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SLCFA requests new Chinese ambassador to adhere to Zhou Enlai’s Eight Principles for Economic Aid and Technical Assistance in Sri Lanka

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The appointment of an experienced Chinese diplomat as the Chinese ambassador to Sri Lanka was welcome at a time when distant powers along with their regional allies were trying to militarise the Indian Ocean, Sri Lanka – China Friendship Association (SLCFA) has said welcoming Ambassador Qi Zhenhong to the country.

Excperts of the SLCFA message: “Ambassador Qi Zhenhong headed the China Institute of International Studies, a premier International Relations Think Tank in China, and thus has an excellent understanding of the complex realities in the Indian Ocean. Hence we could expect the new Ambassador to be well aware that when former Sri Lankan Prime Minister Sirimavo Bandarnaike took the lead in making the UN declare the Indian Ocean a Zone of Peace, and when Chairman Mao Zedong was the Core of the Chinese Nation and Premier Zhou Enlai guided the international relations, that China was the main supporter of the proposal and galvanized the members of the Non-Aligned Movement (NAM),” President of the SLCFA Ananda Goonatilleke said issuing a press release.

 Ambassador Qi Zhenhong takes charge at a time when the actions of USA, India and several other countries are rapidly militarizing the Indian Ocean and is applying pressure on smaller nations to come into agreements that are against the non-aligned principals. The increasing militarization of the Indian Ocean does not bode well for international cooperation and world peace as most of the world’s trade passes through this region and the increased military presence of one group would invite a counterforce of relative size. Realizing the dangers of this development, President Rajapaksa has also expressed his desire of making Indian Ocean a Zone of Peace and SLCFA hopes that Ambassador Qi Zhenhong takes the initiative in helping Sri Lanka achieve this objective.

“People of Sri Lanka have warm feelings towards China not only because it has assisted us in economic, security and diplomatic fields at our hours of need but also because it has inspired Sri Lanka to remain nonaligned and also without being a strategic partner of any foreign power. Though China is geographically a distant country, it has been the blood brother of our people more than any of Sri Lanka’s close neighbors, fundamentally because of her socialist, anti-hegemonic national principles and foreign policy strictly based on Five Principles of Peaceful Coexistence,” he said.

In economic relations, the SLCFA most earnestly requested Ambassador Qi Zhenhong to consider possibilities of implementing the world renowned “Chinese Government’s Eight Principles for Economic Aid and Technical Assistance” in Sri Lanka, earlier proclaimed by Premier Zhou Enlai on January 15th 1964 in Africa (Ghana). Such an economic principle coupled with anti-hegemonic foreign policy would definitely reestablish warm feelings within our people to withstand any alien conspiracy launched to stigmatize friendship between our two peoples.             

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There’s nothing prescribed as Parliament has failed to enact legislation for contempt of court — Sumanthiran

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TNA MP M. A. Sumanthiran, in an intervention in Parliament, said he was privileged to appear for Ranjan Ramanayake, a clean, honest politician in the Supreme Court and he was proud of that.

Nevertheless, Ranjan Ramanayake was convicted and sentenced. The sentence of four years’ rigorous imprisonment was unprecedented and exceptionally severe, and Parliament has a responsibility in this regard because we have not enacted a law for contempt of court, the MP noted.

At the outset, he said, “I want to flag one or two issues concerning the responsibility of the Parliament in this regard. But before I do that I am bound by law and tradition to disclose my interest in the matter. I am the counsel who appeared for Hon. Ranjan Ramanayake in the Supreme Court”.

This has an implication to the article in the constitution that the Hon. Leader of the Opposition just mentioned because it says for an offense for which the prescribed punishment is two years or more. But there’s nothing prescribed, nothing prescribed in the law because for long Parliament has failed to enact legislation for contempt of court, the TNA MP said.

Although there had been in the public as well, a lot of instances where drafts have been made, we have not done that – that is one. And by failing to do that, it has been like the freedom of the wild ass; anything can be given as a sentence and that is not a good thing.  I don’t want to go into the merits of the case or anything like that, but in this case Parliament has to take steps, to enact a law, he further said.

English law is supposed to be the substantive law because we don’t have a statute law now, and in English law itself scandalizing the court is no longer an offence of contempt of court. But unfortunately the court disregarded that, and has misdirected itself – that’s my position, Sumanthiran continued.

“But I want to bring to your notice a serious lacuna in the law with regard to a statue for contempt of court that has resulted in this unprecedented injustice to an honest Member of Parliament”, he added.

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Colombo share market gallops to all time highs

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The Colombo Stock Exchange (CSE) galloped last week with the benchmark All Share Price Index (ASPI) hitting an all time high on Monday and improving on that performance on subsequent trading days to close the week at 8,463 points on Friday. The more liquid S&P Index that normally trails the ASPI also gained sharply though less so than the benchmark index.

Brokers and analysts attributed the surge to prevailing low interest rates and said that people holding funds in fixed interest instruments have seen greater potential in the stock market and have so far not been proved wrong.

“Take the case of vehicle importers,” said one businessman. “With imports disallowed, cash that would have been once used to replenish inventory becomes available for investment elsewhere. The stock market is a magnet for such funds.”

Also, many companies have resorted to a share split strategy to make their shares both more liquid and more affordable on the market.

“Take the example of a fifty-rupee share split into two. Theoretically, it should then trade at Rs. 25 a share after the split. But often it does better than that at no cost to the company that had split the share because its stated capital remains what it was,” explained and analyst.

“It’s different in the case of bonus shares or scrip issues as they are called where reserves are capitalized to pay for the new shares priced at realistic values.”

Last week the Hayleys conglomerate announced share splits in over a dozen group companies. These ranged from each share being split into ten in the parent company (Hayleys) and thriving subsidiaries like Haycarb and Dipped Products while other companies like Kingsbury split a share into two.

Brokers and analysts said that the current market surge was largely driven by the Dhammika Perera controlled Hayleys and the Ishara Nanayakkara controlled LOLC groups.

Last week Hayleys announced over a dozen share splits including in its recently acquired Singer Group companies. The majority of these involved dividing each share into two though at Singer Sri Lanka each share will be split into three.

The biggest share split ever proposed is one that is pending at EB Creasy (EBC) where each share is to be split into 100. The seldom traded EBC share is quoted at the top end of the CSE sharelist. Analysts said the massive split is intended to pump liquidity into the share and make it more affordable.

“There’s a lot of retail play in the market right now with new investors who recently took some risk doing very nicely in this bull run,” a broker said.

The CSE hit rock bottom after a seven-week closure in March last year.

 

 

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Covid-19 has now spread geographically across SL

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In small numbers to an extensive region

Pandemic situation in Western Province improves

by Suresh Perera

Though there are no big Covid-19 clusters at present, the dreaded virus has spread geographically across the country due to the unrestricted movement of people, a senior medical official said.

“The transmission of the contagion in small numbers to an extensive region was inevitable in a society which remains ‘open’ with inter-provincial travel happening on a daily basis”, says Dr. Hemantha Herath, Deputy Director of Public Health Services.

He said the spillover from the Western province was expected as there was an outflow of people to other districts particularly during the festive season.

“I am not blaming anybody, but a lockdown was not viable when taking into account the economic consequences and the livelihoods of the people. We could have imposed a curfew to restrict travel during the New Year, but we have to consider the fallout of such a measure”, he noted.

It true that geographically numbers have increased within a wide area, but the numbers are small and there are no big clusters as seen at Minuwangoda and Peliyagoda, the senior medical official explained.

Asked whether the pandemic has translated into a community spread as considerable positive cases continue to emerge on a daily basis, Dr. Herath replied, “no, that has not happened. If the Covid-19 situation was beyond control, we would have made a social and community transmission declaration”.

He said the pandemic situation in the Western province has improved with a dip in positive cases. However, the spillover is evident by the jump in figures at provincial level.

“We knew there was a risk, but we had to take it as locking down the country was not the solution

For example, if a Covid-19 patient infects two persons per day, there will be 200 positive cases within 100 days and one can imagine the critical situation that will emerge if the trend is allowed to continue, Dr. Herath continued.

“We are now managing under 1,000 cases per day”, he said, while assuring that the right mechanism is in place to identify positive cases through PCR and rapid antigen screening and place them under medical treatment, isolate and quarantine first contacts of patients”, he further said.

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