Economic
Ultra Aluminium Ltd. recently unveiled its latest BOI approved factory in Arayampathy, Batticaloa which manufactures an import substitute known as aluminium extrusion profiles thereby saving a significant dollar flow going out of the country. This also sets the tone to create jobs and generate income for the people in the Eastern Province and the country as a whole.
Sri Lanka’s official reserve assets edged up in May but not even close to bring any kind of stability to the domestic foreign exchange markets or to restore the normal outflows in respect of fuel, gas and other essential imports, as US $ 1.5 billion in it remains only a number since the former officials engaged in window-dressing to make the country’s reserve position look better and bigger.
Trade Minister Nalin Fernando orders CAA to summon Laugfs Gas officials over price hike
Asserts CAA can inquire into reasons for price increase, though prior approval is not required
Says an agreement should be reached on procedure to ensure traders do not exploit consumers
Urges public to refrain from hoarding as sufficient stocks are available
Sri Lanka’s most comprehensive development regulations – the Development Control Regulations (DCR) – introduced by Port City Colombo, was Gazetted recently and is now being enforced. An awareness program on the DCR conducted by the Colombo Port City Economic Commission was held at Port City Colombo, yesterday.
The maximum retail price of a 50kg bag of cement has been increased by Rs.150 with immediate effect, the Cement Manufacturers and Importers said.
Speculation on business tycoon Dhammika Perera entering Parliament props counters such as RCL, VONE and HAYL
The Colombo stock market sustained its positive run though low turnover has sparked concern in terms of overall investor enthusiasm.
The worsening multiple economic crises have forced over 900 mills to shut, whilst also warning that rice can only be produced for another two weeks with the remaining paddy stocks.
ශ්රී ලංකාව මේ වනවිට මුහුණ පා සිටින උඝ්ර විදේශ විනිමය අර්බුදයෙන් ගොඩ ඒම සඳහා ව්යාපාරික ධම්මික පෙරේරා මහතා විසින් ප්රධාන උපාය මාර්ගික සැලසුම් 12ක් ඉදිරිපත් කර තිබේ.
Steep shift down on yield curve
Inflation increases
Money market deficit decrease
Rupee middle rate depreciates
By Wealth Trust Securities
The Colombo stock market bounced back yesterday with sharp gains in indices though turnover remained below average.
ලංකා ඛණිජතෙල් නීතිගත සංස්ථාවේ නව සභාපතිවරයා ලෙස මොහමඩ් උවයිස් පත් කර තිබෙනවා. ඔහු කලක් ලංකා ඛණිජ තෙල් තොග ගබඩා පර්යන්තයේ සභාපතිවරයා ලෙස ද කටයුතු කර තිබුණා.
Ports, Shipping and Aviation Minister Nimal Siripala de Silva in discussion with SriLankan Airlines trade union representatives Says it will be carried out in a transparent manner with Cabinet and Parliamentary approvals
Urges local investors to come forward; assures job security to employees
While urging the local investors to come forward, the government plans to complete the restructuring process of loss-making SriLankan Airlines in a transparent manner within this year.
Says daily guidance and current transitory arrangement misinterpreted as ‘pegged exchange rate’ regime; points to clear distinctions
Sans figures says conversions have improved under the new regime
Import expenditure has declined notably in May 2022 compared to April 2022
Given the degree of overshooting of exchange rate in March 2022, says a further market based correction is expected with deceleration of non-urgent import expenditure, increasing inflows to banking system in terms of workers’ remittances and export proceeds on goods and services
Says current arrangement would be reviewed from time to time and further flexibility would be allowed if need be once market confidence is restored, supported by envisaged foreign exchange inflows
“There are no pleasant surprises as business confidence stays on its slippery course, sliding perilously into the unknown – and taking a nation’s hopes along on an unbidden ride,” business magazine LMD reported in its June edition.
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