The East Container Terminal ( ECT) of Sri Lanka Ports Authority (SLPA) inaugurated its container operations on 27, 2020 with the arrival of the first container carrier ship MSC Emma.
by Sanath Nanayakkare
General (Retd) Daya Ratnayake, chairman of Sri Lanka Ports Authority (SLPA) yesterday refuted recent news reports in foreign and local media which claimed that Indian conglomerate Adani Group was all set to develop Sri Lanka’s thwarted East Container Terminal (ECT) in the Port of Colombo.
“It’s all speculation without any concrete basis” Gen. Ratnayake said in response to a question by The Island Financilal Review whether the news story being circulated that the present government is going to toe the former government’s line in relation to developing the ECT, with Indian and Japanese collaboration is true. “Sri Lanka Ports Authority recently started operations in certain parts of the East Container Terminal which has been already constructed, using existing gantry cranes, after receiving the government’s approval to do so. We needed to do it to enhance our container operations. As a hub of the Indian Ocean, the capacity development of the Port of Colombo is of great importance,” SLPA chairman said.
When asked whether the deal signed by the former government with India and Japan to develop the ECT still remains valid, he said, “After the change of government, negotiations began to be re-looked at in a more comprehensive manner and the government of Sri Lanka is in discussions with the governments of Japan and India on how to operationalise the terminal. These negotiations are still taking place on state-level,” he said.
Asked whether India’s Adani Ports and Special Economic Zone Ltd. along with a local partner have received consent to sign a deal with SLPA which gives SLPA the right to hold a majority stake in the project, he said, “Nothing is concrete in this regard yet. The three governments will work out details based on the Memorandum of Cooperation (MoC)”.
Sri Lanka, India and Japan signed the MoC for the development of the East Container Terminal in the Port of Colombo on May 28, 2019. According to the MoC, SLPA will retain 51% stake of the venture while the rest is to be shared between India and Japan.
In August 2020, with the parliamentary election right around the corner, workers at the Port of Colombo stopped work for two days in protest against the privatisation of the Eastern Container Terminal, due to which revenue of the Port was reportedly dented by Rs. 10 billion.
The strike was called off after trade unions had discussions with Prime Minister Mahinda Rajapaksa.
Newly developed Sathosa Motors Service Complex to service all vehicle brands
Sathosa Motors PLC and its new state-of-the-art vehicle service complex, is now serving not just Isuzu but also any brand of vehicle.
Pioneering automotive specialist, Sathosa Motors is the sole authorized agent for the world-renowned Isuzu brand, but the newly developed service complex will now undertake all kinds of services required for any brand of vehicle.
The internationally trained specialists are ready to serve you at the Sathosa Motors Service Complex now on weekdays from 8.00 am to 5.00 pm and on Saturday from 8.00 am to 1.00 pm at No 25, Vauxhall Street, Colombo 02.
Sathosa Motors PLC guarantees its customers reliable and convenient service and will undertake vehicle inspections, periodic maintenance, body and under carriage washing, interior cleaning and beautification, engine tuning, error diagnosis, accident repairs, air condition repairs, and many more at a highly affordable rate.
In addition, genuine spare parts, as well as lubricants and industrial services are available at discounted prices at the Service Complex.
Sathosa Motors PLC aims to provide high quality services at all times and all services are carried out strictly under health guidelines due to the prevailing COVID-19 pandemic situation.
Sathosa Motors announces that it has decided to keep all branches of the Sathosa Motors service network open to continue to serve its customers.
CSE trading bullish despite rupee hitting historic low against dollar
By Hiran H.Senewiratne
CSE trading activities were bullish despite Sri Lanka’s rupee registering a historic slump against the US dollar at 202/205 to the one month dollar in mid morning trade yesterday, after opening at around 200/203.The stock market moved up, though, anticipating March quarterly results to be exceptional. This is expected to be particularly true of the Hayleys Group and Expolanka. Accordingly, investors seem to be re-entering the market after January, stock market analysts said.
Further, approval of the US $ 500 million Chinese loan and the fact that the Port City Bill has been tabled in parliament have lifted investor sentiment in a significant direction of the stock market, market analysts said. Amid those developments, both indices moved upwards, especially the All Share Price Index went up by 1.22 percent. The All Share Price Index rose by 92.35 points and S and P SL20 went up by 19.21 points. Turnover stood at Rs. 4.72 billion with four crossings.
Those crossings were reported in JKH, which crossed 922,000 shares to the tune of Rs. 137.8 million, its shares traded at Rs. 149.25, Commercial Bank 950,000 shares crossed for Rs. 82.7 million, its shares traded at Rs. 87, HNB 155,000 shares crossed for Rs. 26.5 million, its shares traded at Rs. 132 and Ceylon Cold Stores 33,500 shares crossed for Rs. 20.1 million, its shares fetching Rs. 600.
In the retail market, five companies that mainly contributed to the turnover were, Browns Investments Rs. 793.6 million (123.1 million shares traded), LOLC Rs. 463.4 million (1.32 million shares traded), Royal Ceramic Rs. 442 million (1.2 million shares traded), Hayleys Rs. 442 million (five million shares traded), Dipped Products Rs. 372.3 million (6.2 million shares traded). During the day 197.3 million share volumes changed hands in 30480 transactions.
The market was quite bullish from the beginning and LOLC Group companies led the market. It is said that LOLC contributed 25.5 points to the All Share Price Index. Browns Investments 9.8 points and Vallibel One contributed 8 points to the All Share Price Price Index while Commercial Leasing contributed six points.
‘Embark on that long-awaited getaway with Emirates and enjoy special fares’
Emirates is launching seasonal fares that enable aspiring globetrotters to plan exciting adventures around the world as well as for students preparing to travel overseas. With Emirates’ generous booking policies, customers have the option to lock in these special fares and extend ticket validity for up to three years, enjoying greater flexibility and confidence when planning travel during unprecedented times.
Travellers in Sri Lanka can look forward to flight deals on all routes in Emirates’ global network, with return fares starting at only Rs 68,700 in Economy Class or Rs 257,500 in Business Class. These special seasonal fares are available for bookings made from 13 to 26 April 2021, and are valid for travel between 16 April and 30 September 2021*.
Featured destinations and starting Economy Class fares include: US$ 342 (about Rs 68,700 at current exchange rates) to Dubai, US$ 654 (about Rs 131,300) to Milan, US$ 644 (about Rs 129,300) to Paris, US$ 1,117 (about Rs 224,200) to New York, US$ 1,303 (about Rs 261,500) to Toronto and US$ 966 (about Rs 193,900) to Nairobi.
Special Business Class fares start at US$ 1,283 (approximately Rs 257,500) to Dubai, from US$ 3,127 (about Rs 627,600) to Milan, US$ 2,860 (about Rs 574,000) to Paris, US$ 3,618 (about Rs 726,100) to New York, US$ 3,654 (about Rs 733,300) to Toronto and US$ 2,179 (about Rs 437,300) to Nairobi. All fares in Rupees are subject to the rate of exchange on the day of purchase.
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