News
White House warns Russia on invading Ukraine
The White House clarified U.S. President Joe Biden’s opposition to Russian aggression on Ukraine after Biden appeared to suggest during a press conference that a small incursion by Russia would be tolerated, said a report published online by The Hindu on Friday.
The report filed from Washington said: In a statement released after the press conference, White House Press Secretary Jen Psaki said that any incursion would be met with a ” severe” response from the U.S. and its allies.
“President Biden has been clear with the Russian President: If any Russian military forces move across the Ukrainian border, that’s a renewed invasion, and it will be met with a swift, severe, and united response from the United States and our Allies,” Psaki said. She added that paramilitary and cyber attacks by Russia would also be met with reciprocal action.
Tensions between the West and Moscow have soared as Russia has massed an estimated 100,000 troops along Ukraine’s borders.
Earlier on January 19, Biden had told reporters during a press conference to mark his first anniversary in office that the North Atlantic Treaty Organisation (NATO), a military alliance of the West, was united in its opposition to the idea of Russia invading Ukraine, but qualified it to say the response would depend on the size of the incursion.
“It’s one thing if it’s a minor incursion, and then we [ NATO allies] end up having a fight about what to do and not do etc., ” Biden said. ” But if they actually do what they’re capable of doing … it is going to be a disaster for Russia, if they further invade Ukraine and that our allies and partners are ready to impose severe cost and significant harm on Russia and the Russian economy,” he said.
Biden said he had conveyed to Putin (the two held a telephone call in December) that he would fortify NATO’s eastern flank if Russia went into Ukraine. He also said that Russia would prevail in the long run over Ukraine, if it invaded the country, but there would be a heavy cost. He said economic sanctions would involve a ban on transactions in dollar denominated assets.
In a draft security agreement Moscow sent to Western countries in December, it had proposed that NATO not expand to include Ukraine. Another Russian demand was that NATO not deploy weapons or forces in countries that became NATO members after May 1997.
Asked later during the press interaction if he had effectively given Putin ” permission” to make a small incursion into Ukraine, Biden said, ” …It’s very important that we keep everyone in NATO on the same page. And that’s what I’m spending a lot of time doing.”
There are differences within NATO on what countries are willing to do depending on what scenario plays out, Biden said. In terms of calibrating a response, he cited the example of cyber ops being countered with similar tactics.
Biden said that the economic sanctions on Russia would have “devastating” consequences on it but would also have a negative impact on the U.S. and European countries and so the allies would have to be on the same page about a response to any Russian incursion.
Asked if he has made a determination that Mr. Putin has decided to invade Ukraine, Biden said that Putin has not yet , he believed, made the decision and that he is calculating the short and long term consequences for Russia.
On January 19, Russian Deputy Foreign Minister Sergei Ryabkov, reiterated the Russian position that it is not planning to invade Ukraine, according to a report in the Associated Press. U.S. Secretary of State Antony Blinken, who was in Kyiv on January 19, will meet with his Russian counterpart, Sergei Lavrov on January 21 in Geneva, in an attempt to reduce tensions, which remain high, after rounds of inconclusive talks between the two countries and European allies of the U.S.
… alleges Kanchana’s Electricity Act exploited to facilitate ‘deal’ with India
The Frontline Socialist Party (FSP) has alleged that President Anura Kumara Dissanayake entered into seven MoUs/Agreements with India without consulting Parliament or the Cabinet of Ministers.
Accusing President Anura Kumara Dissanayake, who is the leader of the Janatha Vimukthi Peramuna (JVP), as well as the National People’s Power (NPP), of undermining Sri Lanka’s sovereignty, the breakaway JVP faction pointed out the signing of seven MoUs/Agreements had coincided with the 54th anniversary of the JVP’s first insurrection.
The top FSP spokesman and their Education Secretary, Pubudu Jayagoda, told a press conference, at their Nugegoda party office, that the JVP had completely betrayed those who sacrificed their lives during the 1971 and 1987-1990 insurrections. Having completely changed its policy towards India, the JVP was now down on its knees before India, Jayagoda said.
The dissident JVPer emphasised that such vital MoUs/Agreements couldn’t be finalised without proper consultations. Declaring that the MoUs/Agreements hadn’t been released yet, Jayagoda said that the FSP, in terms of the Right to Information Act, sought the copies of them as the public couldn’t be deprived of their right to know.
The section, now calling themselves FSP, split from the JVP in early 2012 after major differences among the top leadership over the direction of the party. Anura Kumara Dissanayake succeeded Somawansa Amarasinghe as the JVP leader in Dec. 2014.
Referring to the MoU, in respect of the implementation of HVDC interconnection for import/export of power, Jayagoda said that the NPP took advantage of the new Electricity Act that was enforced by the Wickremesinghe-Rajapaksa government in late June last year to pave the way for a deal with India. The JVP-led NPP that moved court against the then Power Minister Kanchana Wijesekera’s Bill, and voted against the Bill at the second reading, exploited the same to its advantage, Jayagoda charged.
The Sri Lanka Electricity Bill repealed the 1969 Ceylon Electricity Board (CEB) Act and subsequent laws regarding the electricity industry.
Comparing the MoU, signed in the presence of President Dissanayake and Premier Narendra Modi, Jayagoda said that both Nepal and Bangladesh had been trapped in similar agreements they signed earlier.
Jayagoda alleged that Nepal was in such a pathetic situation even if they could meet electricity requirement through hydro-power generation, the agreement with India compelled them to obtain power from India.
Jayagoda pointed out that the government now boasted of a proposed new120 MW solar power plant at Sampur to be implemented in two stages after having crippled domestic solar power generation capacity. The former JVPer said that the NPP government was bending backwards to appease India and pursuing an agenda inimical to Sri Lanka.
Jayagoda dealt with the MoU on cooperation in the field of sharing successful digital solutions implemented at population scale for digital transformation. The FSP spokesman said that the Indian-funded project to issue digital NIC would be disastrous as it would enable India to gather information.
Commenting on a MoU that covered the health sector, Jayagoda alleged that the government had agreed to share authority exercised by the National Medicine Regulatory Authority (NMRA) with India.
Jayagoda said that the MoU on defence cooperation undermined the country’s vital security interests and jeopardised relations with other countries.
The FSP said that political parties, represented in Parliament, were largely silent and seemed to be reluctant at least to express their views on the betrayal of the country.
By Shamindra Ferdinando
Adani Ports and Special Economic Zone Ltd. (APSEZ), India’s largest integrated transport utility, has announced the commencement of operations at the Colombo West International Terminal (CWIT), located at the Port of Colombo, the company said in a statement issued simultaneously in Ahmedabad and Colombo yesterday (07)
Developed under a landmark public–private partnership, CWIT is operated by a consortium comprising India’s largest port operator Adani Ports & SEZ Ltd., leading Sri Lankan conglomerate John Keells Holdings PLC, and the Sri Lanka Ports Authority, under a 35-year Build, Operate, and Transfer (BOT) agreement.
The CWIT project represents a significant investment of USD 800 million and features a 1,400-metre long quay and 20-metre depth, enabling the terminal to handle approximately 3.2 million Twenty-foot Equivalent Units (TEUs) annually. It is the first deep-water terminal in Colombo to be fully automated, designed to enhance cargo handling capabilities, improve vessel turnaround times and elevate the port’s status as a key transshipment hub in South Asia.
Construction began in early 2022 and has since achieved rapid progress. With the installation of cutting-edge infrastructure now nearing completion, CWIT is poised to set new benchmarks in operational efficiency and reliability in regional maritime logistics.
“The commencement of operations at CWIT marks a momentous milestone in regional cooperation between India and Sri Lanka,” said Chairman of the Adani Group Gautam Adani. “Not only does this terminal represent the future of trade in the Indian Ocean but its opening is also a proud moment for Sri Lanka, placing it firmly on the global maritime map. The CWIT project will create thousands of direct and indirect jobs locally and unlock immense economic value for the island nation. It also stands as a shining example of the deep-rooted friendship and growing strategic ties between the two neighbours, and of what can be achieved through visionary public–private partnerships. Delivering this world-class facility in record time also reflects the Adani Group’s proven ability to efficiently execute large-scale critical infrastructure projects anywhere in the world.”
“We are proud to see the progress in the development of the West Container Terminal, a project that strengthens Sri Lanka’s position as a regional maritime hub,” said Chairperson, John Keells Group Krishan Balendra. “This project is one of the John Keells Group’s largest investments and is among the most significant private-sector investments in Sri Lanka. Together with the Sri Lanka Ports Authority and the Adani Group, we will elevate Colombo’s status as a leading transshipment hub. We are confident that the project will enhance global trade and connectivity in the region”, he said.
Sri Lanka Insurance Corporation Life Limited (SLICLL) has concluded the year 2024 with outstanding financial performance, achieving a remarkable profit before taxation of Rs. 30.7 billion. The text of SLIC statement: “The company recorded a robust Gross Written Premium (GWP) of Rs. 26.3 billion, reflecting an impressive 25% growth. Remarkably, as of December 31, 2024, Sri Lanka Insurance Life marked a historic milestone with a New Business volume of Rs. 5.3 billion, recording a 48% growth, the highest in the company’s history.
Demonstrating its unwavering commitment to policyholders, Sri Lanka Insurance Life disbursed Rs. 13.7 billion in maturity settlements and claim payments in 2024, these figures reaffirm the company’s financial strength and dedication to fulfilling its obligations. Further cementing its position as a market leader, SLICLL continued to expand its asset base to an impressive Rs. 237 billion and grew its Life Fund to Rs. 213.2 billion. These achievements were realised amidst organizational transformations and challenging economic conditions. Additionally, the company recorded 319 MDRT qualifiers, the highest ever for SLIC Life.
Highlighting its prudent investment strategies and unwavering commitment to policyholders, Sri Lanka Insurance Life declared the largest Life Insurance bonus in the industry for 2023, amounting to Rs. 11.2 billion. Over the past two decades, the company has consistently delivered industry-leading bonus payouts, with cumulative declarations exceeding Rs. 104 billion. Continuing this legacy, Sri Lanka Insurance Life is set to declare its highest ever bonus for 2024, with official communication to be released in the near future.
Group Chief Executive Officer of Sri Lanka Insurance, Mr. Chandana L. Aluthgama, stated, “Our exceptional financial performance is a testament to the dedication and resilience of our team, who have navigated challenges with unwavering commitment. Despite economic fluctuations and internal transformations, our strategic focus has reinforced our market leadership. As we step into the future, we remain committed to innovation, customer trust, and industry leadership.”
Chairman of Sri Lanka Insurance, Mr. Nusith Kumaratunga, emphasized, “Sri Lanka Insurance Life has proven its strength and stability, delivering sustainable growth while reinforcing its role in the nation’s economic progress. Our vision extends beyond business success, we aim to contribute to national development by strengthening the economy and reducing dependency of the people on state support.”
Beyond financial success, Sri Lanka Insurance Life continued to earn industry recognition in 2024. The company was named ‘The Most Loved Life Insurance Brand’ by LMD for the seventh consecutive year and was ranked among the ‘Top 100 Most Valuable Brands’ in Sri Lanka by LMD Brand Finance. Additionally, SLIC Life secured top honors at the ‘Best Management Practices Company Awards 2024,’ ranking among the top ten companies and winning the ‘Insurance – Public Sector Company’ category.
Committed to international standards and operational excellence, Sri Lanka Insurance Life maintains ISO 9001:2015, ISO/IEC 27001:2013, and ISO 14064-1:2018 certifications. The company also continues its social impact initiatives, including the free Life Insurance cover gifted to parents of newborns on World Children’s Day for the third consecutive year, supported 1100 families in flood affected areas, providing emergency assistance to pilgrims traveling to Anuradhapura for Poson Poya and the awarding of 370 Suba Pathum scholarships to outstanding students in national examinations.
Looking ahead, Sri Lanka Insurance Life remains focused on driving innovation, enhancing customer confidence, and making meaningful contributions to society. With a solid foundation and a clear vision, the company is poised to maintain its legacy of excellence and leadership in the insurance industry.
.
Breakaway JVP faction decries Indo-Lanka MoUs as betrayal
Adani’s Colombo Terminal commences operations
SLIC Life reports robust performance with Rs. 30.7 Billion PBT in 2024
-
Business1 day agoColombo Coffee wins coveted management awards
-
Features2 days agoStarlink in the Global South
-
Business3 days agoDaraz Sri Lanka ushers in the New Year with 4.4 Avurudu Wasi Pro Max – Sri Lanka’s biggest online Avurudu sale
-
Business4 days agoStrengthening SDG integration into provincial planning and development process
-
Business3 days agoNew SL Sovereign Bonds win foreign investor confidence
-
Sports5 days agoTo play or not to play is Richmond’s decision
-
Features2 days agoModi’s Sri Lanka Sojourn
-
Sports4 days agoNew Zealand under 85kg rugby team set for historic tour of Sri Lanka