Thousands call for Malaysian P.M’s resignation

Thousands of protesters in yellow shirts had gathered in Malaysia’s capital, Kuala Lumpur, demanding the resignation of Prime Minsiter Najib Razak.

The protesters demand that Mr Najib face charges over allegations of looting his brainchild investment fund, 1MDB. Demonstrators were undeterred by a police ban and the arrest of a number of activists ahead of the planned action

Mr Najib has denied any wrongdoing and says he will not be cowed by protests.

Prime Minister Ranil Approves salary hike for MP

Prime Minister Ranil Wickremesinghe told Parliament today that salaries of parliamentarians should be increased. He said parliamentarians have to spend huge amount of money in carrying out their duties at their electorates. 

Prime Minister Wickremesinghe said his wife, Maithree Wickremesinghe, gets a higher salary than him. However, he did not reveal whether there were any plans to revise MPs’ salaries shortly.

Mahela To coach Mumbai Indians in IPL 2017

Former Sri Lanka captain Mahela Jayawardene has replaced Ricky Ponting as the head coach of Mumbai Indians for the upcoming Indian Premier League (IPL).

    

Jayawardene’s appointment has come in the wake of Ponting's contract coming to a close.

    

The former Australia captain was Mumbai Indians chief coach for the the past two seasons after taking charge from former India coach John Wright.

Commenting on the Sri Lankan's appointment, team owner Nita Ambani said, "Jayawardene is an astute figure in the modern era of cricket. He is a perfect role-model for the young Mumbai Indians squad. I am sure our global fans, who have always believed in the team and expects the best, will welcome Mahela to our Mumbai Indians family."

     

Jayawardene has rich experience in limited overs cricket having being part of the winning World T20 2014 Sri Lankan squad and leading the country to the finals of 2007 ICC Cricket World Cup. The 39-year-old possesses the requisite attitude and the appetite for a new role in his career.

     

The Sri Lankan while accepting the challenge has termed his new assignment as the "start of a new chapter" and is looking forward to bringing the best of his life learning to the field.

     

"I am very excited by the appointment and glad that the Mumbai Indians management appreciated my presentation and ideas," said Jayawardene adding, "I am looking forward to working with a really talented squad, all the support staff, and the owners to help strengthen the two-time IPL champions.

      

"Mumbai Indians have the most passionate fan base in the IPL and I have always been wowed by the amazing support the team gets at Wankhede Stadium. In what is a new chapter in my career, I will be striving hard to bring them more on-field success and joy."

      

Jayawardene will soon be travelling to Mumbai to conduct a detail meeting with the team management. (PTI)

Rupee down 3%, reserves fall 17%

Foreign fund exits continued from the Treasury (T) Bond and T-Bill market for the fifth consecutive week to Wednesday, taking such exits to Rs 37,156.89 million in the review period, equivalent to 11.7% of the current foreign investments in T-Bond and T-Bill outstanding from Rs 279,566 million, which has fallen from a higher figure of Rs 316,722.89 as at 12 October 2016.

The reasons for such exits are three-fold. Those are the belief that the Federal Reserve System will raise its key policy rate (the Federal Funds rate) at next month's meeting of its Federal open market committee which decides on such rates due to the recovery of the world's largest economy; President- elect Donald Trump will increase inflationary pressure on the world's largest economy by tax cuts, increased State spending and adopting protectionist policies by capping cheap imports from source countries such as China and finally, Finance Minister Ravi Karunanayake's last week (10 November) Budget 2017 which increased the withholding tax rate on treasury investment by 40% ( four percentage points) to 14%.

Such exits also cause rupee depreciating pressure, upward pressure on interest rates and bleeding of the island's foreign reserves because Central Bank of Sri Lanka (CBSL) in such situations steps into protect the rupee from further depreciating pressure. In market trades, conducted under CBSL's over-arching moral suasion umbrella, the exchange rate (ER), since 31 October, 2016 to Thursday has had depreciated by between 15 to 25 cents, having had closed 31 October, 2016 at Rs 148/30/50 in two way quotes to the US dollar in one week's forwards, while on Thursday, 17 November, 2016 it had closed at Rs 148/55/65in two way quotes in 'spot next' trading.

The market allegedly is not allowed to deal in one week's forwards to find price discovery of the US dollar. The last time one week's forwards were allowed to come into play in the review period was on Tuesday, 15 November, where it closed at Rs 148/40/70 to the dollar in two way quotes. However, in normal markets, divorced from moral suasion and similar controls by the regulator, those markets deal in 'spot' in foreign exchange trading, where trades are settled after two market days from the date of transaction, whereas in the case of 'spot next' it's three.

As Sri Lanka is an import dependent economy, a weak rupee causes prices to go up and also increases the Government of Sri Lanka's (GoSL's) foreign debt servicing costs, as, generally, the required dollars for this purpose are bought from CBSL's foreign reserves.

But such an action also causes upward pressure on rates. Though the average weighted prime lending rate (AWPLR) of banks in the period 30 September, 2016 to 11 November, 2016 has had declined by 17 basis points (bps) to 11.95%, the weighted average yield (WAY) of the benchmark one year T-Bill in the review period increased by three bps to 10.14%.

However, CBSL's foreign reserves, in the one month period from end September, 2016 to end October, 2016 has declined by US$ 390.29 million to $ 6,065.43 million due to CBSL's rupee protection in the market.

In related developments, the ER in market trades, which closed last year at Rs 144.22 to the dollar in interbank 'spot' trading, has, in the calendar year to Thursday, depreciated sharply by between Rs 4/33 and Rs 4/43, having had closed Thursday at Rs 148/55/65 to the dollar in two way quotes in interbank 'spot next' trading. Similarly, the AWPLR of banks in the calendar year to 11 November, 2016 has increased by 4.42 percentage points (58.7%) to 11.95% andthe WAY of the benchmark one year T-Bill by 2.84 percentagepoints (38.9%) to 10.14%. Meanwhile, the country's foreign reserves in the calendar year to end October 2016 have had fallen by $ 1,238.21 million (16.95%) to $ 6,065.43 million.

Trump’s implications on Sri Lanka

We will make America strong again. We will make America proud again. We will make America safe again. And we will make America great again.

– Donald Trump, US President-elect

Donald John Trump is the President-elect of the United States as well as an American businessman and reality television personality. He is the chairman and president of the Trump Organization, the principal holding company for his real estate ventures and other business interests. He was elected as the 45th US President in the 2016 election on the Republican ticket, defeating Democratic nominee Hillary Clinton, and is scheduled to take office on 20 January 2017.

Born on 14 June 1946 in Jamaica, a neighbourhood in New York City, New York, US. Trump is 70 years of age. Trump will be the oldest person to assume the presidency. He received a Bachelor's degree in economics from the Wharton School of the University of Pennsylvania in 1968. In 1971, he was given control of his father Fred Trump's real estate and construction firm and later renamed it The Trump Organization, rising to public prominence shortly thereafter.

Trump has appeared at the Miss USA pageants, which he owned from 1996 to 2015, and has made cameo appearances in films and television series. He sought the Reform Party presidential nomination in 2000, but withdrew before voting began. As of 2016, he was listed by Forbes as the 324th wealthiest person in the world, and 156th in the United States, with a net worth of $3.7 billion in October 2016.

Republican rivals

Trump announced his candidacy for President as a Republican and quickly emerged as the front-runner for his party's nomination. In May 2016, his remaining Republican rivals suspended their campaigns, and in July, he was formally nominated for President at the 2016 Republican National Convention Trump's election platform included renegotiation of US –China trade deals, opposition to particular trade agreements such as NAFTA and the Trans-Pacific Partnership, stronger enforcement of immigration laws together with building a wall along the US-Mexico border, reform of veterans' care, repeal and replacement of the Affordable Care Act, and tax cuts. Following the November 2015 Paris attacks, Trump called for a temporary ban on Muslim immigration, later stating that the ban would focus instead on countries with a proven history of terrorism, until the screening for potential terrorists is improved. Trump's campaign received unprecedented media coverage and international attention.

On 8 November 2016, Trump won the Presidency with 306 electoral votes to 232 received by Hillary Clinton. Trump became the fourth US candidate to win the Electoral College despite receiving fewer popular votes than his opponent. Trump's victory was seen as one of the biggest political upsets in American history, as nearly all polls at the time showed Hillary Clinton with a modest lead over Trump. This was later attributed to pollsters overestimating Clinton's support among well-educated and non-white voters, while underestimating Trump's support among white working-class voters. Trump's win simultaneously marked the first time that Republicans gained control over both the White House and Congress since 2006.

Victory speech

In the early hours of 9 November 2016, Trump received a phone call in which Clinton conceded the presidency to him. Trump then delivered his victory speech before hundreds of supporters in the Hilton Hotel in New York City. The speech was in stark contrast with his previous rhetoric, with Trump promising to heal the division caused by the election, thanking Clinton for her service to the country, and promising to be a President to all Americans. The following day, Trump had a first-time meeting with President Obama to discuss plans for a peaceful transition of power. The meeting was notably cordial, with The New York Times stating: "It was an extraordinary show of cordiality and respect between two men who have been political enemies and are stylistic opposites."

Trump's foreign policy has been described as non-interventionalist and nationalist. Trump has reiterated that he supports "America First" foreign policy, though he is not linked to the historical isolationist America First Party (1944) or the defunct paleo-conservative America First Party (2002). He supports increasing United States military defence spending, but favours decreasing United States spending on NATO and in the Pacific region. He says America should look inward, stop "nation building", and reorient its resources towards domestic needs. He questions whether he, as President, would automatically extend security guarantees to NATO members, and suggests that he might leave NATO unless changes are made to the alliance.

Against the above backdrop the implications of Trump's election as US President on Sri Lanka may be gauged by some of his comments on international affairs in the past. Subsequent to the abortive military coup in Turkey Donald Trump exclaimed: "What right do we have in the United States to criticize the condition of human rights elsewhere? I think right now when it comes to civil liberties, our country has a lot of problems, and I think it's very hard for us to get involved in other countries when we don't know what we are doing and we can't see straight in our own country. We have tremendous problems when you have Policemen being shot in the streets and when you have riots. When you have all of the things that are happening in this country we have other problems. I think we have to focus on those problems. When the world looks at how bad the United States is and then we go and talk about civil liberties, I don't think we're a very good messenger."

America's image

Thus Trump cannot be classified as neoconservative, with grand plans to reconstruct the world in America's image through military adventurism and coercive diplomacy. There is a doubt that Trump would endorse the liberal-outlook of the current (US) State Department developed during the administration of Barak Obama with effective involvement of Samantha Power, Susan Rice and Hillary Clinton. The Geneva-based UN Human Rights Commission was used by these three persons to transform domestic issues in developing nations to international level, and thereby interfere in the internal governance of those nations such as Sri Lanka.

Trump referring to Iraq said, "Look what's happened in Iraq. What was the purpose of this whole thing? Hundreds and hundreds of young people have been killed. And what about the people who are coming back with no arms and legs? Not to mention the other side, all those Iraqi kids have been blown to pieces. And it turns out that all of the reasons for the war were blatantly wrong. All this happened for nothing!"

In contrast, Trump's opponent Hillary Clinton when she was Secretary of State got the Obama administration to depose Gaddafi in Libya when he was cooperating with the CIA to track and identify agents who supply nuclear arsenal to other countries after his country surrendered his own. Today Libya is in disarray without a central government with parts of the country being controlled by various rebel groups. The Tamil Diaspora in the US calling themselves 'Tamils for Clinton' in the US supported Hillary Clinton's candidacy stating "We need her leadership at this juncture to bring justice to millions of people around the world, including Tamils in Sri Lanka, who faced mass killings and rape by Sri Lankan security forces. We saw first-hand her passion and effectiveness to fight for those abused when US under her leadership took steps at the UN to bring Sri Lankan Government to face international justice for committing war crimes, crimes against humanity and genocide against Tamil people in Sri Lanka."

Two weeks before the total defeat of Sri Lanka's Tamil Tigers on 18 May 2009 then US Secretary of State Hillary Clinton was forcing the hand of the IMF and Cabinet Office of US Treasury Department to suspend all monetary assistance to Sri Lanka, as revealed in a sensitive e-mail message.

In conclusion, it must be stated that Donald Trump's election as US President is far more beneficial for the peace and tranquillity that presently prevails in our motherland than the situation that would have been if the opponent supported by pro-LTTE groups gained the US Presidency.

The writer is an Attorney-at-Law with LLB, LLM, MPhil (Colombo)

Gnanasara Thera granted time to file objections

The Court of Appeal yesterday granted time till January 11, 2017 to Ven. Galagodaatte Gnanasara Thera, to file objections in the contempt of court application filed against him by the Attorney General.

The Thera disturbed the Homagama Magistrate’s Court proceedings while a case against a group of army officers, suspected of the abduction of journalist Pradeep Ekneligoda was being heard.

The Magistrate submitted his complaint and the corresponding proceedings to the Court of Appeal, under Article 105/3 of the Constitution of Sri Lanka for consideration and necessary action. The Court of Appeal has referred the issue to the Attorney General, requesting him to assist the court in this issue.

The Court of Appeal bench comprised Justice Vijith K. Malalgoda (President) and Justice S. Thurairajah.

Second reading of Budget 2017 passed in Parliament

The second reading of the Budget 2017 was passed with a majority of 107 votes in Parliament, a short while ago.

A total of 162 Members of parliament voted in favor of the budget while 55 voted against it. Seven MPs were absent during the vote today (18).

The United National Party (UNP), United Peoples Freedom Alliance (UPFA) MPs in the government and the Tamil national Alliance (TNA) voted for the budget.

The Ceylon Workers Congress (CWC) and Dougles Devananda of the EPDP also voted in favour of the budget.UPFA members in Joint Opposition and the Janatha Vimukthi Peramuna (JVP) voted against during the second reading vote.

Former President Mahinda Rajapaksa was among the 7 MPs absent during the vote.

Finance Minister Ravi Karunanayake presented the third budget of the National Unity Government of President Maithripala Sirisena and the Prime Minister Ranil Wickremesinghe,the 70th Budget of independent Sri Lanka, on November 10 in the Parliament.

The debate on the second reading and the committee stage will continue till 10 December including Saturday

No attempt to Send Duminda Silva to Singapore

The sister of former parliamentarian - Duminda Silva has said their family has no intention to take her brother overseas for medical attention and that media reports suggesting otherwise are untrue.

In a Facebook post, Ms. Dilini Anne Silva has said, "As a family We have no and had no intention what so ever to take Duminda Silva to Singapore for treatment... 

The story that we have an intention to take him to SINGAPORE is an absolute lie and a made up story to mislead the public. "

The post also says, "He's a human being who was shot on the head and has the right to receive treatment although the Sri Jayawardapura hospital has refused to treat him stating prisoners are not welcomed in Sri Jayawardanapura hospital"