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US wants President Gotabaya to fulfill promises made at his inauguration

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…Pompeo blames Easter Sunday attacks on ISIS

Referring to President Gotabaya Rajapaksa’s inaugural speech in Anuradhapura in last November, US Secretary of State Michael Pompeo yesterday (28) said that the US expected Sri Lanka to take tangible measures to promote accountability, justice, and reconciliation.

Addressing the media at the Foreign Ministry after having met President Gotabaya Rajapaksa and Foreign Minister Dinesh Gunawardena, Pompeo reminded that President Rajapaksa stated he was the president of all citizens, not of only those who voted for him. Pompeo said: “And as our two nations move forward, the United States is counting on those words to hold true. We fully expect that Sri Lanka will fulfill its pledges to take meaningful, concrete steps to promote accountability, justice, and reconciliation.”

The Secretary of State said: “My overall message in both engagements was very clear: The United States seeks to strengthen our partnership with democratic, peaceful, prosperous, and fully sovereign Sri Lanka. Our new embassy, for instance, is nearing completion. It’s a sign of our commitment to the country and to the people of Sri Lanka, and we of course spend a good deal of time talking about our cooperation in defeating the pandemic that came from Wuhan, China.

The United States has donated now just over $6 million in COVID assistance to Sri Lanka, and early in the pandemic, Sri Lankan factories and garment manufacturers quickly filled hundreds – hundreds of orders for high-quality PPE, and we are grateful for this output which saved American lives. Thank you so much.

President Trump is working hard with our private sector to develop vaccines and therapeutics to beat this virus and benefit our peoples and indeed the peoples of the entire world. We’ll need the power of private industry to regain our economic footing now and in the future, and we look forward to working with the people of Sri Lanka on that matter.

We talked about this a great deal. We talked about our economic relationship, great American companies that are here today. Brands like Coke and Oracle and IBM are here certifying – or excuse me, creating high-quality jobs. These American companies are the most reliable partners on the planet. They’re accountable to the law, they’re transparent, they’re assets to the communities in which they operate.

And as I conveyed today, good governance, transparency in policy consistently will attract even more American investment. Those principles are deeply consistent with Sri Lanka’s history, its heritage as the oldest democracy in Asia.

We also had a wide-ranging discussion on our security cooperation which helps keep some of the world’s most vital sea lanes open, as the minister recognized, in addition to our joint trainings. I’m proud that Sri Lankan officers received training at the United States institutions like West Point, my alma mater, and I’m also proud the United States has donated two Coast Guard cutters that are now Sri Lanka’s navy patrolling your waters.

Indeed, a strong, sovereign Sri Lanka is a powerful and strategic partner for the United States on the world stage. It can be a beacon for a free and open Indo-Pacific.

Look, that’s quite a contrast to what China seeks. We see from bad deals, violations of sovereignty and lawlessness on land and sea that the Chinese Communist Party is a predator, and the United States comes in a different way. We come as a friend and as a partner.

Finally, this afternoon, I’ll travel – it’s important for me to take a moment to go and visit the Shrine of St. Anthony, one of the five sites that were attacked by ISIS on Easter Sunday of 2019. I’ll shortly have the chance to pay my respects to the hundreds of victims of evil terrorists, including five Americans. I’m proud that the State Department has offered substantial counterterrorism assistance to help Sri Lankans bring killers of Americans and their own people to justice. These Easter Sunday attacks represent the kind of sectarianism that Sri Lankans are ready to leave behind forever. Sri Lankans of all backgrounds – Buddhists, Hindus, Christians and Muslims alike – want a peaceful nation where their human rights are respected.

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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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