BIZ

No shortage of eggs ; won’t allow price hike – Minister

Published

1 year ago

November 13, 2022

editor

Minister of Trade Nalin Fernando says that immediate legal action will be taken against the individuals who are hoarding egg stocks.

The minister pointed out that there is no shortage of eggs in the country, but some people are trying to portray that there is a shortage of eggs.

In the last few days, the Consumer Affairs Authority (CAA) had conducted raids in search of traders who were selling eggs at rates higher than the controlled price. In contrast, steps were taken to produce several traders who sold eggs at higher prices before courts and were also fined.

However, Ada Derana correspondents reported that eggs are not being sold within several parts of the island.

Meanwhile, the President of the All Ceylon Egg Producers’ Association, Sarath Ratnayake mentioned that it is problematic to sell eggs at the government’s controlled prices in view of the current market situation.

Further, he emphasized that if the price of Rs. 55 is given per egg, the shortage of eggs in the market can be avoided.

When inquired by “Ada Derana” in this regard, Minister of Trade, Nalin Fernando expressed that the government will not grant permission to raise the price of eggs.

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

BIZ

CPC slashes fuel prices

Published

4 hours 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

1 day 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.

BIZ

Oriflame exiting Sri Lanka due to economic challenges

Published

2 days ago

April 28, 2024

editor

Oriflame, a global beauty company, has announced its decision to withdraw from the Sri Lankan market effective 15 May 2024, citing a range of economic challenges that have made its operations unsustainable.

In a statement released, Oriflame expressed deep regret over its departure from Sri Lanka, a market it has been a part of since 1997. Despite years of dedication and resilience in the face of various challenges, the company cited a confluence of factors that have rendered its operations untenable.

“Unfortunately, despite our efforts, the macroeconomic environment, characterised by a series of financial crises, the global impact of COVID-19, stringent import restrictions, fluctuating exchange rates, increased operational costs and regulatory changes has significantly hindered our operations. These factors have made it unsustainable for us to continue our business in the foreseeable future,” it added.

Oriflame expressed gratitude to its brand partners, leaders, staff and stakeholders for their unwavering support, dedication and contributions over the years. Special acknowledgment was given to top leaders who have played integral roles in the company’s growth and success, being part of the top 15 council over the years.

This decision was not reached lightly. We have always been committed to nurturing the Oriflame dreams in Sri Lanka. However, the combination of these economic and operational challenges means that the outlook for our business in Sri Lanka does not align with our expectations for long-term profitability and growth,” the statement read.

The company concluded by expressing gratitude for the partnership with its stakeholders and extended best wishes for their future endeavours.

(www.ft.lk)
(Except for the headline, this story, originally published by www.ft.lk has not been edited by SLM staff)