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Chamber of Mineral Exporters launched

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The Chamber of Mineral Exporters (CME Chamber) was officially launched as a collaborative initiative comprising prominent companies in Sri Lanka who mine, process, add value, and export minerals and mineral-based products.

The Executive Committee of the CME comprises Mr. Amila Jayasinghe – Chairman / Director Bogola Graphite Lanka PLC, Mr. A F M Farook – Vice Chairman / Director  CeyQuartz  MBI (Pvt) Ltd ,  Dr. Sandun Dalpatadu – Secretary / Director  Damsila Resources (Pvt) Ltd., Mr. Yaasir Nizam – Treasurer / Director Mirama Quartz Industries (Pvt) Ltd , Mr. Fahim Naufal – Director Alchemy Heavy Metals (Pvt) Ltd. and  Ms. Udesha Bopitiya – Director Lanmic Exports (Pvt) Ltd.

Speaking at the inauguration of the CME, Amila Jayasinghe said they are dedicated to:

·         Enhancing and advancing the mineral resource industry in the country.

·         Collectively addressing and enhancing the value addition for local minerals.

·         Collectively addressing the challenges faced by the industry.

“The Chamber aims to utilize Sri Lanka’s mineral resources for economic growth, employment, and sustainable development. It marks a milestone by uniting key exporters towards a vibrant mineral resource industry. The minerals available in Sri Lanka present an opportunity to increase the country’s international market presence to expand its global footprint. The Chamber aims to drive growth, innovation, and sustainable development in the mineral resource industry by leveraging resources effectively. ” said Chairman Amila Jayasinghe.

Vice Chairman A F M Farook , said that the goals and objectives of the Chamber are to :

·         Position the mineral industry as a major export revenue generator for Sri Lanka

·         Establish partnerships and encourage investments to boost foreign exchange earnings and overall economic growth.

·         Propel the mineral industry to new heights, creating employment and enhancing competitiveness in the global market.

·         Work with the public sector to develop long-term policies for sustainable development and responsible mining practices.

·         Partner with state and non-state organizations for eco-friendly practices, sustainable mining, and preserving natural resources for future generations.

Jayasinghe went on to explain the manner in which the benefits of their industry could be channeled back to the country, due to the collaborative efforts of their association. He also said that due to the many hurdles and impediments in their way, the progress of the industry was greatly hampered , some of these being : 

·         Rapid policy changes, inconsistent regulations, and tax laws affecting investment decisions and long-term planning.

·         Political instability which leads to delays in decision-making and infrastructure projects.

·         Heightened sovereign risk impacting investor confidence, borrowing costs, and currency fluctuations.

·         Lengthy and complex regulatory processes which slow down projects and increase costs.

·         Unfounded/baseless environmental and social concerns causing project delays due to opposition.

·         Volatile global commodity prices and demands which affect  revenue and profitability.

·         Geopolitical developments which add complexity, including changes in trade policies, tariffs, and international relations.

The newly formed CME called on the government to assist the industry, thereby boosting the country’s economy by implementing the following: 

·         Establishing transparent and consistent policies and regulations for mining and exports.

·         Have independent oversight bodies that implement a strong regulatory framework with clear guidelines and regular audits to monitor compliance and identify corrupt practices.

·         Simplifying and streamlining the permitting and licensing process for mineral exports using online platforms utilizing digital technologies (e.g., blockchain technology) and having one-stop service facilities.

·         Encouraging public-private partnerships in state-owned mineral enterprises for transparency and accountability.

The CME together with it’s members will work towards not only enhancing the efficiency and competitiveness of Sri Lanka’s mineral resource industry but will also contribute to the creation of high-value job opportunities and knowledge transfer, while maximizing the value addition locally to the minerals to ensure maximum retention of value for Sri Lanka

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Standard egg prices to be announced daily via SMS

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Chairman of the All-Ceylon Egg Producers’ Association, R.M. Sarath Rathnayake has said new measures to announce daily standardized egg prices will be introduced from next Monday (June 23) to ensure fair pricing for consumers.

The prices covering wholesale, retail, and intermediary rates will be communicated daily at 5.00am via SMS to small, medium, and large-scale egg producers, as well as bakery owners, food manufacturers, and hotels through the number 070-7030700.

He warned of recent practices where eggs were bought at Rs.15-18 and stockpiled, stating such actions will no longer be tolerated.

He also criticized groups posing as “egg associations” without actual farming experience.

The cost of producing an egg is around Rs.28 for large farms, Rs.29-30 for medium range farms, and Rs.32 for small-scale producers, he further said.

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16 bn. Apple, Facebook, Google passwords exposed

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A staggering 16 billion passwords to Apple, Facebook, Google, and various US government services have been leaked online, triggering global security alerts in what experts are calling the most significant data breach in history.

The mammoth security breach has forced Google to urge billions of users to change their passwords immediately.

At the same time, the FBI has issued warnings to Americans about opening suspicious links in SMS messages.

Cybersecurity experts at Cybernews, who investigated the breach, discovered a whopping 30 exposed datasets containing between tens of millions and over 3.5 billion records each.

Perhaps most alarmingly, researchers confirmed that nearly all these exposed datasets contain previously unreported information, making this an entirely fresh security crisis.

“This is not just a leak – it’s a blueprint for mass exploitation,” the researchers said via Forbes this week.

(news.com.au)

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New chairman appointed to CSE

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Dimuthu Abeyesekera has been appointed as the new Chairman of the Colombo Stock Exchange (CSE).

The CSE announced that Mr. Abeyesekera brings over 35 years of experience in the capital markets and has served on the CSE Board for the past six years.

He currently serves as the Director/CEO of Asha Securities Ltd, which is affiliated with Phillip Capital Singapore, a specialized financial services organization managing assets worth over US$ 35 billion with a network of offices around the world.

Abeysekera also currently serves as the Director at Asha Financial Services Ltd, a specialised margin Trading Company in Colombo.

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