The Cabinet has approved the proposal by the President and Minister of Defense to release another 1,000 acres of land area in different stages in the Palay area being maintained by the Sri Lanka Army and the Sri Lanka Air Force as High Security Zones. This follows a large extent of land from the 11,639…
The tax free vehicle permit provided to government servants can be transferred to another even in the future and the government has not taken any decision to change this procedure, says the Finance Minister. Finance Minister Ravi Karunanayake said that media reports to the effect that the government is preparing a circular to prevent these…
At first blush, it’s lunacy – a 900-horsepower, all-electric supercar from an island nation best known for tea and tourism, not tech. Yet the team behind the stunning Vega sports car has credentials – and financial backing – befitting similar passion projects emerging in California’s Silicon Valley. The effort is the brainchild of technology entrepreneur…
Colombo equities edged lower on Tuesday as investors took a breather after five-day winning streak. Market sentiments were volatile amid the expectation of an increase in interest rates and mixed signals on corporate earnings. In the opening hours, bourse declined to 7,311.54 (-47.87 index points or -0.7%) but managed to close higher at 7,331.39 with…
After he revealed that an Indian vehicle marketing company is not passing the full tax concession introduced by the new government’s interim budget to its clients, the Managing Director of this particular company met him this morning, said the Finance Minister. Finance Minister Ravi Karunanayake added that the particular Managing Director had agreed to pass…
In spite of the new government’s interim budget proposing a 15 per cent interest on deposits by senior citizens, several bank officials have not implemented this, said Finance Minister Ravi Karunanayake while speaking to the media today (12 February). He said that several officials of the Bank of Ceylon have been interdicted for failing to…
In a major development in Sri Lanka’s wholesale market pricing-and thereby the critical Cost of Living-the country suddenly routed a tight grip held on the sole and apex wholesale market entity by a select group of suppliers so that budgetary relief finally reaches the consumer -and a powerful Lankan retail supplier collective of large capacity…
The government’s attention has been drawn towards a particular Indian motor vehicle marketing entity which has not reduced its vehicle prices in proportion to the tax concessions granted through the interim budget. Finance Minister Ravi Karunanayake told the media today (11 February) that though the prices of its vehicles have to be reduced by some…
Venture Capital could be introduced as an institution which provides funds to those who possess business ideas to make them work. Now, funds could be obtained through this system in Sri Lanka as well. This is the complete exclusive interview that BIZ 24X7 of the Ada Derana 24X7 channel had with ‘Blue Ocean Ventures’ Managing…
Though Sri Lanka’s new interim budget proposes to reduce the budget deficit to 4.4 per cent, there are possibilities of increasing inflation and economic imbalance due to the increase in the current spending, warns the international rating agency Moody’s Investors’ Service. If this budget deficit of 4.4 per cent of the Gross Domestic Product (GDP)…
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