Voters at a polling station in Sri Lanka's capital Colombo to elect representatives to the 225-member parliament. EPA
Voters at a polling station in Sri Lanka's capital Colombo to elect representatives to the 225-member parliament. EPA
Voters at a polling station in Sri Lanka's capital Colombo to elect representatives to the 225-member parliament. EPA
Voters at a polling station in Sri Lanka's capital Colombo to elect representatives to the 225-member parliament. EPA

Sri Lankans cast their ballots in snap parliamentary elections


Taniya Dutta
  • English
  • Arabic

Millions of Sri Lankans voted in snap election for the national parliament on Thursday, a crucial poll for the country’s newly elected left-leaning President Anura Kumara Dissanayake, whose party aims to control the house to implement the promised reforms policies.

The polls to elect representatives to the 225-member parliament closed at 4pm local time. More than 17 million voters are eligible to cast their ballots, with more than 8,800 candidates belonging to 49 political parties and 284 independent groups standing. The Election Commission of Sri Lanka, an independent body, is overseeing the polls, with more than 80,000 police guarding around 13,000 polling stations across the country.

Dissanayake, 55, from the Marxist Janatha Vimukthi Peramuna party, and other alliance partners won a landslide election in September with a promise to end corruption and improve the economy following the nation’s worst financial crisis in 2022.

The National People’s Power, a coalition of left parties led by Mr Dissanayake, secured 42 per cent of votes in the presidential elections that witnessed poor performances by former rulers, including strongman Gotabaya Rajapaksa’s party.

Mr Dissanayake’s coalition government has pledged to bring economic and political reforms and to strengthen its position in the national parliament. The party is aiming to win a minimum of 113 seats to take control of the 225-member parliament, of which 196 parliamentarians will be directly elected. The rest will be nominated by respective political parties and all members will be elected for a five-year term.

”I have voted for Dissanayake’s party. I am confident that he’ll win. He promised us a better economy, a better country. We trust him,” Nuwan Sity, a Colombo resident told The National.

Sri Lankan President Anura Kumara Dissanayake shows his ink-marked finger after casting his vote. EPA
Sri Lankan President Anura Kumara Dissanayake shows his ink-marked finger after casting his vote. EPA

Known for his impassioned calls for reforms, Mr Dissanayake has promised to end corruption, lower taxes, and close-market economic policies, resonating strongly with young voters. He has also pledged to abolish the country’s executive presidency, a system under which power is largely centralised under the president.

The outgoing parliament was dominated by the party of former president Mahinda Rajapaksa – the Sri Lanka Podujana Peramuna, or the People's Front – but it has since splintered. Mr Rajapaksa is not standing, but his son Namal, a former sports minister, is seeking re-election after losing in the last presidential poll.

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press

Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

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UAE currency: the story behind the money in your pockets
Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

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Updated: November 14, 2024, 11:53 AM