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HUMAN – ELEPHANT PEACE:

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‘Ali Pancha’ a Landmark Project

A Memorandum of Understanding was signed by the Chief Executive Officer of the Hambantota International Port Group (HIPG), Mr Johnson Liu, and the President of the Wildlife & Nature Protection Society (WNPS), Mr Jehan CanagaRetna, mid-October to launch the ‘Ali Pancha’ Project – a way to help the transition from Human – Elephant Conflict (HEC) to Human – Elephant Peace. The broad aims of the Project are as follows:

The annual sponsoring of 25 orphaned elephants at the Elephant Transit Home (ETH) at Uda Walawe to provide them with their essential nutrition for healthy development.The sponsoring of a research project to understand the varieties of antibiotics that work safely, and effectively, in the treatment of orphaned elephants.

The provision of six (6) ‘Smart Collars’ for elephants selected for release back into the wild. Their movements will be monitored via VHF frequencies and GPS Systems to understand their range of roaming and behaviour, and to scientifically evaluate and understand how they integrate into the wild.

Conduct Education & Awareness Programmes for a minimum of 200 farmers in the Hambantota District, in partnership with Farmer Societies and Government Institutions, and

Install five (5) of the WNPS’s Light Repel Systems (LRSs) in selected locations in the Hambantota District to protect these farmers’ homes and cultivations from incursions by elephants.The WNPS has the responsibility of coordinating these objectives to ensure that they are achieved, and within the time frames set out in the Agreement.

ANOTHER VITAL PARTNER

For the success of this project, the cooperation of the Department of Wildlife Conservation (DWC) is essential, especially for the Veterinary Surgeons and other officers of the ETH. It is they who must provide the technical and scientific inputs, and research, necessary for the initiatives with the orphan elephants. Dr Vijitha Perera, the Senior Veterinary Surgeon at the ETH will lead this project on behalf of the DWC, ably assisted by Dr Malaka Abeywardana who was present at the Project Launch.

In the course of its 128 year history as the 3rd oldest conservation organisation in the World, the WNPS counts its active involvement in the setting up of the DWC with great pride. During this long history, the WNPS has worked with the DWC on several projects, and greatly looks forward to this renewed partnership.

ENLIGHTENED THINKING

The CEO of HIPG, Mr Liu, in his address to the gathering had this to say:

“As a leading development project situated in this area, which is also home to a variety of wildlife, especially an Elephant population, we have a major challenge of facilitating development with minimal impact to nature and other life forms. This reflects our commitment to supporting Sustainable Development Goals of protecting life on land and life underwater while achieving our business objectives. This is integrated in our ESG framework under the “Care for the Planet” focus area, and we now give our fullest support to minimize Human – Elephant Conflict which is an essential need of this area.

Under the “Human Elephant Peace Project”…our newest addition is the “Save Ali Pancha (elephant)” Project with the WNPS in collaboration with the ETH with a grant of USD 102,487.00…”

As a part of the sponsorship is for the collaring of selected animals from the identified herds to track their movements and formulate a strategy as to how this could be done with the knowledge of science. At present, there are elephants who visit the Port, mainly at night, and though they have not caused any damage to its buildings or harmed any of the employees, HIPG is understandably anxious that no damage is done to its valuable cargo that is stored in its yards.

As Mr CanagaRetna explained in his address, Sri Lanka’s wild populations of elephants share approximately 44% of its landscape with people. While development is essential for the country, it must be planned development and HIPG is demonstrating a good example of this, by placing care for the elephants, and other wildlife, alongside those of the necessary future Port development. CanagaRetna continued by saying that the future of our wildlife and conservation depends on humans. With all the destruction along with global warming and climate change, we must do our utmost to protect what we have. HIPG along with the partnership with WNPS is trying to plug a deep ravine in our country when it comes to our elephants. Sri Lanka has the highest Human Elephant Conflict in the world. Therefore, it is heartening to see Corporates such as HIPG stepping up to do their part for our country’s wildlife.

FROM CONFLICT TO PEACE

The elephant is an important part of the culture and religions of Sri Lanka. It is also important for conservation, for as a Keystone Species, the health of all the forests and its other denizens depend on them. Healthy forests lend to clean air and water, essential for human existence. We are all connected.

In addition, the wild elephant is an important source of revenue for this country, attracting foreign visitors who wish to see these magnificent animals in their wild surroundings. This leads to the financial enrichment of those communities that have elephants, and other wildlife, as their neighbours. As such, it is hoped that this landmark project will prove an inspiration to other ‘developers’ too, and enable the transition from ‘Conflict’ to ‘Peace’, and the saving of valuable lives.



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Oil prices hit $100 for the first time since May

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Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies.

Brent crude – the global benchmark for oil prices – rose more than 6% on Thursday following several days of increases as the US stepped up military strikes against Iran.

Prices spiked after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia has used to bypass the Strait of Hormuz.

Gas prices have also risen steadily over the past month, with the benchmark UK gas price currently at around 150 per therm, up from around 98p at the end of June.

Oil prices had been falling following a temporary ceasefire between the US and Iran.

They dropped back to levels last seen before the US and Israel began military action against Iran on 28 February.

However, the ceasefire has failed and this week US Secretary of State Marco Rubio said the people in charge in Iran were “not ready to make a deal”.

The ongoing conflict risks pushing up inflation for many countries, including UK and the US leading to higher prices for consumers.

Higher oil prices typically lead to petrol and diesel becoming more expensive.

While drivers are affected directly, households could also see prices of other goods, such as food, increase due to businesses passing on higher transportation costs to customers.

Inflation has fallen both in the UK – down to 2.6% in the year to June helped by slowing diesel and petrol prices – and in the US to 3.5%.

But questions remain whether the slow down will prove short lived due to the renewed conflict in the Middle East.

New data released on Thursday showed that UK petrol prices have risen by 5p a litre since the beginning of July, hitting reaching almost £1.56.

Diesel is at £1.72 a litre, on average, according to the RAC.

Average gasoline prices in the US have surpassed $4 a gallon once more, up from $3.92 a month ago, according to motorist advocacy group AAA.

“More expensive fuel and energy can ripple through the wider economy, increasing costs for businesses and ultimately feeding through into the price of food and other goods,” said Jonathan Raymond, investment manager at Quilter Cheviot.

“This creates another headache for central banks as they continue their battle against inflation.

“If energy prices remain elevated, policymakers may come under pressure to keep interest rates higher for longer or even raise them. This would come as a blow to mortgage holders and borrowers already feeling the strain.”

The Bank of England, which sets UK interest rates, has held them at 3.75% in its last four meetings.

Paul Dales, chief UK economist at Capital Economics, said he believed the Bank will “almost certainly” hold them again. But he said analysts still expected that interest rates could be cut next year if energy price rises ease.

Kevin Warsh, the newly-appointed chair of the US Federal Reserve, last week told Congress that the central bank had “no tolerance to persistently elevated inflation”.

US President Donald Trump had pushed Warsh’s predecessor, Jerome Powell, to cut interest rates.

Trump has made it clear he expects Warsh to fulfil his demand for reductions in borrowing costs for Americans.

But the Fed held US interest rates between 3.5% and 3.75% at Warsh’s first meeting last month. He also told Congress that he was committed to “restoring price stability” in the wake of the Middle East conflict impacting prices.

[BBC]

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SEC, CSE and CA Sri Lanka sign MOU to advance XBRL-based digital reporting for listed companies

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The signing ceremony at SEC from Left to right: Ms. Manuri Weerasinghe| Director Corporate Affairs, SEC, Tushara Jayaratne | Acting Director General, SEC, Ms. Nilupa Perera | Chief Regulatory Officer, CSE, Rajeeva Bandaranaike | Chief Executive Officer CSE, Senior Prof. D.B.P.H. Dissabandara,| Chairman, SEC, Tishan Subasinghe | President, CA Sri Lanka, Ms. Anoji de Silva | Vice President, CA Sri Lanka, Neranjith Gamage | Commission Member, SEC, Ms. Lakmali Priyangika | Chief Executive Officer, CA Sri Lanka, Ms. Rishdha Zarook Ishaq | Director Legal and Enforcement, SEC , Ms. Kumuduni Maduwanthi |Senior Manager Legal, CA Sri Lanka.

The Securities and Exchange Commission of Sri Lanka (SEC), Colombo Stock Exchange (CSE), and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) signed a Memorandum of Understanding (MoU) to collaborate on the implementation of eXtensible Business Reporting Language (XBRL) based reporting for companies listed on the CSE.

The agreement marks a significant milestone in Sri Lanka’s efforts to modernise corporate reporting and strengthen the digital infrastructure of the capital market. The initiative aims to streamline the submission of both financial and non-financial information by listed entities, enhancing transparency, accessibility and investor confidence.

The MoU formalises the partnership, following the establishment of a joint SEC-CSE committee tasked with driving the initiative. With the in-principle approval of the SEC, the committee has been working closely with CA Sri Lanka to develop the framework required for the successful rollout.

XBRL is the internationally recognised standard for digital business reporting, developed and maintained by XBRL International, a global non-profit consortium. The standard enables financial and business information to be reported in a structured, machine-readable format, facilitating more efficient analysis, comparison and interpretation of corporate disclosures by regulators, investors, analysts and other stakeholders.

The introduction of XBRL reporting is expected to deliver several key benefits for both listed companies and users of financial information. These include reducing reliance on manual data processing, improving the accuracy and consistency of reported information, supporting more advanced data analysis, and lowering long-term reporting costs. The flexibility of the XBRL framework also allows organisations to tailor taxonomies to meet specific reporting requirements. In addition, XBRL adoption will enhance market transparency and efficiency by enabling quicker access to comparable corporate information. It will also align Sri Lanka’s reporting framework with global standards, making the country’s capital market more accessible and attractive to international investors familiar with XBRL-based financial reporting.

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LOLC Insurance and Seylan Bank celebrate Bancassurance Excellence through “League of Greatness” 2025

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The Achievers of the Night

LOLC Insurance recently hosted the “LOLC Insurance – Seylan Bancassurance Felicitation Night 2025” under the theme “League of Greatness,” celebrating the success of its longstanding bancassurance partnership with Seylan Bank. The event marked another milestone in a strategic collaboration that has continued to grow since 2013.

The felicitation ceremony brought together senior management, sales leadership, branch representatives, and top-performing teams from both organisations to recognise excellence, appreciate contributions, and reaffirm the enduring partnership between LOLC Insurance and Seylan Bank. The collaboration currently spans 104 Seylan Bank branches across Sri Lanka, delivering accessible life and general insurance solutions islandwide.

Speaking at the event, Ramesh Jayasekara, Director/Chief Executive Officer, Seylan Bank PLC, stated, “Our partnership with LOLC Insurance continues to create meaningful value for customers while further strengthening the bancassurance proposition within the banking sector. The dedication and collaborative spirit demonstrated by both teams have been instrumental in achieving these milestones and sustaining the growth of this partnership. We look forward to enhancing our collaboration and delivering greater value to customers in the years ahead.”

Sharing insights during the event, Eugene Seneviratne, Deputy General Manager – Retail Banking, Seylan Bank, added, “The professionalism and operational efficiency demonstrated by the bancassurance teams have been instrumental in consolidating this partnership. Our branch teams continue to seamlessly manage day-to-day bancassurance functions with minimal operational escalations, reflecting the strength of a well-structured and highly efficient framework. This has contributed to a smooth and mutually beneficial working relationship, enabling the partnership to enhance coordination, execution, and overall performance.”

Addressing the gathering, Kithsiri Gunawardena, Chairman/Principal Officer of LOLC General Insurance and Director of LOLC Life Assurance, stated, “Successful partnerships are built on trust, shared values, and a common vision. The strength and longevity of this collaboration reflect the commitment of both organisations to delivering meaningful impact to customers while advancing the country’s bancassurance sector. The positive feedback and appreciation consistently received from Seylan Bank regarding the quality of service delivered and the steadfast support extended by the teams stand as a testament to the professionalism and service excellence upheld throughout the partnership.”

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