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BUSINESS

Cabinet to absorb debts incurred by Mihin Lanka

The Cabinet yesterday decided to absorb the debts incurred by Mihin Lanka, which is expected to be liquidated soon. It was disclosed at the Cabinet meeting that the airline launched by the previous regime owed Rs.4,860 million to the People’s Bank and Rs.1,700 million to the national carrier, SriLankan airlines. …

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Toddy tapping brought under license by Ministry of Finance

Toddy tapping from Coconut and Palmyrah trees has been brought under license with amendment proposed to Section 15 of the Excise Ordinance (Chapter 52) by the Ministry of Finance and Mass Media. Cabinet approval has been granted for this amendment. Though the license is required for toddy tapping under the …

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Pepper plant distribution on World Thrift Day

The Primary Industries Ministry and the National Savings Bank are holding a pepper plant distribution at NSB branches island wide today to coincide with World Thrift Day. Minister Daya Gamage was the chief guest at its commencement at the NSB head office at Kollupitiya, also attended by the bank’s chairman …

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EU delegation to visit Sri Lanka this week

A four-member delegation from the European Parliament, led by MEP Jean Lambert, will visit Sri Lanka this week, the Delegation of the European Union to Sri Lanka and the Maldives in Colombo announced. The delegation will meet government and civil society representatives to discuss Sri Lanka’s progress on national reconciliation …

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Int’ pepper conference opens in Kandy

The 45th Annual Sessions of the International Pepper Community Conference was inaugurated by president Maithripala Sirisena at Earl’s Regency Hotel in Kandy today (30). Minister of primary industries Daya Gamage was the guest of honour at the three-day conference. A pepper and spice exhibition was also opened, while winners of …

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Pricing formula for fuel by March next year

The government is committed to introduce a cost-reflective pricing formula for fuel and electricity by next year, Central Bank Governor Dr. Indrajit Coomaraswamy said. “The government is now committed under the structural benchmarks of the IMF to introduce a pricing formula for fuel in March and a pricing formula for …

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Port City completes 50 percent of land reclamation: Minister

Sri Lanka’s China-funded US$ 1.4 billion real estate development, Port City project has now completed 50 percent of the land reclamation preparing a land area of 134.5 hectares out of the proposed 269 hectares. Minister of Megapolis and Western Province Development Champika Ranawaka said that all land reclamation and preparation …

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Inflation is climbing

Latest figures from the Department of Census and Statistics (DC&S) indicate that the country’s inflation is climbing. The DC&S says the National Consumer Price Index for the last month was at 8.6 per cent. It was 7.9 percent in the previous month. The increase of prices of rice, coconuts, red …

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