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BUSINESS

No fuel short-age

There is no fuel short-age anywhere in the country. CID will investigate on persons who spread false remours, Petroleum Resources  Division said.

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Share price rise in banking and finance

Share prices rose in the banking and financial sector and in several blue chip companies, like  JKH,at the Colombo Stock Exchange (CSE) due to a revision of proposed taxes on vehicles and an increase in the  loan to value ratio on certain motor vehicles. This gave the market a lift …

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Meeting Korean company’s senior managers

A senior management team from Posco Daewoo Group has had discussions with deputy minister of petroleum Dr. Anoma Gamage on opportunities in Sri Lanka’s oil and gas sector. Led by senior executive vice president Joo Sibo, the seven-member team from the South Korean company had the meeting at the primary …

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Govt. plans to reduce debt to GDP ratio to 70% by 2020

The government has endeavored to reduce its debt to a risk-free and manageable level through revenue enhancement and mobilization efforts, the Finance Ministry says.   The debt to GDP ratio increased to 79.3 percent in 2016 from 77.6 percent in 2015 reflecting the debt financing of budget deficit, lower nominal …

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Petroleum pricing formula from March

Deputy Treasury Secretary S.R. Attygalle yesterday assured that the pricing formula on petroleum products would be implemented by March next year. “You will have the formula for the New Year in April,” he said addressing a post budget discussion organised by the Ceylon Chamber of Commerce. The electricity formula however …

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Jaguar Land Rover Takes Over Ratnapura Yet Again

SML Frontier Automotive the sole agents for Jaguar and Land Rover in Sri Lanka along with HNB Leasing will be present in Ratnapura with a range of benefits for prospective customers. The Jaguar and Land Rover team will be onsite at Silver Ray with HNB Leasing Ratnapura on Friday 17th to …

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Tax concessions on electric cars revised

The Finance Ministry had decided to provide tax concessions for electric cars with a one year usage. The gazette notification pertaining to the decision will be issued today (15), Financial Ministry reports said. Initially, Finance Minister decided to decrease the import tax levied on brand new Electric vehicles by Rs. …

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Finalization of the Public-Private Partnership Guidelines

As the government’s capacity to borrow money is limited Public private partnership is the only way forward to achieve development goals. Since 1998 Sri Lankan government has not issued any guidelines for PPP. The Department of Public Finance of Ministry of Finance conducted the final stakeholder consultation workshop on 15 …

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Budget keeps to IMF plan but fiscals still weak – Fitch

The global rating agency, Fitch Ratings says Sri Lanka’s budget for 2018 sticks broadly to the targets for fiscal deficit reduction under its three-year IMF program, which began in June 2016. However, high government debt and the large cost of debt servicing weigh heavily on Sri Lanka’s credit profile and …

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