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CBSL maintains policy interest rates

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The Monetary Policy Board of the Central Bank of Sri Lanka (CBSL), at its meeting held yesterday (May 27) decided to maintain the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank at their current levels of 8.50 per cent and 9.50 per cent, respectively. 

The Board had arrived at this decision after carefully assessing the current and expected macroeconomic developments and possible risks on the domestic and global fronts with a view to maintaining inflation at the targeted level of 5 per cent over the medium term while supporting the economy to reach its potential. 

While the medium term inflation outlook remains compatible with the current level of policy interest rates and inflation expectations are well anchored, the Board had observed the need for a further reduction in market lending interest rates in line with policy interest rates and other benchmark interest rates, which is imperative for the easing of domestic monetary conditions and domestic economic recovery.

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Nissan to lay off thousands of workers as sales drop

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Nissan has said it will lay off thousands of workers as it slashes global production to tackle a drop in sales in China and the US.

The Japanese car making giant says it will cut 9,000 jobs around the world in a cost saving effort that will see its global production reduced by a fifth.

Nissan did not immediately respond to a request from BBC News for details on where the job cuts will be made.

The company employs more than 6,000 people at its manufacturing plant in Sunderland, North East England.

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The company also cut its operating profit forecasts for 2024 by 70%. It was the second time this year that the firm has lowered its outlook.

“These turnaround measures do not imply that the company is shrinking,” said Nissan’s chief executive Makoto Uchida.

“Nissan will restructure its business to become leaner and more resilient.”

The company said Mr Uchida’s monthly salary is being cut by half and that other senior executives will also take pay cuts.

Nissan’s shares were trading more than 6% lower on Friday morning in Tokyo.

Growing competition in China has led to falling prices, which has left many foreign car makers there struggling to compete with local firms like BYD.

China has become the world’s biggest producer of electric vehicles as many Western rivals have failed to keep up.

“Nissan, like many Japanese car makers, has been very slow to the electrified vehicle party in China and this is reflected in their results,” said Mark Rainford, a China-based car industry commentator.

The firm is also struggling in the US, where inflation and high interest rates has hit sales of new vehicles.

Lower demand has led car makers to cut prices, which has dented their profits.

In November last year, Nissan and its partners announced a £2bn ($2.6bn) plan to build three electric car models at its Sunderland factory.

The firm said it will build electric Qashqai and Juke models at the plant alongside the next generation of the electric Leaf, which is already produced there.

(BBC News)

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Laugfs gas prices also to remain unchanged

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Laugfs Gas PLC announced that the company will not revise domestic LP gas prices for the month of November 2024.

Accordingly, the current prices of Laugfs domestic LP gas cylinders are as follows :
12.5 kg cylinder – Rs. 3,680
05 kg cylinder – Rs. 1,477

Earlier today (Nov. 04)  Litro Gas also said that domestic LP gas prices will remain unchanged for this month.

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Litro gas prices for November remain unchanged

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The Litro Gas Company has stated that prices of their domestic LP Gas cylinders will remain unchanged for the month of November 2024.

The Chairman of the Litro Gas Company, Channa Gunawardena stated that the company decided to keep the prices of LP gas cylinders unchanged despite the price hike in the global market, in order to provide relief to the consumers.

Accordingly, the prices of Litro LP gas domestic gas cylinders will remain unchanged as follows:

12.5kg – Rs. 3,690
05kg – Rs. 1,482
2.3kg – Rs. 694

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