BIZ

Colombo inflation back to single digit levels after 19 months

Published

9 months ago

August 1, 2023

editor

Headline inflation, as measured by the year-on-year (Y-o-Y) change in the Colombo Consumer Price Index (CCPI, 2021=100)1 decreased to a single digit of 6.3 per cent in July 2023 from 12 per cent in June 2023.

The decline in the headline inflation is broadly in line with the disinflation path envisaged by the Central Bank of Sri Lanka (CB) in July 2023, the banking regulator said on Monday.

The Food category, after nearly four years, recorded a deflation (Y-o-Y) of 1.4 per cent in July 2023 compared to the inflation of 4.1 per cent observed in June 2023. Meanwhile, the Non-Food inflation (Y-o-Y) decreased further to 10.5 per cent in July 2023 from 16.2 per cent in June 2023.

The monthly change of the CCPI recorded at -1.12 per cent in July 2023 due to the combined effect of price decreases of -1.13 per cent observed in the items of Non-Food category and the marginal price increases of 0.01 per cent recorded in the items of Food category. The core inflation (Y-o-Y), which reflects the underlying inflation in the economy, decreased to 6.1 per cent in July 2023 from 9.8 per cent in June 2023

“Looking ahead, based on the available information, inflation is expected to moderate further and stabilise around the targeted level over the medium term. This disinflation process is supported by the lagged impact of tight monetary and fiscal policies, improvements on the supply side, the softening of energy and food inflation, and the favourable base effect,” it was stated.

(sundaytimes.lk)

BIZ

Onmax DT ordered to submit plans to refund depositors

Published

11 hours ago

May 2, 2024

nipuni

Colombo Chief Magistrate Thilina Gamage today (May 02) ordered directors of the company – Onmax DT to submit a programme to refund the aggrieved depositors of the Onmax DT pyramid investment scheme.

The 04 company directors previously released on bail also appeared in court today.

The magistrate made the order after considering facts presented in court.

BIZ

CPC slashes fuel prices

Published

2 days 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

3 days 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.