News

The World Bank has joined a growing chorus predicting an end to the global economy's strong run. Stock prices are high relative to earnings and volatility is at historic lows, warnings that economists traditionally take as signs of overheating.

"There is a sense in which financial markets appear to be complacent. That makes room for disruption when there are surprises - a repricing of risk," said Franziska Ohnsorge, a World Bank economist.

Her warning echoes those of institutions including Legal and General Asset Management, which fears the US economy and markets will surge ahead this year before rate hikes burst the bubble and cause a recession.

There are other downside risks to the outlook too. The World Bank fears an upsurge in protectionism could stop trade growth from recovering, undermining GDP. Geopolitical tensions pose a threat as well, as the institution cites trouble in the Korean peninsula, turmoil in the Middle East and any re-emergence of governance problems in the eurozone among the potential risks.
It is difficult to overestimate the importance of the predicted slowdown, even if those risks do not come to pass.

Population growth has driven a substantial portion of GDP growth in recent decades, but this is now slowing. As a result, economic growth, and rising living standards, will have to be driven by productivity growth in future if prosperity is to continue to emerge and poverty to be reduced.

Inter-ministerial Delegate for the French candidacy to organise the 'World Expo 2025', Pascal Lemy, held talks with Minister of Finance and Media Mangala Samaraweera this week. The meeting was to ensure Sri Lanka’s support for the French government's bid to organize the ‘World Expo 2025’.

Four countries have announced their candidacy to host the World Expo 2025: France (in Greater Paris), Japan (in Osaka), the Russian Federation (in Ekaterinburg), and Azerbaijan (in Baku).

The 170 Member States of the BIE is expected to elect the host country at the 164th General Assembly in November 2018.

World Expos, known officially as International Registered Exhibitions, are organised every five years. The themes of World Expos are designed to raise awareness of and find responses to universal challenges of our time. The next World Expo will take place in Dubai (UAE) between 20 October 2020 and 10 April 2021 under the theme “Connecting Minds, Creating the Future”.

Former navy spokesman D.K.P. Dassanayake and five others, held in remand custody, were granted bail by the High Court today.

Commodore Dassanayake and the others were arrested and remanded on charges of aiding and abetting in the abduction of 11 youths in 2008 and 2009.

High Court Judge Manilal Waidyaratne released each of the six accused on a cash bail of Rs.100,000 with three sureties of Rs.1 million each.

While a main witness to the case, B.Vijayakanthan turned hostile recently claiming the statement given by him was made under duress however at a press briefing in July, Police Spokesperson SP Ruwan Gunasekara said the arrest of former Navy Spokesman Commodore D.K.P. Dassanayake was based on strong and clear evidence of his involvement in the disappearance of 11 youth.

 The Police Media Spokesman said the reports obtained from the Tri-Forces, Police and intelligence services confirmed that none of the disappeared youths were involved in any terrorist activity.

“A few officers in the Navy had committed those disappearances by acting wantonly and abusing their powers. Nobody can fault the Navy for those acts,” he said.

Gunasekara, detailing the investigations on the disappearance of 11 youth, said the Police have so far arrested seven Navy officers in connection with the disappearances, including the first accused Sampath Munasinghe, who has been released on bail.

He said the 11 missing persons, on whom investigations were nearing completion, were residents of Mannar, Kotahena, Trincomalee, Grandpass, Maradana, Dehiwala and Dematagoda. He said the CID investigations could reveal that those youth had been detained at two locations, namely at Chaithya Road in Colombo and the Navy Camp in Trincomalee.

He said the CID has received 28 complaints with regard to enforced disappearances in 2008, adding that the rest of the complaints would also be investigated and the offenders would be brought to book.

The investigations on disappearances of youth in 2008 commenced following a written complaint by former Navy Commander Admiral Wasantha Karannagoda to the Colombo Crimes Division on May 28, 2009. The investigations were handed over to the CID on June 10, 2009. The CID has obtained statements from missing persons’ families and naval officers, and scientific evidence based on analysis reports of phone calls.

Former Minister Ravi Karunanayake today filed an RTI application at the Presidential Secretariat to get a copy of the report of Presidential Commission of Inquiry on Bond issue.

The former Minister, speaking to the media outside the Secretariat, insisted on fast-paced investigations on the MIG craft deal, hedging deal, Greek bond issue and loss of Sri Lankan Airlines. He said some were trying to bring disrepute to him, the UNP, and the party leadership using the bond issue.

“The UNP is targeted in an unfair manner during an election period. I have been engaged in politics for 25 long years. We do politics with the people and our hands are clean. You may assassinate me, but please do not assassinate my character,” Karunanayake said refuting the allegations made against him on the bond issue as well as giving false evidence.

He also reiterated that the Central Bank and Commercial Banks were not under him at the time the controversial bond transaction occurred.

“It is our Government that made the Right to Information Act a reality and pioneered a new political culture. I am requesting a copy of the report under the RTI Act as some elements and the media have levelled allegations against me quoting the bond commission report. I will aptly reply after reading the report,” he added.

The Bond Commission report was handed over to the President on December 30. The former Minister of Finance had also previously written to the President's secretary to obtain a copy of the report but failed.

Source : Daily News

The visiting UK All Party Parliamentary Group on Sri Lanka met the Commander, Security Forces - Jaffna (SF-J), Major General Darshana Hettiarachchi during their visit to the Northern Province on Saturday.

Commander of Security Forces in Jaffna, Major General Darshana Hettiarachchi greeting Chairman of the All Party Parliamentary Group on Sri Lanka, Hon. Ranil Jayawardana.

According to Army media, the delegation led by the Chairman of the All Party Parliamentary Group on Sri Lanka (APPG - SL), Hon. Ranil Jayawardana was briefed on the post-conflict military commitments in the region and civil-military cooperation projects with special focus on peace-building and reconciliation efforts, by the Jaffna Security Forces Commander during the meeting.

They were also educated on other humanitarian projects, initiated by the SFHQ-J in coordination with civil sector participation.

Law and Order Minister Sagala Ratnayaka said the Galle Fort no longer runs the risk of being eliminated from the UNESCO world heritage list as the government has adopted necessary measures to preserve and protect the site in line with international standards.

"The Galle Fort was declared a world heritage site due to its historic and architectural value. In recent times, it ran the risk of being eliminated from the world heritage list due to constructions contravening the UNESCO standards. But, Soon after our government came to power, we adopted measures to ensure that the Galle Fort meets the world heritage standards. As part of the same plan, we have earmarked 14 buildings within the fort that need to be vacated," the Minister said, after visiting the Galle Fort on Sunday (January 07).

The Ministers said some buildings would end up in deplorable conditions in the absence of such measures. He said this would be carried out while minimizing the impact on the day-to-day affairs, within the fort.

"Some allege that we plan to vacate the All Saints Central College. But they turn a blind eye to the fact that 2500 students carrying out their academic activities in a 70-acre land and to difficulties faced by them, on a daily basis. We are currently looking at measures to give a sustainable solution to all parties. It is a great victory that we managed to eliminate the risk of being eliminated from the world heritage list. Had Galle been eliminated, it would have been an embarrassment to the entire nation," the Minister explained.

Ratnayaka also added that he would continuously conduct progress review meetings to monitor the situation and resolve issues that arise on the run

A Special Sitting of Parliament has been convened at 10.30 a.m. tomorrow to discuss the Bond report following the request of Prime Minister Ranil Wickremesinghe.

Acting Secretary-General of Parliament Neil Iddawala issuing a press release yesterday said all Parliamentarians have been informed to attend the Special Sitting. Speaking to the Daily News, Iddawala added a Party Leaders Meeting chaired by Speaker Karu Jayasuriya has been scheduled for 2 p.m. today to discuss tomorrow’s agenda. He said it is most likely that the Prime Minister would make a statement at the commencement of Sittings. When inquired by the Daily News, Parliamentary sources said a copy of the report of the Presidential Commission of Inquiry on the Bond issue had not been received by Parliament until yesterday and whether it would be tabled on Wednesday would be known only after the Party Leaders’ Meeting.

The Prime Minister addressing the UNP Convention rally at Campbell Park on Sunday stated that he had formerly requested Speaker Jayasuriya to convene Parliament ahead of schedule to discuss the Commission report.

The first sitting of Parliament for 2018 was earlier scheduled for January 23.

Source : Daily News

Commander of the Sri Lanka military is under pressure to probe his spy network to locate missing military records on a journalist abducted and disappeared eight years ago.

Prageeth Eknaligoda last seen on 24 January 2010 in the capital, a few days before the presidential election, had been abducted allegedly by military spies.

Shocked by a recent claim by the army chief that files on the case have gone missing, wife of Prageeth is calling for an investigation.

"If the files are destroyed, it is the commander's responsibility to conduct a thorough investigation and take legal action against officers who have got rid of evidence," Sandhya Eknaligoda said.

"We were not in charge of files with the military. If records with the military intelligence have been destroyed, it is clearly their work."

Investigators had earlier informed courts that members of military intelligence have taken Prageeth to an army camp in the north-central town of Giritale, 215 kilometres away from Colombo.

Not practical

Sri Lanka army commander said last week that it is not "practical" for records on the abduction of the journalist to last this long "if the military intelligence was intelligent".

"If someone is involved in this, if they are aware of an investigation, if it is the intelligence unit, aren't they intelligent?" Lieutenant General Mahesh Senanayake told the BBC.

In an attempt to deny his responsibility for the absence of vital evidence, Lt. Gen. Senanayake said that he was appointed as the head of the military in 2017.

The lawyer representing Sandhya says that the army commanders statement is ample proof that Sri Lanka military intelligence abducts people and destroys evidence.

"The statement by the army commander is very serious," Attorney at Law Upul Kumarapperuma said.

Who is he trying to protect? Aren't they members of the military intelligence who have allegedly abducted a person and made him disappear?"

No progress

Lieutenant General Mahesh Senanayake says that he has been "restricted" in helping the investigation on the abduction.

Sandhya Eknaligoda suspects that military officers suspected of abducting her husband has been given access to military records following their release on bail.

"It is the commander's responsibility to remove restrictions if any. Which means that he needs to find out who destroyed the evidence and take action against them."

Following his appointment as the Army Commander by the present government that came to power on a mandate of good governance, Lieutenant General Mahesh Senanayake pledged to take action against military personnel accused of committing crimes.

However, no progress of any probe against members of the armed forces accused of offences including war crimes and crimes against humanity has been reported so far.

Source : Journalists for Democracy Sri Lanka

The Election Commission said that postal votes for Local Government Elections will be submitted to the Postal Department, on January 11.

Acting Election Commissioner M.M. Mohamed said that the name lists of government workers who are eligible to cast postal votes were certified at the District Election Office yesterday.

This year 560,536 government workers are eligible to cast postal votes, he said.

Postal Votes could be cast at Election Offices, District Secretariats and at Police Stations on January 22 and at other Government Institutions, postal votes could be cast on January 25 and 26.

Source : Daily News

Sri Lanka marked a significant milestone today (8) when the waters of the last but biggest reservoir of the multipurpose Mahaweli Project at Moragahakanda opened its sluice gates to irrigate parched dry lands in faraway Vanni in the Northern Province on one side and Rajarata, Wayamba, Central and Eastern Provinces on the other.

President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe declared open Moragahakanda a short while ago.

With the commissioning of the Moragahakanda-Kalu Ganga reservoir of the Kalu Ganga Dam, an increase of 64,000,000 cubic metres of water will flow from the reservoir to far flung regions including, the Vanni, Matale, Anuradhapura, Trincomalee and Polonnaruwa areas.

Water from both the Moragahakanda and Kalu Ganga reservoirs will be primarily used to support agricultural needs in an area of at least 81,422 hectares. This would increase rice production by 81% or 109,000 tons, amounting to an annual estimated monetary benefit of US$1.67 million.

In addition to the irrigation of land, water from the Moragahakanda Reservoir will be used to power the 25-megawatt Moragahakanda Hydroelectric Power Station.

The first batch of tea was exported to Russia today after the tea ban imposed on Sri Lanka was lifted, the Tea Board said.

Chairman of the Tea Board Rohan Pethiyagoda said that measures were taken to ensure the quality and freshness of the tea batch exported to Russia.

Russia imposed a ban on Sri Lankan tea exports on December 18 after condemning a consignment of tea which contained an insect.

Source : Daily News

The 9th death anniversary of Lasantha Wickrematunge, the former editor of the Sunday Leader was marked today by a sombre gathering at his gravesite located at the Borella Cemetery. Family, friends, colleagues in the industry gathered in remembrance of him.

The brother of the slain editor Lal Wickrematunge, at the gathering today is said to have noted that the failure to bring to justice those responsible for the murder could even open the door to Prime suspect or suspects to be elected President or PM of our land at a future date.

The founding editor of The Sunday Leader, Lasantha Wickrematunge, who was also an Attorney-at-Law, was killed by unidentified assailants on Attidiya Road, as he drove to his newspaper office in Ratmalana. The investigation into his murder was re-opened by the Criminal Investigation Department in 2015 after remaining dormant for five years.

Co-Cabinet Spokesman, Health Minister Rajitha Senaratne, speaking yesterday at the 71st General Convention of the UNP at Campbell Park made startling revelations regarding the brutal assassination of Lasantha Wickrematunge.

“Lasantha was privy to confidential information emanating from a Memorandum of Understanding (MoU) with the Ukranian government,” Minister Senaratne stated. “Lasantha knew of the extent of corruption and went on to publish an article on it, but couldn’t prove his claims later in a court case.”

The Minister added that the then government engineered a scheme to enter into a second MoU. “By this time, Lasantha gathered much more information and intended to publish an article. The government got to know and felt it would be better if they got rid of him before tabling the second MoU.”

Minister Senaratne said that the investigations were ongoing and that that he was confident of the Police bringing the culprits to book. In 2016, a military intelligence officer was arrested for abducting Wickematunge’s driver and intimidating him against implicating former Defence Secretary Gotabaya Rajapaksa in the assassination. Wickrematunge’s body was exhumed in September 2016, and it was revealed in courts that Lasantha died from a blunt blow to the head and that the cause of death certificate initially submitted to the court by the then Judicial Medical Officer Dr K. Sunil Kumara contained false and misleading statements.