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Another tax imposed on rice

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Some traders who are close associates of politicians are hoarding another 200,000 metric tons of rice imported from India, President of the United Rice Growers’ Association Muditha Perera said.


He said rice is being imported when there is a rice surplus in Sri Lanka.

He said that the production of rice in the previous 2020/21 Maha Season was 5 million metric tons. Despite this record harvest, Mr. Perera said rice was imported not due to a lack of harvest resulted in from organic farming but because of lack of commissions.

Meanwhile, he said that a social security tax of 2.5% would be imposed per kilo of rice from October 1, and this tax amount would also be added to a kilo of rice.

In order not to collect the tax amount from consumers, he said the new tax amount will have to be reduced when purchasing paddy from the farmer.

Mr. Perera said that the price of rice has gone up due to stubborn actions of one large-scale rice mill owner, and that this situation has arisen due to the lack of straightforwardness and decision making of the agricultural officials.

“The officials of the Agriculture Ministry kept mum while waiting for imported rice. Therefore, rice was imported on loan unnecessarily. It is a crime to try to use the country’s rice production for chicken feed when people don’t have anything to eat. Minister Mahinda Amaraweera has been misled,” he said.

He said that more than 700 small and medium scale rice mills and more than half of the large scale rice mills have been closed. However, he said the paddy harvest will increase in great quantity next year.

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CSE to close early on Nov. 14 for Gen. election

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The Colombo Stock Exchange has stated their decision to close the market early in view of the Parliamentary Election. 

Therefore, trading hours will be from 9:30 a.m. to 12:30 p.m. on Thursday (Nov. 14).

Regular trading hours will resume on Monday, 18th November 2024.

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Nissan to lay off thousands of workers as sales drop

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Nissan has said it will lay off thousands of workers as it slashes global production to tackle a drop in sales in China and the US.

The Japanese car making giant says it will cut 9,000 jobs around the world in a cost saving effort that will see its global production reduced by a fifth.

Nissan did not immediately respond to a request from BBC News for details on where the job cuts will be made.

The company employs more than 6,000 people at its manufacturing plant in Sunderland, North East England.

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The company also cut its operating profit forecasts for 2024 by 70%. It was the second time this year that the firm has lowered its outlook.

“These turnaround measures do not imply that the company is shrinking,” said Nissan’s chief executive Makoto Uchida.

“Nissan will restructure its business to become leaner and more resilient.”

The company said Mr Uchida’s monthly salary is being cut by half and that other senior executives will also take pay cuts.

Nissan’s shares were trading more than 6% lower on Friday morning in Tokyo.

Growing competition in China has led to falling prices, which has left many foreign car makers there struggling to compete with local firms like BYD.

China has become the world’s biggest producer of electric vehicles as many Western rivals have failed to keep up.

“Nissan, like many Japanese car makers, has been very slow to the electrified vehicle party in China and this is reflected in their results,” said Mark Rainford, a China-based car industry commentator.

The firm is also struggling in the US, where inflation and high interest rates has hit sales of new vehicles.

Lower demand has led car makers to cut prices, which has dented their profits.

In November last year, Nissan and its partners announced a £2bn ($2.6bn) plan to build three electric car models at its Sunderland factory.

The firm said it will build electric Qashqai and Juke models at the plant alongside the next generation of the electric Leaf, which is already produced there.

(BBC News)

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Laugfs gas prices also to remain unchanged

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Laugfs Gas PLC announced that the company will not revise domestic LP gas prices for the month of November 2024.

Accordingly, the current prices of Laugfs domestic LP gas cylinders are as follows :
12.5 kg cylinder – Rs. 3,680
05 kg cylinder – Rs. 1,477

Earlier today (Nov. 04)  Litro Gas also said that domestic LP gas prices will remain unchanged for this month.

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