22 March 2019
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Politics bites off Rs. 126 b from stock market value in two days

stock marketShocking political developments and apparent instability have wiped off Rs. 126 billion from the Colombo stock market during the past two market days. Read more...

US - SL helds Trade Union Dialogue


busi-1Washington DC, October 28: Senior officials of the Governments of the United States and Sri Lanka met recently in Colombo to continue their dialogue on trade and investment issues and for evaluating the progress under the Trade and Investment Framework Agreement (TIFA) between the two countries. The officials discussed a wide range of issues including market access, the U.S. Generalized System of Preferences (GSP), labor, trade promotion efforts, intellectual property rights, agriculture, and sector-specific investment challenges. Progress on trade and investment issues fosters economic growth and provides a strong foundation for greater economic cooperation and stronger bilateral relations. Two-way trade between the both countries has now reached USD 3 billion.


Central Bank clarifies new legislation on sale of land to foreigners

central bankFollowing Parliament passing new legislation on sale of land to foreigners, the Central Bank yesterday released a lengthy explanation of the fresh regulations. Given below is the full statement released by the Economic Research Department:

In 1963, a 100% transfer tax was introduced in the case of a transfer of land to foreigners. Thereafter, in 2002, such 100% transfer tax was suspended, which enabled the transfer of land to foreigners without any Transfer Tax. Subsequently, in 2004, the 100% transfer tax was re-introduced in the case of a transfer of land to foreigners, with limited exemptions. Read more...

Sri Lanka suspends sale of Fonterra milk powder


fonterra 1Fonterra Cooperative Group has confirmed Sri Lankan health officials have suspended the sale of some Anchor milk powder, amid concerns it has made children sick.


Sri Lanka GDP grows 7.8% in second quater of 2014


sl logoSri Lanka’s Gross Domestic Product (GDP) expanded by 7.8 percent in the second quarter of 2014 compared to same period last year, Department of Census and Statistics said in its Quarterly Estimates of Gross Domestic Product report released Monday.


Taiwan trouble for James Packer's Macau casino joint venture


james packerTaiwanese prosecutors have charged a subsidiary of James Packer’s Macau casino joint venture over the alleged illegal channeling of hundreds of millions of dollars between Taiwan and the gambling enclave.


Touchwood’s bank balance is a paltry Rs. 3,000!


tochwoodThe case concerning the winding-up of troubled Touchwood Investments Plc came up yesterday and the Commercial High Court was told that the company’s bank balance had only a paltry Rs. 3,000.


LinkdIn pays US$6m over US wage violations


linkedinLinkedIn has paid nearly US$6 million in back wages and damages to 359 current and former employees after a US investigation found it had failed to compensate them appropriately for overtime work.


Half a billion rupees ‘leaked’ by CPC


ceylon petrolium coperationThe Ceylon Petroleum Corporation (CPC) has lost approximately Rs. 583 million, as demurrage charges, for the five fuel vessels that have been berthed at the Colombo harbour, following an accident caused by its negligence.


3 Reasons the BRICS' New Development Bank Matters


bricks-1Although the tragic incident of MH17 now attracts global attention, the real big news last week was the establishment of the BRICS development bank at the BRICS summit in Brazil, which has long-term implications for global order and development. Not everybody would agree on the importance of the BRICS bank, but the creation of the BRICS bank is significant for future international order for three reasons.


Senaka's Send a Gift launched


send a giftYesterday (July 24), Sri Lanka saw the launch of its latest hypermall, Send-a-Gift.

The launch was held at the Hilton Residencies last evening.


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