BIZ

Biscuit companies slash prices after stocks go unsold!

Published

1 year ago

September 20, 2022

editor

It is reported that the Lanka Confectionery Manufacturers Association (LCMA) has decided to reduce the price of their products by 10-13% with immediate effect.

Chairman of the LCMA – Mr. S.M.D. Suriyakumara has told ‘Dailymirror’ that they had arrived at this decision after prices of two main ingredients had been slashed.

The price of confectionary grade sugar has been slashed by Rs 40 per kg while the price of vegetable oil has dropped by around Rs 250 per kg.

When comparing the prices of confectionaries before the political and economic crisis that worsened in May 2022, with the prices of products today, the confectionary prices have increased by an average of 230 percent. The Marie biscuit, a popular snack across all consumer segments, which was Rs.30 a few months ago, is now sold at Rs.100 per 80-gram packet. The local confectionary industry came under harsh criticism recently, as the consumers found the manufacturers increasing the prices of products in an unreasonable manner.

As a result, many decided to boycott confectionary products, resulting in a significant drop in sales.

BIZ

Egg prices on the rise again

Published

18 mins ago

December 11, 2023

editor

Egg prices in the local market have been increased despite the festive season being just around the corner.

Although the price of an white egg was around Rs. 40 – 42 in the last week of November, it rose to Rs. 44 – 46 last week before increasing again to Rs. 55 – 60.

The price of a white egg and brown egg at the Narahenpita Economic Centre is priced at Rs. 50 and Rs. 52 respectively.

It is speculated that the prices will continue to spike, resulting in the price hike of bakery and confectionary products.

Experts in the field allege that Trade Minister – Nalin Fernando’s short sighted decisions are to be blamed for his.

The minister had recently halted egg imports from India, stating that the local egg industry has been stabilized.

However, experts say that the minister had initially imported eggs when the demand was low and had left the local market to depend entirely on the local market when the demand was at its peak, to secure another future chance to import eggs from India.

BIZ

President opens ‘Blue Orbit’ today; Dilith Jayaweera as Director

Published

2 days ago

December 9, 2023

editor

President Ranil Wickremesinghe is to open South Asia’s first revolving restaurant and a banquet hall today.

The project is a joint venture between Colombo Lotus Tower management which will have an 80 percent stake and Citrus Leisure PLC. The ‘Blue Orbit’, South Asia’s tallest restaurant and Sri Lanka’s first-ever revolving restaurant will create new icon for the country.

Citrus Leisure PLC is chaired by Prema Cooray, and Derana owner Dilith Jayaweera, who is ready to run as a candidate in the upcoming presidential election, is also a director.

The directors of Citrus Leisure PLC include Varuni Fernando, Chandana Talwatte, Sarva Amarasekere, Rajinda Seneviratne, Manoj Pilimatalawwe, Suresh De Mel and Vasula Premawardhana.

With seating capacity for 225 guests at any given time, the Blue Orbit promises an extraordinary dining experience with culinary creations designed to tantalise true connoisseurs. This restaurant will feature an extensive international buffet for lunch and dinner, operating from 11.00 am to 11.00 pm.