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Sunday, January 26, 2025

(JVP) General Secretary Tilvin Silva in an interview with the Sunday Observer

Janatha Vimukthi Peramuna (JVP) General Secretary Tilvin Silva in an interview with the Sunday Observer shared his perspectives on the current political developments in the country and the Government’s way forward. He said during its short tenure in office, the Government has put an end to the corrupt political culture which swindled public funds, creating an administration which is free from fraud and corruption. The people have realised that the Government has fulfilled an enormous task to get the country out of the crisis, giving every possible relief to the people.


Excerpts of the interview

Q: Around five months have passed since President Anura Kumara Dissanayake was elected and around two months since the National People’s Power (NPP) Government was set up with a two-thirds majority. In retrospect, what is your assessment of the progress made so far?

A: Our political opponents level criticisms thinking that the NPP Government was formed three to four years ago. This Government was set up two months ago. The people have realised that the Government has fulfilled an enormous task within its short tenure in office. We have worked hard to get the country out of the crisis. On the other hand, some relief measures have been given to the people. The biggest task we made was to end the corrupt political culture which swindled public funds creating an administration which is free from fraud and corruption. We have minimised waste of public funds. We have stopped the practice of politicians being above the people. At present, people don’t see any politicians going along with so many security personnel and backup vehicles, and this is a big change.

Our political opponents said that if an NPP Government comes to power, we won’t get any foreign assistance or aid and we will lack international connections. We have practically proven during the past two to three months that the NPP Government has received the highest number of foreign aid and investments. Countries worldwide have accepted that we are a democratic Government, free from fraud and corruption. Therefore, countries such as China, India and many other countries have decided to help us. We have already given much relief to the people and steps were also taken to reduce electricity tariffs. If there are few shortcomings, the Government has done a lot during this short tenure in office.

Q: What are the benefits that the country will gain by the President’s recent visits to India and China? How does the Government intend to balance these two giant regional powers without taking anyone’s side?

A: We have a good political understanding on their strengths and contradictions between two countries. When the President went to India, he categorically said that we would not allow anything to happen in Sri Lankan territorial waters which would pose any threat to India’s national security but we didn’t bow down before India. However, we strengthened our bilateral ties with India. India has pledged to extend its support to our digitisation project and poverty eradication drive. In addition, we have obtained nearly a US$ 400 million loan from India to upgrade our railway signalling system. They have agreed to write it off and turn it into a donation. The President’s Chinese visit was also a very fruitful in that 15 MoUs were signed. The biggest was the US$ 3.7 billion investment in an oil refinery project in Sri Lanka. China has also donated 500 million Yuan which can be used in our projects. Recently, we met a large number of foreign Ambassadors including those from Australia, US and UK and they pledged support to us. They have seriously taken into consideration that the Government has checked violence, racism and created an administration free from fraud and corruption.

Q: Nabbing corrupt persons associated with past regimes was one of the main promises of the NPP Government. Yet, critics say that apart from a few illegal vehicle assembly cases, no substantial charges have been brought against any politician. What is the reason for the delay?

A: Whoever has committed any wrongdoing, the law will be implemented against them regardless of their positions. Those who made a big hue and cry saying that the culprits are not brought to book, now say that the Government takes revenge against its political opponents. A former Minister of the Kurunegala district was arrested in a case of alleged misappropriation of public funds which had occurred over ten years ago. When that arrest was made, his friends and close associates went before the media and said that the Government has resorted to taking revenge from its opponents. We have given full freedom to the law enforcement authorities to conduct their investigations.

Q: Likewise, there are accusations that this Government also is not making much headway regarding the Easter Sunday attacks’ probe and also the killings of journalists such as Lasantha Wickrematunge and the disappearance of journalist Prageeth Eknaligoda under past regimes. What is the reason for this delay?

A: Steps should be taken regarding these incidents. As we all are aware, these are very complex issues because the Governments in power at that time were connected to these incidents. If ordinary citizens had committed such offences, we should have implemented the law against them. The investigations into the Easter Sunday carnage had revealed that some former intelligence and Army officers had also got involved in those incidents and some of that information had been distorted and concealed. However, the investigations are continuing and I hope we will be able to reveal the truth soon.

As for Lasantha Wickrematunge’s assassination, the information on those investigations has been distorted. His assassination took place before 2015 and a new Government came to power in 2015 and it didn’t take any action in that regard. Then Gotabaya Rajapaksa Government came to power in 2019 and they took every possible measure to distort and conceal that evidence. Amid these hardships, we will continue investigations and hope we could bring all those culprits who were connected to those crimes to book.

Countries worldwide have accepted that we are a democratic Government

Q: Reducing the Cost of Living was a main campaign plank of the NPP and indeed, the Government has managed to bring down power tariffs. However, it has not substantially reduced fuel prices. What is the reason for this?

A: The Government has given a 20 percent reduction in electricity tariffs to consumers and 30 percent to industries. Accordingly, the rates of all services and industries should come down and we will monitor that closely. We have given a series of relief measures to the poorer segment of the society. The amount of money given under the Aswesuma program and its beneficiaries has been increased. In addition, nearly 1.3 million children have been given an allowance of Rs.6,000 each to purchase school stationery while Rs.60 provided for a preschool student on meal has been increased up to Rs.100. A fuel price formula was introduced earlier and the state monopoly of distributing fuel was given up in the recent past.

The distribution of fuel was also given to Sinopec and IOC. At present, fuel is imported and distributed by CPC, Sinopec and IOC. Therefore, the price is decided based on the cost incurred by these three companies to import fuel. However, a situation has been created where the Government is not in a position to decide on the fuel prices. The fuel price is decided on based on the price formula and if the fuel is sold by the CPC below that price, Sinopec and IOC will also follow suit. Then the Government will have to provide the loss they incur due to selling fuel at lower prices. At present, there is an issue as the Government is not in a position to do that. We think we could further reduce the fuel prices when the new oil refinery is set up and use oil tanks in Trincomalee to refine crude oil.

Q: Judging by the market conditions, the Government has not been able to end the shortage of certain varieties of rice and also bring down rice prices in general. Again, critics say that the NPP Government is also being held hostage by the big mill mafia. What is your comment?

A: Actually, this is not an issue created by us and it was there when we came to power as well. All those paddy fields had been cultivated during the tenure of the former Government. The issue was that the Government institutions didn’t have accurate data. When the decisions were taken based on that wrong information, it paved the way to create a rice shortage in the local market. However, we imported nearly 170,000 metric tons of rice and controlled the shortage. When Ranil Wickremesinghe was the President, 20 kilograms of rice packs were distributed among people countrywide with the intervention of then Agriculture Minister Mahinda Amaraweera. Red rice stocks in the Southern province rice mills which were distributed among the people. It is a known fact that red rice is not consumed everywhere in the country. Most people in Anuradhapura consume Nadu rice. Red rice stock in the South was over as a result of distributing red rice countrywide.

There is no possibility of importing red rice and then a kilogram of red rice would be at over Rs.300. There is a small issue until the paddy harvest is reaped during this harvesting season.

Q: There are fears that the economy could be adversely affected if there are uncontrolled imports of private vehicles. What is the Government’s plan to protect the economy whilst allowing vehicle imports?

A: There are several reasons for us to import vehicles. Our vehicle market has become inactive due to the non-import of vehicles for a long time. There are a large number of people who depend on this industry and they have lost their jobs. Therefore, a certain number of vehicles has to be imported to activate the vehicle market. According to the agreement the former Government signed with the IMF, there is a particular percentage that the Government should maintain its revenue. Then the taxes should be imposed to achieve this target. However, we cannot impose more taxes on the masses.

If a tax is imposed on imported vehicles, then the Government’s tax revenue will go up. That is why a decision was taken to import vehicles. Initially, we would allocate nearly US$ one billion to import these vehicles. We believe these vehicle imports will not have any adverse impact on the economy. We have been able to successfully exceed the targets given by the IMF and increase our foreign reserves.

Q: The Opposition as well as media critics also charge that the political inexperience of most NPP Ministers and MPs could be a major disadvantage in governance. What is your comment on this?

A: Today we have to suffer because of certain actions taken by some of those well experienced politicians. They committed the Central Bank daylight robbery based on their experience and still we are suffering due to that. Many frauds and corruption took place under the former Governments. So many development projects were suspended and cancelled due to the attempts of those well experienced Ministers. Some politicians of former Governments used their experience to swindle public funds, get commissions and solicit bribes. We believe this lack of political experience is in a way good for the country. New Ministers and MPs are catching up their duties so quickly.

None of them are new to politics or work alone and they all work as a team. They have already delivered so many positive things which the well experienced politicians couldn’t do in the past.

Q: Sri Lanka Podujana Peramuna (SLPP) politicians and various sections have raised concerns on the Government’s decision to reclaim the official residence of former President Mahinda Rajapaksa. Would you comment?

A: Those who try to survive with the help of public funds even after they get defeated have panicked. We have received a mandate to change the country’s political culture and curtail the perks and privileges enjoyed by politicians. We first commenced to curtail that on our own and not from Mahinda Rajapaksa. We didn’t appoint our relatives to Government institutions or offer them top positions. We stopped using luxury vehicles and started using normal vehicles. We didn’t give official residences to Ministers and asked them to stay at the Madiwela Housing Complex. We didn’t give police security to Ministers. So, we have already curtailed many perks and privileges enjoyed by former Ministers and MPs. While doing so, we also asked former Presidents to minimise their wasteful expenditure.

This is not an issue just confined to Mahinda Rajapaksa. If some particular individual has retired from the Presidency, if he or she attempts to survive on public funds, it’s a shameful act. When there are over 2.5 to three million people who are not in a position to even have their three meals a day, how can one particular individual live in a huge State-owned house along with hundreds of security personnel merely because he held the Presidency. It was Mahinda Rajapaksa’s supporters who said that the LTTE has been wiped out and there is a threat. Then what is the purpose of having such a huge security for him? There is a culture that they have maintained to live above the people such as VVIPs spending public funds as they please. When their movement is disturbed, they start crying but that is not relevant to us.

If Mahinda Rajapaksa doesn’t have a house, we are ready to give him a house. However, that won’t be a huge official residence that he has occupied so far. Therefore, he should either pay the rent of the house or should vacate it and we are ready to provide him a suitable house. We believe there is no stable economy in Sri Lanka where we can treat Mahinda Rajapaksa like a king. He has three sons so they should be ashamed of keeping him in an official residence. They have a responsibility to look after their father.

Q: The Opposition and various sections have raised concern on the Clean Sri Lanka program launched by the Government. Can you explain?

A: Clean Sri Lanka is the massive socio, economic and political movement commenced in recent times to change the country. This is not a mere garbage disposal project. The prime objective of the program is to ensure cleanliness in the country and create an awareness to change the attitude of the people. Therefore, it will take a few years to effect these changes. When this project was started, some institutions jumped the gun and even a small issue came up when the police attempted to remove the modifications in buses. However, there is a law which prevails in the country and the police attempted to remove those modifications of buses but we have controlled it now. We have to implement the Clean Sri Lanka project step by step. This is a difficult task but this will bring a lot of benefits to the society.

Q: The Opposition alleges that the Government has failed to fulfill its pledges given to the people. Your views?

A: This Opposition has failed. Earlier, they were in the Government. But the people ousted them from Government and confined them to a limited number of MPs in the Opposition. I think they have not gained any experience from the people’s mandate given to them. All what they said during the election campaign on the NPP have proved to be completely false. Even today, if they want to rectify their mistakes, they should submit constructive criticism to the Government. A constructive dialogue should begin in Parliament without levelling baseless allegations.

However, the Opposition doesn’t have that ability and ideologically they are very poor. We like the manner in which the current Opposition conducts itself and they would never be able to win public confidence.

Q: The Opposition alleges that the NPP vote base has declined and it suffered a setback in the recent Cooperative Society Elections which were held in a few areas. Would you elaborate?

A: When they formed Governments, did they win all 160 electorates in the country? They were also defeated in over 50 electorates. At the last election, the NPP won 21 electoral districts but was defeated in the Batticaloa district. In politics, you can’t win all districts. Recently, the NPP won nearly 25 to 30 cooperative society elections and were defeated in only two.

Q: Some say that you are actually running the Government behind the scenes. Is this a true description of the work you do?

A: That is not so. The President and the Ministers do a great deal of effort. Actually, I don’t work as hard as them and I only look after the party activities. However, the Government cannot be run without Ministers, its parliamentary group and officers. Similarly, the support of the JVP and NPP is also needed to run the Government. Therefore, we work collectively sharing our responsibilities. I fulfill the task entrusted on me. So, it is difficult to judge whose work is more important. The duty done by our office assistants is also vital to continue the Government.⍐

Thursday, January 23, 2025

Reliance to build world's largest data centre in Jamnagar










India's AI push: Reliance to build world's largest data centre in Jamnagar

Rimjhim Singh New Delhi Jan 24 2025 BS
Mukesh Ambani’s Reliance Industries is set to build the world’s largest data centre in Jamnagar, Gujarat, according to a Bloomberg News report. This project marks a significant step in Reliance’s entry into India’s artificial intelligence (AI) sector.
 
The company has reportedly procured AI semiconductors from Nvidia, a global leader in AI technology. This follows the October 2024 announcement at the Nvidia AI Summit, where Reliance and Nvidia revealed plans to collaborate on AI infrastructure. Nvidia committed to supplying its advanced Blackwell AI processors for a one-gigawatt data centre that Reliance plans to establish.
 
Commenting on India’s AI potential at the summit, Jensen Huang, Nvidia’s CEO, stated: “It makes complete sense that India should manufacture its own AI. You should not export data to import intelligence. India should not export flour to import bread.”
  
Mukesh Ambani echoed this sentiment, highlighting India’s strong digital connectivity infrastructure. He said: “We can use intelligence to actually bring prosperity to all the people and bring equality to the world. Apart from the US and China, India has the best digital connectivity infrastructure.”

Reliance and Nvidia’s growing partnership

In September 2024, Reliance Industries and Nvidia partnered to develop AI supercomputers and large language models (LLMs) tailored to India’s diverse languages. This collaboration underscores Reliance’s ambition to leverage AI for India’s unique needs. Nvidia later announced a similar partnership with the Tata Group, reflecting its commitment to India’s AI-driven growth.

India’s AI aspirations

The Indian government has pledged over Rs 10,000 crore to fund startups, AI projects, and LLM development as part of its AI ambitions. However, challenges persist. The nation’s semiconductor industry remains in its infancy, with no domestic chip production facilities to date. Establishing semiconductor fabrication plants is a capital-intensive and time-consuming process requiring a highly specialised workforce, which India is still developing.
 
While India’s AI journey is still unfolding, these initiatives, combined with partnerships like those between Reliance, Nvidia, and the Tata Group, showcase the country’s commitment to becoming a global AI powerhouse.⍐

Wednesday, January 22, 2025

Trump threatens Russia, others with tariffs if Ukraine deal not reached

Trump threatens Russia, others with tariffs if Ukraine deal not reached

  • Trump threatens tariffs on Russia over Ukraine conflict
  • Russia's deputy UN ambassador says will have to see what "deal" means
  • Trump previously declared he would have a deal on first day in office
  • US imports from Russia have fallen sharply since 2014
WASHINGTON, Jan 22 (Reuters) - U.S. President Donald Trump said on Wednesday he would add new tariffs to his sanctions threat against Russia if the country does not make a deal to end its war in Ukraine, and added that these could also be applied to "other participating countries."
In a post on Truth Social, Trump modified comments he made on Tuesday that he would likely impose sanctions against Russia if President Vladimir Putin refused to negotiate an end to the nearly three-year conflict.
"If we don't make a 'deal,' and soon, I have no other choice but to put high levels of Taxes, Tariffs, and Sanctions on anything being sold by Russia to the United States, and various other participating countries," Trump said.
Trump's post did not identify the countries that he considered participants in the conflict, or how he defined participation.
Former President Joe Biden's administration heaped heavy sanctions on thousands of entities in Russia's banking, defense, manufacturing, energy, technology and other sectors since Moscow's February 2022 full-scale invasion of Ukraine, which has killed tens of thousands of people and reduced cities to rubble.
Russia's deputy U.N. Ambassador Dmitry Polyanskiy said Moscow will have to see what Trump thinks a "deal" to end the war in Ukraine means.
"It's not merely the question of ending the war," Polyanskiy told Reuters. "It's first and foremost the question of addressing root causes of Ukrainian crisis."
In the runup to his Nov. 5 election victory, Trump declared dozens of times that he would have a deal in place between Ukraine and Russia on his first day in office, if not before. But Trump's aides have conceded a deal to end the war could take months or longer.
Earlier this month, the U.S. Treasury hit Russia's energy revenues with its hardest sanctions yet, targeting oil and gas producers Gazprom Neft and Surgutneftegas, as well as 183 vessels that are part of the so-called dark fleet of tankers aimed at evading other Western trade curbs.

SANCTION AND TARIFF THREATS

Trump has sought to use the threat of tariffs to achieve non-trade goals, including threatening Mexico, Canada and China with duties to push them to stop illegal migration and the flow of the deadly opioid fentanyl into the United States.
Those three countries are the top U.S. trading partners, accounting for more than $2.1 trillion in annual two-way trade.
Russia is far down the list, with U.S. imports from Russia falling to $2.9 billion through the first 11 months of 2024 from $29.6 billion in 2021.
The U.S. imported $13.5 billion worth of Russian petroleum products in 2014, but this has fallen to zero after Ukraine war-related sanctions. Some other top import categories a decade ago, including semi-finished steel and pig iron, have also fallen to zero.
The U.S. still imports significant amounts of Russian fertilizers used in agriculture - about $1.4 billion worth in 2023 - as well as more than $1 billion each worth of uranium for nuclear power use and palladium and rhodium used in automotive catalytic converters.
"One way to hit Russia hard would be to sanction and stop the use of Russian wood in finished wood products coming from China, Vietnam and other countries," said Tim Brightbill, a trade attorney at the Wiley Rein law firm in Washington.
As for other participants, the Biden administration had imposed sanctions against entities in North Korea and Iran for weapons supplies to Russia and against Chinese entities that supply components and other goods that Russia's war effort.
Trump said he was "going to do Russia, whose Economy is failing, and President Putin, a very big FAVOR. Settle now, and STOP this ridiculous War!"
The negotiating positions of the two warring sides remain far apart, and some Ukrainians fear they could be forced to make massive concessions after three years of brutal combat.
The conflict has developed into a war of attrition largely fought along front lines in eastern Ukraine, with huge numbers of casualties on both sides.⍐

CNBC Broadcasts from the World Economic Forum in Davos, Switzerland

CNBC Excerpts: CNBC Broadcasts Live from the World Economic Forum in Davos, Switzerland

REEVES ON TARIFFS


RACHEL REEVES: I won’t speculate on what may or may not happen, but I do understand that President Trump is concerned about countries that are running large and persistent surpluses on the trade balance with the US. That’s not the case for the UK. We are not part of the problem here. So we, the UK, increased trade with President Trump last time he was in office, and there’s absolutely no reason why our two great nations with such a strong and special relationship can’t increase those flows of trade once again.

REEVES ON CHINA

REEVES: I went to Beijing and Shanghai to try and get a better deal for UK financial services firms that operate in China, like HSBC and Standard Chartered. And I was able, during that economic and financial dialog, to secure licenses and quotas for big UK banks and asset managers that do business in China. That’s in the UK’s national interest, and that’s what I will always do as Chancellor of the Exchequer, represent the interests of my country on the global stage, whether that is improving the ability of British businesses to export to China, improving our trade links with the European Union, or indeed, strengthening the ties that we have with the United States, our biggest single trading partner.

REEVES ON ELON MUSK CRITICISM

REEVES: Elon Musk is entitled to his opinion, but he’s not one of the people that votes in a UK general election. We had an election just over six months ago. We received a huge majority, a huge mandate for the change that we’re bringing. That change to grow the economy and make working people better off, those changes to improve our schools and our health system, and that’s what British people voted for, and that is what our prime minister, Keir Starmer and me as finance secretary, as Chancellor of the Exchequer, are getting on and delivering.

Interview with UK Chancellor of the Exchequer Rachel Reeves

Video: https://www.cnbc.com/video/2025/01/22/uk-finance-minister-rachel-reeves-uk-anot-part-of-the-problema-when-it-comes-to-u-s-trade.html

Interview with Accenture Chair & CEO Julie Sweet

Video: https://www.cnbc.com/video/2025/01/22/sweet-physical-ai-is-the-next-big-thingwrite-that-down.html

Interview with NYSE President Lynn Martin

Video: https://www.cnbc.com/video/2025/01/22/martin-the-us-economy-drives-the-global-economy-forward.html

Europe must be prepared for Trump tariffs,

European Central Bank chief warns

ECB’s Chief Christine Lagarde

 

Interview with Salesforce Co-Founder, Chairman & CEO Marc Benioff  

Video: https://www.cnbc.com/video/2025/01/22/salesforce-ceo-marc-benioff-dont-think-microsoft-will-use-openai-in-the-future.html

Interview with Vista Equity Partners Founder & CEO Robert Smith

Video: https://www.cnbc.com/video/2025/01/22/vista-equity-partners-ceo-the-productivity-measures-from-generative-ai-are-astounding.html

Interview with Cisco CEO Chuck Robbins 

Video: https://www.cnbc.com/video/2025/01/22/cisco-ceo-chuck-robbins-on-impact-of-tariffs-ai-innovation-and-future-of-dei.html

Interview with Microsoft Chairman & CEO Satya Nadella   

Video: https://www.cnbc.com/video/2025/01/22/microsoft-ceo-satya-nadella-on-500b-stargate-project-our-partnership-with-openai-continues.html 

and https://www.cnbc.com/video/2025/01/22/microsoft-ceo-satya-nadella-ai-simultaneously-reduces-the-floor-raises-the-ceiling-for-all-of-us.html

It’s time to return to Cold War-era defense spending, says Poland’s president

Andrzej Sebastian Duda
president of Poland
Published Wed, Jan 22 2025

Interview with Uber CEO Dara Khosrowshahi     

Video: https://www.cnbc.com/video/2025/01/22/uber-ceo-dara-khosrowshahi-on-future-of-evs-autonomous-vehicles-and-nyc-congestion-pricing.html

Interview with Goldman Sachs Chairman & CEO David Solomon

Video: https://www.cnbc.com/video/2025/01/22/goldman-sachs-ceo-david-solomon-a-more-growth-oriented-agenda-is-the-best-path-for-us.html

Interview with Coca-Cola Chairman & CEO James Quincey       

Video: https://www.cnbc.com/video/2025/01/22/coca-cola-ceo-james-quincey-see-inflation-in-the-u-s-and-globally-moderating-in-2025.html

Interview with BNY CEO Robin Vince

Video: https://www.cnbc.com/video/2025/01/22/bny-ceo-growth-is-the-word-of-the-day-here-in-davos.html

Interview with Williams-Sonoma CEO Laura Alber

Video: https://www.cnbc.com/video/2025/01/22/williams-sonoma-ceo-when-housing-and-furniture-picks-up-itll-be-great-for-us.html

Interview with HP Inc. President & CEO Enrique Lores

Video: https://www.cnbc.com/video/2025/01/22/hp-ceo-deregulation-will-help-drive-growth-and-optimistic-about-these-actions.html


China’s Sinopec asks 200 more acres for Sri Lanka refinery

China’s Sinopec asks 200 more acres for Sri Lanka refinery

Wednesday January 22 Economy Next




ECONOMYNEXT –

China’s Sinopec has asked for 200 acres more land for its planned 3.7 billion dollar refinery expected to be built in Hambantota, Foreign Minister Vijitha Herath said.


Sri Lanka had originally offered 500 acres of land for the project, he said.

Sri Lanka had inked an agreement in Beijing during President Anura Kumara Dissanayake’s visit aiming to resolve remaining issues within a month.


The refinery had tax and water issues to be solved.


Sri Lanka originally offered land for a 100,000 barrels per day refinery when expressions of interest were called.


Sinopec got the deal after Vitol Asia, the other shortlisted party, pulled out.

However, Sinopec wanted to double the capacity, then Energy Minister Kanchana Wijesekera said.


The refinery expected to sell 10 percent of its output domestically but there was no obligation by the government to buy, he said.

Sri Lanka has agreed to clear remaining issues with the refinery project within one month, when President Anura Kumara Dissanayake visited China recently, Minister Herath told reporters Wednesday⍐

China ready to work with EU

  Chinese Foreign Ministry Spokesperson Lin Jian  China ready to work with EU to safeguard global trade rules and justice: FM By Global Time...