Nine Wests Canadian stores sold to US owner of brand new subsidiary

TORONTO — Nine West’s Canadian shoe stores will remain open after the brand’s American owners reached a deal to buy the business from Toronto-based operator Sherson Group, which had licensed the name.New York-based Nine West Holdings said Monday that it has created a new subsidiary to run the Canadian business, which includes the Nine West, Easy Spirit and Anne Klein brands.The company said it will take over the Sherson Group’s 45 stores and keep the majority of its existing 549 employees.Sherson Group entered bankruptcy protection in July, with filings showing finances at the Canadian company were so tight it couldn’t afford to purchase enough footwear to stock its stores for the fall season.Financial terms for the deal were not disclosed.The Canadian PressLaura’s Shoppe Inc to close 20 stores by September 13, seek rent cuts on 26 othersBoutique Jacob relaunching operations with five Quebec stores read more

Handy and Harman fine silver quotations 21813 oz 70129 kg

Handy and Harman fine silver quotations in Canadian dollars:Thursday $21.813 oz., $701.29 kg.; Wednesday $21.903 oz., $704.18 kg.

President tells army to help Achala

Lieutenant General Jagath Jayasuriya, responding to the President’s directive, readily consented to provide her with a Germany-manufactured artificial arm which costs around Rs 3.5 million after immediately contacting the supplier in Sri Lanka, the army media unit added. President Rajapaksa at the same time told the Commander of the Army that he would ensure the release of financial grants to purchase the prosthesis on a humanitarian basis. The Commander of the Army, in turn directed Major General R.V. Samaratunga, Director Rehabilitation, to meet the victim at the Colombo National Hospital and do the needful.Medical experts on hand however opined that measurements for the prosthesis could not be taken as of now since her wrapped wounds would take at least two more weeks before complete healing. President Mahinda Rajapaksa has instructed the army to help the final year Law student Achala Priyadarshani whose arm, on alleged medical negligence, was amputated after an accidental fall from a flight of stairs at her home in Urubokka.The army media unit said that the President spoke to the Commander of the Army, Lieutenant General Jagath Jayasuriya yesterday to find out if the army could provide a  prosthetic arm to the girl. read more

IDP families to receive financial assistance

As many as 2,175 internally displaced Tamil families in Jaffna and Trincomalee districts are set to receive a financial assistance of Rs. 38,000 per family for resettlement, The Hindu newspaper reported.Two hundred and four families in Sampur, Trincomalee district of the Eastern Province, and 1,971 families in Jaffna of the Northern Province will get the assistance initially. Resettlement Minister D.M. Swaminathan, when asked for a reaction said he would not like to comment now. Of the amount of assistance, Rs. 25,000 is set apart for resettlement allowance and the remaining Rs. 13,000 for purposes such as clearing land and purchase of tools. The payment will be made on verification of claims by district-level officials, says an official in the Ministry of Resettlement, Reconstruction and Hindu Religious Affairs. read more

PM seeks reports on major incidents

The Prime Minister’s office had instructed the police to provide details of the investigations to the Prime Minister at the earliest. (Colombo Gazette) Prime Minister Ranil Wickremesinghe has sought reports on major incidents which took place when former President Mahinda Rajapaksa was in power.Sources said that the Prime Minister has asked for reports on the progress over investigations conducted on the murder of the founding Editor of The Sunday Leader Lasantha Wickremetunga, the disappearance of journalist Prageeth Eknaligoda and the murder of rugby player Wasim Thajudeen. read more

Fonseka ready to countersue Wijeydasa

Field Marshall Sarath Fonseka says he will  countersue Justice Minister Wijeydasa Rajapaksha in relation to comments made on the Avant Garde issue.Fonseka said that he will sue Rajapaksha for Rs. 500 million and added that he has all the evidence required to back allegations against the Justice Minister. Rajapaksha is to sue Fonseka for Rs. 500 million as damages for the statement he had made this week. Rajapaksha had earlier said he had decided to sue Field Marshall Sarath Fonseka over a defamatory statement made by him. Fonseka had accused Rajapaksha of taking bribes and attempting to hide facts relating to the Avant Garde issue.Field Marshall Sarath Fonseka said that he had made a similar statement on Rajapaksha even during the August 17 Parliament election period and he stands by that statement even today. (Colombo Gazette) read more

Perpetual CEO hands over mobile phone to bond commission

The Chief Executive Officer (CEO) of Perpetual Treasuries Limited, Kasun Palisena, handed over his mobile phone to the Presidential commission investigating the alleged treasury bond scam.The mobile phone was handed over on an order issued by the commission.

Loan to Value ratio on financing vehicle purchase revised

Duty on locally assembled vehicle will remain as 30% and not 40 percent as announced in the budget on November 09 Accordingly, individuals who have already opened Letters of Credit in their names to import vehicles prior to November 09 will be allowed to clear those vehicles at the rate of the duty that prevailed before the budget. However, these vehicles should be cleared before April 30th 2018. VAT liability on sale of Condominium Housing UnitsThe sale of Condominium housing unit will be liable for VAT from 01.04.2018. However, sale under a sales agreement entered in to, before 01.04.2018 will not be liable for VAT. 90% of the value                     –          for Electric Cars The Loan to Value Ratio will be revised and the Finance facilities could be provided by banks up to :-50% of the value                     –          for  Petrol and Diesel Motor Cars70% of the value                    –          for Hybrid Cars Further, the tax concession announced in the budget-2018 for the imported brand new electric car will be extended to cover the used electric cars, which are not more than one year old. According to a Gazette notification issued by the Minister of Finance and Mass Media Mangala Samaraweera, the duty of the  used electric cars that are not more than one year old will be reduced by around Rs One million. Consequently, the duty rate applicable to electric vehicles (Less Than One year old ) will be Rs 12,500.00 per KW power of the motor of the electric car which is less than 100 KW power.In the budget-2018 the Finance Minister had introduced an appropriate incentive structure to promote importation of vehicles powered by non-fossil fuel. He had introduced a new formula for import taxes on vehicles to be levied based on the engine capacity instead of the ad-valorem rate (CIF Value of the vehicle) rationalizing the tax base on vehicle. In addition, the Loan to Value (LTV) ratio for motor cars which is 50:50 at present will be further relaxed for Hybrid vehicles. Finance Minister Mangala Samaraweera, while further relaxing the policies announced in the Budget – 2018 on the importation of vehicles, has also revised the policy on Loan to Value (LTV) ratio on the financing for purchase of vehicles under lease basis.Finance Minister Mangala Samaraweera making the winding up speech in the second reading of the Budget -2018 debate also announced details on the procedure for collecting VAT on the sale of Condominium housing units and the removal of restrictions on the foreign ownership on the shipping and the freight forwarding agencies. read more

Four inmates from Vavuniya Prison escape from custody

They were transported to court for their case when they managed to escape.A search operation was launched to locate the prisoners. (Colombo Gazette) Four inmates of the Vavuniya Prison escaped from custody while being transported to the Mullaitivu Magistrate’s Court.The Police said that the inmates had been in custody over a murder case.