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Fri11162018

Last updateWed, 14 Nov 2018 8pm

Business News

The first Mega Outlet of Sathosa to be declared open in Welisara, today.

The 1st ‘Mega Outlet’ of Sathosa will be declared open in Welisara, today. Prime Minister Ranil Wickremesinghe will be the chief guest. Minister Rishad Batiudeen will also join in the inauguration ceremony. The Ministry of Industry and Commerce intends to launch another 40 mega outlets of this kind, to provide consumers with high quality goods at affordable prices.

The first Mega Outlet of Sathosa to be declared open in Welisara, tomorrow.

The first Mega Outlet of Sathosa will be declared open tomorrow in Welisara. Prime Minister Ranil Wickremesinghe will be the chief guest.

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Sri Lanka Development Bonds, to be issued this year.

Steps have been taken to issue Sri Lanka Development Bonds under the government’s public borrowing programme for 2018. Under the Appropriation Bill number 30 of 2017, the maximum borrowing limit for 2018 is 1,893 billion rupees. 1,313 billion rupees will be obtained from local sources and 580 billion rupees will be obtained from foreign sources.

It was decided to issue the said development bonds under the supervision of Central Bank, for obtaining 3,000 million US dollars.

Minister of Finance Mangala Samaraweera tabled this proposal before the cabinet of ministers today.

The Monetary Board of the Central Bank of Sri Lanka decides to take regulatory actions in view of the weak financial performances of ETI Finance and Swarnamahal Financial Services

The Monetary Board of the Central Bank of Sri Lanka, having considered the weak financial performances of ETI Finance and Swarnamahal Financial Services, decided to take regulatory actions, as a temporary measure, under the provisions of the Finance Business Act No. 42 of 2011, with immediate effect.
This is in a bid to safeguard the interests of the depositors and other creditors of the two companies and to ensure safety and soundness of the financial system
The measures taken are;
1. The appointing of a panel to manage the affairs of both companies.
2. Restricting the withdrawal of maturing deposits and renewing such deposits for a period of six months.
and
3. The Payment of interest due for deposits, as per agreed terms and conditions.
In the meantime, the companies can finalize their negotiations with prospective investors. The Central Bank will facilitate suitable investors as per the applicable laws and regulations. The depositors of the above two companies are further informed that the Central Bank is taking further measures and is closely monitoring the operations of the companies to protect the rights of the depositors. Therefore, the depositors are kindly requested to co-operate with the Central Bank in its effort to ensure the stability of the two companies.

2500 million rupees has been released to grant the fertilizer subsidy to the farmers in the country

 

President Maithripala Sirisena says that 2500 million rupees has been released to grant the fertilizer subsidy to the farmers in the country. He added that the decision was made after that information he received that the funds were not received to the farmers. The Central Bank has made arrangements to transfer funds for the accounts of the respective farmers. The president made these remarks at a meeting held in Bendiwewa, Polonnaruwa.

The external sector of the economy exhibited a significant improvement in October 2017.

The Central Bank says the external sector of the economy exhibited a significant improvement in October 2017. A notable decline was observed in the trade deficit and inflows to the financial account of the Balance of Payment. Higher export earnings recorded a double digit growth for the fourth consecutive month. A deceleration in import expenditure assisted in a significant year-on-year decline in the trade deficit in October.

A maximum retail price has been imposed for the sale of local and imported Nadu Rice.

The Consumer Affairs Authority has imposed a maximum retail price for the sale of local and imported Nadu Rice. Accordingly, a kilo of this rice variety cannot be sold over 74 rupees per kilo. An extra ordinal gazette notification has been issued yesterday in this regard.

Essential commodities at subsidized prices from Sathosa outlets.

Essential commodities can be purchased for subsidized prices from Sathosa outlets during this festive season.
Thereby, a kilo of imported white rice will be sold for 62 rupees. A kilo of locally produced red rice will be priced at 73 rupees. A kilo of imported samba can be purchased at 71 rupees while a kilo of locally produced samba can be purchased at 82 rupees. A kilo of imported nadu rice will be priced at 70 rupees.
A kilo of bombe onions will be priced at 135 rupees while a kilo of potatoes will be 139 rupees.
A kilo of red dhal will be sold at 124 rupees. A kilo of white sugar is 100 rupees. Canned fish weighing 425 grams will be priced at 127 rupees. Consumers can purchase these items from other supermarkets for these or similar prices.

The demand for local handlooms is on the increase.

The demand for local handlooms is on the increase in local and foreign markets particularly from India and the western countries. Director Mrs. J. Krishnamoorthy of the textile department says that the department is introducing new technology and new markets for handloom manufacturers.

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The prices of medicines could be reduced again if the rupee appreciates

 

Health Minister Rajitha Senaratne says the prices of medicines could be reduced again if the Sri Lanka rupee appreciates against the US dollar. He said at the opening of a Lanka Sathosa outlet at Payagala that the five per cent increase in the prices would remain in force for one year duration only.

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