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BUSINESS

Hutchison-Etisalat merger

CK Hutchison Group and Emirates Telecommunications Group Company PJSC have entered into a definitive agreement to merge their mobile telecommunications businesses in Sri Lanka, operating under Hutchison Telecommunications Lanka (Private) Limited and Etisalat Lanka (Private) Limited respectively. The combined business of Hutch Lanka and ESL will be better positioned to …

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Increase in gas price

Litro and Laugfs companies have announced a Rs. 245 increase in the price of a 12.5 kg domestic gas cylinder from tonight. The new price will be Rs. 1,676.

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Further depreciation of rupee will not happen

Central Bank governor Dr. Indrajit Coomaraswamy says a further depreciation of the Sri Lankan rupee will not happen with the receipt of the final payment due for the Hambantota port and the the cash inflow into the country. He was speaking at the launch of the CB’s annual report yesterday.

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Subsidized fertilizer from today

The supply of subsidized fertilizer will begin today, says the Agriculture Ministry. The state-owned Lanka Fertilizer Company and Colombo Fertilizer Company will sell through their agents. The fertilizer will be available at a concessionary price of Rs. 1,500.

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Presidential Commission on SriLankan to begin recording evidence

President Maithripala Sirisena says that the commission appointed on SriLankan Airlines will commence the recording of evidence within the next two weeks. He revealed this during a discussion held with representatives of trade unions affiliated to the airline, at the Presidential Secretariat in Colombo today (25), the President’s Media Divisions …

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Sri Lanka rupee hits record low

The Sri Lankan rupee slipped to a fresh all-time low of 157.40 per dollar on Wednesday for a third straight session, pressured by persistent importer dollar demand, dealers said. The selling price reached 159.04 per dollar while the buying price reached 155.26. Two dealers confirmed that the rupee was traded …

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Developing natural gas; contract to be signed

The government has received several proposals to develop natural gas found in the block M2 of the Mannar basin and a contract would probably be signed at the end of this year, said D. T. K. Preeni Withanage, Director Benefits at the Petroleum Resources Development Secretariat.   Studies conducted so …

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CBSL buys $146.46 million from Treasury

The Central Bank of Sri Lanka (CBSL) bought US$ 146.46 million (Rs 22,903 million) from the Treasury yesterday (20), which helped it to retire Rs 18,442 million of its face value money printing (FVMP) holdings, thereby helping to defray inflationary pressure by keeping demand on check. This $ 146.46 million …

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CPC receives overhaul to boost efficiency

The Ceylon Petroleum Corporation’s (CPC) Sapugaskanda Oil Refinery successfully completed a 35-day overhaul and renovation programme recently, aimed to boost efficiency, reliability and productivity of the refinery.   The 50-year-old facility, which is the only oil refinery in Sri Lanka, refines imported crude oil to supply 30 percent of the …

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IMF pegs bail out on fuel price formula

The International Monetary Fund has agreed to keep funding Sri Lanka’s bailout subject to the government implementing its long-delayed fuel price formula aimed at reducing losses at the state-owned Ceylon Petroleum Corporation.   The IMF in a statement said it had reached a “staff level”  agreement on the fourth review …

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