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Monday December 11th, 2023

Lady in red: Mysterious painting hidden behind a prominent Sri Lankan’s portrait

ECONOMYNEXT – At 9 a.m. on December 11, 2021, at the National Art Gallery of Sri Lanka, a portrait of Ananda Samarakoon, who famously composed the national anthem, was lifted off its frame to reveal a perfectly preserved painting of an enigmatic woman dressed in a red saree. Who she was, why she was painted and why she was eventually covered up, remains a mystery.

The painting, unearthed during a conservation project of 239 art pieces, is attributed to Mudaliyar Amarasekara, a towering and pioneering figure in Sri Lanka’s art scene.

The mysterious painting (l) next to the portrait of Ananda Samrakoon

Mystery at the museum

The project was headed by Tharani Gamage, Director at the Department of Cultural Affairs, Hiranthi Fernando, Curator at the National Art Gallery, and an Art Restoration and Exhibition Committee comprised of eminent artists and scholars in the country.

Jennifer Myers, an easel painting conservation expert from the US, was brought in to assist with the project.

“So I’m just looking at this painting and I notice that the fabric of the canvas that was on the front was different from the canvas at the back… I was kind of pushing between front and back and I could feel there was an air space,” she says.

The conservationist noticed something unusual about the dust collected at the back of the painting.

“Because it’s a painting that’s done in landscape orientation, the dust should be at the bottom of the frame, but here the dust was collected on the side and that was really odd, so we slowly started taking off tacks from the corner and when we looked underneath, it looked like layers of paint on top of a canvas. That’s when we realised there could be another painting at the bottom.”

According to committee member Professor Jagath Weerasinghe, a mural painting conservation expert, Myers used archaeological principles to determine the existence of the second painting underneath.

“It’s very impressive, and precisely why we wanted to get an expert to help us with this project,” he says.

The newly discovered painting was found as a result of an initiative taken by the gallery to preserve some of its most exceptional pieces. From charcoal and watercolour to acrylics and oil paintings, the collection at the gallery spans two centuries and a diverse mix of mediums.

Professor Weerasinghe talks to EconomyNext about the difficulty of finding qualified individuals for the project.

“There is a lack of experts on easel painting conservationists in Sri Lanka. We do have academically trained experts on mural conservation, and they are the ones who made up the committee. We have trained in places like India, Pakistan and Japan, and we knew we had the practical capacity to pull it off.

“But working on a national collection is a difficult task, and we wanted someone from an internationally accepted programme, who had had academic training in the subject to work on it, which is how Jennifer was brought in.”

International expertise

Myers, National Endowment for the Humanities Painting Conservation Fellow at the Chrysler Museum of Art, laughs as she tells us her title. “It’s a bit of a mouthful,” she says.

Myers has a degree in Museology, and a background in Archeology, Painting, Human anatomy and Bone Structure, all of which are useful for conservation work, which she studied at the University of Delaware.

“My professors at the university spoke about this project, and I was intrigued. This was an opportunity for me to learn about artists and a country that I didn’t know much about before, which is a personal interest of mine. I also thought I had the skills that the gallery was specifically looking for, so I could bring that to the project as well.”

The diversity of the collection was something that she did not expect.

“It was an amazing experience. I learnt about so many artists that we don’t get exposed to in America that often. The diversity of the collection was greater than I was expecting which was interesting and fantastic. There were paintings from a range of years, styles and there were more contemporary pieces; European and European inspired pieces, which I was surprised to see. It was a collection of surprises.”

A collaborative effort

The project, taken up by the Central Cultural fund at a cost 1.8 million rupees allocated by the Department of Cultural Affairs, was started in October 2021 and is set to be wrapped up by February 2022. Of the collection numbering 240 (with the new painting), 76 will go up for permanent display in the main gallery, and 88 will be exhibited temporarily in the eastern hall.

Professor Weerasinghe, who is also a contemporary artist and archaeologist, stresses the importance of official backup on cases such as these. “The ministry listened to the word of the professionals. So many artworks have been destroyed because of badly done conservation efforts. That’s precisely why we called in an expert. The decision to value professionalism is the most important thing that happened here. If they didn’t do that, none of this would have happened.”

Mithrananda Dharmasiri, Chief Mural Conservation Officer at Central Cultural Fund of Sri Lanka, touches on the misconceptions around conservation. “A lot of people think, can’t an artist just paint over the damage, isn’t that what conservation is? But conservation is a much more scientific, and a completely different thing.”

Professor Weerasinghe agrees, saying, “That is an important point. A conservator is not a scientist. A conservator is not an artist. A conservator is a conservator.”

Gamage gives us some official perspective on the matter.

“This was a joint effort by the ministry and the Committee and it was pulled off beautifully. This is the first time in Sri Lanka that such a large conservation project is being done, with international collaboration as well, and Jennifer was an invaluable part of the team,” he says.

The need for a change

Though Sri Lanka is home to some of the top mural conservation experts in the world, there is a great need for artists who work in other fields as well. With a humid climate that is especially treacherous to paints and fabrics, a greater effort must be put to protect the national artworks of the country, and give systematic education for those who are interested in the field.

The staff at the gallery are hopeful that the opening, as well as the discovery of the new painting, will revive the underappreciated art scene in the country. Finally set to open to the public in March 2022 after its closure in 2013, the new exhibition and the renovated buildings are a tribute to the great artists and artworks that were once hidden away. (Colombo/Jan12/2022)

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  1. Ananda says:

    The lady in red is Indra Ghandi

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  1. Ananda says:

    The lady in red is Indra Ghandi

Sri Lanka’s Singer Finance rating cut to BBB (lka), outlook stable: Fitch

ECONOMYNEXT – Fitch Ratings has downgraded the national long-term rating of Sri Lanka’s Singer Finance (Lanka) Plc to ‘BBB (lka)’ from ‘BBB+(lka)’.

This rating is a support driven rating and therefore this downgrade follows similar rating action on SFL’s parent, the company said in a statement.

Its senior listed rated unsecured debentures of Rs 5 million issued on May 19, 2020 were also revised down from BBB+ ro BBB; and subordinated listed rated unsecured debentures of Rs 2,000 million issued in June 25, 2021 were revised down from BBB- to BB+.

The full statement is reproduced below:

Fitch Downgrades Singer Finance to ‘BBB(lka)’; Outlook Stable

Fitch Ratings – Colombo/Mumbai – 07 Dec 2023: Fitch Ratings has downgraded Singer Finance (Lanka) PLC’s (SFL) National Long-Term Rating to ‘BBB(lka)’ from ‘BBB+(lka)’. The Outlook is Stable. Fitch has also downgraded SFL’s outstanding senior unsecured debt to ‘BBB(lka)’ from ‘BBB+(lka)’, and the outstanding subordinated unsecured debentures to ‘BB+(lka)’ from ‘BBB-(lka)’.

KEY RATING DRIVERS

Parent’s Weakening Ability to Support: The downgrade follows similar rating action on SFL’s parent, consumer-durable retailer, Singer (Sri Lanka) PLC (A(lka)/Stable), on 29 November 2023. SFL’s rating is based on our expectation of support from Singer, taking into account Singer’s 80% shareholding in SFL, the common brand name and a record of equity injections into SFL. As such, the downgrade reflects Singer’s weakening ability to provide support.

Moderate Synergies: We believe SFL has limited synergies with Singer, as evident from SFL’s small share of lending within the group’s ecosystem. We also believe support from the parent could be constrained by SFL’s significant size relative to Singer, as its assets represented 41% of group assets at end-September 2023. SFL’s operational integration with the group is also low, although the parent has increased its focus on the subsidiary’s strategic long-term decision-making over the past few years and has meaningful representation on SFL’s board.

Weak Standalone Profile: SFL’s intrinsic financial position is weaker than its support-driven rating. It has a small domestic vehicle-focused lending franchise and a high-risk appetite stemming from its exposure to customer segments that are more susceptible to difficult operating conditions.

Less Severe Economic Risk: We expect downside economic risk to moderate after Sri Lanka completed the local-currency portion of its domestic debt optimisation, which addressed one element of risk to financial system funding and liquidity. We expect the operating environment to remain challenging in light of strained household finances and fragile investor confidence, but conditions should stabilise with a gradual economic recovery amid easing inflation and interest rates.

Vehicle Loans Remain Dominant: SFL’s business model is dominated by vehicle financing, which accounted for 69% of its lending portfolio as at end-June 2023. Gold loans have been growing at a faster rate in the last few quarters, reaching 28% of SFL’s portfolio, amid lower demand for vehicle financing. However, we do not expect a major change in SFL’s vehicle-focused business mix in the medium term, given its more established franchise in this segment.

Weak Asset Quality: SFL’s reported stage 3 assets ratio rose to 11.9% in the financial year ending March 2023 (FY23), from 6.6% in FY22, on weaker collections in its core vehicle loans segment as well as implementation of a stricter stage 3 recognition rule. We expect asset quality to remain stressed in the medium term, due to the weak economic environment. Nonetheless, loan collections could increase as borrower repayment capability improves, provided the economy gradually stabilises with declining inflation and interest rates.

Profitability to Recover, Leverage Rising: We expect SFL’s net interest margin to gradually recover in the medium term amid a declining interest-rate environment. This, along with a potential pick-up in loan growth, should support earnings and profitability, but a strong loan expansion in the medium term could pressure leverage.

Pre-tax profit/average total assets declined to 3.1% in FY23, from 4.5% in FY22, due to a sharply narrower net interest margin of 9.4%, against 12.7% in FY22. This followed a surge in borrowing costs due to rising interest rates. SFL’s debt/tangible equity reached 5.4x by end-September 2023, from 5.1x at FYE22.

Improved Funding and Liquidity: SFL’s share of unsecured deposits/total debt swelled to 80% by end September 2023, from 52% at FYE22, supported by a greater focus on raising deposits. SFL’s increased cash and cash equivalents from deposit raising and reduced lending mitigated near-term liquidity pressure.

Liquid assets/total assets rose to around 27% by end-September 2023, from 8% at FYE22, as SFL boosted its investments in liquid assets amid fewer lending opportunities.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

SFL’s rating is sensitive to changes in Singer’s credit profile, as reflected in Singer’s National Long-Term Rating.

Singer’s weaker ability to provide support to SFL, as signaled through a further downgrade of its rating, SFL’s increased size relative to Singer that makes extraordinary support more onerous or delay in providing liquidity support relative to SFL’s needs due to economy-wide issues could also lead to negative rating action on SFL.

The ratings may also be downgraded if we perceive a weakening in Singer’s propensity to support its finance subsidiaries due to weakening links. That said, SFL’s standalone credit profile could provide a floor to the rating.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

A significant positive turnaround in Singer’s financial prospects or increase in SFL’s strategic importance to Singer through a greater role within the group could lead to narrower notching from Singer’s profile. A large improvement in SFL’s intrinsic credit profile could result in its ratings been derived from its standalone profile.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

SENIOR UNSECURED DEBT

The rating on SFL’s senior unsecured debt is in line with the National Long-Term Rating, as the debt constitutes the unsubordinated obligations of the company.

SUBORDINATED UNSECURED DEBT

SFL’s Sri Lankan rupee-denominated subordinated debentures are rated two notches below its National Long-Term Rating to reflect their subordination to senior unsecured obligations. Fitch’s baseline notching of two notches for loss severity reflects our expectation of poor recovery. There is no additional notching for non-performance risk.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES
SFL’s senior unsecured debt and subordinated unsecured debt ratings will move in tandem with the National Long-Term Rating.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS
SFL’s rating is driven by Singer’s National Long-Term Rating.

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Sri Lanka’s ousted utilities regulatory chief convinced he’ll be president

ECONOMYNEXT — Sri Lanka’s former public utilities regulatory chief Janaka Ratnayake, who was removed in May following a parliamentary vote, has confirmed that he intends to run for president.

Speaking to reporters on Sunday December 10 in the wake of an hours-long island-wide power outage the previous evening, Ratanayake said he will be the definite winner at a future presidential poll.

“I announced [my intention to run] officially on December 07, my birthday. I’m definitely coming as a presidential candidate. That’s not all, I’m the definite president at a future presidential election,” he said.

Ratnayake, in his first media appearance in months, was responding to questions about newspaper advertisements published on December 07 announcing his future candidacy.

Sri Lanka’s parliament on May 24 opted to remove the former chairman of the Public Utilities Commission of Sri Lanka (PUCSL), with 123 members voting in favour. This marked the first time a head of an independent government commission was sacked by Sri Lanka’s parliament.

Power & Energy Minister Kanchana Wijesekara, who had been at loggerheads with the regulatory chief, said at the time that the official had acted obstinately without the concurrence of fellow commission members.

The minister levelled five charges against Ratnayake, the first twoof  which were based on a February 10 verdict by the Court of Appeal rejecting an application filed by the offiical against an electricity tariff hike. Opposition legislators slammed the decision saying it undermined independent commissions.

Ratnayake’s presidential ambitions have been known for some time. A day before parliament voted to remove him, he told reporters: “If I can change the country, I will definitely join politics, because my intention is to serve the people and what is right.”

Ratnayake had blocked delayed a tariff hike in early 2023, resulting in losses to the state-run Ceylon Electricity Board (CEB), Minister Wijesekara claimed at the time. The PUCSL had als onot enabled tariff hikes for nine years, requiring its governing law to be changed, Wijesekera said.

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Sri Lanka wants university research to lead to commercially viable products

ECONOMYNEXT – Sri Lanka’s ministry of industries wants to ensure commercially-ready products and services are produced by university research, by facilitating partnerships with factories and entrepreneurs.

After a currency crisis, Sri Lanka’s government is in a drive to boost its trade balance by increasing exports.

“Our export basket hasn’t changed recently, partly because our small and medium entrepreneurs don’t have sufficient research and development facilities (like the multinationals) to innovate their products for the export market,” Additional Secretary of the Ministry of Industries, Chaminda Pathiraja said.

“At the same time, state universities and research institutes produce a large amount of research findings yearly, which end up sitting in those institutions; they don’t reach the industry,” Pathiraja said at a press briefing to announce a program on commercialization of new products and research, to be held tomorrow at the Waters Edge.

The networking forum will bring innovators and manufacturers together to focus on the commercialization of research for the value added tea, coir, spice, dairy products, gem and jewellery and packaging products industries.

“We want to encourage collaboration, through programs like our University Business League etc, so that the research output can be commercialized, and what is produced by our factories can increase in quantity and quality. We must focus on the export market.”

The objective of this program, he said, was to reduce the gap in acquiring innovators’ ideas and skills by the investors, and ultimately boost the manufacturing sector’s efficiency in alignment with the export market.
(Colombo/Dec11/2023)

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