BIZ

Prices of several goods including mobile phones to be reduced

Published

11 months ago

May 29, 2023

editor

Prices of several goods including mobile phones, refrigerators, fans and fruits are expected to come down after the Central Bank of Sri Lanka announced that it has decided to scrap the provision requiring individuals to deposit 100 per cent cash margin while opening letter of credit (LC) to import 843 products.

Last year, the Monetary Board of the Central Bank imposed a 100% cash margin deposit requirement against the importation of selected goods of non-essential/non-urgent nature made under Letters of Credit to preserve the stability of the exchange rate and foreign currency market liquidity.

In an order issued under the Monetary Law, the Central Bank imposed a 100% cash deposit margin on several other imports on Feb 16, 2023 as well.

However, both orders have been scrapped with the improvement in foreign currency reserves.

Accordingly, the prices of telecommunication devices such as mobile telephones and fixed telephones, home appliances such as fans, televisions, refrigerators, washing machines, digital cameras, heaters, lamps and ovens, clothing and accessories such as babies’ garments, jerseys, shirts and blouses, suits, track suits and swimwear, footwear, watches and sunglasses, household and furniture items and fruits including fresh apples, grapes, oranges and dried fruits are expected to reduce in the coming weeks.

BIZ

Onmax DT ordered to submit plans to refund depositors

Published

19 hours ago

May 2, 2024

nipuni

Colombo Chief Magistrate Thilina Gamage today (May 02) ordered directors of the company – Onmax DT to submit a programme to refund the aggrieved depositors of the Onmax DT pyramid investment scheme.

The 04 company directors previously released on bail also appeared in court today.

The magistrate made the order after considering facts presented in court.

BIZ

CPC slashes fuel prices

Published

2 days ago

April 30, 2024

editor

The Ceylon Petroleum Corporation has reduced fuel prices with effect from midnight today (April 30).

Accordingly,

– Petrol (92) has been reduced by Rs.3/- to Rs. 368/– Petrol (95) has been reduced by Rs. 20/- to Rs. 420/-
– Lanka Auto Diesel has been reduced by Rs. 30/- to Rs. 333/-
– Lanka Super Diesel 4 Star Euro 4 has been reduced by Rs. 9/- to Rs. 377/-

– Lanka Kerosene has been reduced by Rs. 30/- to Rs. 215/-

BIZ

Supreme Global Holdings enters bidding to acquire SriLankan shares

Published

3 days ago

April 29, 2024

editor

Supreme Global Holdings, a conglomerate owned by R.M. Manivannan, has entered the bidding process to acquire shares of the national carrier – SriLankan Airlines.

According to a media release by the company issued in this regard, the Expression of Interest (EOI) process, which concluded last week (Apr 27), saw the participation of Supreme Global, under Sherisha Technologies Private Limited.

Sherisha Technologies Private Limited, formerly known as SunEdison Energy India Private Limited.

Last week it was reported that six (06) Request for Qualification (RfQ) were received from potential investors for the acquisition of shares in SriLankan Airlines Limited.

Sherisha Technologies Private Limited was among the six entities.

Supreme Global Holdings is also known for having formed a robust consortium including MBS Investments, the investment arm of the Private Office of Sheikh Nayef Bin Eid Al Thani of Qatar.

Apart from its recent bidding for SriLankan Airlines, Supreme Global Holdings previously assisted Sri Lanka during the energy crisis faced in 2022, by extending over USD 1.5 billion in credit to Sri Lanka, along with innovative payment solutions such as accepting Sri Lankan rupees for oil payments.