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Stock Market Review – 12th Feb 2015

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…

(0)Comments | February 12, 2015 5:29 pm

Errant Indian car marketing company MD meets Sri Lanka’s Finance Minister

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…

(0)Comments | February 12, 2015 2:53 pm

Senior citizens’ interests put bank officials in hot water

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…

(0)Comments | February 12, 2015 2:07 pm

Rishad & Gamini bulldoze a Lankan supply monopoly grip overnight

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…

(0)Comments | February 12, 2015 11:11 am

Sri Lanka government eyes Indian vehicle marketing company not passing down tax concessions

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…

(0)Comments | February 11, 2015 2:49 pm

Here’s the way to get funds to launch you valuable business ideas -Video Interview

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…

(0)Comments | February 11, 2015 2:48 pm

Moody’s flashes red light on interim budget

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)…

(0)Comments | February 11, 2015 11:54 am

Barrier falls on transfer of Sri Lanka government servants’ vehicle permits

It has been revealed that the new government has decided not to allow the tax free vehicle permits for government servants to be transfer before four years of its issue. A senior official from the Finance Ministry told www.adaderanabiz.lk that this decision has already been taken and that the relevant circular would be released shortly….

(0)Comments | February 10, 2015 5:27 pm

Sri Lankan Premier’s attention drawn towards hybrid vehicle tax

The Sri Lanka Vehicle Importers’ Association has appealed to Prime Minister Ranil Wickremesinghe not to impose the tax proposed by the interim budget, as it is, on the hybrid vehicles on which letters of credit have been opened before 29 January. A special discussion on this issue is scheduled to be held with the Prime…

(0)Comments | February 10, 2015 1:41 pm

Behind the wheel of Toyota's futuristic iRoad

Serenity now. It’s 4:30 in the afternoon and I’ve been stuck on the same stretch of Bush Street in San Francisco’s Financial District for an entire hour. And I have to pee. The Bay Area’s latest tech boom has left those of us living in, around, and on the outskirts of such “abundance” smack in…

(0)Comments | February 10, 2015 12:45 pm