Speaker Chamal Rajapaksa gave his assent to the Revival of Underperforming Enterprises or Underutilized Assets Bill on Friday night. Since Parliament passed it as an urgent piece of legislation "in the national interest" on Wednesday, the Ministry of Finance has been in touch with the Speaker's office to obtain the assent early.
"Thaaththa," Bindu Udagedera asked, "what is the difference between profit and loss?"
"In a business," Bindu's father Percy explained, "if you have some money left over after recovering your expenses, then you have made a profit but if you haven't done that, then you are running at a loss"
Sri Lanka requires a much higher amount of foreign direct investment (FDI) than what it has attracted in the recent past to sustain a high trajectory of economic growth. Foreign investment was expected to flow in once the war was over.
While the Government’s intentions for introducing new legislation to take over a select number of institutions it deems as underperforming or having underutilised assets is highly questionable, what is equally questionable is how serious are the UNP and the JHU in their opposition to the Bill.
Despite millions being spent, Sri Lanka lost its bid to host the 2018 Commonwealth Games in Hambantota. The voting - 43 in favour of Australia and 27 for Sri Lanka.
The Gold Coast Bulletin (Goldcoast.com.au), the website promoting Australia, reported on a party hosted by some 160-strong Sri Lanka delegation members who arrived in the Carribean island of St Kitts by a chartered SriLankan Airlines flight. Here is what the website said just two days before the decision was made:
Not since the passing of the 18th Amendment to the constitution in September last year has a move by the government generated so much controversy as the so-called Expropriation Bill passed in Parliament on Wednesday.
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