JAT Holdings invests SL-earned USDs in its Bangladeshi Facility

Published

2 years ago

December 15, 2022

editor

JAT Holdings launched a cutting-edge manufacturing facility in Bangladesh recently.

This was launched fulfilling its IPO objective and keeping its pledge to investors, JAT Holdings PLC said.

The end-to-end manufacturing, warehousing and laboratory facility has been strategically located offering efficient and easy access to JAT’s two key markets in Bangladesh, Dhaka and Chittagong.

This facility would bring JAT Holdings closer to its goal of emerging as an internationally acclaimed leader in wood coatings, the company said.

However, economic experts are of the opinion that the Central Bank should pay more attention to these developments.

They pointed out that these investments were done with the USDs earned in the country, and that these developments have contributed to the country’s acute dollar shortage.

They also said that there is no inflow of USDs to the country, especially compared to the goods exported.

They said that it is not a new practice for these businessmen to hide a part of the money earned from exports in neighboring or foreign countries in this manner.

Over 18,000MT of salt imported to address shortage

Published

14 hours ago

June 13, 2025

editor

Sri Lanka has imported 18,163 MT of salt between May 22 and June 07, according to Customs.

The total cost of these imports amounted to approximately Rs.1,291 million, with Rs.720 million paid as taxes.

The imports are part of efforts to address the ongoing salt shortage, with a total target of 30,000 MT to be brought into the country.

CBSL advises banks to further assist affected SMEs

Published

1 day ago

June 12, 2025

editor

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.

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BIZ

Qantas to close budget airline Jetstar Asia

Published

3 days ago

June 11, 2025

editor

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.

(BBC News)