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HEADLINES - 31st October 2018


Statement by Joint Chambers of Commerce - Ceylon Chamber


Chambers of Commerce are concerned that the current political uncertainty will result in many adverse consequences to the country, if it remains unresolved. We request the political authorities to resolve issues through the democratically established Institutions as early as possible. We appeal to the political Parties to ensure that law and order prevails and that danger to the life and property of citizens is prevented. All parties should act in the best interests of our country, our people and the national economy.



Thousands gather to protect democracy – DailyFT

Thousands of protestors yesterday thronged the Liberty Roundabout in an unexpectedly massive show of support for mounting calls on the Speaker of Parliament to reconvene the House and end the constitutional deadlock, even as Ranil Wickremesinghe, who was controversially deposed as Prime Minister last week, stood his ground for a fifth straight day.


Speaker urges reconvening Parliament – Ceylon Today

In the wake of the ongoing political crisis, Speaker Karu Jayasuriya submitted a letter to President Maithripala Sirisena and pointed out that 125 Parliamentarians from various political parties; that is the UNP, the ITAK, the JVP and the SLMC had forwarded letters to him urging him to ensure their rights as public representatives are protected and to take measures to enable them to show their majority in Parliament.


12 Ministry Secretaries appointed – Daily Mirror


New Appropriation Bill in the works – DailyFT

Discussions to formulate a new Appropriation Bill, to be presented to Parliament as part of the interim-Budget planned, have already begun, a top official of the United People’s Freedom Alliance (UPFA) said yesterday, adding that the much-talked about fuel price formula may also be scrapped to ease public pressure. 


‘Investor confidence should be a priority’ – Ceylon Today

National Economic Council (NEC) General Secretary, Prof. Lalith Samarakoon yesterday said that investor and business confidence in the economy should be a priority. Prof. Samarakoon explained that this political transitional period needed to be managed prudently and that the Government should be serious about our credit worthiness.


CB highlights recent economic developments; previews prospects for 2019 – DailyFT

The Central Bank of Sri Lanka yesterday released its half yearly publication ’Recent Economic Developments: Highlights of 2018 and Prospects for 2019’.


Postponing reforms will make Sri Lanka lag behind peers, central bank warns – EconomyNext

Postponing planned economic reforms will make Sri Lanka more vulnerable to external and internal shocks and stall growth, causing the island to lag behind regional peers, the central bank has warned. “It is important to facilitate private sector led growth with prudent, consistent and far reaching reforms that support increased productivity in the economy,” it said in its half yearly report on recent economic developments and prospects for 2019.


Fitch says Sri Lanka’s political standoff lifts refinancing risk – DailyFT

Fitch Ratings yesterday warned that President Maithripala Sirisena’s sudden replacement of Ranil ickremesinghe last Friday creates uncertainty over further progress on reform and fiscal consolidation. “Prolonged political upheaval accompanied by deterioration of policy continuity could undermine investor confidence and make it more challenging for the government to meet its large external financing needs in 2019-2022,” Fitch said. 


Moody’s says political crisis throws up policy uncertainty, could undermine growth – DailyFT

The unfolding political crisis is credit negative for Sri Lanka because it heightens policy uncertainty, could weigh on growth if social tensions rise and threatens international investors’ confidence and the flow of foreign capital at a time when the Government faces large external debt maturities.


Trade deficit widens 17% Jan-Aug – Ceylon Today

Sri Lanka’s trade deficit expanded 17 per cent during the first eight months of this year to US$ 7.2 billion, as imports expanded 10.9 per cent in comparison to an export growth of nearly 5.8 per cent over last year.


Colombo Harbour to hit 7M TEU handling mark – Ceylon Today

Colombo Harbour is on track to record an all-time record of handling around 7 million TEUs (twenty-foot equivalent units) by the end of this year, said Harbour Master Captain Athula Hewawitharana. Last year, this figure was around 6 million TEU’s.


Dollar reaches Rs. 175 – The Island


Bond yields decrease marginally ahead of weekly bill auction - DailyFT

Secondary bond market yields decreased marginally yesterday ahead of today’s weekly Treasury bill auction. Buying interest on the 15.09.19, 01.05.20, 15.07.23 and 01.08.24 maturities saw its yields dip to intraday lows of 10.70%, 10.95%, 11.33% and 11.40% respectively against its opening highs of 11.00%, 11.05%, 11.45% and 11.50% amidst foreign selling.


KOICA supports water quality enhancement project in Mullaitivu – DailyFT

The completion ceremony of the second stage of the water quality enhancement project was held in Maritimepattu of Mullaitivu District on 25 October. This is a three-year (2017-2019) project which is being conducted by the Lamp INGO and funded by KOICA for villagers in Maritimepattu Division where some people are suffering from Chronic Kidney Disease (CKD). 


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