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Sri Lanka – China business zone launched

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The formal inauguration of the 920-acre Sri Lanka-China Business Zone, established in Xinping Province, China to facilitate Sri Lankan entrepreneurs to expand their business operations in China, was held at the Jasmine Ballroom of the Bandaranaike Memorial International Conference Hall (BMICH) recently.

The initiative was organized by the Chairman of the Sri Lanka-China Business Council, Mr. Herbie Silva, and the Secretary of the Council, Ms. Sharmila Fernando, and the Council’s Business Finance and Management Advisor, Mr. Nipuna Wahalathanthrige. Distinguished representatives of the Sri Lankan government who attended the ceremony included the Secretary to the State Ministry of Defence, Retired Air Vice Marshal Sampath Thuyacontha; the Secretary to the Ministry of Fisheries, Mr. Sampath Mantrinayake; and the General Manager of the Fisheries Corporation, Mr. Mudalige Janaka Prasanna.

The ceremony was attended by high-ranking Chinese government officials, prominent Chinese investors, and a significant number of Sri Lankan entrepreneurs and business leaders. The discussions highlighted the mutual commitment to strengthening trade and economic cooperation between the two countries. It was emphasized that under the proposed business agreements, China will expand business opportunities for Sri Lankan entrepreneurs by providing financial assistance, technical assistance, and extensive infrastructure facilities.

The Chinese delegation included a group of distinguished representatives, including:
Mr. Li Jie, Deputy Director of Yuxi Investment Promotion Bureau, Mr. Shi Shufeng, Deputy General Manager of Yuxi Industrial Information Corporation Limited, Mr. Yang Shufeng, Deputy Commissioner of the Xining County Party Committee and Deputy Governor of the People’s Government of the Republic of China, Mr. Shi Shifu, Deputy Director of Xining Industrial Park Management Committee, Mr. Liu Jiaxi, Director of Xining County Investment Promotion Bureau, and Mr. Li Quan, Head of Yuxi Investment Promotion Bureau.

Mr. Herbie Silva, Chairman of the Sri Lanka-China Business Council, welcomed the participants and explained the investment strategy behind the establishment of the business zone. Retired Air Vice Marshal Sampath Thuyacontha, who was the special guest, expressed his gratitude to the Sri Lanka-China Business Council and the Chinese Government for creating this opportunity for Sri Lankan entrepreneurs.

During the event, representatives of the Chinese Government outlined the extensive facilities provided to Sri Lankan entrepreneurs in China. Ms. Sharmila Fernando provided insight into specific opportunities accessible to Sri Lankan businesses, while Mr. Nipuna Wahalathanthrige outlined a strategic roadmap for integrating local entrepreneurs into the global market.

A major highlight of the event was the signing of non-binding agreements aimed at facilitating cross-border trade and investment. For this initiative, TEMCO Cooperative Bank was selected as the official infrastructure provider to support Sri Lankan entrepreneurs in international markets and Dr. Ishantha Siribaddana, Chairman of TEMCO Banks Society, signed an agreement with the Sri Lanka China Trade Corridor. TEMCO Bank pledged to provide essential financial services to facilitate business links between Sri Lanka and China.

In addition, Mr. Gamini Kannangara, Chairman of Trico Logistics, formalized agreements with Chinese Business Assosiations AMCOT and ANLAN to streamline the export of finished goods from Sri Lankan entrepreneurs by ensuring the import of necessary raw materials and accessories. Furthermore, Mr. Nishantha Jayasuriya, CEO of CEC Agromart Sri Lanka, and Dr. Shammi Kumar, Director of Hiru Jaya Plantations, also signed MoUs to promote cooperation in the fields of agriculture, cash crop cultivation, tourism agriculture and green forestry.

Commenting on the importance of an entrepreneur’s contribution to a country’s economic stability, Mr. Nipuna Wahalathanthrige emphasized that entrepreneurs play a vital role in national development by producing what the country needs, thereby generating income, creating jobs and contributing to government tax revenue. He further stated that amidst a transformative political and economic landscape for the entire world and Sri Lanka, Sri Lanka would benefit immensely from utilizing the financial and infrastructure support provided by China, the world’s leading economic power.

The launch of the Sri Lanka-China Business Zone marks a significant milestone in bilateral economic relations, and aims to provide a dynamic platform for Sri Lankan entrepreneurs to thrive in international markets, while strengthening Sri Lanka’s position in the global trading arena.

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DHL suspends high value US deliveries over tariffs

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DHL Express is suspending deliveries to the US worth more than $800 (£603) because of a “significant increase” in red tape at customs following the introduction of Donald Trump’s new tariff regime.

The delivery giant said it will temporarily stop shipments from companies in all countries to American consumers on Monday “until further notice”.

It added that business-to-business shipments will still go ahead, “though they may also face delays”.

Previously, packages worth up to $2,500 could enter the US with minimal paperwork but due to tighter customs checks that came into force alongside Trump’s tariffs earlier this month, the threshold has been lowered.

DHL said that the change “has caused a surge in formal customs clearances, which we are handling around the clock”.

It said that while it is working to “scale up and manage this increase, shipments worth over $800, regardless of origin, may experience multi-day delays”.

The company said it will still deliver packages worth less than $800, which can be sent to the US with minimal checks.

But the White House is set to clamp down on deliveries under $800 – specifically those sent from China and Hong Kong – on 2 May when it closes a loophole allowing low-value packages to enter the US without incurring any duties.

The removal of the so-called “de minimis” rule will impact the likes of the fast-fashion firm Shein and Temu, the low-cost retail giant.

Shein and Temu have both warned that they will increase prices “due to recent changes in global trade rules and tariffs”.

The Trump administration has claimed that “many shippers” in China “hide illicit substances and conceal the true contents of shipments sent to the US through deceptive shipping practices”.

Under an excutive order, the White House said the measures were aimed at “addressing the synthetic opioid supply chain” which it said “play a significant role in the synthetic opioid crisis in the US”.

Beijing has said that the opioid fentanyl is a “US problem” and China has the strictest drug policies in the world.

Last week, Hongkong Post said it was suspending packages sent to the US by sea and, from 27 April, would stop accepting parcels destined for America.

It said: “The US is unreasonable, bullying and imposing tariffs abusively.”

(BBC News)

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SriLankan retired cabin crew recalled amid ‘work to rule’ campaign

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According to reports, the SriLankan Airlines’ management has decided to immediately call up retired cabin crew members to service, following the ‘work to rule’ campaign launched by the Cabin Crew Members Association.

The SriLankan Airlines Cabin Crew Members Association launched a ‘work to rule’ campaign in April, citing several demands, including the reallocation of their onboard meal allowance.

In this backdrop, the national carrier is said to be operating with a reduced number of cabin crew which was further affected by the recent retirement of a significant number of experienced senior staff.

The staff were retired stating that individuals over the age of 60 would no longer be retained.

Efforts to extend the retirement age had been unsuccessful. 

Even though they had directed a formal request to President Anura Kumara Dissanayake on Dec. 12, 2024, no response was received, reports add.

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Google has illegal advertising monopoly, judge rules

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A US judge has ruled tech giant Google has a monopoly in online advertising technology.

The US Department of Justice, along with 17 US states, sued Google, arguing the tech giant was illegally dominating the technology which determines which adverts should be placed online and where.

This is the second antitrust case Google has lost in a year, after it was ruled the company also had a monopoly on online search.

Google said it would appeal against the decision.

“Publishers have many options and they choose Google because our ad tech tools are simple, affordable and effective,” the firm’s head of regulatory affairs Lee-Ann Mulholland said.

US district judge Leonie Brinkema said in the ruling Google had “wilfully engaged in a series of anticompetitive acts” which enabled it to “acquire and maintain monopoly power” in the market.

“This exclusionary conduct substantially harmed Google’s publisher customers, the competitive process, and, ultimately, consumers of information on the open web,” she said.

Google lost on two counts, while a third was dismissed.

“We won half of this case and we will appeal the other half,” Ms Mulholland said.

“The court found that our advertiser tools and our acquisitions, such as DoubleClick, don’t harm competition.”

The ruling is a significant win for US antitrust enforcers, according to Laura Phillips-Sawyer, a professor at the University of Georgia School of Law.

“It signals that not only are agencies willing to prosecute but also that judges are willing to enforce the law against big tech firms,” she said.

She said the verdict sets an important legal precedent and is likely to affect decision-making in corporate America.

Google’s lawyers had argued the case focused too much on its past activities, and prosecutors ignored other large ad tech providers such as Amazon.

“Google has repeatedly used its market power to self-preference its own products, stifling innovation and depriving premium publishers worldwide of critical revenue needed to sustain high-quality journalism and entertainment,” said Jason Kint, head of Digital Content Next, a trade association representing online publishers.

(BBC News)

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