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Janet Yellen warns US could run out of cash by 1 June

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Treasury Secretary Janet Yellen is urging Congress to act 'as soon as possible' (pic BBC)

BBC reported that US Treasury Secretary Janet Yellen has warned that the US may run out of cash by 1 June if Congress fails to raise or suspend the debt ceiling.

Reaching the debt ceiling would mean that the government is unable to borrow any more money. The debt ceiling has been raised, extended or revised 78 times since 1960.

On Monday,  Yellen urged Congress to act “as soon as possible” to address the $31.4tr (£25.12tr) limit. President Biden has called a meeting of congressional leaders on the issue on 9 May.

A default – which would be the first in US history – could upend global financial markets and shatter trust in the US.

In a letter to members of Congress on Tuesday,  Yellen said that “We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States.”

Ms Yellen added that it is impossible to know for sure when exactly the US will run out of cash.



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USS Canberra makes port call in Colombo

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The United States Navy’s USS Canberra (LCS 30) arrived at the port of Colombo for replenishment purposes on 12 Jun 26.

The visiting ship was welcomed by the Sri Lanka Navy
in compliance of naval traditions.

USS Canberra, a Littoral Combat Ship, is commanded by Commander J McLaughlin.

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Committee appointed for restructuring SriLankan Airlines

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The Cabinet of Ministers has approved the appointment of a Committee, chaired by Senior Presidential Advisor on Digital Economy Dr. Hans Wijayasuriya, to conduct a strategic review and restructuring of SriLankan Airlines.

The other members of the committee are as follows:

• Senior Presidential Economic Advisor Duminda Hulangamuwa

• Financial and corporate strategy expert Deshal De Mel

• Transaction and investment banking, mergers and acquisitions expert Dumith Fernando

• The Secretary to the Ministry of Finance or his Representative

• The Secretary to the Ministry of Transport, Highways and Urban Development / a representative of the Civil Aviation Authority

• The Chairman of SriLankan Airlines

• Legal experts with specialised knowledge in corporate, aviation and public law

• Aviation industry experts to be appointed

The Government has recognised the urgent priority of undertaking a comprehensive strategic review of SriLankan Airlines, taking into account the broader macroeconomic context.

The main objective of this exercise is to establish a financially sustainable and commercially efficient national carrier, while reducing the long-term fiscal burden on the Government.

Accordingly, it has been deemed appropriate to establish a dedicated committee to carry out the strategic review and restructuring process in collaboration with the International Finance Corporation (IFC), which is serving as the Transaction Advisor.

The committee will be responsible for:

• Conducting an independent review and assessment of the airline’s strategic direction and future course of action

• Recommending restructuring requirements and possible restructuring models

• Evaluating specific strategic options and identifying the most suitable course of action aligned with the Government’s overall objectives

• Providing oversight, guidance and support for the implementation of the selected strategy and execution framework determined by the Government

The committee will function for the duration of the strategic review and restructuring process, or until it is formally dissolved by the Government of Sri Lanka.

 (PMD)

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Kane Williamson retires from international cricket

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Kane Williamson is one of only three players to score more than 15,000 international runs for New Zealand [BBC]

Former New Zealand captain Kane Williamson has retired from all international cricket with immediate effect.

The 35-year-old featured in the first Test against England at Lord’s, registering a duck and 18, but will play no further part in the three-match series, which will resume at The Oval on 17 June.

Williamson retires as New Zealand’s leading all-format run-scorer, with 19,346 runs, including 48 centuries and six double-hundreds, in 378 appearances between 2010 and 2026.

As the Black Caps’ most prolific Test batter, he scored 9,515 runs at an average of 54.06, including 33 centuries, in 110 matches.

Williamson captained New Zealand on 206 occasions between 2012 and 2024, leading the side through their golden period when they won the inaugural World Test Championship in 2021 and reached the finals of the 2019 World Cup and 2021 T20 World Cup.

Explaining his decision, Williamson, who retired from T20Is in November, said: “I’ve thought about it for a while, but over the last few days it’s become clear now is the right time.

“I’ve always felt a strong drive and hunger for international cricket, and I take pride in knowing I’ve given it my all in every match I’ve played for New Zealand.

“Continuing with anything less wouldn’t be right and I feel fortunate to step away on my own terms.

“I leave feeling optimistic about where this group is heading. There’s a huge amount of talent, and a real desire to do something special with this New Zealand team.

“It’s a team I love, and I feel incredibly fortunate to have been part of it for so long. It will continue to be dear to my heart.”

Head coach Rob Walter paid tribute to Williamson’s “legacy” and impact on the Black Caps, stating he will “remain embedded in its DNA”.

“Anyone who’s had the privilege of working with Kane understands he is a very special player and person,” Walter said.

“His numbers and batting skills speak for themselves, but it’s what he means to this Black Caps team, as well as world cricket – that will be his legacy.

“His impact on the culture and standards of this team will remain embedded in its DNA.

“Kane’s always put the team first and although we’re disappointed to see him go, we’re happy to know he’s content and at peace with his decision.

“An incredible player, awesome team-mate, a wonderful leader and a fantastic ambassador for our sport.”

Former New Zealand all-rounder Sir Richard Hadlee described Williamson as a “wonderful player” and an “unflappable leader”, who was the “architect of some our of greatest moments in cricket”.

[BBC]

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