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China’s Xiaomi announces latest flagship Mi 4 smartphone

China’s Xiaomi unveiled on Tuesday its new flagship Mi 4 smartphone, aimed squarely at the premium handset market dominated by Apple Inc and Samsung Electronics Co Ltd. The Mi 4 has a 5 inch, 1080p screen and a Qualcomm Inc Snapdragon 801 2.5 Ghz processor, said Chief Executive Lei Jun at a launch event in…

(0)Comments | July 22, 2014 2:18 pm

Commodity tax on sugar imports increased

The special commodity tax on imported sugar has been increased by Rs. 3 per kilogram with effect from July 16, the Finance Ministry stated. Accordingly the tax per kilogram of sugar has been increased from Rs. 25 to Rs. 28. The increase was made to protect local producers against the drop in international sugar prices,…

(0)Comments | July 22, 2014 9:06 am

President to abolish taxes on financial institution staff perks

President Mahinda Rajapaksa has decided to remove the taxes announced in Special Gazette 1857/8 for state and private sector financial institution staff, the Presidential Media Division said. Accordingly the taxes on housing loan interest, disaster loan interest, vehicle loan interest, medical expenses reimbursement, overtime allowance and other allowances of employees at state and private institutions…

(0)Comments | July 21, 2014 9:17 pm

Stock Market Review – 21st July 2014

Colombo Stock market started its weekly operations on optimistic note where main bourse hit 34 month high of 6,766.19. Core index gained 34.32 index points (+0.51%) to end at 6,756.52 while 20-scrip S&P SL20 index gained 29.17 index points (0.78%) to close at 3,768.15. Price appreciations in equities such as Commercial Bank (closed at LKR…

(0)Comments | July 21, 2014 5:22 pm

Aravinda Perera appointed to CSE Board

Mr. Aravinda Perera was appointed to the Board of Directors of the Colombo Stock Exchange (CSE) with effect from 9th July, 2014, in place of Mr. Krishan Balendra, who completed his term as Chairman of the Board and resigned from the Board with effect from 5thJune, 2014. Mr. Perera is currently the Managing Director of…

(0)Comments | July 21, 2014 5:14 pm

MoU signed to acquire majority shares of George Steuart Finance

Deshodaya Development Finance Limited, George Steuart & Company Limited and Capital Trust Holding Limited have signed a memorandum of understanding to acquire the majority shares of George Steuart Finance PLC. In keeping with the Financial Sector Consolidation master plan of the Central Bank of Sri Lanka, Deshodaya Development Finance Limited has entered into a Memorandum…

(0)Comments | July 21, 2014 2:44 pm

Ceylon Leather Products, Lanka Century Investments gain control of South Asia Textile

Ceylon Leather Products PLC subscribed to 3,064,485,280 shares in South Asia Textile Industries Lanka (Private) Limited through a Rights Issue for Rs. 306,448,528 thus increasing its hold in South Asia Textile Industries to 80.39 percent. Meanwhile, Lanka Century Investments PLC which is the controlling shareholder of Ceylon Leather Products PLC subscribed to 480,703,600 shares in…

(0)Comments | July 21, 2014 2:36 pm

Rajapaksa welcomes new BRICS Bank

President Mahinda Rajapaksa today welcomed the formation of the New Development Bank (NDB) by the five Brics countries — Brazil, Russia, India, China and South Africa — at the 6th BRICS summit in Brazil, saying it will assist emerging nations significantly. “Sri Lanka welcomes the initiative of BRICS leaders to establish a new Development Bank….

(0)Comments | July 21, 2014 12:23 pm

Google revenue helped by ads as business boss leaves

Internet giant Google has reported a 22% jump in revenue during the second quarter period from March to June compared with a year earlier. Revenue rose to $16bn (£9.4bn) and profits were up 6% to $3.4bn, said the firm in its earnings report. Strong demand for Google’s advertising helped boost revenues above expectations. Google also…

(0)Comments | July 21, 2014 12:16 pm

MH17 took route avoided by Qantas, Cathay Pacific

Malaysia Airlines System Bhd, whose plane carrying 298 passengers was shot down over eastern Ukraine, took a route that Qantas Airways Ltd and several other carriers avoided. Qantas hasn’t been using that route for a few months, said Andrew McGinnes, a spokesman for the Australian carrier, while Cathay Pacific Airways Ltd said it hasn’t been…

(0)Comments | July 19, 2014 2:30 pm