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BOC says impact of its downgrading negligible

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By Sanath Nanayakkare

The Bank of Ceylon (BOC) is set to end the year on a positive note despite the economic downturn due to the Covid-19 pandemic and the recent downgrade of the sovereign and banking institutions in Sri Lanka, BoC informed the media yesterday.

“The bank is winding up the year on a healthy note despite the stresses, posting the highest asset base of Rs. 2.9 trillion, highest deposit base of Rs. 2.3 trillion while maintaining its market leadership in Trade Finance, Treasury Operations including its more than 40% market share of Inward Remittances (US$2.5 billion). In addition to those, the Bank has maintained its market leadership in most of the spheres in the banking and finance arena”, BoC said.

“All our customers can confidently rely on the strength and stability of the BOC for all their banking needs”, it assured.

In stark contrast to several adverse news reports posted on social media over the past two days, BOC said,” The recent downgrade of the sovereign and banking institutions in Sri Lanka has had a minimal impact on the soundness of the Bank. Our international operations continue uninterrupted. Being a bank that has maintained its international presence for over eight decades, its foreign correspondent relationships have never been questioned, and the Bank has been growing from strength to strength. The Bank has earned many local and foreign accolades for its banking experience along its way and looks to Year 2021 on a positive note”.



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Sun directly overhead Hatthikuchchi, Kalankuttiya, Halmillewa, Ipalogama, Palugaswewa and Habarana at about 12:11 noon. today [10]

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On the apparent northward relative motion of the sun, it is going to be directly over the latitudes of Sri Lanka during 05th to 14th of April in this year.

The nearest areas of Sri Lanka over which the sun is overhead today (10th) are Hatthikuchchi, Kalankuttiya, Halmillewa, Ipalogama, Palugaswewa and Habarana at about 12:11 noon.

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LG elections to be staggered

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Saman

Signs are clear that the local government (LG) elections, originally scheduled for 06 May, will have to be held on a staggered basis, as nomination lists in respect of about 200 out of 339 LG institutions have been challenged before the Court of Appeal, according to sources.

Those who have filed cases in the Court of Appeal seek writs against holding the elections. The final date for filing cases is 21 April.

By yesterday only 113, out of 339 local government bodies, had been cleared for the 06 May elections, with no rejections of nomination lists, or objections, sources said. The nomination lists for 226 local government bodies have been rejected, and candidates on these rejected lists are entitled to file cases against the Election Commission (EC) until 21 April.

The Court of Appeal (CA) has ordered that some of the lists rejected by the Election Commission be accepted. However, the EC is planning to challenge all CA orders before the Supreme Court.

When contacted for comment, Director General of the Election Commission, Saman Sri Ratnayake, told The Island that all arrangements had been made to hold the elections on 06 May, in accordance with the provisions of the Local Authorities Elections (Amendment) Act No. 16 of 2017.

“We will hold elections to the local government bodies for which there are no legal barriers, and this will depend on the final decision of the courts,” Ratnayake said, adding that elections to other local government bodies would be held on later dates.

By Saman Indrajith

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Sri Lanka and Australia reaffirm commitment to deepening defence ties

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Deputy Defence Minister Maj. Gen. Aruna Jayasekera meets Australia HC in Colombo Paul Stephens (pic courtesy MoD)

Sri Lanka and Australia have reaffirmed their commitment to deepening defence ties and exploring new avenues for cooperation in areas such as maritime domain awareness (MDA), training exchanges and capacity-building initiatives.

A number of key matters of mutual interest, particularly in the area of defence and security cooperation were deliberated when the Australian High Commissioner to Sri Lanka, Paul Stephens, paid a courtesy call on the Deputy Minister of Defence, Major General (retd.) Aruna Jayasekara at his office in Colombo on Tuesday (April 8).

The meeting was held in a cordial and constructive atmosphere, reflecting the longstanding friendship and cooperation between Australia and Sri Lanka, the Ministry of Defence said in a statement.

The Deputy Minister has expressed his appreciation for Australia’s continued support in strengthening Sri Lanka’s maritime security and defence capabilities.

Highlighting a recent example of this collaboration, Major General Jayasekara acknowledged the significant contribution made by the Australian government through the donation of a state-of-the-art Shallow Water Multi-Beam Echo Sounder to the Sri Lanka Navy Hydrographic Service (SLNHS). He noted that this advanced equipment has brought a transformative enhancement to Sri Lanka’s capacity for surveying harbours, coastal areas and strategic waterways, thereby contributing to both national security and regional maritime stability, the statement added.

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