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Liquor bottles sans safety stickers seized!

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The Excise Department sleuths have discovered a large number of liquor bottles being sold in the market without safety stickers on them.

Commissioner General of Excise M.J. Gunasiri has given instructions to conduct raids to seize liquor bottles without safety stickers following an allegation made by the Licensed Liquor Dealers Association in a letter to the President that the Commissioner General of Excise is causing Rs.400 million of a loss to the country on a daily basis.

Mr. Gunasiri has instructed the Deputy Excise Commissioner (Law) and the Excise Commissioner (Law Enforcement) to investigate the allegations made by the Licensed Liquor Dealers Association.

The Association accused that the liquor produced in the Kalutara factory of Distilleries Company of Sri Lanka PLC (DCSL), which is chaired by well-known businessman Harry Jayawardena, is being distributed without stickers in the Southern Province.

Accordingly, the investigators at the Excise Department have launched an investigation to find out whether the liquor bottles found without stickers belonged to DCSL.

The Licensed Liquor Dealers Association requested the President to remove the Excise Commissioner General as they accused him of depriving the country of Rs.400 million in excise revenue per day owing to corruption.

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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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