BIZ

If chicken was to be imported, Rodesha would’ve gotten tender?

Published

2 years ago

September 7, 2023

editor

Trade Minister Nalin Fernando, who boasted that chicken can be imported from India for Rs.850, and the ministry officials have realised that the production cost of a kilogram of local chicken is over Rs.1,000, internal ministry sources said.

This has been revealed during a recent discussion held among the minister, officials and local poultry businessmen.

Later, as usual, the minister had placed the blame on the officials for making wrong calculations, it was reported.

The local poultry business men have requested that they be given import licenses if chicken is to be imported based on the minister’s proposal. The minister has withdrawn the proposal due to this request.

Meanwhile, it was reported that Rohan Fernando’s Rodesha Group of Companies which supplies chicken to military bases was to get the tender if chicken is to be imported from India.

Rodesha is the company with the largest freezer storage facilities.

Meanwhile, the Poultry Producers Association has agreed to sell a kilo of chicken with skin at a price of Rs.1,250 from September 02.

Had the producers failed to come to this decision, there was a risk of further decrease in government revenue due to the import of chicken from India.

At present, poultry producers indirectly pay almost Rs.216 as indirect taxes when producing one kilo of chicken.

However, such a large amount cannot be levied as a tax when importing chicken.

Following the import of eggs from India, the special commodity tax of Rs.50 imposed by the Ministry of Finance on an egg was reduced to one rupee by the Sri Lanka State Trading (General) Corporation Limited from February 21.

BIZ

Colombo West International Terminal commences operations

Published

4 hours ago

April 8, 2025

editor

Adani Ports and Special Economic Zone Ltd. (APSEZ), India’s largest integrated transport utility, has announced the commencement of operations at the Colombo West International Terminal (CWIT) at the Port of Colombo.
Developed under a landmark public-private partnership, CWIT is operated by a consortium comprising Adani Ports & SEZ Ltd, Sri Lankan conglomerate John Keells Holdings PLC, and the Sri Lanka Ports Authority, under a 35-year Build, Operate, and Transfer (BOT) agreement.

The CWIT project represents a significant investment of USD 800 million and features a 1,400-metre quay length and 20-metre depth, enabling the terminal to handle approximately 3.2 million Twenty-foot Equivalent Units (TEUs) annually.

It is the first deep-water terminal in Colombo to be fully automated, designed to enhance cargo handling capabilities, improve vessel turnaround times, and elevate the port’s status as a key transshipment hub in South Asia.

In a joint statement, Adani Group Chairman Gautam Adani has said, “The commencement of operations at CWIT marks a momentous milestone in regional cooperation between India and Sri Lanka…Not only does this terminal represent the future of trade in the Indian Ocean but its opening is also a proud moment for Sri Lanka, placing it firmly on the global maritime map.”

John Keells Group Chairperson Krishan Balendra pointed out that the project strengthens Sri Lanka’s position as a regional maritime hub.”

“Together with the Sri Lanka Ports Authority and Adani Group, we will elevate Colombo’s status as a leading transshipment hub. We are confident that the project will enhance global trade and connectivity in the region,” he adds.

Construction began in early 2022 and has since achieved rapid progress. With the installation of cutting-edge infrastructure now nearing completion, CWIT is poised to set new benchmarks in operational efficiency and reliability in regional maritime logistics.

BIZ

Egg prices upped

Published

5 hours ago

April 8, 2025

editor

Egg prices have increased with days before the Sinhala and Tamil New Year.

The price of an egg, which ranged between Rs.28 – Rs.30 last week, has increased by Rs.04 – Rs.06 recently.

Accordingly, the current price of an egg ranges around Rs.32 – 34 or more in many parts of the island, with further price hikes expected in the coming days.

With the upcoming festive season, egg prices are rising and vendors expect further hikes in the coming days.

BIZ

CSE temporarily halts regular trading

Published

1 day ago

April 7, 2025

editor

Regular trading at the Colombo Stock Exchange has been temporarily halted due to the S&P SL20 index dropping over 5 per cent from the previous close.

The market has been halted for 30 minutes, the CSE said.

Trading at CSE is suspended if stocks fall below 5 per cent from previous close which triggers the circuit breaker set out by the Securities and Exchange Commission of Sri Lanka.

Earlier, Asian markets plunged, deepening a global stocks rout triggered by US President Donald Trump’s trade war.