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John Keells Foundation mobilizes volunteers for forest restoration

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John Keells Foundation mobilized the first batch of the Group’s staff volunteers in a phased tree planting initiative at the ‘Cinnamon Rainforest Restoration Project’ site at Suduwelipotha, Kalawana, Ratnapura District in proximity to the Sinharaja Forest Reserve, in the lead up to World Environment Day 2022, under the guidance of Vimukthi Weeratuga, Senior Biologist at Cinnamon Nature Trails and Dushy Perera, President of Ruk Rakaganno.

Initiated in June 2021, and relaunched as the ‘Cinnamon Rainforest Restoration Project’ earlier this year, the project is a strategic, multi-sectoral collaboration on environmental and biodiversity conservation undertaken by John Keells Foundation (JKF) – the CSR entity of the John Keells

Holdings PLC (JKH), Cinnamon Hotels & Resorts, Ruk Rakaganno (The Tree Society of Sri Lanka), and Forest Department-Sri Lanka to reforest a degraded 59-acres of Suduwelipotha Forest located in Kalawana with native vegetation which will grow into a forest habitat similar to (and mimic) the adjoining Sinharaja Forest – the largest lowland rainforest in Sri Lanka and a biodiversity hotspot that is designated a World Heritage Site by UNESCO. The project exemplifies the potential of public- private partnerships for collective action on national causes while encouraging employee and community participation in further enhancing the impact generated.

“John Keells Foundation is delighted by the success of this first volunteer initiative under the Cinnamon Rainforest Restoration Project”, said Carmeline Jayasuriya, JKH’s Head of CSR. “Guided volunteer initiatives of this nature are ideal opportunities for generating experiential learning and greater awareness on forest restoration and ecology. The initiative is also very much in line with the theme for World Environment Day 2022 – ‘Only One Earth’ focusing on living sustainably in harmony with nature and exhorting collective environmental action. The enthusiastic participation of volunteers from across the Group, especially in the current challenging context, was very encouraging and more such initiatives are in planning. We will continue to undertake these initiatives in the interest of collective and transformative action for environmental conservation.”

The main task of the volunteers was to transport 580 saplings from the nurseries to the top of the ridge forming a human chain and this was no easy task considering the distance and nature of the hike.

“It was an exhausting task but the unique experience that we gained through the project was definitely worth it all. The bigger cause that we were working towards kept us going even during the few showers of rain that fell upon us during the hike”, said Janith Perera, a volunteer from John Keells Property explaining his experience.

John Keells Group – Confidential

‘Environment’ is one of the six focus areas of John Keells Foundation – the CSR entity of John Keells Holdings PLC (JKH), Sri Lanka’s largest listed conglomerate in the Colombo Stock Exchange operating over 70 companies in 7 diverse industry sectors. With a history of over 150 years, John

Keells Group provides employment to over 14,000 persons and has been ranked as Sri Lanka’s ‘Most Respected Entity’ for the last 15 Years by LMD Magazine. Whilst being a full member of the World Economic Forum and a Participant of the UN Global Compact, JKH drives its CSR vision of “Empowering the Nation for Tomorrow” through John Keells Foundation and through the social entrepreneurship initiative, ‘Plasticcycle’, which is a catalyst in significantly reducing plastic pollution in Sri Lanka.



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Trump announces 25% tariffs on all steel and aluminium imports

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[pic BBC]

President Donald Trump has ordered a 25% import tax on all steel and aluminium entering the US in a major expansion of existing trade barriers.

The tariffs, which will increase the costs of importing the metals into the US, come despite warnings of retaliation from some political leaders in Canada – America’s biggest supplier of the metals – as well as other countries.

US businesses dependent on the imports have also raised concerns, but Trump has said his plans will boost domestic production.

He warned there would be no exceptions, saying he was “simplifying” the rules, which are set to come into effect on 4 March.

“This is a big deal, the beginning of making America rich again,” Trump said.  “Our nation requires steel and aluminium to be made in America, not in foreign lands,” he added.

When asked if tariffs could increase prices for consumers, the US president responded: “Ultimately it will be cheaper.”

“It’s time for our great industries to come back to America…this is the first of many,” he added, suggesting other tariffs could focus on pharmaceuticals and computer chips.

The US is the world’s largest importer of steel, counting Canada, Brazil and Mexico as its top three suppliers.

Canada alone accounted for more than 50% of aluminium imported into the US last year. If the tariffs come into force, they are expected to have the most significant impact on Canada.

Late on Monday, Canada’s Minister of Innovation, Francois-Phillippe Champagne, said the tariffs were “totally unjustified”.

“Canadian steel and aluminium support key industries in the US from defence, shipbuilding, energy to automotive,” Champagne said. “This is making North America more competitive and secure.”

Ahead of the announcement, Ontario premier Doug Ford, whose province is home to much of Canada’s steel production, accused Trump of “shifting goalposts and constant chaos, putting our economy at risk”.

The lobby group for Canadian steel makers called on the Canadian government to retaliate against the US “immediately”, while Kody Blois, a leading MP from Canada’s governing Liberal Party, said his country was looking for ways to reduce its trade relationship with the US.

“This is completely upending what has been a very strong partnership,” he told BBC Newshour ahead of the official order.

Meanwhile, share prices of the major US steel-makers rose on Monday in anticipation of the order, with the price of Cleveland-Cliffs jumping nearly 20%. Prices for steel and aluminium also jumped.

The response in much of the rest of the market was muted, reflecting questions about how serious Trump is about his plans, given his track record of postponing tariffs, or negotiating exemptions to the rules.

In 2018, during his first term, Trump announced tariffs of 25% on steel and 15% on aluminium, but eventually negotiated carve-outs for many countries including Australia, Canada and Mexico.

[BBC]

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‘The devil is in the details’ in electricity sector reforms

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Prof. Asanka Rodrigo: ‘Precision needed in reforms

By Ifham Nizam

Sri Lanka’s electricity sector is undergoing a seismic transformation with the proposed amendments in the Electricity Act No. 36 of 2024. With the primary aim of restructuring the Ceylon Electricity Board (CEB), these reforms promise to reshape the country’s energy landscape. But experts, including Professor Asanka Rodrigo from the Department of Electrical Engineering at the University of Moratuwa, caution that while the reforms hold potential, they could also lead to unintended consequences if not executed with clarity and precision.

The Institution of Engineers, Sri Lanka (IESL) initiated an open dialogue on the Ministry of Energy’s proposed amendments to the Electricity Act. Aiming to engage diverse stakeholders, the workshop titled ‘Power Sector Reforms: IESL Perspective’, was held last Friday at the IESL auditorium.

Rodrigo said that the proposed changes seek to restructure the current CEB into 12 independent entities, including four generation companies, a 100% government-owned National System Operator (NSO), a National Transmission and Network Service (NTNS) company, and four independent distribution companies. This restructuring intends to pave the way for a competitive wholesale electricity market within five years. However, despite the Act’s ambitious goals, the transition remains murky, with critics arguing that it lacks the comprehensive guidelines needed to ensure smooth implementation.

Rodrigo, an authority on electrical engineering, acknowledges the need for reform but emphasizes the importance of strategic planning. “The reform is undoubtedly necessary to foster competition and improve operational efficiency. But the devil is in the details, and right now, we lack the specifics on how to achieve these lofty objectives,” he states. One of his key concerns is the weak clauses within the Act regarding the transformation process, which could potentially undermine the very competition the reforms aim to establish.

In addition to restructuring, the Act also calls for the formation of a National Electricity Advisory Council tasked with advising the minister on energy policy. However, Rodrigo warns that certain provisions may allow for direct ministerial interference in regulatory affairs, raising concerns about the independence of the sector. “While governance should certainly be accountable, excessive ministerial control over the National System Operator is troubling. The sector needs an independent regulator to ensure impartiality and the long-term sustainability of the market,” he says.

The complexities deepen with the concept paper’s more intricate proposal, which suggests creating 14 state-owned companies instead of the initial 12. These include holding companies for generation, transmission, and distribution, along with a company for the CEB fund. Yet, questions remain about the necessity of additional holding companies that do not engage in core electricity sector operations. “Introducing more layers of bureaucracy without clear functions risks complicating the system instead of simplifying it,” he notes. “We need to ensure that each new entity has a distinct role and contributes to sector efficiency rather than creating redundancy.”

Perhaps one of the most contentious proposals is the reduction of the standardized power purchase agreement (SPPA) limit to plants not exceeding 1 MW, down from the current 10 MW. This decision has raised alarms among renewable energy advocates, who fear it will hinder the integration of solar, wind, and other renewable sources into the grid. “Renewable energy investments require stability and long-term planning, says Rodrigo. “By reducing the SPPA limit too drastically, we risk stalling progress and discouraging future investments in renewable energy.”

Rodrigo believes that the country must maintain a balanced approach to renewable energy integration. “While the reduction of the SPPA limit is intended to support smaller-scale projects, it should not come at the expense of larger, more impactful renewable energy investments, he advises. A gradual approach to reducing the SPPA limit, with clear incentives for renewable energy developers, would create a more favorable environment for long-term investment.

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Investor caution over IMF review piles selling pressure on shares

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By Hiran H.Senewiratne

The stock market yesterday witnessed huge selling pressure as local and foreign investors became cautious over the IMF’s next review of the economy and the forthcoming budget that will take place this month, market analysts said.

Amid those developments both indices moved downwards. The All- Share Price Index went down by 168.4 points while S and P SL20 declined by 24.93 points. Turnover stood at Rs 2 billion with the following crossings. Those crossings were reported in Amana Bank, which crossed 8.2 million shares to the tune of Rs 205.9 million; its shares traded at Rs 25, Ambeon Capital 700,000 shares crossed for Rs 21.3 million, its shares traded at Rs 30.50, Hemas Holdings 185,000 shares crossed for Rs 21.3 million; its shares sold at Rs 115.

In the retail market top six companies that mainly contributed to the turnover were; HNB Rs 180 million (538,000 shares traded), Browns Investments Rs 132 million (15.6 million shares traded), Access Engineering Rs 100.6 million (2.4 million shares traded), Melstacope Rs 93.9 million (721,000 shares traded), JAT Holdings Rs 74.9 million (2.6 million shares traded) and LOLC Holdings Rs 72.1 million (105,000 shares traded). During the day 78.5 million share volumes changed hands in 17890 transactions.

It is said that the banking and financial sector counter was the main contributor to the turnover, while the manufacturing sector was the second largest contributor to the turnover. Other sectors also performed but not at a satisfactory level.

Yesterday the rupee was quoted at Rs 297.30/60 to the US dollar in the spot market, weaker from Rs 297.00/50 to the US dollar Friday, dealers said, while bond yields were broadly steady.

A bond maturing on 15.12.2026 was quoted flat at 9.05/10 percent. Bonds maturing on 15.09.2027 and 15.10.2027 were quoted flat at 9.75/85 percent. A bond maturing on 01.05.2027 was quoted at 9.50/60 percent. A bond maturing on 15.02.2028 was quoted at 10.13/16 percent, up from 10.13/15 percent. A bond maturing on 01.05.2028 was quoted flat at 10.25/30 percent. A bond maturing on 15.10.2028 was quoted at 10.40/42 percent, up from 10.38/43 percent. A bond maturing on 15.09.2029 was quoted at 10.80/90 percent, up from 10.80/85 percent. A bond maturing on 15.10.2030 was quoted at 11.26/32 percent, up from 11.25/30 percent.

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