The Army Major, who was allegedly assaulted by a ruling party politician's son, has been found guilty of providing security to a casino owner outside of his Army duties.
The report of the Court of Inquiry to probe the alleged assault on Army Intelligence officer, Major Chandana Pradeep at a Colombo five star hotel, was handed over to the Army Commander Monday.
According to Army sources, the Army Commander based on the report has decided the Major was guilty and Major Pradeep may face the possibility of being dismissed or imprisoned.
Sri Lanka's Securities and Exchange Commission (SEC) has loosened the rules on broker credit and lifted the restrictions imposed on short-term trading by directors and workers of stockbroking firms.
The changes to the SEC rules will be effective from today, SEC stated in a press statement.
According to the statement, the SEC has allowed the stockbrokers to extend credit to their clients three times the adjusted net capital (i.e. net capital minus 50% of fixed assets) without having to deduct outstanding debtors from net capital.
However, when doing this, the stock brokers are required to compute the Net Capital adjusting all unsettled purchase transactions to reflect the excess of cost over market value.
Sri Lanka's power monopoly, Ceylon Electricity Board (CEB) may be forced to impose power cuts soon if there is no rain to generate hydropower.
The CEB has increased production of thermal electricity up to 85.2 percent since the hydropower generation has dropped to 14.2 percent.
With the increase in thermal energy, the CEB is incurring heavy losses, the state-run power monopoly says. The CEB says the loss per unit of electricity is Rs. 5.88 and the loss per day is between Rs. 120 to 150 million.
The country is affected by a severe drought that has occurred after a decade and received less rainfall, especially in the hydropower catchment areas, from the past northeastern and northwestern monsoons.
Marxist party Janatha Vimukthi Peramuna (JVP) says the government has increased the price of wheat flour to cover its wastage and not to promote locally manufactured food products.
The JVP politburo says that the increase in wheat four prices is indicative of the financial crisis faced by the government.Issuing a statement, the party notes that the government has devalued the rupee and increased taxes in order to address its financial crisis.
The JVP says the government has become cruel to such an extent that it is now leaving people in hunger. The people are facing a crisis due to the skyrocketing cost of living’, the party states.
According to the JVP, the increase in wheat flour prices will result in the increase of many other flour based products adding to the burdens of the consumers.