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Sri Lanka cuts taxes, boosts subsidies before snap poll



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Sri Lanka's president cut taxes and increased salaries, subsidies and welfare spending on Friday in a populist budget ahead of a troubled bid to win a third term.

Mahinda Rajapaksa made no direct reference during the budget announcement to his plans to seek a third term at an election that the government says will be held in January, two years ahead of schedule.

But he hinted at confidence in the polls, saying, "I can't see any elephant who can cause trouble for the government" -- a reference to the main opposition United National Party, whose election symbol is the elephant.

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MI reduces both size & interest rate of its debenture issue

Mercantile Investments & Finance PLC (MI), one of the country’s stronger finance companies, whose Rs. 200 million listed debenture issue opens on Oct. 30 has reduced both the value of the issue as well as the interest rate payable between Apr...

The Sri Lankan Sloth Bear: Recent findings from Wilpattu

The Sri Lanka Business and Biodiversity (SL B&B) Platform of the Ceylon Chamber of Commerce (CCC) with the advice and guidance of the Department of Wildlife Conservation, and in partnership with Patron Member of the Platform - CIC Holdings PLC - an...

First Capital Holdings PLC reports significant growth for the first half of the financial year 2014/2015

First Capital Holdings PLC reported a consolidated turnover of Rs. 1.7Bn for the first half of the financial year 2014/15while consolidated profit after tax of the Group has increased to Rs. 868Mn, compared to Rs. 95Mn, reported in the corresponding pe...

Ceylinco Life receives Charter for its own Toastmasters Club

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Ceylinco Life has joined corporate entities around the world that seek to harness the power of effective public speaking for the personal and professional advancement of their staff, with the formation of the company’s own Toastmasters Club. T...

Economic and Social Development under a Market Economy Regime in Sri Lanka

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Seven chapters of the second volume addresses a range of issues in factor (land, labour, capital and technology) markets. Gishan Dissanaike, Professor of Corporate Finance at the University of Cambridge looks at the efficiency of the world’s majo...

Overseas Realty nine-month profit up 28% to Rs. 2.4 bn.

High occupancy levels at the World Trade Center (WTC) and sale of luxury apartments at Havelock City has driven profits of the Overseas Realty (Ceylon) PLC group, including fair value gains 28% from the comparative period last year in the first nine mo...

Smaller shareholders get windfall from mandatory offer for UBC

Smaller shareholders of Union Bank of Colombo PLC (UBC) got a windfall from the mandatory offer of Rs. 25 per share offered for a small fraction of their holding finding that up to 10,000 of their shares would be taken at the 25-rupee price. Those w...

How relevant is our Exchange Rate policy?

The rupee seems to be under downward pressure with demand exceeding market supply. There is some foreign outflow from the bond market as well. The Central Bank is trying to keep it from depreciating. It is resorting to what it describes as ‘moral...

Fonterra open water and sanitation facility at Akaravita Maha Vidyalaya

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Fonterra Brands Sri Lankarecently opened water and sanitation facilities at Akaravita Maha Vidyalaya, Hanwella, the culmination of a joint initiative between the company and its partner Kansarmen Sri Lanka Foundation to provide 170 school children acce...

Letters to the Editor

I refer to the review by Leelananda de Silva of the two Prof. Hewawitharana felicitation volumes. We are indebted to him for giving us, within the limited compass of a review, a flavour of the contents stretching over such a wide spectrum of the econom...

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What’s Sri Lanka’s best overseas Test win?
 
 
1995 Napier
 
 
1995 Faisalabad
 
 
1998 London Oval
 
 
2011 Durban
 
 
2006 Trent Bridge.
 
 
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