News
America dumps “toxic” Trump!
BY S VENKAT NARAYAN,
Our Special Correspondent
NEW DELHI, January 23: He fooled some people for some time. He also fooled almost all the people for some time. He tried to fool all the people all the time, and failed miserably.
Former United States President Donald Trump returned to Mar-a-Lago in Florida and to his company last week as an ordinary citizen at a time when it faces a deepening crisis, with key properties bleeding revenue and its bankers, lawyers and customers fleeing the company.
His neighbours at Mar-a-Lago do not want to have him around on a permanent basis! Proud Boys and other outfits who invaded the Capitol in Washington on January 6 after he incited them are now mad with him. They thought he would defend them. But he denounced them even as they were on the rampage.
Financial disclosure forms, filed by the former president as he left office, revealed that his hotels, resorts and other properties had lost more than $120 million in revenue last year, as the Covid-19 pandemic forced long-term closures and kept customers home. Those losses were worst in the places where Trump could least afford it: His Washington hotel, which has a $170 million loan outstanding, saw revenue drop more than 60 percent. His Doral resort in Miami — also carrying a huge debt load — saw a 44 percent drop.
Barely 24 hours after he left the White House oh-so-reluctantly, his company’s troubles appeared to multiply: One of its banks and one of its law firms said they would cut their ties with the Trump Organization. They are the latest in a string of vendors and customers who severed their relationships with the company after Jan. 6, when a mob of Trump supporters attacked the U.S. Capitol directly after he addressed them at a rally.
The picture emerging shows the inversion of Trump’s fortunes since 2015, when he entered politics promising to remake the country in the image of his growing, swaggering business.
Now, Trump returns to a business remade in the image of the country he led: beleaguered, indebted and toxically politicized, The Washington Post reported on Friday.
“He faces some very serious problems that have been building in recent years and I think are going to come to a head now that he’s left office,” said Bert Ely, a banking consultant who has testified before Congress on financial matters.
The Trump Organization is a relatively small operation. It relies heavily on the work of others — lawyers and real estate brokers, and investors who paid to have Trump’s name on their buildings. Now, some of those outsiders are pulling away. “He’s done enormous reputational damage to himself,” Ely said. Trump still owns his company. But it is unclear when — or even if — he will return to his old role as the company’s day-to-day leader.
The new financial disclosures, filed routinely by an outgoing president, show that the company is facing one of its darkest hours, as the coronavirus hammers the tourism industry.
Overall, Trump listed specific revenue figures for 47 different companies, including his golf clubs, hotels and New York City park properties. Combined, revenue at those companies declined more than 35 percent last year, according to a Washington Post analysis.
There were sharp declines at three of Trump’s most important properties: his D.C. hotel, his Doral resort in Florida, and his Turnberry resort in Scotland. Their combined revenue fell from $149 million in 2019 to $71 million last year, a drop of more than half. Trump faces more than $400 million in outstanding loans, including more than $290 million on Doral and the D.C. hotel.
The New York Times reported last week that he has to cough up nearly half a billion dollars in the next three years: $395 million in loans that fall due during 2022-24, and $100 million he owes in taxes which had dodged all these years.
And Trump’s company continued to lose key partners — including banks and lawyers that had stuck with it through the lowest points of Trump’s political career. “We no longer have any depository relationship with him,” said a spokesperson for BankUnited, a Florida-based bank where Trump had kept more than $5 million in money-market accounts. On Thursday, BankUnited said it was closing those accounts.
The decision meant that, since the attack on the Capitol, Trump had lost three of the four banks that held his largest deposits. Signature Bank and Professional Bank cut their ties earlier this month. The fourth bank, Capital One, has declined to comment.
The backlash to Trump’s actions has even hit the smallest of Trump’s business partners, including the organizers of a triathlon — the Tri at the Trump — held at Trump’s golf course outside Charlotte.
“It was all on track before the Capitol,” said Chuck McAllister, the founder of the event, which he expected to attract 450 athletes and 1,000 spectators.
But then, McAllister said, the Capitol attack caused sponsors and vendors to pull out. He had to cancel the event. “It is deja vu. It’s like Groundhog Day,” McAllister said. He said he was unsure whether he would come back in 2022. “The name’s toxic. It’s toxic to some people. That’s never going to change.”
News
Discussion on Sri Lanka Customs’ contribution for National Export Development Plan
A discussion on the modernisation initiatives required within the Sri Lanka Customs and measures to encourage exporters in support of implementing the National Export Development Plan (NEDP) 2026–2030 was held on Wednesday (17) morning at the Presidential Secretariat under the patronage of Secretary to the President, Dr. Nandika Sanath Kumanayake.
The meeting, organised by the Revenue Administration Reform and Modernization Bureau established under the Presidential Secretariat, focused extensively on the modernisation measures required within Sri Lanka Customs to facilitate the expansion of exports.
During the discussion, the Secretary to the President instructed Sri Lanka Customs to enhance the capacity, facilities and modernisation of the Export Facilitation Centre, where export containers are inspected, in order to create a more efficient and exporter-friendly environment.
Attention was also drawn to developing a programme aimed at encouraging exporters across the country to enter the export sector. The Secretary to the President further emphasised the need to review the Temporary Import for Export Processing (TIEP) scheme currently operated by the Customs Industrial Facilitation Division and to introduce a programme to support small and medium-sized enterprises (SMEs) that have not yet engaged in export activities.
The meeting also explored the possibility of decentralising customs operations to support the expansion of the export sector, with particular attention given to establishing a Customs Export Centre in Jaffna.
Discussions were also held on removing barriers affecting exports conducted through e-commerce platforms. It was decided to hold further discussions with the Department of Posts on measures that could be taken jointly to streamline these processes.
Participants also discussed introducing digital systems to expedite document processing, thereby reducing both, time and costs, as well as implementing a risk-based assessment mechanism that would provide greater facilitation for low-risk exporters.
It was further decided that Sri Lanka Customs, the Sri Lanka Export Development Board (EDB) and other relevant institutions would meet monthly under the leadership of the Revenue Administration, Reforms and Modernisation Bureau of the Presidential Secretariat to review progress, identify challenges faced by exporters and discuss appropriate solutions.
The National Export Development Plan has been formulated in line with the national vision, “A Thriving Nation – A Beautiful Life”, with the objective of enhancing Sri Lanka’s export competitiveness and achieving an ambitious yet realistic export revenue target of USD 36 billion by 2030.
Director General of Customs Wimal Liyanagama, Chairman of the Sri Lanka Export Development Board (EDB) Mangala Wijesinghe, Additional Directors General of Sri Lanka Customs T. Loganathan and L.K.S.D.K. Arewatta, Director of the Sri Lanka Export Development Board Dr. Sanjeewa Rathnasekara, Director of the Revenue Administration, Reforms and Modernisation Bureau of the Presidential Secretariat W.L.C. Thilakasiri and senior officials from Sri Lanka Customs and the Sri Lanka Export Development Board were also present.
[PMD]
News
Military held land: Govt. trying to maintain balance between security and civilian needs
The NPP government is trying to maintain a balance between continuing demands for releasing north-east land held by the military and post-war security requirements, says Deputy Defence Minister Major General Aruna Jayasekera (Retd), who has undertaken a series of visits to the northern and eastern provinces in the recent past to explore ways and means of releasing the land, without compromising national security requirements.
Since the armed forces brought the war to a successful conclusion in May, 2009, releasing of both privately- and state-owned land began cautiously in October, 2009, and by now over 90 percent of both categories have been released. At the height of the war, before the launch of Eelam War IV, in August 2006, Jaffna peninsula had the largest concentration of troops assigned to four Divisions.
In the first week of June, Deputy Minister Jayasekera visited the Trincomalee District to ascertain the situation. The Defence Ministry said that the Deputy Minister had assessed the current status of such lands and received briefings from senior military officers and relevant officials on security and administrative aspects regarding the properties.
Following the field inspection, the Deputy Minister chaired a meeting at the Governor’s Secretariat Office where the discussion focused on what the Defence Ministry called a balanced and practical approach to address land-related issues, protect the livelihoods of the people, and ensure that national security requirements were properly managed.
Jayasekera, with a career spanning well over three decades, retired in November, 2019, after having last served as the Eastern Commander for about a year.
During his June visit, the Deputy Minister visited various security forces establishments, including the 22 Infantry Division.
A senior retired military official said that those who had been demanding that all security forces held land, both state- and privately-owned, be released, have conveniently forgotten that this was made possible due to the eradication of the LTTE.
The Deputy Defence Minister conducted a series of field visits in the Jaffna and Wanni regions to assess the security situation and operational commitments. According to the Defence Ministry, the Deputy Minister addressed senior tri forces personnel at the Security Forces Headquarters – Jaffna (SFHQ-J) and the Security Forces Headquarters – Wanni (SFHQ-Wanni).
The Deputy Minister chaired civil-military coordination meetings in the Mannar and Jaffna districts to the ongoing land ownership issues, fostering socio economic growth, and streamlining local infrastructure layout in close cooperation with the regional administrative mechanism. The Ministry said that the Deputy Minister inspected agricultural zones, private residences and public common areas, presently placed within the operational infrastructure of the Sri Lanka Navy across several locations, in Mullikulam, Silawathura, Talaimannar, Wankalapadu, and Pallimune.
Members of Parliament for the Vanni Electoral District, Selvam Adaikalanathan, Kader Masthan, Thurairasa Ravikaran and the District Secretary for Mannar were also present at the meeting where matters related to socio economic grievances, local infrastructure demands, and land rights of the local residents were central topic in the agenda.
The Deputy Minister of Defence chaired a second meeting at the Governor’s Office in Jaffna where the main focus was existing land issues in the districts of Vavuniya, Mannar, Mullaitivu, Kilinochchi, and Jaffna.
The Jaffna proceedings were co-chaired by the Minister of Fisheries, Aquatic and Ocean Resources and Chairman of the District Coordinating Committee for the Jaffna and Kilinochchi Districts Ramalingam Chandrasekar and Deputy Minister of Co-operative Development Upali Samarasinghe.
The Defence Ministry said that stability depended on striking an optimal balance between prioritising national security obligations and resolving outstanding issues related to both state owned and privately used lands. “We are implementing a transparent mechanism to swiftly transition designated lands back into the hands of local communities for housing, fishing, and agriculture.”
The participation of the Commander of the Army and the Commander of the Navy underscored the importance of the discussions held in the north.
In the Mannar region the focus was on lands, presently used by the Navy, in the areas of Mullikulam, Silawathura, Talaimannar, Wankalapadu, and Pallimunai.
Authoritative sources said that since the end of the war, the military had given up held areas and what remained occupied were essential for security purposes. The depletion of the area under direct control should be examined taking into consideration gradual overall reduction of combined security forces strength over the years. At the end of the war, the Army had approximately 205,000 officers and men, both regular and volunteer. That figure has been reduced to 150,000 to 160,000. In line with the government thinking the Army strength would be brought down to 100,000 by 2030, a plan first announced by President Ranil Wickremesinghe.
By Shamindra Ferdinando
News
Yoshitha granted bail, travel ban imposed
Colombo Chief Magistrate Lahiru de Silva yesterday granted bail to Yoshitha Rajapaksa, second son of former President Mahinda Rajapaksa, on three sureties of Rs. 5 million each, and imposed an overseas travel ban.
The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) arrested Yoshitha yesterday morning when he called over to make a statement regarding an ongoing investigation into his recruitment to the Sri Lanka Navy and training at the UK Royal Naval Academy.
CIABOC said that the arrest had been made in connection with an investigation into the 2006 recruitment of cadet officers to the executive branch of the Sri Lanka Navy.
It has been alleged that individuals were recruited without meeting the required qualifications and state funds were used outside established procedures for their training at the Royal Naval Academy in the UK.
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