Economy to take a hit from global developments

The impact of global developments, such as Brexit, recent Presidential elections in the United States (US) as well as interest rate hikes by the US Federal Reserve, the forthcoming elections in France and Germany in Europe, the projected slowdown in the Chinese economy, as well as economic conditions in Sri Lanka’s major trading partners, including India, Japan, Russia and the Middle East, will have asignificant influence on the domestic economy, the Central Bank of Sri Lanka (CBSL) said today.Governor of the Central Bank of Sri Lanka Dr. Indrajit Coomaraswamy said that trends in oil prices and international capital flows, following the normalisation of interest rates in the US are likely to be particularly important. Accordingly, he says it is anticipated that inflation expectations would broadly remain anchored in the medium-term with appropriate demand management policies, supported by timely supply side measures. “We also expect that changes to government tax structure and supply shortages stemming from weather related developments as well as shocks that could arise due to possible reversal of global commodity prices could cause temporary variations in price levels. In particular, if current drought conditions prevail, there could be adverse implications on price levels, while impacting on economic activities, notably agriculture and power generation. As in the past, it is expected that the Government would take timely measures to counter the adverse supply side effects on prices, thus mitigating adverse inflation expectations of the general public, he said while presenting the CBSL Monetary and Financial Sector Policies for 2017 and Beyond. He also said that primary dealers play a vital role in trading of Government securities and market making. Further, there is high potential to deepen the debt securities market in the country.“Hence, we need to have a clearly stated policy framework for Primary Dealers. This will further enhance the safety of investments in the Government securities market,” he said.Accordingly, he noted that the CBSL has already revisited the existing regulatory framework of primary dealers and based on those findings, CBSL will introduce an appropriate regulatory framework for primary dealers in line with the latest developments in the market by benchmarking the global standards. CBSL also expects to establish and implement a restructuring mechanism for distressed primary dealers. (Colombo Gazette) The Central Bank has sought to preserve the soundness, efficiency and stability of the financial system primarily through the regulation and supervision of all major categories of financial institutions, ensuring sound and safe payment and settlement systems as well as establishing risk management systems and instilling good corporate governance standards and practices in the financial sector while promoting financial inclusion.“In the medium-term, our overall aim is to ensure the stability in the financial sector through identifying emerging vulnerabilities in this sector; adopting early corrective actions; and implementing a series of measures to further strengthen financial institutions, markets, infrastructure and safety nets. Our medium-term plan is to have a financial system, which offers the full range of financial products and services to all economic sectors, including agriculture, infrastructure, manufacturing, particularly small and medium enterprises (SMEs), and trade to achieve broader economic objectives of our country. We need to have a wellplanned and an ambitious agenda for financial sector development and reforms ranging across financial sector policies with a vision of innovative, robust and competitive financialsystems,” Coomaraswamy said. read more

Private schoolboy who dreamed of being a heart surgeon becomes latest stabbing

The murder scene in Hale BarnsCredit:REUTERS/Phil Noble The murder scene in Hale Barns Yousef lived with his mother Deborah, 54, and 15-year-old brother Mazen in a modest terrace around eight miles away. His father Ghaleb is thought to be Lebanese.He is understood to have won a scholarship to the city’s exclusive Manchester Grammar School, the UK’s largest independent day school for boys, which commands annual fees of more than £12,500.A neighbour of his family, who asked not to be named, said she believed he was visiting school friends who live in Hale Barns when the tragedy unfolded.“Yousef was a lovely lad, a dedicated, double A* student who wanted to be a heart surgeon,” she said.“He didn’t have a bad bone in his body.“They are a beautiful family who keep themselves to themselves and it’s very sad. Everyone here is devastated.“It’s just a shame for a young lad with so much potential to have his life taken so young.” “A team of dedicated detectives have been working throughout the night and into today trying to establish exactly what happened. The investigation is in its very early stages and we continue to remain open minded about why Yousef was attacked, and we would like to speak to anyone who may have information that can assist.“We are particularly keen to speak to anyone who was walking or driving in the vicinity of Gorse Bank Road or Sunbank Lane at around 6:30pm. These people may not realise it but they could hold vital information to assist the investigation and help Yousef’s family get the answers they deserve.” Forensic tents were erected on the grass verge on Sunday and the area was cordoned off with police tape as forensic officers got to work.The owner of the bungalow nearest the scene said he and his wife and son knew nothing of the tragedy until they left the house to go for dinner on Saturday evening. The man, who refused to be named, said: “It was like Blackpool illuminations with all the lights.“The boy was leaning against a tree outside. I didn’t know him.”“By the time we came out to the drive the police were there – we hadn’t heard anything.”He said local residents appeared to have alerted two private security firms which were also at the scene and said many of the properties had their own CCTV.“There have been a couple of bad break-ins round here so people will have been on the lookout but this is not what you expect,” he added.“How many lives has it ruined…just one moment of madness.”Tributes for Yousef poured in last night as Greater Manchester Police appealed for information. Ayla Oglu wrote online: “He was such a good lad, very clever and caring. He could have gone to the best universities, why did it have to end like that absolutely gutted.”Detective Superintendent Phil Reade, Head of GMP’s Major Incident Team, said: “This is an incredibly tragic case which has seen a teenage boy sadly lose his life.“Yousef’s family has understandably been left devastated by his death and the thoughts of the entire investigation team remain with them at this difficult time. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings. He was rushed to hospital at around 6.45pm on Saturday but died later.Two 17-year-old boys were arrested on suspicion of murder and remained in police custody on Sunday night. They are understood to be the sons of well-off local families who both run their own businesses. Two mountain bikes found at the scene were seized by police. Will always remember the school trips with Yousef, he never failed to make us laugh and could put a smile on anyone’s face. Taken too young. Please donate everything you can. RIP Makki x— Dan Lawes (@LawesDan) 3 March 2019 A gifted private schoolboy who dreamed of being a heart surgeon has become the latest victim of the UK’s knife crime epidemic.Yousef Makki, 17, from Burnage, Manchester, died just hours after Jodie Chesney, also 17, was  stabbed to death in an “unprovoked attack” in her local park on the outskirts of London.The scale of the crisis prompted Sajid Javid, the home secretary, to call a meeting with police chiefs this week as he warned such “senseless” violence could not go on.A new analysis of NHS data suggests there has been a 93 per cent rise in the number of children being treated for wounds caused by knives or other sharp objects in the last five years.Yousef’s stunned family yesterday joined the growing number forced to mourn the sudden loss of a much-loved child.The bright A* student was found slumped against a tree on Gorse Bank Road in the affluent Manchester suburb of Hale Barns, near Altrincham. The street is lined with sprawling detached homes worth upwards of £800,000. read more