The Cabinet of Ministers has approved the reactivation of the Co-operative Wholesale Establishment (CWE), which was previously slated for liquidation. The decision to liquidate the CWE, established under the Co-operative Wholesale Corporation Act No. 47 of 1949, was made during a cabinet meeting on September 2, 2024.
However, recognizing the potential of the CWE to play a crucial role in market operations, the Cabinet has now decided to recommence its business activities.
The CWE is expected to contribute significantly to the government’s objective of ensuring a continuous supply of quality goods and services at reasonable prices, thereby promoting market competitiveness.
This move aligns with the “Rich Country—Beautiful Life” policy framework, which aims to drive sustainable economic growth and development.
The proposal to reactivate the CWE was presented by the Minister of Trade, Commercial, Food Security, and Cooperative Development.
The Cabinet’s approval includes the development of a feasible business plan to guide the CWE’s operations moving forward
The Central Bank of Sri Lanka (CBSL), with a view to facilitating sustainable revival of businesses that were adversely affected during the recent past has advised the licensed commercial banks and licensed specialised banks (hereinafter referred to as licensed banks) to provide further concessions to those SME borrowers who commenced discussions for business revival with the respective banks by 31.03.2025.
These relief measures are in line with Circular No. 04 of 2024 dated 19.12.2024 on Relief Measures to Assist the affected SMEs and the Addendum Circular No. 01 of 2025 dated 01.01.2025.
Accordingly, licensed banks have been advised to provide further concessions including interest reliefs and new lending to affected borrowers while the timeline given to the licensed banks in Circular No. 04 of 2024 to enter into reschedulement agreements with eligible SME borrowers has been extended from 15.06.2025 to 30.06.2025.
Singapore-based budget airline Jetstar Asia will close down at the end of July, its Australian owner Qantas has announced.
The low-cost carrier has struggled with rising supplier costs, high airport fees and increased competition from other airlines in the region.
Qantas says the closure will provide it with A$500m ($325.9m; £241.4m) to invest towards renewing its fleet of aircraft, adding that it will redeploy 13 planes for routes across Australia and New Zealand.
The closure of Jetstar Asia will not impact its Australia-based Jetstar Airways operations, nor those of Jetstar Japan, according to a statement from Qantas.
“We have seen some of Jetstar Asia’s supplier costs increase by up to 200 per cent, which has materially changed its cost base,” said Qantas Group Chief Executive Vanessa Hudson in the statement.
The discount airline, which has operated flights for over 20 years, is set to make a A$35m loss this financial year.
