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Regulatory hurdle : Port City Duty-Free mall in limbo

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The Committee on Public Finance, chaired by Dr. Harsha De Silva, convened to address conflicting opinions surrounding the establishment of a duty-free shopping mall in Colombo’s port city. 

The committee emphasized the need for urgent intervention from the Secretary of the Ministry of Investment Promotion to resolve the issue swiftly.

During the meeting held on March 12th, the committee delved into the contrasting viewpoints presented by the Attorney General and the Port City Economic Commission regarding the legal framework governing the proposed duty-free shopping mall. 

Of particular concern was the divergence in opinions regarding the commission’s authority to establish such a facility.

Anoja Herath, Acting Secretary of the Ministry of Investment Promotion, disclosed that draft regulations pertaining to duty-free shopping malls had been forwarded to the cabinet for review and approval.

Dr. Harsha De Silva, in his capacity as committee chair, highlighted the Attorney General’s assertion that the commission lacks the jurisdiction to stipulate duty-free goods valued at up to $5,000. 

However, complicating matters further, a letter from a private law firm representing the Port City Commission countered this stance, asserting the commission’s full legal authority to legislate on duty-free shopping malls and disputing the Attorney General’s opinion.

The committee expressed reservations regarding the method by which the Attorney General’s opinion was conveyed through a private law firm and raised concerns about the exercise of legislative powers without parliamentary approval.

Representatives from the Attorney General’s Department clarified that while the Port City Economic Commission possesses legislative powers, these are not without limitations.

During a thorough inquiry, the committee extensively scrutinized the operational procedures of the proposed duty-free mall, assessing its feasibility and potential ramifications. 

As a result, it was emphasized that a comprehensive study is imperative to evaluate the prospective effects on local businesses and the taxation framework within Sri Lanka.

(newsfirst.lk)

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Shooting incident ‘targeting’ former MP Uddika was self-orchestrated : Police

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Sri Lanka Police says it has been uncovered that the incident where several gunshots had been fired at the vehicle belonging to former Anuradhapura District parliamentarian Uddika Premaratne, had been orchestrated by the actor-turned-politician himself with the assistance of an Assistant Superintendent of Police (ASP) in the area.

Speaking during a press conference held in Colombo today (13), the Police Media Spokesman DIG Nihal Thalduwa said that the suspects connected to the incident have been identified so far following investigations carried out by the CID.

On September 17, 2023, a group of unidentified gunmen had opened fire at Premaratne’s car soon after he returned to his residence in Anuradhapura at around 10:35 p.m. The parliamentarian had managed to escape unharmed.

The perpetrators, who had arrived in a car, were said to have targeted the parliamentarian who was walking towards the house after parking his vehicle. The left rear door glass of Premaratne’s car was damaged in the shooting incident for which the gunmen were believed to have used a pistol.

Anuradhapura police initiated investigations soon after the incident was reported and Special Task Force (STF) personnel were deployed to beef up the security near the MP’s house. Later, investigations into the matter were handed over to the Criminal Investigation Department (CID).

However, the former MP claimed that the existing system within the country was the reason behind the recent shooting incident targeting him.

Speaking in Parliament in this regard, MP Premaratne said that while he believed the system was the cause behind the recent shooting outside his residence, it is also the reason why the country is in the state it is today.

Later on 27 February 2024, the Sri Lanka Podujana Peramuna (SLPP) MP resigned as a Member of Parliament, following which S.C. Muthukumarana of SLPP was appointed to fill the vacant MP seat.

However, Premaratne was later reported to have flown to Canada, seeking political asylum, which he refuted, and claimed that he was expecting a work visa in Canada.

In 2020, the popular actor was announced as a candidate for the 2020 parliamentary election from the Anuradhapura District as a member of the Sri Lanka People’s Freedom Alliance, a political alliance led by the SLPP formed in 2019. 

He obtained 133,550 votes and won a seat in the 16th Parliament of Sri Lanka.

(adaderana.lk)

(This story, originally published by adaderana.lk has not been edited by SLM staff)

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Apple is the world’s first $1 trillion brand: Kantar

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Kantar BrandZ’s Top 10 Most Valuable Global Brands 2024 has named Apple as the world’s first trillion-dollar brand, holding onto pole position for the third consecutive year. 

Google, Microsoft, and Amazon join Apple atop the rankings, with McDonald’s rounding up the top 5.

Demonstrating how effective AI has become for driving brand value, NVIDIA has lept 18 places to crack the top 10 for the first time, holding sixth position with a 178% year-on-year brand value increase. 

Facebook rejoined the Top 10 after a one-year absence, while Oracle joined the Top 10 for the first time. 

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The G7 Summit begins today

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Leaders of the Group of Seven (G7) countries are meeting for a three-day summit, starting today (13 June) to discuss global affairs in the southern region of Puglia (Apulia), Italy.  

Heads of state of the seven members – the United States, Canada, Germany, France, Italy, Canada and the United Kingdom – as well as the chiefs of the European Council and the European Commission will be present at the event.

Italy, the host of this year’s event, has extended an invitation to more than 10 other countries for sideline discussions. These include UAE’s Mohamed bin Zayed, Algeria’s President Abdelmadjid Tebboune, Jordan’s King Abdullah II and Turkey’s President Recep Tayyip Erdogan. Notable absentees are Egypt and Saudi Arabia, who it  is reported, had been invited.

Support for Ukraine is top of the agenda. President Volodymyr Zelenskyy is scheduled to arrive on the summit’s first day for two sessions dedicated to the war-torn country. The G7’s most anticipated outcome is an agreement over a $50bn loan for Ukraine backed by profits accrued on Russian assets frozen in the West. 

The war on Gaza is also expected to dominate talks. 

Pope Francis will also be among the guests – the first time a pontiff has been invited to the summit – for a session dedicated to artificial intelligence (AI). Other specific sessions will be on migration, financial issues and the situation in the Asia Pacific. 

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