Emphasis of 100-day revolution Budget

Published : 12:49 am  January 30, 2015  |  Category: Front Page  |  1 Comment  |  643 views  |  

nEconomic mismanagement of previous regime and dangerous level of borrowing as a country and by state-owned institutions; debt repayment burden, corruption and wastage Better wages, productivity and relief for pensioners Enhancement of Samurdhi welfare schemes  Concessionary fixed deposit interest rates for senior citizens A healthy motherhood – Assistance to maintain health standards Waiver of advances granted to farmers Guaranteed prices to boost agricultural economy   * Guaranteed price for milk to develop the dairy farming industry * Empowering the Youth Parliament * Concessions for Colombo city dwellers relocated against their will * Decentralised budgets * Increasing healthcare... 

Govt. bans casinos in mega integrated mixed development projects

Published : 12:48 am  January 30, 2015  |  Category: Front Page  |  Leave a Comment  |  933 views  |  

Reuters: The new Government has blocked three casinos approved by the previous administration, among them a $400-million project by Australian gaming mogul James Packer’s Crown Resorts Ltd. The widely-expected move redeems an election pledge by new President Maithripala Sirisena to cancel the Crown Resorts licence. Sirisena won an 8 January election, ending a decade of authoritarian rule by President Mahinda Rajapaksa. The casinos faced opposition from Buddhist leaders and some of Rajapaksa’s own coalition partners, who feared that gaming could lead to a boom in prostitution and damage values and culture in the mainly Buddhist island nation. Prime Minister Ranil Wickremesinghe said gazette... 

Opposition calls for Parliamentary debate over fiasco of CJs

Published : 12:46 am  January 30, 2015  |  Category: Front Page  |  9 Comments  |  1,673 views  |  

Unhappy over the reinstatement of former Chief Justice Dr. Shirani Bandaranayake, Opposition lawmakers yesterday demanded a debate highlighting alleged threats to the Constitution and the legitimacy of Parliament. Leader of the Opposition Nimal Siripala de Silva informed the House that Chief Justice Mohan Peiris was forced to tender his resignation after being intimidated. “A complaint was lodged at the Cinnamon Gardens Police Station by Chief Justice Mohan Peiris, who reported being intimidated at his residence,” he said, demanding to know the details of the complaint made, the name of the culprit and the reasons the procedure which should have been followed in the removal of a Chief Justice... 

Not expected but good to be back at SEC, says Tilak

Published : 1:23 am  January 29, 2015  |  Category: Front Page  |  3 Comments  |  1,516 views  |  
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Tilak Karunaratne, who assumed duties yesterday as the Securities and Exchange Commission (SEC) Chairman, has told the staff that it was good to be back though he didn’t expect to make a return. He also told said stabilising the stock market was a priority and he would resume his job with an open mind and would study all issues carefully. Karunaratne also had a meeting with the heads of divisions of the SEC as well as one-on-one meeting with Officer-in-Charge and Deputy Director General Dhammika Perera. Premier and Policy Planning and Economic Affairs Minister Ranil Wickremesinghe re-appointed Karunaratne as the SEC Chairman, a post the latter vacated after serving nine months (between December... 

Ravi K to present mini-Budget today

Published : 1:21 am  January 29, 2015  |  Category: Front Page  |  Leave a Comment  |  1,011 views  |  

Finance Minister Ravi Karunanayake will present a mini-Budget today, unveiling some immediate key measures of the new Government of President Maithripala Sirisena and Premier Ranil Wickremesinghe. The mini-Budget will cover four months of spending up to April. Karunanayake said the Government aims to fulfil its election pledges, including tax cuts and salary hikes. The mini-Budget will include fiscal measures promised in the 100-day program of the Sirisena-Wickremesinghe Government. Last week he said the new Government would stick to the original 2015 budget deficit of 5% and loss of revenue due to populist measures will be met by reduction in waste and corruption. For example, the recent cuts... 

Rupee forwards down on importer dollar demand; budget awaited

Published : 1:20 am  January 29, 2015  |  Category: Front Page  |  Leave a Comment  |  535 views  |  

Reuters: Rupee forwards ended weaker on Wednesday on importer dollar demand but the Central Bank capped the fall, as exporters awaited direction from a supplementary budget, dealers said. Fears of depreciation kept exporters away from the market, resulting in the currency’s fall and leading the Central Bank to cap four-day forwards at 133.00, dealers said. That forced dealers to trade one-week forwards. One-week forwards closed at 133.50/60 per dollar compared with Tuesday’s close of 133.45/55. Four-day forwards closed at 133.00/40 per dollar, little changed from Tuesday’s close of 133.00/133.50. They fell 0.45% last week, market data showed. “Everybody is waiting to see the outcome of... 

Bourse up ahead of mini-budget

Published : 1:20 am  January 29, 2015  |  Category: Front Page  |  Leave a Comment  |  462 views  |  

Reuters: Shares hit a near two-week closing high on Wednesday, a day ahead of the new Government’s supplementary budget, on hopes of strong corporate earnings after the Government implements its promised concessions and tax reductions on key commodities through the budget. President Maithripala Sirisena’s administration will announce its first budget on Thursday and Finance Minister Ravi Karunanayake told Reuters on Monday that the Government aims to fulfil its election pledges, including tax cuts and salary hikes. The main stock index ended up 0.38%, or 27.64 points, at 7,395.29, its highest close since 16 January. It hit a one-month closing low on Friday. “The market was driven by speculation... 

Zuhair appointed as new TRC boss

Published : 1:20 am  January 29, 2015  |  Category: Front Page  |  Leave a Comment  |  630 views  |  
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Sri Lanka’s former Ambassador to Iran M.M. Zuhair has been appointed as the new Director General of the Telecommunication Regulatory Commission (TRC) of Sri Lanka. Zuhair replaces Anusha Pelpita who served as the TRC Director General under the previous Government. The Telecommunications Regulatory Commission of Sri Lanka (TRCSL) was established under the Sri Lanka Telecommunication (Amendment) Act No. 27 of 1996 as the national regulatory agency for telecommunications in Sri Lanka.  Read More →

Rajan Brito, Mahinda Haradasa appointed to SriLankan Board

Published : 1:17 am  January 29, 2015  |  Category: Front Page  |  1 Comment  |  593 views  |  

Senior business leader Rajan Brito and top lawyer Mahinda Haradasa have been appointed to the Board of SriLankan Airlines. Brito is the Deputy Chairman of Aitken Spence Plc whilst Haradasa is a Partner at law firm Varners. Incidentally both had previously served the Board of the National Carrier at different times. Several more appointments to the SriLankan Board are pending. On Monday business leader Ajith Dias assumed duties as Chairman of SriLankan Airlines.  Read More →

Searchlights shift to Hyatt Residencies; Harsha lodges complaint with Bribery Commission

Published : 1:17 am  January 29, 2015  |  Category: Front Page  |  Leave a Comment  |  433 views  |  
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The stalled construction of Celestial Towers, controversially known as Hyatt Residencies, came under the scrutiny of Deputy Minister of Policy Planning and Economic Affairs Dr. Harsha de Silva, who took the matter to the Bribery Commission yesterday. Visiting the construction site in front of the Temple Trees, the Deputy Minister sought answers from the site supervisors who had little knowledge of the actual ownership and the questionable transfer of this prime property once owned by the now defunct Ceylinco Group. However, the land was originally leased to the previous developer Ceylinco in 2003 for scheduled completion of the project in 2008 but the project has remained abandoned for over three... 

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