James Packer’s Crown Group says it will not go ahead with a proposed plan to develop a $400 million luxury hotel and resort in Sri Lanka, following a decision by the government in Colombo to scrap tax concessions for the project. On Thursday Sri Lanka’s new government decided to cancel generous tax concessions for three…
Since the import duties on motorcars below 1,000 cc engine capacity have been reduced by 15 per cent through the interim budget, the prices of such vehicles would fall by around Rs. 150,000 says the Sri Lanka Motor Vehicle Importers’ Association chairman. Sri Lanka Motor Vehicle Importers’ Association chairman Indika Sampath Merinchige said accordingly the…
Colombo stock market shed gains collected in prior sessions on Thursday amid the presentation of the mini budget to the parliament. The new government’s “Robin-Hood style” fiscal policies in the interim budget, target to improve the life standards of middle & low class society ahead of the general election and it was mostly focused on…
The new government has proposed a 25 per cent Super Gains tax on institutions which have gained a profit of over Rs. 02 billion during 2013 to 2014. While presenting the new government’s interim budget, Finance Minister Ravi Karunanayake said only around 35 or 40 companies have to pay this particular tax and around Rs….
The Cabinet has banned casinos in projects that come under the Strategic Development Act. Prime Minister Ranil Wickremesinghe told Parliament that all projects approved under the Strategic Development Act, except casino businesses could be carried out under tax concessions. Casino businesses cannot be carried out under the proposed projects under the joint projects by Ravi…
Colombo equities stretched gains for the third session driven by positive expectations on tomorrow’s mini budget. Benchmark index reached a high of 7,408.95 with a gain of 40.46 points (+0.55%) and closed lower at 7,395.29 (27.64 points, +0.38%). 20-script S&P SL index gained 13.29 points (+0.32%) to end at 4,143.72. Core index bagged 118.66 points…
Tilak Karunaratne assumed duties as Chairman of the Securities & Exchange Commission. Mr. Karunaratne has held this post some time ago as well.
President’s Counsel Ronald C. Perera has been appointed Chairman, The Bank of Ceylon with effect from 27 January 2015. He was appointed by Finance Minister Ravi Karunanayake and assumed duties today (28 January). Mr. Perera is a LLB Graduate from the University of Colombo and holds a LLM on International Trade Law from Northumbria University….
Colombo bourse managed to uphold the positive momentum on Tuesday amid the monetary board’s decision to continue with unchanged interest rates. All share index bagged 51.57 index points (+0.70%) to end at 7,367.65 while S&P SL20 index simultaneously gained 33.69 index points or 0.82% to close at 4,130.43. Price appreciation in John Keells Holdings (closed…
Citrus Leisure PLC has amicable settled the legal proceedings before the Valaichennai District Courts against a predecessor in title of Passikudah Beach Resorts, a fully owned subsidiary of Citrus Leisure PLC. According to the settlement entered into in courts, Citrus Leisure PLC has paid a sum of Rs. 80 million to the party which instituted…
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