-to-be-Common-Candidate-at-next-Presidential-Poll-RW-Advisor/155-249476
• Prez Advisor tenders apology to CBSL Governor
– island.lk/prez-advisor-tenders-apology-to-cbsl-governor/
• Marikkar reveals those behind mudslinging campaign against CB Governor
‘Asks if Govt. intends to replace him with either Ravi K or Dinesh Weerakkody’
– ft.lk/front-page/Marikkar-reveals-those-behind-mudslinging-campaign-against-CB-Governor/44-742546
• Central Bank Governor most trusted by Sri Lankans to resolve economic crisis: USAID’s CPA
– dailymirror.lk/breaking_news/Central-Bank-Governor-most-trusted-by-Sri-Lankans-to-resolve-economic-crisis/108-249705
• Easing long-term yields reflect rebounding economy
– dailymirror.lk/business-news/Easing-long-term-yields-reflect-rebounding-economy/273-249525
• Sri Lanka opposition MP asks government to clarify “domestic creditors” for restructuring
– economynext.com/sri-lanka-opposition-mp-asks-government-to-clarify-domestic-creditors-for-restructuring-104468/
• CB Gov Assures financial sector stability despite potential domestic debt restructuring
– dailymirror.lk/business-news/Assures-financial-sector-stability-despite-potential-domestic-debt-restructuring/273-249526
• CB chief tells foreign investors why they should invest in Sri Lanka now
– dailymirror.lk/breaking_news/CB-chief-tells-foreign-investors-why-they-should-invest-in-Sri-Lanka-now/108-249527
– ft.lk/top-story/CBSL-Chief-woos-foreign-investors/26-742497
• The challenging task of implementing the Budget and achieving its objectives
‘Although the 2023 Budget was passed by a comfortable majority, there are serious doubts that some key proposals in the Budget could be implemented.’
– sundaytimes.lk/221127/columns/the-challenging-task-of-implementing-the-budget-and-achieving-its-objectives-503315.html
• We must be prepared to import even more – Abeyratne
– sundaytimes.lk/221127/business-times/road-to-a-developed-country-in-2048-502892.html
• Who has printed the biggest quantity of money? Lakshman, Cabraal or Nandalal? – Wijewardena
– ft.lk/columns/Who-has-printed-the-biggest-quantity-of-money-Lakshman-Cabraal-or-Nandalal/4-742431
• Money printing drops by 7.8% compared to 2021: State Finance Minister
– ft.lk/front-page/Money-printing-drops-by-7-8-compared-to-2021-State-Finance-Minister/44-742548
• Sri Lanka’s JVP leader claims relative stability down to April default
– economynext.com/sri-lankas-jvp-leader-claims-relative-stability-down-to-april-default-forgets-rate-hike-104528/
• Sumanthiran on what the budget does and does not do
‘we took a decision today not to cast our vote on opposition. That is due to the President repeatedly [saying] that he is taking steps to resolve the long standing Tamil National Question’
– island.lk/sumanthiran-on-what-the-budget-does-and-does-not-do/
• Looking afresh at Lalith’s prophetic words ‘export or perish’ in today’s competitive world: President
– sundaytimes.lk/221127/sunday-times-2/looking-afresh-at-laliths-prophetic-words-export-or-perish-in-todays-competitive-world-503302.html
• After me, no deluge! President sitting pretty after passing budget – Philips
– island.lk/after-me-no-deluge-president-sitting-pretty-after-passing-budget/
• Get economic, SOE and trade reforms right this time: ex-CB Governor Coomaraswamy
– dailymirror.lk/business-news/Sri-Lanka-urged-to-get-economic-SOE-and-trade-reforms-right-this-time/273-249519
• 2019 Sri Lanka monetary law may have prevented 2019 tax cuts?: ex-CB Governor Coomaraswamy
– economynext.com/a-new-sri-lanka-monetary-law-may-have-prevented-2019-tax-cuts-104503/
• Sri Lanka inflation expectations said to be “very high”: ex-CB Governor Coomaraswamy
– economynext.com/sri-lanka-inflation-expectations-said-to-be-very-high-ex-cb-governor-104480/
• Former CB Governor Coomaraswamy delivers 17th Sujata Jayawardena Memorial Oration
– ft.lk/business/Dr-Coomaraswamy-to-deliver-17th-Sujata-Jayawardena-Memorial-Oration-today/34-742481
• Ex-CB Governor Coomaraswamy says people have to swallow bitter medicine; no point in blaming IMF
‘East and South-East Asian countries have grown rich because of the surpluses in their balance of payments.’
– island.lk/ex-cb-governor-coomaraswamy-says-people-will-have-to-swallow-bitter-medicine-no-point-in-blaming-imf/
• Ceylon Chamber of Commerce demands Central Bank independence – Kussi Amma Feisal
– sundaytimes.lk/221127/business-times/central-banks-independence-502898.html
– sundaytimes.lk/221127/business-times/cb-should-remain-independent-urges-ceylon-chamber-502826.html
• Sri Lanka banks may need more regulatory, accounting forbearance: Coomaraswamy
– economynext.com/sri-lanka-banks-may-need-more-regulatory-accounting-forbearance-coomaraswamy-104687/
• Listen to people, not just to technocrats to resolve issues in economy – Shantha Devarajan
– dailymirror.lk/breaking_news/Listen-to-people-not-just-to-technocrats-to-resolve-issues-in-economy/108-249652
• Strong Medicine: Collective responsibility needed for economic reforms – US Ernst & Young
‘gradually compel the CTB and the railways to introduce market rates.’
– economynext.com/brand_voice/strong-medicine-collective-responsibility-needed-for-economic-reforms-to-work/
• The Need for Justiciability of Socio-Economic Rights
– dailymirror.lk/opinion/THE-NEED-FOR-justiciability-OF-SOCIO-ECONOMIC-RIGHTS/172-249512
• Eagles and Sharks: Financial Imperialism in Pakistan and Sri Lanka – Hashim bin Rashid
– jamhoor.org/read/eagles-and-sharks-financial-imperialism-in-pakistan-and-sri-lanka
• Global MNCs can help bring USD into Sri Lanka – Santosh Menon, Director, World for Lanka.
– island.lk/how-global-mncs-can-help-bring-usd-into-sri-lanka/
• Problems With GDP Growth Fetishism – Prabhat Patnaik
– newsclick.in/problems-with-GDP-growth-fetishism
• World Bank chief says poorest countries owe $62 bln on bilateral debt
– reuters.com/markets/us/world-banks-malpass-says-inflation-may-be-peaking-us-still-daunting-elsewhere-2022-12-01/
• The Global South births a new game-changing payment system
‘Challenging the western monetary system, the Eurasia Economic Union is leading the Global South toward a new common payment system to bypass the US Dollar’
– thecradle.co/Article/Columns/18975
• Zoltan Pozsar: We are witnessing the birth of a new world monetary order
– credit-suisse.com/about-us-news/en/articles/news-and-expertise/we-are-witnessing-the-birth-of-a-new-world-monetary-order-202203.html
• Saito: the metabolic rift and de-growth communism
– thenextrecession.wordpress.com/2022/11/27/saito-the-metabolic-rift-and-de-growth-communism/
• Iraq’s ‘theft of the century’: Former senior parliamentary official arrested
– middleeasteye.net/news/iraq-theft-century-ex-head-parliamentary-finance-committee-arrested
• South Africa on the brink of collapse — economist
‘The growing debt burden is partly due to the government continuing to bail out failing state-owned enterprises, like Eskom, Transnet, the SAA, and the SA Post Office.’
– mybroadband.co.za/news/investing/471439-south-africa-on-the-brink-of-collapse-economist.html
• How Wealthy was Black Wall Street?
‘the origins, wealth, prosperity, and legacy in Greenwood, Tulsa, Oklahoma in the early 1900’s’
– youtu.be/HgN-ZN7_Knc
• Why the crypto crash hit Black Americans hard
– economist.com/graphic-detail/2022/05/20/why-the-crypto-crash-hit-black-americans-hard
• The Indisputable Role of Credit Ratings Agencies in the 2008 Collapse, and Why Nothing Has Changed (2016)
– truthout.org/articles/the-indisputable-role-of-credit-ratings-agencies-in-the-2008-collapse-and-why-nothing-has-changed/
• Moody’s $864m penalty for ratings in run-up to 2008 financial crisis
– theguardian.com/business/2017/jan/14/moodys-864m-penalty-for-ratings-in-run-up-to-2008-financial-crisis
• Goldman Sachs – The Company that Ruled the World | 2022 Documentary
– youtu.be/J5Npf2xJpag
• World Cup and the World economy
‘(Former chairman of Goldman Sachs Asset Management and a former UK treasury minister’
– sundaytimes.lk/221127/business-times/world-cup-and-the-world-economy-502878.html
• As England Premier Polishes his ‘Brand Rishi’ Image, the Country Slides Into Recession
– socialistproject.ca/2022/12/uk-premier-polishes-brand-rishi-image/
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C4. Economy (Usually reported in monetary terms)
ee Economy section shows how media usually measures economy by false indices like GDP, etc., in monetary terms, confusing money and capital, constantly calling for privatization, deregulation, moaning about debt & balance of payments, without stating the need for modern industrial production.
• Debate on third reading of the budget 2023
– adaderana.lk/news/86506/sixth-day-of-debate-on-third-reading-of-the-budget-2023-begins
– adaderana.lk/news/86561/eighth-day-of-debate-on-third-reading-of-budget-2023-begins
• New agency to spur investments and export promotion
– sundaytimes.lk/221127/business-times/new-agency-to-spur-investments-and-export-promotion-502916.html
• Global issues ruin EDB’s $ 20 b plan
– themorning.lk/global-issues-ruin-edbs-20-b-plan/
• Sri Lanka minister talks down price controls: Cabinet Spokesperson Bandula Gunawardena
‘When there is a global crisis and a shortage of commodities in the local and global market, it is difficult for a government to intervene and put price controls’
• Inflation eases in October 2022
– sundaytimes.lk/221127/business-times/inflation-eases-in-october-2022-502865.html
• Colombo inflation decelerates to 61% in November amid easing of food prices
– dailymirror.lk/breaking_news/Colombo-inflation-decelerates-to-61-in-November-amid-easing-of-food-prices/108-249649
• Sri Lanka’s inflation eases to 61-pct in November
– economynext.com/sri-lankas-inflation-eases-to-61-pct-in-november-104684/
– bizenglish.adaderana.lk/ccpi-based-headline-inflation-decreased-for-the-second-consecutive-month-in-november-2022/
– sundaytimes.lk/online/news-online/Sri-Lankas-headline-inflation-eases-for-the-second-consecutive-month-in-November-2022/2-1139843
• Sri Lanka settles Rs495bn to suppliers in 2022, Rs214bn in arrears
– economynext.com/sri-lanka-settles-rs495bn-to-suppliers-in-2022-rs214bn-in-arrears-104646/
• Fitch downgrades Sri Lanka’s local currency debt rating to ‘CC’
– adaderana.lk/news/86531/fitch-downgrades-sri-lankas-local-currency-debt-rating-to-cc
– island.lk/fitch-downgrades-sri-lankas-long-term-local-currency-idr-to-cc/
– economynext.com/sri-lanka-rupee-debt-rating-downgraded-to-cc-by-fitch-on-debt-restructure-risks-104839/
– bizenglish.adaderana.lk/fitch-downgrades-sri-lankas-long-term-local-currency-idr-to-cc-affirms-rd-foreign-currency-idr/
• SL’s rupee debt rating downgraded to ‘CC’ on local debt restructuring risks
– dailymirror.lk/business-news/SLs-rupee-debt-rating-downgraded-to-CC-on-local-debt-restructuring-risks/273-249770
• Sri Lanka aims to return to pre-crisis growth by 2026 – Semasinghe
– adaderana.lk/news/86524/sri-lanka-aims-to-return-to-pre-crisis-growth-by-2026-semasinghe
– themorning.lk/pre-crisis-growth-by-year-2026/
• Proposals related to increasing government revenue in 2023 will be presented in the next committee report
– bizenglish.adaderana.lk/proposals-related-to-increasing-government-revenue-in-2023-will-be-presented-in-the-next-committee-report/
• Rs. 773 bn arrears: Go after massive tax dodgers before imposing new taxes – GMOA
– island.lk/rs-773-bn-arrears-go-after-massive-tax-dodgers-before-imposing-new-taxes-gmoa/
• Ministry orders Inland Revenue (IRD) CG to submit report on failure to collect staggering Rs.774bn in tax arrears
– dailymirror.lk/business-news/Finance-Ministry-orders-IRD-CG-to-submit-report-on-failure-to-collect-staggering-Rs-774bn-in-tax-arrears/273-249710
• Inland Revenue (Amendment) Bill considered at the Committee on Public Finance
– bizenglish.adaderana.lk/inland-revenue-amendment-bill-considered-at-the-committee-on-public-finance/
• Government overhauls taxation effecting 10 tax changes
– sundaytimes.lk/221127/business-times/government-overhauls-taxation-effecting-10-tax-changes-502862.html
• Remiss RAMIS irks taxpayers on last day of filing returns
– ft.lk/front-page/Remiss-RAMIS-irks-taxpayers-on-last-day-of-filing-returns/44-742542
• Sri Lanka extends deadline for tax return submissions after software malfunction
– economynext.com/sri-lanka-extends-deadline-for-tax-return-submissions-after-software-malfunction-104753/
• Govt. revenue up 37%; tops Rs. 1 trillion mark by July
– ft.lk/front-page/Govt-revenue-up-37-tops-Rs-1-t-mark-by-July/44-742445
• Sri Lanka exports down 8.8-pct in Oct, apparel falls 13-pct
– economynext.com/sri-lanka-exports-down-8-8-pct-in-oct-apparel-falls-13-pct-104529/
• Sri Lanka exporters to get Swiss import promotion support
– economynext.com/sri-lanka-exporters-to-get-swiss-import-promotion-support-104542/
• Sri Lanka and Bangladesh shouldn’t compete for the same objective: Bangladesh HC
– island.lk/sri-lanka-and-bangladesh-shouldnt-compete-for-the-same-objective-bangladesh-hc/
• Bangladesh on track to be a trillion-dollar economy by 2040: Boston Consulting Group
– ft.lk/front-page/Bangladesh-on-track-to-be-a-trillion-dollar-economy-by-2040-BCG/44-742407
• Pakistan Govt struggles for $1.18bn IMF tranche
– english.newsfirst.lk/2022/11/29/pakistan-govt-struggles-for-1-18bn-imf-tranche
• IMF head flags inflation, China slowdown as risks to Asia
– dailymirror.lk/business-news/IMF-head-flags-inflation-China-slowdown-as-risks-to-Asia/273-249767
– island.lk/imf-head-flags-inflation-china-slowdown-as-risks-to-asia/
– bizenglish.adaderana.lk/imfs-georgieva-flags-inflation-china-slowdown-as-risks-to-asia/
• IMF’s Georgieva to press for quicker action on debt relief with China
– english.newsfirst.lk/2022/12/2/imf-s-georgieva-to-press-for-quicker-action-on-debt-relief-with-china
• Moody’s Cuts Ghana’s Junk-Rated Debt on Risk of Creditor Losses
– bizenglish.adaderana.lk/moodys-cuts-ghanas-junk-rated-debt-on-risk-of-creditor-losses/
• EU CEO confidence drops to an all-time low in H2 2022
– ert.eu/documents/ceo-confidence-drops-to-an-all-time-low-in-h2-2022/
_________________________________________________________________________
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
• Key labour reforms needed for economic recovery: FT
– ft.lk/front-page/Key-labour-reforms-needed-for-economic-recovery/44-742565
• CPC union wants Rs. 100 fuel price cut
– themorning.lk/cpc-union-wants-rs-100-fuel-price-cut/
• Another ’Dark July’ possible if no coal brought before April 2023: CEB Engineers
– dailymirror.lk/breaking_news/Another-Dark-July-possible-if-no-coal-brought-before-April-2023-CEB-Engineers/108-249536
• CEB chief seeks to allay fears of unprecedented power cuts engineers have warned of
– island.lk/ceb-chief-seeks-to-allay-fears-of-unprecedented-power-cuts-engineers-have-warned-of/
• PUCSL backs up CEB Engineers over 10-hr power cuts warning
– themorning.lk/pucsl-backs-up-ceb-engineers-over-10-hr-power-cuts-warning/
• Sri Lanka regulator disputes CEB costs, demand projections for 2023
– economynext.com/sri-lanka-regulator-disputes-ceb-costs-demand-projections-for-2023-104811/
• Unfair to up electricity bill at this time, says SLPP
– dailymirror.lk/breaking_news/Unfair-to-up-electricity-bill-at-this-time-says-SLPP/108-249785
• Electricity Users Association (EUA) threatens electricity consumer rebellion against proposed tariff hikes
– island.lk/eua-threatens-electricity-consumer-rebellion-against-proposed-tariff-hikes/
• SL envoy in Kenya visits crew aboard vessel detained by Nigeria
– adaderana.lk/news/86558/sl-envoy-in-kenya-visits-crew-aboard-vessel-detained-by-nigeria
• Medical shortages affect over 4 mn: All-Ceylon Medical Officers’’ Association (ACMOA)
– themorning.lk/medical-shortages-affect-over-4-mn/
• 343 SL migrant workers died in Qatar since 2014
– dailymirror.lk/breaking_news/343-SL-migrant-workers-died-in-Qatar-since-2014/108-249655
• Estate unions pitch Rs 3,000 daily wage
– sundaytimes.lk/221127/news/estate-unions-pitch-rs-3000-daily-wage-503411.html
• How the economic crisis has hurt the Hill Tamils
– lankaweb.com/news/items/2022/11/29/how-the-economic-crisis-has-hurt-the-hill-tamils/
• Pilot-exits gather momentum at UL over pay issues
– ft.lk/front-page/Pilot-exits-gather-momentum-at-UL-over-pay-issues/44-742412
• Sri Lanka aims foster parents system for 40,000 children to face malnutrition
– economynext.com/sri-lanka-aims-foster-parents-system-for-40000-children-to-face-malnutrition-104436/
• SJB MP: Most parents have to choose between food and children’s education
– island.lk/sjb-mp-most-parents-have-to-choose-between-food-and-childrens-education/
• “Ukussa” uncovers testicle trafficking at private hospital involved in kidney racket
– adaderana.lk/news/86572/ukussa-uncovers-testicle-trafficking-at-private-hospital-involved-in-kidney-racket
• Eran urges Govt. to bear Rs. 6 bn cost of maternity leave
– themorning.lk/eran-urges-govt-to-bear-rs-6-bn-cost-of-maternity-leave/
• Sri Lanka’s Samurdhi welfare scheme should only benefit those in need: president
– economynext.com/sri-lankas-samurdhi-welfare-scheme-should-only-benefit-those-in-need-president-104770/
• Ranil says no more Samurdhi for the ineligible
– themorning.lk/ranil-says-no-more-samurdhi-for-the-ineligible/
• Ceylon Teachers’ Union (CTU) distances itself from saree issue
– themorning.lk/ctu-distances-itself-from-saree-issue/
• Teachers’ saree storm forces Govt. to revoke dress circular
– sundaytimes.lk/221127/news/teachers-saree-storm-forces-govt-to-revoke-dress-circular-503516.html
• Protagonists far apart in school dress tussle
– sundaytimes.lk/221127/news/protagonists-far-apart-in-school-dress-tussle-503367.html
• Mechanism to support teachers with economic constraints to wear sarees: Minister
– dailymirror.lk/breaking_news/Mechanism-to-support-teachers-with-economic-constraints-to-wear-sarees-Minister/108-249678
• Cutting a long saree short: Is saree taxing teachers?
– dailymirror.lk/news-features/Cutting-a-long-saree-short-Is-saree-taxing-teachers/131-249634
• Sri Lanka teachers struggle to abide by saree ‘law’
– economynext.com/sri-lanka-teachers-struggle-to-abide-by-saree-law-104986/
• 16 Days of UNFPA Activism against GBV: Urgent need to mitigate issue in online spaces
– sundaytimes.lk/221127/news/16-days-of-activism-against-gbv-urgent-need-to-mitigate-issue-in-online-spaces-503396.html
• Women Parliamentarians’ Caucus calls for solidarity with Global Activism against Gender-Based Violence
– island.lk/women-parliamentarians-caucus-calls-on-all-to-stand-in-solidarity-with-the-global-activism-against-gender-based-violence/
• Sri Lanka president proposes long neglected laws for gender equity, women empowerment
– economynext.com/sri-lanka-president-proposes-long-neglected-laws-for-gender-equity-women-empowerment-104772/
• The crisis in Sri Lanka: Human rights in peril – Tegal & Kadirgamar
‘Working people’s rights to fair wages, decent working conditions, right to organise, and secure social protections are often breached by employers without consequences.’
– ft.lk/columns/The-crisis-in-Sri-Lanka-Human-rights-in-peril/4-742552
• No retirement parties at state expense for public-sector officials
‘Some 18,000 public-sector employees are set to retire by the end of the year due to a government decision to revise the retirement age of public-sector employees to 60 years from 65 years.’
– sundaytimes.lk/221127/news/no-retirement-parties-at-state-expense-for-public-sector-officials-503524.html
• Increase in covid cases, but no plans to impose restrictions
– sundaytimes.lk/221127/news/increase-in-covid-cases-but-no-plans-to-impose-restrictions-503522.html
• 231,982 first time O/L students qualify to follow A/L; no plans to identify top 10
– sundaytimes.lk/221127/news/231982-first-time-ol-students-qualify-to-follow-al-no-plans-to-identify-top-10-503512.html
• President ready to set up private universities without obstructive talks
– themorning.lk/president-ready-to-set-up-private-unis-without-obstructive-talks/
• President raises concerns about Buddhist monks leaving universities as “laymen”
– lankaweb.com/news/items/2022/11/29/president-raises-concerns-about-buddhist-monks-leaving-universities-as-laymen/
• Public want higher spending on health, education: less of Police, roads: IHP’s Opinion Tracker Survey (SLOTS)
– ft.lk/front-page/Public-want-higher-spending-on-health-education-less-of-Police-roads/44-742408
• 176 Specialist doctors go before Court against 60 years compulsory retirement
– dailymirror.lk/breaking_news/176-Specialist-doctors-go-before-Court-against-60-years-compulsory-retirement/108-249484
• 3-day Sri Lanka Surgical Congress 2022 on the theme ‘Compassionate Surgery’
– sundaytimes.lk/221127/news/503442-503442.html
• 400 foreign employment agencies banned
– adaderana.lk/news/86569/400-foreign-employment-agencies-banned
• SL refugees in Vietnam: Govt. in discussions to repatriate remains
– themorning.lk/sl-refugees-in-vietnam-govt-in-discussions-to-repatriate-remains/
• 300 doctors left the country since January: Keheliya
– dailymirror.lk/breaking_news/300-doctors-left-the-country-since-January-Keheliya/108-249557
• ‘The Doctor in the Society: A Sri Lankan Perspective’
– lankaweb.com/news/items/2022/11/28/medicoes-in-society-for-sri-lanka/
• Sri Lanka can’t blacklist doctors going abroad as minister claims – Health DG
– economynext.com/sri-lanka-cant-blacklist-doctors-going-abroad-as-minister-claims-health-dg-105029/
• 10,000 IT professionals leave country: Computer Society of Sri Lanka (CSSL)
– island.lk/it-professionals-leaving-country/
– adaderana.lk/news/86571/nearly-10000-ict-professionals-migrated-during-crisis-period-cssl
• Female domestic workers are ‘Kaeli’ or pieces for labour attachés in SL West Asian missions
‘SLBFE officials commonly referred to domestic workers as “kaeli” (pieces) and their industry as a ‘market’.’
– sundaytimes.lk/221127/news/female-domestic-workers-are-kaeli-or-pieces-for-labour-attaches-in-lankas-west-asian-missions-503427.html
• Nine locals detained at BIA over fraudulent migration attempt
– ft.lk/news/Nine-locals-detained-at-BIA-over-fraudulent-migration-attempt/56-742657
• Marked surge in visit-visa human trafficking to Oman, UAE
– sundaytimes.lk/221127/news/marked-surge-in-visit-visa-human-trafficking-to-oman-uae-503518.html
• Human trafficking: US report highlights Lanka’s failures
– sundaytimes.lk/221127/news/human-trafficking-us-report-highlights-lankas-failures-503423.html
• Third secretary of SL Embassy in Oman remanded over human trafficking case
– dailymirror.lk/breaking_news/Third-secretary-of-SL-Embassy-in-Oman-remanded-over-human-trafficking-case/108-249559
– island.lk/embassy-officer-arrested-at-bia-remanded/
• Colombo Chief Magistrate orders CID to produce chief suspect in Omani human trafficking
– island.lk/colombo-chief-magistrate-orders-cid-to-produce-chief-suspect-in-omani-human-trafficking-case/
• Rapists at large
– island.lk/rapists-at-large/
• In Thoothukudi, women from refugee camps for Lankan Tamils run their own restaurant
– island.lk/in-thoothukudi-women-from-refugee-camps-for-lankan-tamils-run-their-own-restaurant/
• Indian govt allows Lankans to hold $10,000 worth of rupee in cash
– dailymirror.lk/top_story/Indian-govt-allows-Lankans-to-hold-10-000-worth-of-rupee-in-cash/155-249548
• People in North, East leaving country due to dire economic situation: Ali Sabry
– dailymirror.lk/breaking_news/People-in-North-East-leaving-country-due-to-dire-economic-situation-Ali-Sabry/108-249487
• A Day In The Life Of A Migrant
– indi.ca
• A new beginning in 1971 and departure to Australia
– island.lk/a-new-beginning-in-1971-and-departure-to-australia/
• 28 yr old arrested for building a ‘sniper rifle’ based on YouTube videos
– newswire.lk/2022/12/01/28-yr-old-arrested-for-building-a-sniper-based-on-youtube-videos/
• 28 year old arrested over torching 17 year old student
– dailymirror.lk/breaking_news/28-year-old-arrested-over-torching-17-year-old-student/108-249560
• Sri Lanka Association of Administrative and Professional Secretaries [SLAAPS] Members’ Day
– sundaytimes.lk/221127/sunday-times-2/a-memorable-slaaps-members-day-503270.html
• ILO says jobs in Asia-Pacific record modest recovery; growth prospects remain challenging
‘“Despite half a century of economic growth the fact remains that most workers in Asia and the Pacific are employed in sectors that the ‘Asian miracle’ has passed by’
– ft.lk/front-page/ILO-says-jobs-in-Asia-Pacific-record-modest-recovery-future-growth-prospects-remain-challenging/44-742485
• India Heading Toward Uncontrolled Privatisation of Health Sector: Dr Fuad Halim
– newsclick.in/india-heading-toward-uncontrolled-privatisation-health-sector-dr-fuad-halim
• Indian-Origin Labour MP Marks 38 Years of Bhopal Gas Tragedy in England Parliament
– newsclick.in/indian-origin-labour-MP-marks-38-years-bhopal-gas-tragedy-UK-parliament
• VAR and Western Hypocrisy, Again
– newsclick.in/var-and-western-hypocrisy-again
• Dominican Republic: Exploitation and Forced Labor in the Central Romana Corporation Has a History
– blackagendareport.com/dominican-republic-exploitation-and-forced-labor-central-romana-corporation-has-history
• France ‘rescues’ 240 England-bound asylum seekers in 24-hour period
– radiohc.cu/en/noticias/internacionales/306616-france-rescues-240-uk-bound-asylum-seekers-in-24-hour-period
• French man wins right to not be ‘fun’ at work
‘seminars and weekend social events…included ‘excessive alcoholism’ and ‘promiscuity.’’
– washingtonpost.com/world/2022/11/27/france-man-fired-company-drinking-culture/
• England union announces ambulance strike as walkouts widen
– radiohc.cu/en/noticias/internacionales/306688-uk-union-announces-ambulance-strike-as-walkouts-widen
• Biden sides with big business and asks Congress to block potential rail strike
– radiohc.cu/en/noticias/internacionales/306652-biden-sides-with-big-business-and-asks-congress-to-block-potential-rail-strike
• US Senate votes to impose contract on rail workers, rejecting paid sick leave
– radiohc.cu/en/noticias/internacionales/306789-us-senate-votes-to-impose-contract-on-rail-workers-rejecting-paid-sick-leave
• Judge orders Amazon to stop retaliating against union organizing efforts
– radiohc.cu/en/noticias/internacionales/306655-judge-orders-amazon-to-stop-retaliating-against-union-organizing-efforts
• University of California Comes to a Standstill as Academic Workers Strike
– socialistproject.ca/2022/11/university-california-academic-workers-strike/
• Did Someone Say Housing Supply? A View from Toronto
‘States have thus been active players in the “financialization of housing.” Building upon the postwar “mortgage finance” model that was pioneered in Anglo-America but became one key inspiration for World Bank development policy’
– socialistproject.ca/2022/11/did-someone-say-housing-supply/
_________________________________________________________________________
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.
• Govt. to revise the 1931 Buddhist temporalities ordinance
– dailymirror.lk/print/front_page/Govt-to-revise-the-Buddhist-temporalities-ordinance/238-249747
• Govt to acquire underutilized lands owned by large-scale plantations
– adaderana.lk/news/86515/govt-to-acquire-underutilized-lands-owned-by-large-scale-plantations
• Use existing resources for agri-food sector in Mahaweli areas
‘Mahaweli Project, which cover about 1/3 of farming areas of the Dry Zone, could easily help the country to become self-sufficient in healthy foods, deviating from monotonous rice cultivation’
– island.lk/use-existing-resources-for-agri-food-sector-in-mahaweli-areas/
• Planters bemused by Govt. takeover plan for unutilised lands
– themorning.lk/planters-bemused-by-govt-takeover-plan-for-unutilised-lands/
• Lanka has sixth highest food price inflation: World Bank
– island.lk/lanka-has-sixth-highest-food-price-inflation-world-bank/
• Paddy cultivation going at a pace 636,348 hectares out of 851,043 already sown
– island.lk/paddy-cultivation-going-at-a-pace-636348-hectares-out-of-851043-already-sown/
• China donates 1,000MT of rice for students
– dailymirror.lk/breaking_news/China-donates-1-000MT-of-rice-for-students/108-249483
• Achieving food security: Integrated plan necessary
– island.lk/achieving-food-securityintegrated-plan-necessary/
• Egg price gazette before Court of Appeal
– sundaytimes.lk/online/news-online/Egg-price-gazette-before-Court-of-Appeal/2-1139842
• Govt. announces steps to restore distribution of kerosene for agriculture
‘providing fuel for crop harvesting machines and fuel for water pumps that operate using kerosene.’
– ft.lk/front-page/Govt-announces-steps-to-restore-distribution-of-kerosene-for-agriculture/44-742490
• Keelakarai councillor in TN held for trying to smuggle fertiliser to Sri Lanka
– dailymirror.lk/breaking_news/Keelakarai-councillor-in-TN-held-for-trying-to-smuggle-fertiliser-to-Sri-Lanka/108-249486
• Ships freighting MOP fertilizer reach Colombo port tonight
– dailymirror.lk/breaking_news/Ship-freighting-MOP-fertilizer-reachs-Colombo-port-tonight/108-249741
– adaderana.lk/news/86559/two-fertilizer-shipments-dock-at-colombo-port
• Four SL fishermen distressed for 63 days rescued by Indian coast guard
– dailymirror.lk/breaking_news/Four-SL-fishermen-distressed-for-63-days-rescued-by-Indian-coast-guard/108-249562
• Coconut Leaf Wilt Disease could be controlled through collaboration
– island.lk/coconut-leaf-wilt-disease-could-be-controlled-through-collaboration/
• 28 food crops incl. 93mn coconuts destroyed in first half of 2022: Ministry
– dailymirror.lk/breaking_news/28-food-crops-incl-93mn-coconuts-destroyed-in-first-half-of-2022-Ministry/108-249535
• Sri Lanka rubber farmers to get boost from France, Michelin
– economynext.com/sri-lanka-rubber-farmers-to-get-boost-from-france-michelin-104511/
• Offerings at Colombo Tea Auction continue to remain grim
– dailymirror.lk/business-news/Offerings-at-Colombo-Tea-Auction-continue-to-remain-grim/273-249765
• Gal Oya Plantations – A role model for profitable public-private partnerships
– dailymirror.lk/business-news/Gal-Oya-Plantations-A-role-model-for-profitable-public-private-partnerships/273-249515
• Tea and rubber plantations of the Southern Province used Galle as its centre
– island.lk/colonial-galle/
• X-Press Pearl disaster: Blame-game rages over delay in rapid response
– sundaytimes.lk/221127/news/x-press-pearl-disaster-blame-game-rages-over-delay-in-rapid-response-503465.html
• Bounty hunters causing untold damage
‘He reckons that the poor people who are arrested are being used by the wealthy to look for artefacts.’
– sundaytimes.lk/221127/news/bounty-hunters-causing-untold-damage-503387.html
• Norlanka & Kelaniya University lead in mangrove conservation efforts & carbon neutralization
– island.lk/norlanka-and-university-of-kelaniya-take-the-lead-in-mangrove-conservation-efforts-carbon-neutralization/
• President Ranil says outcome of COP27 summit is discouraging
– lankaweb.com/news/items/2022/11/30/president-ranil-says-outcome-of-cop27-summit-is-discouraging/
• COP27: Loss-and-damage fund victory undermined by fossil-fuel omission
‘(This story was produced under the 2022 Climate Change Media Partnership, a journalism fellowship organised by Internews’ Earth Journalism Network and the US Stanley Centre for Peace and Security.)
– sundaytimes.lk/221127/news/cop27-loss-and-damage-fund-victory-undermined-by-fossil-fuel-omission-503514.html
• Sailors turn protectors of coral reef
‘a fish breeding project started in 2017 with financial assistance from Tokyo Cement Co.’
– sundaytimes.lk/221127/news/sailors-turn-protectors-of-coral-reef-503402.html
• Erosion and climate change
– island.lk/erosion-and-climate-change/
• Elephant in the room: Mitigating our long-running elephant-human conflict
– dailymirror.lk/news-features/Elephant-in-the-room-Mitigating-our-long-running-elephant-human-conflict/131-249567
• Man arrested for killing elephants
– sundaytimes.lk/online/news-online/Man-arrested-for-killing-elephants/2-1139881
• The body of a Leopard was found in Bogawantalawa
– sundaytimes.lk/online/news-online/The-body-of-a-Leopard-was-found-in-Bogawantalawa/2-1139853
– sundaytimes.lk/online/news-online/The-body-of-a-Leopard-was-found-in-Bogawantalawa/2-1139853
• National Geographic explorer and conservation scientist Braczkowki in SL
– ft.lk/front-page/National-Geographic-explorer-and-conservation-scientist-in-town/44-742573
• The Renewable Energy Transition Is Failing
– socialistproject.ca/2022/11/renewable-energy-transition-is-failing/
• Ants could inspire solutions for some human problems
– island.lk/ants-could-inspire-solutions-for-some-human-problems/
_____________________________________________________________________
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.
• ‘I wish we could manufacture a new warship in Sri Lanka. We have that power. Only the money must be found’ – President
– sundaytimes.lk/221127/columns/raw-chief-in-lanka-for-talks-with-president-and-basil-503488.html
• Govt. under fire for insufficient fund allocation for industries
– island.lk/govt-under-fire-for-insufficient-fund-allocation-for-industries/
• The Loadstar Case Study
– dailynews.lk/2022/11/26/features/291909/loadstar-case-study
• Sri Lanka’s GRI acquires Netherlands company
– sundaytimes.lk/online/business/Sri-Lankas-GRI-acquires-Netherlands-company/10-1139850
• Racketeers are eyeing the country’s mineral resources…
– island.lk/mr-president-abort-this-racket-2/
• ACETS Sri Lanka returns with flagship gem and jewellery exhibition
– sundaytimes.lk/221127/business-times/facets-sri-lanka-returns-with-flagship-gem-and-jewellery-exhibition-502871.html
• Power crisis: Udaya asks govt. not to repeat GR’s blunders
–island.lk/power-crisis-udaya-asks-govt-not-to-repeat-grs-blunders/
• Govt. discusses 2023-2026 energy plan with industry stakeholders
‘Six renewable energy associations, officials of the Ceylon Electricity Board and the Sustainable Energy Authority participated in the discussion’
– ft.lk/front-page/Govt-discusses-2023-2026-energy-plan-with-industry-stakeholders/44-742650
• EU, G7, Australia to cap price on Russian oil at $60 per barrel
– politico.eu/article/eu-agrees-russian-oil-price-cap-after-poland-backs-plan/
– adaderana.lk/news/86562/eu-g7-australia-to-cap-price-on-russian-oil-at-60-per-barrel
• Hot Air Versus Hot Cash – The Europeans Prefer Russian LNG to US LNG
‘French, Dutch and Belgian governments are allowing the purchase of record volumes of imported Russian LNG, and the re-export of this gas at a profit to other European states, including Germany’
– johnhelmer.net/hot-air-versus-hot-cash-the-europeans-prefer-russian-lng-to-us-lng/#more-70312
• Indian Oil Company (LIOC) benefits from Ceylon Petroleum Corporation (CPC) finance cost
– dailynews.lk/2022/11/29/business/292068/lioc-benefitting-cpc-finance-cost
• Sinopec to import and market Sri Lanka products via 27,000 outlets in China: Envoy
– ft.lk/front-page/Sinopec-to-import-and-market-Sri-Lanka-products-via-27-000-outlets-in-China-Envoy/44-742646
• Delay in Coal shipments may hit power supplies in 2022
– sundaytimes.lk/online/news-online/Delay-in-Coal-shipments-may-hit-power-supplies-in-2022/2-1139886
• Combined Cycle power plant at K’tissa set to shut down
– sundaytimes.lk/online/news-online/Combined-Cycle-power-plant-at-Ktissa-set-to-shut-down/2-1139885
• Sri Lanka cabinet clears CEB re-structure proposal: Minister
– economynext.com/sri-lanka-cabinet-clears-ceb-re-structure-proposal-minister-104501/
• CEB reforms: AG’s opinion sought on recommendations
– themorning.lk/ceb-reforms-ags-opinion-sought-on-recommendations/
• CEB wants more power cuts; engineers warn doomsday
– ft.lk/front-page/CEB-wants-more-power-cuts-engineers-warn-doomsday/44-742488
• Banks to send plans to CEB to recover renewable energy (RE) dues
sundaytimes.lk/221127/business-times/banks-to-send-plans-to-ceb-to-recover-re-dues-502905.html
• Will not allow to increase electricity tariffs: PUCSL chairman
– dailymirror.lk/breaking_news/Will-not-allow-to-increase-electricity-tariffs-PUCSL-chairman/108-249688
• Businesses can collapse due to electricity tariff increase next year– Patali
– island.lk/businesses-can-collapse-due-to-electricity-tariff-increase-next-year-patali/
• Cabinet nod for Electricity Tariff hike in January and June 2023
– island.lk/cabinet-nod-for-electricity-tariff-hike-in-january-and-june-2023/
• Electricity tariff hikes in two stages in 2023
– english.newsfirst.lk/2022/12/1/electricity-tariff-hikes-in-two-stages-in-2023
• Country suffers blackout over future of electricity tariff
– ft.lk/front-page/Country-suffers-blackout-over-future-of-electricity-tariff/44-742541
• Sri Lanka electricity losses from overpriced fuel, no tariff hike considered: regulator
– economynext.com/sri-lanka-electricity-losses-from-overpriced-fuel-no-tariff-hike-considered-regulator-104703/
• France to provide 450,000 euros for renewable energy in Sri Lanka
‘The French Development Agency (AFD) signed a grant agreement worth 450,000 euros with the Ceylon Electricity Board (CEB) and Electricité de France (French electric utility)’
– dailymirror.lk/business-news/France-to-provide-450-000-euros-for-renewable-energy-in-Sri-Lanka/273-249769
• Rail service between Mahawa and Jaffna to be suspended for five months
– island.lk/rail-service-between-mahawa-and-jaffna-to-be-suspended-for-five-months/
• Sri Lanka Ports Authority under probe, destroys evidence
– themorning.lk/slpa-under-probe/
• SriLankan Airlines to lease 11 aircraft next year: none to its name
– ft.lk/front-page/SriLankan-Airlines-to-lease-11-aircraft-next-year/44-742654
– economynext.com/srilankan-airlines-cleared-to-lease-11-aircraft-104893/
– english.newsfirst.lk/2022/12/2/srilankan-to-lease-more-planes-has-none-to-its-name
• SriLankan Airlines hosts largest General Sales Agents conference
– sundaytimes.lk/221127/business-times/srilankan-airlines-hosts-largest-gsa-conference-502882.html
• Sri Lanka steps up efforts to boost air connectivity
– ft.lk/top-story/Sri-Lanka-steps-up-efforts-to-boost-air-connectivity/26-742539
• Flights between Chennai and Jaffna from Dec 12
– sundaytimes.lk/online/news-online/Flights-between-Chennai-and-Jaffna-from-Dec-12/2-1139864
• Cinnamon Air resumes daily scheduled flights
‘Cinnamon Air, owned and operated by Saffron Aviation, is a joint venture between Sri Lanka’s largest listed conglomerate, John Keells Holdings, MMBL Leisure Holdings (part of Mercantile Merchant Bank Group) and Phoenix Ventures (parent of Brandix Group).’
– dailymirror.lk/breaking_news/Cinnamon-Air-resumes-daily-scheduled-flights/108-249766
• IFS cloud enterprise software company delivers strong performance for third quarter
– dailymirror.lk/business-news/IFS-delivers-strong-financial-performance-for-third-quarter/273-249518
• AGC Innovate wins 1st place of USAID Lankan Angel Network start-up competition
– sundaytimes.lk/221127/business-times/agc-innovate-wins-1st-place-of-start-up-competition-502874.html
• Computer Society of Sri Lanka (CSSL) to launch Chief Information Officers (CIOs) list
– dailymirror.lk/breaking_news/CSSL-to-launch-CIO-list-for-the-first-time-in-the-country/108-249738
• “Internet Day 2022’ organised by FITIS at the Hilton Colombo.
– sundaytimes.lk/221127/business-times/internet-day-502919.html
• ‘Stax Academy’ enabling graduates with global business exposure
– island.lk/stax-academy-enabling-graduates-with-global-business-exposure/
• Top bureaucrat demands service extension from Minister’s daughter to approve shady deal
– island.lk/kumudesh-top-bureaucrat-demands-service-extension-from-ministers-daughter-to-approve-shady-deal/
• Revamp the Health Service
– lankaweb.com/news/items/2022/12/02/revamp-the-health-service/
• 200mn from Indian credit line for emergency health sector needs: Keheliya
– dailymirror.lk/breaking_news/200mn-from-Indian-credit-line-for-emergency-health-sector-needs-Keheliya/108-249631
• Indian Line of Credit (LOC): Meds worth $ 94 m due in March
– themorning.lk/indian-loc-meds-worth-94-m-due-in-march/
• Exorbitant fees driving patients away from private healthcare providers – Keheliya, GMOA
– island.lk/exorbitant-charges-driving-patients-away-from-pvt-healthcare-providers-keheliya-gmoa/
• National Pharmaceutical Policy to be revised
– sundaytimes.lk/online/health/National-Pharmaceutical-policy-to-be-revised/284-1139713
• Pharmaceutical prices: SPC price hike in 2023?
– themorning.lk/pharmaceutical-prices-spc-price-hike-in-2023/
• Bali Declaration: Is it the clarion call to #endTobacco?
– island.lk/bali-declaration-is-it-the-clarion-call-to-endtobacco/
• Nawaloka Hospitals revenues of Rs.2.34 billion in the July – September
– dailymirror.lk/business/Nawaloka-Hospitals-2Q-in-red-as-company-continues-to-lose-revenue/215-249426
• Defence top brass visit KDU hospital
– dailymirror.lk/caption_story/Defence-top-brass-visit-KDU-hospital/110-249685
• ACL Cables Revenue for the group in 1H23 was Rs. 16.9 billion
– dailymirror.lk/business-news/ACL-Cables-records-record-270-growth-in-post-tax-profits-in-1H23/273-249514
• Luminex enters telco engineering biz in Oman
– ft.lk/front-page/Luminex-enters-telco-engineering-biz-in-Oman/44-742409
• 6 illegally imported milk powder containers from New Zealand detained: Siyambalapitiya
– dailymirror.lk/breaking_news/Six-illegally-imported-milk-powder-containers-detained-at-Colombo-port-Siyambalapitiya/108-249549
• State FM assures there won’t be shortage of milk powder
– island.lk/state-fm-assures-there-wont-be-shortage-of-milk-powder/
• Swiss Ambassador Dominik Furgler at Nestlé Kurunegala factory
– sundaytimes.lk/221127/business-times/nestle-lanka-expands-investments-in-sri-lanka-502885.html
– ft.lk/front-page/Nestl%C3%A9-reaffirms-commitment-to-Sri-Lanka-with-fresh-investment-of-over-Rs-2-b/44-742493
• Stationery industry reeling under high costs
– sundaytimes.lk/221127/news/stationery-industry-reeling-under-high-costs-503375.html
• Indian yarn smuggled to Sri Lanka in currency crisis too expensive: Minister
– economynext.com/indian-yarn-smuggled-to-sri-lanka-in-currency-crisis-too-expensive-minister-104760/
• Apparel sector aims for $8bn export revenue by 2025
– themorning.lk/apparel-sector-aims-for-8-bn-export-revenue-by-2025/
• Sri Lanka’s fabric manufacturer sees opportunity for thicker textiles in Western markets
– economynext.com/sri-lankas-fabric-manufacturer-sees-opporutunity-for-thicker-textiles-in-western-markets-104664/
• Brandix Sustainability Summit with UN Global Compact & World Bank
– sundaytimes.lk/221127/business-times/brandix-sustainability-summit-focuses-on-ethical-impacts-502850.html
• Singapore Airlines to get 25.1% in Air India as part of Vistara merger deal with Tata
– dailymirror.lk/business-news/Singapore-Airlines-to-get-25-1-in-Air-India-as-part-of-Vistara-merger-deal-with-Tata/273-249648
• Qatar seals 27-year LNG deal with China as competition heats up
‘The North Field is part of the world’s biggest gas field that Qatar shares with Iran, which calls its share South Pars.’
– reuters.com/business/energy/qatarenergy-signs-27-year-lng-deal-with-chinas-sinopec-2022-11-21/
• Venezuela asks UN to manage its foreign funds after Norway deal with opposition
‘Following the announcement for a UN-administered fund, the US Treasury Department issued a license for Chevron, the second largest US oil company, to expand operations in Venezuela, allowing it to import Venezuelan crude into the US.’
– radiohc.cu/en/noticias/internacionales/306277-venezuela-asks-un-to-manage-its-foreign-funds-after-deal-with-opposition
• US eases Venezuela oil embargo
‘Chevron Corporation was authorized to ‘resume limited natural resource extraction operations,’ as long as Venezuela’s government does not receive ‘any profits from the oil sales by Chevron.’’
– rt.com/business/567247-venezuela-oil-chevron-maduro/
• Race for Russian oil begins
‘The US and its European allies made such a fuss about India’s purchase of Russian oil, but only to veer around to possibly adopting roughly the same price at which India is purchasing as their ceiling. What a delightful irony!’
– tribuneindia.com/news/comment/race-for-russian-oil-begins-455435
• Russia-Ukraine War: G7 and Allies Fail to Agree on Price Cap for Russian Oil
– nytimes.com/live/2022/11/23/world/russia-ukraine-war-news
• EU To Set $60 Price Cap On Russian Oil; Kremlin Vows To Ignore, Cut Supply
– zerohedge.com/commodities/eu-set-60-price-cap-russian-oil-kremlin-vows-ignore-cut-supply
• U.S. Authorizes Firms To Provide Services To Russian Oil Trade
– oilprice.com/Latest-Energy-News/World-News/US-Authorizes-Firms-To-Provide-Services-To-Russian-Oil-Trade.html
• Gas Price Cap Could Cause Irreversible Harm To Energy Markets
– oilprice.com/Energy/Energy-General/Gas-Price-Cap-Could-Cause-Irreversible-Harm-To-Energy-Markets.html
• Fuel prices and excess deaths: Russia is using energy as a weapon – Economists
– economist.com/interactive/graphic-detail/2022/11/26/high-fuel-prices-could-kill-more-europeans-than-fighting-in-ukraine-has
• Europe’s Wind Energy Industry Has Hit A Rough Patch
– nakedcapitalism.com/2022/11/europes-wind-energy-industry-has-hit-a-rough-patch.html
• European Investment Bank, the WHO, the Wellcome Trust, and others, fund AMR Action
• European Commission, EIB and WHO will rebuild Rwanda National Health Laboratory’
– sundaytimes.lk/221127/sunday-times-2/global-health-is-the-best-investment-we-can-make-503309.html
• Johnson & Johnson and a New War on Consumer Protection
– newyorker.com/magazine/2022/09/19/johnson-johnson-and-a-new-war-on-consumer-protection
• Science vs religion – II
– island.lk/science-vs-religion-ii/
• Tech CEOs aren’t geniuses, and here’s the proof.
‘Elon Musk Is An Idiot (and so are Zuck and SBF)’
– youtu.be/oVj4kZF-Fgk
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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.
• Central Bank to soon begin diagnostic study on banks to identify cracks in asset quality, capital
– dailymirror.lk/breaking_news/Central-Bank-to-soon-begin-diagnostic-study-on-banks-to-identify-cracks-in-asset-quality-capital/108-249651
• Sri Lanka banks asked not to compete for deposits: CB Governor
– economynext.com/sri-lanka-banks-asked-not-to-compete-for-deposits-cb-governor-104566/
• Kevin Green to head HSBC wholesale banking in Sri Lanka, Maldives
– economynext.com/kevin-green-to-head-hsbc-wholesale-banking-in-sri-lanka-maldives-104563/
– island.lk/hsbc-appoints-new-country-head-of-wholesale-banking-for-sri-lanka-and-maldives/
• ComBank raises Rs 10 bn. after debenture oversubscribed on opening day
– bizenglish.adaderana.lk/combank-raises-rs-10-bn-after-debenture-oversubscribed-on-opening-day
• Nepali billionaire Binod Chaudhary-owned firm to buy 70% stake in Union Bank from TPG
‘TPG Asia VI SF has sold their shares in Culture Financial Holdings to CG Capital Partner Global. Culture Financial Holdings owns 70.84 percent of UB. CG Capital Partners is a Singapore-based joint venture private equity company between Chaudhary’s CG Corp Global and NE Group’
– dailymirror.lk/business-news/Nepali-billionaire-Binod-Chaudhary-owned-firm-to-buy-70-stake-in-Union-Bank-from-TPG/273-249709
• Commercial High Court issues enjoining order restraining Nations Trust Bank
– ft.lk/front-page/Commercial-High-Court-issues-enjoining-order-restraining-Nations-Trust-Bank/44-742486
• Sri Lankans falling prey to Pyramid racket called Onmaxdt
– dailymirror.lk/top_story/Sri-Lankans-falling-prey-to-Pyramid-racket-called-Onmaxdt/155-249657
• CT CLSA South Asia Frontier Forum opens
‘CT CLSA Securities is a fully-owned subsidiary of CT CLSA Holdings, a joint venture between SL conglomerate CT Holdings group and Hong-Kong based CLSA. CLSA is Asia’s leading capital markets & investment group and the international platform of China’s largest investment bank CITIC Securities.’
– dailymirror.lk/business/CT-CLSA-South-Asia-Frontier-Forum-opens-today/215-249428
– ft.lk/front-page/CT-CLSA-South-Asia-Frontier-Forum-kicks-off-today-in-Colombo/44-742410
• Banks pitching for green financing
– sundaytimes.lk/221127/business-times/banks-pitching-for-green-financing-502910.html
• Sri Lanka’s bonds, T-bills ease on active trade (N29)
– economynext.com/sri-lankas-bonds-t-bills-ease-on-active-trade-104552/
• Sri Lanka bonds, T-bills ease, overall market dull (N30)
– economynext.com/sri-lanka-bonds-t-bills-ease-overall-market-dull-104674/
• Sri Lanka bond yields ease, rupee flat (D01)
– economynext.com/sri-lanka-bond-yields-ease-rupee-flat-104779/
• Sri Lanka bond yields fall at open, rupee unchanged (D02)
– economynext.com/sri-lanka-bond-yields-fall-at-open-rupee-unchanged-104844/
• Treasury bill yields continue to decline (N30)
– dailymirror.lk/business-news/Treasury-bill-yields-continueto-decline/273-249645
• Bourse driven along positive trajectory by Expolanka and Lanka IOC (N28)
– island.lk/bourse-driven-along-positive-trajectory-by-expolanka-and-lanka-ioc/
• Sri Lanka shares end at two-week high; turnover highest since Oct 13
– economynext.com/sri-lanka-shares-end-at-two-week-high-turnover-highest-since-oct-13-104472/
• Colombo stock market opens week on a strong note
– ft.lk/front-page/Colombo-stock-market-opens-week-on-a-strong-note/44-742496
• Share market edges–up on mid-market trade for third day running (N29)
– island.lk/share-market-edges-up-on-mid-market-trade-for-third-day-running/
• Sri Lanka shares end at two-week high on positive sentiments
– economynext.com/sri-lanka-shares-end-at-two-week-high-on-positive-sentiments-104550/
• Sri Lanka’s mid-market shoots up over 3 percent (N30)
– economynext.com/sri-lankas-mid-market-shoots-up-over-3-percent-104649/
• Sharp pick-up in share trading; CSE turnover hits Rs. 3.35 billion
‘with indices staying positive following Foreign Minister Ali Sabry hinting on the IMF agreement’
– island.lk/sharp-pick-up-in-share-trading-cse-turnover-hits-rs-3-35-billion/
• CSE sustains new-found momentum; returns to positive closing in November
– ft.lk/front-page/CSE-sustains-new-found-momentum-returns-to-positive-closing-in-November/44-742543
• Sri Lanka shares close at one-month high
– economynext.com/sri-lanka-shares-close-at-one-month-high-104676/
• Sri Lanka shares end firmer; highest net foreign in flow in two months (D01)
– economynext.com/sri-lanka-shares-end-firmer-highest-net-foreign-in-flow-in-two-months-104790/
• Sri Lanka shares edge up in mid-day trade (D02)
– economynext.com/sri-lanka-shares-edge-up-in-mid-day-trade-104854/
• Lanka IOC shares shoot up; turnover hits Rs. 4 billion
– island.lk/lanka-ioc-shares-shoot-up-turnover-hits-rs-4-billion/
• Stock market ends week on new high
– ft.lk/front-page/Stock-market-ends-week-on-new-high/44-742653
• Sri Lanka shares ends five week high on easing rate expectations
– economynext.com/sri-lanka-shares-ends-five-week-high-on-easing-rate-expectations-104972/
• More On The Crypto Scam – “There’s A Sucker Born Every Minute.”
– moonofalabama.org/2022/11/more-on-the-crypto-scam-theres-a-sucker-born-every-minute.html
• Despite Being Called the Madoff of Crypto, New York Times Features Sam Bankman-Fried at $2500 a Person Event
– wallstreetonparade.com/2022/11/despite-being-called-the-madoff-of-crypto-new-york-times-features-sam-bankman-fried-at-2500-a-person-event-today/
• Credit Default Swaps Blow Out on Credit Suisse as its Stock Price Hits an All-Time Low of $2.82
– wallstreetonparade.com/2022/12/credit-default-swaps-blow-out-on-credit-suisse-as-its-stock-price-hits-an-all-time-low-of-2-82/
• Sheila Bair, Former US FDIC Chair, is now ‘Organizer/Director’ of a Cayman Islands Crypto Company that Got a US National Bank Charter Last Year
– wallstreetonparade.com/2022/11/sheila-bair-former-chair-of-the-fdic-is-now-an-organizer-director-of-a-cayman-islands-crypto-company-that-got-a-u-s-national-bank-charter-last-year/
• With Crypto Bank, SoFi, the Fed Is Setting the Stage for the Same Disastrous Decision It Made with Citigroup in 1999
– wallstreetonparade.com/2022/11/with-crypto-bank-sofi-the-fed-is-setting-the-stage-for-the-same-disastrous-decision-it-made-with-citigroup-in-1999/
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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’
• European Union and USAID funds The Pekoe Trail
– sundaytimes.lk/221127/plus/climb-every-mountain-seek-different-stories-502973.html
• A seven-member business delegation from CUTOUR Japan
‘arranged by the Sri Lanka-Japan Business Council…co-ordinated by the Sri Lanka Embassy in Japan’
– dailymirror.lk/business-news/A-seven-member-business-delegation-from-CUTOUR-Japan/273-249768
• G.C. Wickremasinghe calls it a day at Aitken Spence after 60 year stint
‘he was awarded the Colombo Plan Scholarship to study Management and Industrial Relations at the then English Ministry of Labour and National Service in England’
– ft.lk/front-page/G-C-Wickremasinghe-calls-it-a-day-at-Aitken-Spence-after-60-year-stint/44-742492
• Faculty of Management Studies and Commerce of the University of Sri Jayewardenepura hosts: International Conference on Business Management 2022
– dailymirror.lk/opinion/Faculty-of-Management-Studies-and-Commerce-of-the-University-of-Sri-Jayewardenepura-hosts-International-Conference-on-Business-Management-2022/172-249421
• Port City on track, Investors Interested
– bizenglish.adaderana.lk/port-city-on-track-investors-interested/
• Chambers of Commerce: Old Boys Club or New World Order?
– ft.lk/columns/Chambers-of-Commerce-Old-Boys-Club-or-New-World-Order/4-742489
• Hatch brings to you an all-female vendor Christmas Market
– ft.lk/business/Supporting-female-founders-this-festive-season/34-742569
• Keells Food Products upskills sales professionals via SLIM Sales Warriors training programme
– sundaytimes.lk/221127/education/keells-food-products-upskills-the-sales-professionals-via-the-sales-warriors-training-programme-of-slim-503082.html
• Sri Lanka State Tourism Minister backs night life with 24/7 operation of wine stores
– economynext.com/sri-lanka-state-tourism-minister-backs-night-life-with-with-247-operation-of-wine-stores-104952/
• Tour operators say travellers feel country is still standing in long queues for fuel
– sundaytimes.lk/221127/business-times/no-more-queues-in-sri-lanka-but-no-one-knows-502913.html
• Absence of effective digital comms strategy blamed for failure to position SL as safe and stable destination for travel
– dailymirror.lk/business-news/Absence-of-effective-digital-comms-strategy-blamed-for-failure-to-position-SL-as-safe-and-stable-destination-for-travel/273-249647
• Hoteliers frustrated over govt.’s continuous failure to resolve critical issues hampering tourism
‘the tourism sector employs 12 percent of the workforce in the country while the US$ 15 billion hotel industry accounts for 70 percent of jobs’
– dailymirror.lk/business/Hoteliers-frustrated-over-govt-s-continuous-failure-to-resolve-critical-issues-hampering-tourism/215-249581
• Sri Lanka’s Aitken Spence to promote carbon neutral tourism to aim high-end Europeans
– economynext.com/sri-lankas-aitken-spence-to-promote-carbon-neutral-tourism-to-aim-high-end-europeans-104977/
• Investors Head for the Exits at Illiquid Funds: Blackstone Limits Withdrawals from Giant Real Estate Fund
– wallstreetonparade.com/2022/12/investors-head-for-the-exits-at-illiquid-funds-blackstone-limits-withdrawals-from-giant-real-estate-fund/
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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.
• Sri Lanka now has 86 political parties
– ft.lk/news/Seven-new-political-parties-enter-Sri-Lankan-politics/56-742656
• The generation that went astray – Nalin de Silva
‘a result of education and mass media’
– www1.kalaya.org/2022/11/blog-post_27.html
• System Change: An Aragalist touch-me-not? – Malinda Seneviratne
– dailymirror.lk/opinion/System-Change-An-Aragalist-touch-me-not/172-249636
• Remembering President Jiang Zemin – By Prof. Samitha Hettige
‘Jiang Zemin visited about 12 countries including SL to study the newly established Greater Colombo Economic Commission (GCEC) and the Katunayake Free Trade Zone (FTZ).’
– bizenglish.adaderana.lk/remembering-president-jiang-zemin-by-prof-samitha-hettige/
• To My Mind…. Part 1 – Kamalika Pieris
– lankaweb.com/news/items/2022/11/30/to-my-mind-part-1/
• Ethnic Problem is a Beggar’s Wound That Never Heals
– lankaweb.com/news/items/2022/11/30/ethnic-problem-is-a-beggars-wound-that-never-heals/
• Various machinations afoot to delay polls
‘Whether the ‘no dissolution before economic stability is restored’ declaration applies to any election whatever remains to be seen. That question will be answered by whether or not local authority elections will be held as scheduled by March 2023.’
– island.lk/post-budget-state-of-play/
• Sajith swears to bring thousands of people to the streets against President’s threats
– ft.lk/front-page/Sajith-swears-to-bring-thousands-of-people-to-the-streets-against-President-s-threats/44-742413
• Goons demolish stage at ULS convention venue
– island.lk/goons-demolish-stage-at-uls-convention-venue/
• President Wickremesinghe and Mr. Hyde – Dayan Jayatilleka
‘With that dashing of democratic hope, John Locke’s Second Treatise enshrining the citizens’ Right of Revolution will be legitimately activated, with the unfinished Aragalaya resumed and taken uninterruptedly to completion by the people.’
– ft.lk/columns/President-Wickremesinghe-and-Mr-Hyde/4-742538
• Sri Lanka’s political parties more interested in capturing power: Victor Ivan
– economynext.com/sri-lankas-political-parties-more-interested-in-capturing-power-victor-ivan-104842/
• Channa sees Ranil as night watchman playing ‘Dil Scoop’
– island.lk/channa-sees-ranil-as-night-watchman-playing-dil-scoop/
• Diana’s Thriloka-pathra Party, validity of SJB’s Registration: Ranil: A man with Right Mental Attitude
– dailymirror.lk/opinion/Dianas-Thriloka-pathra-Party-validity-of-SJBs-Registration-Ranil-A-man-with-Right-Mental-Attitude/172-249411
• Legal action if UPFA executive council meeting held tomorrow: General Sec.
– dailymirror.lk/breaking_news/Legal-action-if-UPFA-executive-council-meeting-held-tomorrow-General-Sec/108-249564
• Imthiaz: Youth have every right to be angry and rulers cannot escape responsibility
– island.lk/imthiaz-youth-have-every-right-to-be-angry-and-rulers-cannot-escape-responsibility/
• Kiriella claims govt.’s popularity down to 3%
– island.lk/kiriella-claims-govt-s-popularity-down-to-3/
• Local Government polls: Election Commission Chief won’t disclose Attorney General’s opinion
– island.lk/lg-polls-ec-chief-wont-disclose-ags-opinion/
• Bid to use private member’s motion to put off LG polls alleged by GL
– island.lk/bid-to-use-private-members-motion-to-put-off-lg-polls-alleged/
• Dolawatta responds to GL
– island.lk/dolawatta-responds-to-gl/
• Would anyone in power and sure to lose an election call for an election?
– island.lk/would-anyone-in-power-and-sure-to-lose-an-election-call-for-an-election/
• Hitler, Stalin and others
‘The term, ‘people’, is a euphemism Sri Lankan governments use for their goons’
– island.lk/hitler-stalin-and-others/
• When House oozes with religiosity
– island.lk/when-house-oozes-with-religiosity/
• Resolving the ethnic issue
– ft.lk/columns/Resolving-the-ethnic-issue/4-742525
• Murugeysen Tiruchelvam and Koneswaram Issue – Jeyaraj
– dailymirror.lk/opinion/Murugeysen-Tiruchelvam-and-Koneswaram-Issue/172-249054
• Sri Lanka foreign minister claims entire cabinet opposed COVID-19 cremations, blames media
‘A doctor and a known female academic had gone on the media claiming that if COVID-19 bodies were buried, the virus could leak out millions of years from now’
– economynext.com/sri-lanka-foreign-minister-claims-entire-cabinet-opposed-covid-19-cremations-blames-media-104648/
• Prof. Meththika Vithanage fires back at Ali Sabry over Covid-19 anti-burial policy
– themorning.lk/prof-meththika-vithanage-fires-back-at-ali-sabry-over-covid-19-anti-burial-policy/
• EC conspires to postpone LG polls: AKD
– dailymirror.lk/breaking_news/EC-conspires-to-postpone-LG-polls-AKD/108-249730
– economynext.com/sri-lanka-opposition-mp-suggests-election-commission-behind-local-govt-polls-delay-104956/
• Opposition walks out of SJP MC budget debate
– sundaytimes.lk/online/news-online/Opposition-walks-out-of-SJP-MC-budget-debate/2-1139873
• Ganja, Disney and Casino
– sundaytimes.lk/221127/columns/hearty-welcome-to-the-ganja-party-503257.html
• Sirisena Cooray: The Image and the Man
– island.lk/sirisena-cooray-the-image-and-the-man/
• The release of Bracegirdle
‘landmark judgment affirmed the fairness of ‘English Justice’’
– dailymirror.lk/news-features/The-release-of-Bracegirdle/131-249385
• Report finds South Africa’s Ramaphosa violated oath of office
– english.newsfirst.lk/2022/12/1/report-finds-south-africa-s-ramaphosa-violated-oath-of-office
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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.
• Musk Provides Twitter Censorship Files
– moonofalabama.org/2022/12/musk-provides-twitter-censorship-files-.html#more
• Vistas Of Reading – Sena Thoradeniya
– youtu.be/tjRy9jv6csI
• Most Venerable Meeriyabedde Upananda Mahanayaka Thera of Uva Amarapura Nikaya
– island.lk/the-monk-and-me/
• State, private media ownerships should be broad-based
– dailymirror.lk/breaking_news/State-private-media-ownerships-should-be-broad-based/108-249488
• Sri Lankan cricket is a confluence of politics, dosh, gambling, religion and superstition
– island.lk/sport-arousal-of-savage-instincts/
• Television takes off; JRJ takes over ITN fathered by two of his nephews: Amunugama
– island.lk/television-takes-off-jrj-takes-over-itn-fathered-by-two-of-his-nephews/
• Burghers had access to English and ‘cultural capital’ but were far from being elites
– sundaytimes.lk/221127/plus/beling-connection-and-fragmented-memories-of-wendt-502940.html
• English has become a world language – Ernest Mcintyre
– sundaytimes.lk/221127/plus/letters-to-the-editor-2-502930.html
• Allegiance to the English Royal family and angst about social changes in Ceylon
– sundaytimes.lk/221127/plus/cracking-thriller-about-a-royal-visit-502962.html
• Queen Victoria Statue
– lankaweb.com/news/items/2022/11/28/queen-victoria-statue/
• Second-hand bookshops and their pre-loved treasures drawing more people
– sundaytimes.lk/221127/news/second-hand-bookshops-and-their-pre-loved-treasures-drawing-more-people-503323.html
• NDTV and the Changing Landscape of TV News
– newsclick.in/ndtv-and-changing-landscape-tv-news
• Protestant evangelicals in South Korea wield outsize political power
‘Around 10m Protestants now live in South Korea, far more than Catholics or Buddhists.’
– economist.com/asia/2019/11/28/protestant-evangelicals-in-south-korea-wield-outsize-political-power
• Intelligence operative confirms England’s gov’t is targeting The Grayzone
‘the panel comprised Atlantic Council Digital Forensic Research Lab representative Lukas Andriukaitis, Ivo Juurvee of Estonian think tank the International Centre for Defence and Security, Elīna Lange-Ionatamishvili of NATO’s Strategic Communications Centre of Excellence, and Ross Burley, the co-founder & Executive Director of something called the Centre for Information Resilience’
– thegrayzone.com/2022/08/24/intelligence-british-govt-grayzone/
• The Philosophical Roots of the Marx-Bakunin Conflict (2003)
– redsails.org/the-philosophical-roots-of-the-marx-bakunin-conflict/
• Jazz Musician Esperanza Spalding To Depart Harvard
– portside.org/2022-11-24/jazz-musician-esperanza-spalding-depart-harvard?
• The battle over a German town’s black patron saint
‘He is also the patron saint of Savoy (in France) and Valais (in Switzerland) as well as soldiers and swordsmiths. Military orders in Latvia and Estonia also venerate his name.’
– spectator.co.uk/article/the-battle-over-a-small-german-town-s-black-patron-saint/
• Commercial Rap aka Sellouts
– wordpress.clarku.edu/musc210-hhp/ray/tupac/
• Racism in the US Art World
– artprof.org/pro-development/racism-in-the-art-world/
• Chronological History of Greece in the 5th and 4th centuries BC
– plato-dialogues.org/tools/chrono.htm
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