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Wednesday December 6th, 2023

Suez canal shipping suspended amid efforts to re-float grounded Evergreen vessel

ECONOMYNEXT – Ship traffic across the Suez canal has been suspended as efforts are made to dislodge an Evergreen container ship that is blocking the way, its operating authority said while shipping lines were mulling routing vessels around South Africa.

Admiral Osama Rabie, Chairman and Managing Director of the Suez Canal Authority has announced today; Thursday March 25th, 2021, that

Navigation through the Suez Canal “is temporarily suspended,” Admiral Osama Rabie, Chairman and Managing Director of the Suez Canal Authority said in a statement.

Routing vessels around the Horn of Africa will add about six days or more to the Far East to Europe route, shipping lines have said.

The Suez Canal Authority said 8 tugs were involved including Baraka 1 which towing power of 160 tonnes was involved in flotation efforts.

Te Panamanian registered Ever Given, which Evergreen said was a chartered vessel not owned by the group, got stuck across bows in the Suez Canal during a storm.

“This accident occurred at 6 nautical miles from the southern entry of
the Canal as the container ship proceeded northbound through the waterway from the Red Sea,” Evergreen said in a statement.

“Gusting winds of 30 knots caused the container ship to deviate from
its course, suspectedly leading to the grounding.

The floatation efforts included towing and pushing the grounding vessel using 8 large tugboats; largest of which is BARAKA 1 with a towing power of 160 tons, the Suez Canal authority said.

The stern of the vessel is stuck on a sandbank. Sand is being dug out to free the ship.

The vessel is stuck at 151 kilometre canal marking. (Colombo/Mar26/2021)

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Sri Lanka rupee closes stronger at 327.40/90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 327.40/90 to the US dollar on Tuesday, from 328.10/30 the previous day, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.60/70 percent from 13.70/14.00 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.00 percent from 13.90/14.10 percent.

A bond maturing on 15.01.2027 closed at 14.00/15 percent from 14.00/14.10 percent.

A bond maturing on 01.07.2028 closed at 14.10/20 percent from 14.20/35 percent.

A bond maturing on 15.05.2030 closed at 14.20/35 percent, from 14.25/45 percent.

A bond maturing on 01.07.2032 closed at 14.10/35 percent, from 14.05/40 percent. (Colombo/Dec5/2023)

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Sri Lanka stocks close down as investor sentiment dips

ECONOMYNEXT – The Colombo Stock Exchange closed down on Tuesday, CSE data showed.

The All Share Price Index was down 0.40 percent, or 43.50 points, at 10,700.09.

The S&P SL20 index was up 0.43 percent, or 13.32 points, at 3,054.41.

Turnover was at 711 million. The capital goods sector contributed 172 million, the food, beverage and tobacco sector contributed 140 million, and banks 113 million of this.

Top positive contributors to the ASPI in the day were John Keells Holdings Plc (up at 193.00), Richard Pieris And Company Plc (up at 19.80), and Nation Lanka Finance Plc, (up at 0.40).

Negative contributors were Commercial Bank of Ceylon Plc (down at 89.70), Sampath Bank Plc (down at 71.00), and Central Finance Company Plc, (down at 106.00). (Colombo/Dec5/2023).

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Sri Lanka plans to reduce number of school grades from 13 to 12

ECONOMYNEXT – The Ministry of Education proposes to reduce the number of school grades from 13 to 12, according to a government information department statement.

“Every child will be given the opportunity to finish school in 17 years through the proposed new education reforms,” education officials were quoted as saying after a discussion on budget allocations.

Under the proposed system, pre-school education will be at the age of 4 years, the primary section between grades 1-5, junior section between grades 6-8, and senior section between grades 9-12.

The General Certificate of Education Ordinary Level Exam (GCE O/L) is proposed to be conducted in grade 10, and the Advanced Level Examination in grade 12.

It has also been decided to reduce the number of mandatory subjects at the GCE O/L Exam from 9 to 7.

Three new subjects, information and communication technology (ICT), technical and professional skills, and religion and values will be made mandatory and included in those 7 subjects. (Colombo/Dec5/2023)

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