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HEADLINES - 14th November 2018

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SC saves democracy – DailyFT

Emotions ran high as the three-judge bench ofthe Supreme Court yesterday delivered a landmark decision, issuing a stay order on the gazette dissolving Parliament issued by President Maithripala Sirisena until 7 December. 

 

Speaker convenes P’ment at 10 a.m. today in keeping with President’s gazette – DailyFT

Speaker Karu Jayasuriya summoned Parliament to meet at 10.00 a.m. today, hours after the Supreme Court stayed the gazette notification dissolving Parliament. “Parliament shall convene at the Chamber of Parliament at 10:00 a.m. in accordance with the Proclamation issued by the President per Extraordinary Gazette Notification Number 2095/50 dated 4th November 2018,” the Speaker said in a statement.

 

Speaker cannot convene parliament: Govt. – Daily Mirror

The government yesterday said Speaker Karu Jayasuriya has no legal right to reconvene parliament today (14) and that it would make a decision this morning regarding its MPs and Ministers attending parliament. Minister Nimal Siripala De Silva said their counsels were still studying the Supreme Court’s interim order given suspending parliament dissolution. “After seeking legal opinion and having further discussion at our group leaders meeting this morning, we will make a decision about attending parliament sessions,” he told a news briefing. The group leaders meeting is scheduled to take place at 8.30 am in parliament complex today.

 

National Security Council meets – DailyFT

A National Security Council meeting was chaired by President Maithripala Sirisena at 8.00 p.m. yesterday.The President discussed the country’s security situation at the gathering and instructed the heads of all the security forces to ensure a peaceful environment prevailed. 

 

SL economy resilient: CB Chief – DailyFT

Central Bank Governor Dr. Indrajit Coomaraswamy yesterday sought to rest concerns of economic turmoil in Sri Lanka, assuring that macroeconomic fundamentals remained strong and the Government remained on track to meet debt repayments.

 

SL to join South Asian cross-border power trading – Ceylon Today

Strengthening cross-border electricity cooperation in South Asia can be part of the solution for providing adequate, reliable and inexpensive electricity availability, Public Utilities Commission of Sri Lanka Chairman, Saliya Mathew said yesterday. Addressing the third meeting of the SAARC Council of Experts of energy regulation (Electricity) in Colombo, he said that increased electricity cooperation and electricity trade among countries can bring economies of scale in investments, strengthen electricity sector financing capability, enhance competition and improve sector efficiency, and enable more cost-effective renewable electricity penetration.

 

Veterans return to lead state banks – DailyFT

Three veterans have been appointed to lead three state banks following the appointment of Finance and Economic Affairs Minister Mahinda Rajapaksa who was also made the Prime Minister by President Maithripala Sirisena. Business leader Neil Umagiliya has been appointed Chairman of Bank of Ceylon, Sujatha Cooray has been named Chairperson of the People’s Bank and W.A. Nalini will serve as Chairperson of National Savings Bank.

 

Last of the Mahaweli projects to be completed by January – The Island

Mahaweli Authority officials said yesterday filling of the Kaluganga reservoir of Moragahakanda-Kaluganga irrigation project, the last of the Mahaweli schemes was at a satisfactory level. The filling of the reservoir was inaugurated under the auspices of President Maithripala Sirisena in July. They said by next January the job would be completed and it would enable to supply water to irrigate paddy fields during the periods with less rain.

 

ODEL transaction pushes CSE turnover beyond Rs. 6 billion mark – The Island

The CSE   closed 0.21 percent higher yesterday, according to provisional data, with a deal in fashion retailer Odel PLC accounting for a little over 93 percent of the day's  Rs.  6.68 billion- turnover. Odel gained 10 cents to close at  Rs. 26 after 6.23 billion rupees worth of shares were traded during the day. Parent company Softlogic Holdings PLC is reported to have transferred the shares to Softlogic Retail Holdings which was created in March this year  to consolidate the retail activities and restructuring plans of the group, market analysts  said. The deal is treated as an internal transfer with no material change in ownership, they said.

 

Sri Lanka official reserves at USD7.9bn by end Oct; YTD rupee depreciation 12.9-pct – LBO

Supported by the receipt of the foreign currency term financing facility of 1 billion US dollars by the government, gross official reserves amounted to 7.9 billion US dollars as at end October 2018, providing an import cover of 4.2 months, the Central Bank said.

 

Rupee hits record low of 176.05 on political crisis – DailyFT

REUTERS: The rupee fell to a record low on yesterday as political uncertainty triggered by President Maithripala Sirisena’s decision to sack Parliament weighed on sentiment, market participants said. 

 

Bond weighted averages cross 12.00% - DailyFT

The Rs. 98 billion on offer at the two Treasury bond auctions conducted yesterday was successfully taken up at its Phase One stage with the eight years and seven months maturity of 15.06.2027 recording a weighted average of 12.16% while the 10 years and six months maturity of 01.05.2029 recorded a weighted average of 12.23%.

 

Central Bank reduced SRR & increased policy interest rates – LBO

Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 13 November 2018, has decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of commercial banks by 1.50 percentage points to 6.00 percent. In order to neutralize the impact of this reduction and maintain its neutral monetary policy stance, the Monetary Board has decided to increase the Standing Deposit Facility Rate (SDFR) by 75 basis points to 8.00 percent and the Standing Lending Facility Rate (SLFR) by 50 basis points to 9.00 percent.

 

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