News
Major Chinese conglomerate involved in Colombo Port City among targeted orgs – US embassy, Colombo

The US embassy in Colombo yesterday (4) announced punitive action taken against China Communications Construction Company Limited (CCCC) engaged in building Colombo Port City. According to the statement the US State Department imposed sanctions on Aug 26, 2020. China Harbour Engineering Company (CHEC) which runs the Colombo Port City project is part of CCCC.
The following is the text of statement issued by the embassy: On August 26, the U.S. Department of State imposed visa restrictions on People’s Republic of China (PRC) individuals responsible for, or complicit in, either the large-scale reclamation, construction, or militarisation of disputed outposts in the South China Sea, or the PRC’s use of coercion against Southeast Asian claimants to inhibit their access to offshore resources.
These individuals will now be inadmissible into the United States, and their immediate family members may be subject to these visa restrictions as well. In addition, the Department of Commerce has added 24 PRC state-owned enterprises to the Entity List, including several subsidiaries of China Communications Construction Company (CCCC). Under these sanctions, certain U.S.-origin items may require a license subject to Export Administration Regulations (EAR) before they can be provided to companies on the Entity List.
Since 2013, the PRC has used its state-owned enterprises to dredge and unlawfully reclaim more than 3,000 acres in the South China Sea, destabilizing the region, trampling on the sovereign rights of its neighbors, and causing untold environmental devastation. CCCC led the destructive dredging of the PRC’s South China Sea outposts and is also one of the leading contractors used by Beijing in its global Belt and Road Initiative (BRI) strategy. CCCC and its subsidiaries have engaged in corruption, predatory financing, environmental destruction, and other abuses across the world.
These sanctions are targeted at PRC entities and the United States further encourages countries to manage risk when dealing with CCCC and its subsidiaries. CCCC has done untold environmental damage, been involved with malign actions around the world, and caused instability in the Indo-Pacific.
The United State hopes countries will examine their dealings with CCCC to guard against the company’s abuses, and to protect their own sovereignty and interests.”
Latest News
Navy seize two Indian fishing boats poaching in Sri Lankan waters north of Mannar

The Sri Lanka Navy seized two [02] Indian fishing boats and apprehended 14 Indian fishermen while they were poaching in Sri Lankan waters, during a special operation conducted in the sea area north of Mannar in the dark hours of 08 Feb 25.
The seized boats together with the fourteen Indian fishermen were brought to the Iranativu Island and they were to be handed over to the Assistant Directorate of Fisheries, Kilinochchi for onward legal proceedings.
Latest News
Islandwide power outage

A sudden power cut has been reported across the island.
Accordingly, the Ceylon Electricity Board (CEB) said steps are being taken to restore the power supply.
Business
President invites exporters to rise again from the economic setback

President Anura Kumar Disanayake invited Sri Lankan exporters to rebuild and thrive on a robust economic foundation.
The President emphasized that our country faces the challenge of capturing market share from a position of relative weakness. He pointed out that, to overcome this, external support had to be sought. In this regard, he highlighted that the government is prepared to provide assistance for recovery based on the current economic stability.
President Anura Kumar Disanayake made these remarks at the 26th Presidential Export Awards Ceremony.
The 26th Presidential Export Awards, organized by the Sri Lanka Export Development Board (EDB), was held on Friday (07) at the Bandaranaike Memorial International Conference Hall (BMICH) under the patronage of President Anura Kumar Disanayake.
The main objective of the awards ceremony is to recognize exporters who have made significant contributions to the economic development of Sri Lanka.
The Presidential Export Award, presented by the President, is the highest honour for Sri Lankan exporters who have made significant contributions to the export sector and economic development.
The Presidential Export Awards program, initiated by the EDB in 1981, has been held annually to recognize Sri Lanka’s top exporters. The awards ceremony for the 2023/24 financial year took place this year.
A total of 14 major awards and 51 awards in the categories of production and services were presented, with recipients gaining the opportunity to use the Presidential Export Award logo as a marketing tool for three years.
President Anura Kumar Disanayake further emphasized the critical importance of the trust placed in Sri Lanka by international economic stakeholders to stabilize the country’s economy. He noted that the global market economy is interconnected, not entirely independent.
He further pointed out that the primary challenge facing Sri Lanka is securing a substantial share of the market amidst the current global division of markets and the ongoing competition to reclaim market shares.
President Anura Kumar Disanayake noted that the global market has become an interconnected network. He emphasized that in order for the country to become a key participant in this market, it must engage in trade agreements that are beneficial to Sri Lanka. He cautioned that aggressive, reckless approaches to market penetration would not be successful, stressing the need for strategic, thoughtful engagement.
The President further stated that the government is already taking steps to provide the necessary technical support for Sri Lankan exporters to enter the market with high-quality products. He highlighted the government’s focus on supplying new goods and services in response to global changes, in line with international market trends.
Regarding the reduction of electricity bills, the President mentioned that the government is prioritizing renewable energy sources to maintain long-term stability in energy costs. He added that efforts are underway to lower costs and ensure stable pricing over the next few years.
President Disanayake also emphasized that the government is committed to playing a pivotal role in advancing the nation’s economy to new heights. He noted that even small or misguided decisions can have significant negative impacts on the economy, and therefore, decisions regarding the economy must be made with great caution and foresight.
In his remarks, the President assured that the government is fully committed to fulfilling exporters’ requests, which are vital to strengthening the nation’s economy and maintaining a strong economic foundation.
Finally, the President invited Sri Lankan exporters to unite in strengthening the economy, stressing the importance of collaboration and mutual understanding to navigate the challenges of economic recovery and growth effectively.
The ceremony was attended by several distinguished individuals, including Minister of Industry and Entrepreneurship Development Sunil Handunnetti, Minister of Labour and Deputy Minister of Economic Development Anil Jayantha Fernando, Minister of Energy Kumara Jayakody, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, Secretary to the Ministry of Industry and Entrepreneurship Development Thilaka Jayasundara, Chairman and Chief Executive of the Export Development Board of Sri Lanka Mangala Wijesinghe, Chairman of the Ceylon Chamber of Commerce Duminda Hulangamuwa, along with various Ministers, Deputy Ministers, Parliamentarians, foreign diplomats, Secretaries to the Ministries, and members of the EDB.
[PMD]
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