Political activist Pathum Kerner who was arrested and remanded has been released on bail as ordered by the Colombo Magistrate Court today (04).
Kerner’s bail was granted upon an ID parade carried out today.
The political activist was arrested on July 28 on the allegation of leading a protest held near the Parliament entrance on July 13.
MIAP
All private buses will withdraw from operation across the country from midnight today (04) due to the lack of sufficient diesel and the decision to slash bus fares without any notice or negotiation, revealed the Private Bus Owners Association calling in a joint press briefing today.
Contributing to the briefing, Chief Secretary of the Private Bus Owners Association Anjana Priyanjith noted that 40 litres of diesel are supplied for a bus per week under the new QR Code system and the volume does not suffice for bus operations at all. He added that with the volume of diesel currently supplied, a long-distance service bus can run for about an hour and a short-distance bus, half the day time.
Should the government fail to provide diesel for the daily running of 13,000 buses, it should declare the number of buses that ought to run per day and provide diesel meeting the demand, Priyanjith went on, adding that the government, however, fails to do that as well.
Accordingly, the islandwide private bus strike will be endorsed by the All Ceylon Private Bus Owners Association, Inter-Provincial Bus Owners Association, Podujana Eksath Bus Owners Association and the All Ceylon United Bus Owners Association.
MIAP
Shots were fired inside the premises of the Mount Lavinia Magistrate Court Premises, Police said.
An unidentified gunman had opened fire at an individual who was a witness to an ongoing case, revealed Police Spokesman Nihal Thalduwa.
However, no injuries were reported.
The gunman had fled the scene after the fire, the Police Spokesman added.
MIAP
Normal bus fares will be slashed by 11.14 per cent effective from midnight today (04) revealed the National Transport Commission.
Accordingly, the minimum bus fare will be Rs. 34.
However, bus fares for expressway travels will remain unchanged, the Commission added.
MIAP
President of the Government Nurses Association Saman Ratnapriya, a man who had represented the United National Party (UNP) in Parliament for a few months during the Good Governance regime only to become an accused towards the selling of a vehicle permit for Rs. 60 million and later buried the history to hail himself as a prominent voice in the anti-government protests, has now been appointed as the Director General of Trade Unions in the Ranil Wickremesinghe led government, leading to ambivalent discussions amongst the trade unions.
Following the shocking arrest of Joseph Stalin, Secretary of the Ceylon Teachers’ Union and a fellowship to Ratnapriya in the field of trade unions, yesterday (03) growing objections towards the Nurse Chief’s appointment as the Director General of Trade Unions in the RW regime have hit a boiling point, despite his early comments on extending full support to Stalin against the arrest. Ratnapriya’s claim on all arrangements being made to grant Police bail to Stalin and President Wickremesinghe being informed about it is but hogwash to most of the trade unions now that the Nurses Association President has been given a top government post.
Ratnapriya had stated that the authorities were informed to take necessary steps to bring Stalin before the Court for any legitimate penalisation, had he committed any wrongdoing. He had also emphasised that he will appear before the President on behalf of Stalin at any time. In a twist of fate, Stalin has been apprehended by the government and not Ratnapriya, who had stood with the Ceylon Teachers’ Union Secretary on the protesting ground.
When someone who lacks political independence is appointed for a government position expected to be operated with independence, it cannot be avoided that everything will turn into a bitter mess and the arrest of Stalin yesterday made it very clear.
A number of trade unions are now holding a grudge against Ratnapriya stating that he is not suitable for the post of Director General of Trade Unions in the RW regime in the event that he is a non-staff nurse and is not even capable of managing at least the health unions responding to the Health Sector.
Different ideologies and policies between trade unions lead to the political clashes between the bodies, hence the importance of an independent person being suitable for such a position in the government instead of someone with a clear political influence. But the damage has already been done and whether Ratnapriya acts on rectifying the matter would be a question. Had it been RW’s plan all along to weaken the anti-government protests by placing people like Ratnapriya in the Aragalaya until the right moment, the real struggle of the people will forever remain unresolved.
A group of MPs in the Samagi Jana Balawegaya (SJB) are keen on backing an all-party government if one is to be ever formed in the future, sources said.
Some within the party are of the view that they should join the all-party government by accepting ministerial posts in it, but the opinion of the majority including Leader of the Opposition Sajith Premadasa is that the government should be supported only via an parliamentary committee system.
There is proposition from the side of the government that the post of Investment Promotion Minister should be given to a key player among those who are keen on joining the all-party government, but no final decision has been reached in this regard to date, according to sources.
MIAP
Dismissing early claims on SLPP National List MP Dhammika Perera being appointed as Cabinet Minister, the ex business magnet is to be given a top post in the mechanism currently in development to address the economic crisis befallen the country, sources said.
Accordingly, Perera will be appointed as the chairman of the “Economic Development Committee” which is being formulated to recover the country from the current economic meltdown.
The Committee is entrusted with many responsibilities such as monitoring and supervising all aspects of the country’s economy, formulating policies to recover from the economic crisis, improving and developing new areas that emit dollars and etc.
The powers vested in the Chairmanship of the Economic Development Committee will also be equivalent to Cabinet powers, according to sources.
MIAP
The Government has decided to further extend the amnesty period for individuals to deposit or sell the foreign currency in possession.
Previously, on several occasions from June, the Finance Ministry issued orders under Section 8 of the Foreign Exchange Act No. 12 of 2017 extending the amnesty period.
“The circular in this regard will be issued by the Finance Ministry in the next couple of days,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing on Tuesday 02.
The Minister said accordingly, citizens will be able to change any acceptable foreign currency into rupees through a commercial bank adding that the know your customer (KYC) compliance will also not be applicable during the amnesty timeline.
Meanwhile, Cabinet Co-Spokesman Minister Manusha Nanayakkara said any amount of foreign currency even exceeding US $ 10,000 can be converted or deposited into a foreign currency account or a rupee account during the period.
The Minister insisted that during the period individuals will not be requested to submit any documentation to banks to prove the source of the funds.
He said the amnesty period will last for one month although the program was implemented last month as well.
On 16 June, the Central Bank amended limits and conditions on possession of foreign currency in the hands of the public into the formal banking system.
The Central Bank reduced the amount of foreign currency retained in possession by a person in, or resident in, Sri Lanka from $ 15,000 to $ 10,000 or its equivalent in other foreign currencies.
It also granted an amnesty period of 14 working days effective from the date of the Order (16 June 2022) for persons in, or resident in, Sri Lanka who hold foreign currency notes in possession.
Thereafter, on two occasions during last month it was further extended. The last extension was till July 26.
The National People’s Power (NPP) will not endorse the form of an all-party government proposed by President Ranil Wickremesinghe, said Party Leader MP Anura Kumara Dissanayake, speaking to a press conference held yesterday (03).
“We proposed for an accurate all-party government in which every party is represented equally, and every party can express its contribution in every decision. That proposal has failed. Should an all-party government be formed as proposed by Ranil Wickremesinghe proposes to include himself and the Rajapaksas as parts, such a government will not become an all-party government. Nor, will we contribute to such a government,” the MP said.
MIAP
The Colombo Stock Exchange (CSE) adopted progressive changes to the CSE’s listing framework for new listings, offering a wider choice of listing options for companies wanting to list shares on the Main and Diri Savi Boards.
This action has been taken by taking into account the role played by capital markets in the growth of the corporate sector and the importance of offering multiple avenues through which companies aspiring for growth can access capital markets,
An analysis of recent listings on the CSE indicates that these amendments in particular have paved the way for two companies to list on the CSE and access capital market-based funding valued at Rs. 4.7 billion.
Both IPOs were oversubscribed on the opening day and by 16+ times collectively drawing considerable investor interest at the time.
Interestingly, the listing framework prior to the amendments made by the CSE may not have attracted these two corporates – indicating that the amendments have been successful in making a stock market listing a possibility for a broader array of aspiring issuers.
These recent issuers representing two different industries have benefited from the CSE’s initiative in broad basing the profit-oriented eligibility requirement applicable to the Main Board.
Prior to the amendments, the CSE Listing Rules required that all companies aiming to list on the Main Board demonstrate net profit after tax for three consecutive financial years. Three alternatives to this requirement were introduced by the CSE as part of the amendments.
The CSE’s Main Board listing criteria now accepts companies that can demonstrate an aggregate net profit after tax for three consecutive financial years, meaning that companies aiming to list on the exchange are no longer required to be profitable in each of the three financial years immediately preceding the date of the initial listing application.
Further, companies that cannot meet the profit-based criteria for the Main Board can demonstrate eligibility through revenue or positive operating cashflow (one of either), if the company’s market capitalization is valued at Rs. 5 billion or above at the point of listing.
The revenue-based option would require the company to demonstrate an aggregate revenue of Rs. 3 billion for three financial years immediately preceding the date of the initial listing application.
Alternatively, the positive operating cash flow option would require the company to demonstrate positive operating cash flows (after adjustment for working capital) for two consecutive financial years immediately preceding the date of the initial listing application.
Commenting on the development, Chief Regulatory Officer at the CSE Renuke Wijayawardhane stated that the amendments to CSE Listing Rules were put in place to broaden the rules to complement Sri Lanka’s rapidly developing commercial landscape comprising multiple new business models and segments.
If the company’s market capitalization is valued at Rs. 2 billion or above at the point of listing, demonstrating revenue of Rs. 350 million for the financial year immediately preceding the date of the initial listing application will be an acceptable alternative to the Positive Net Assets requirement.
CSE CEO Rajeeva Bandaranaike called on Sri Lankan corporates interested in listing to actively engage the exchange and the investment banking community to understand the wide-ranging choice of listing options available.