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Local businesses urge Central Bank to further extend moratorium

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The local businesses urged the Central Bank this week to look at the possibility of further extending the moratorium, so that more breathing space is provided to settle the loans.

According to the National Trade Protection Council, the borrowings from SMEs have reached Rs.1,000 billion, which the sector is struggling to pay back, due to the prevailing challenges in the national economy.

The council’s President Mahendra Perera shared that the members are continually complaining about their inability to service their borrowings at the prevailing high-interest rates.

The moratorium offered expires on December 31, 2022.

The council asserted that the moratorium has failed to give the desired results, mainly due to the grim macroeconomic circumstances.

“We requested the governor to extend the moratorium. What we asked for was to create a win-win situation for us and for the banks. If not, the banking sector in this country would also fall,” said Perera.

The council is of the view that at least 20,000 SMEs would be forced to shut down by January, if no action is taken by the government to delay the repayment of interest and capital on the loans taken by the sector.

Perera shared that Central Bank Governor Dr. Nandalal Weerasinghe had indicated to local business associations on Thursday that efforts would be taken to look into the possibility of obtaining the assistance of agencies such as the Asian Development Bank, once the relief from the International Monetary Fund is obtained.

The National Trade Protection Council has requested a reduction of interest rates and to keep the borrowing rate at 15 percent throughout 2023, while partly and fully wavering the interest during settlements.

The council also requested the Central Bank to not allow the financial institutions to demand additional security to cover the interest.

(dailymirror.lk)

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Laugfs Gas says no price revision in May

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Laugfs Gas PLC, one of the two largest liquefied petroleum (LP) gas suppliers in the country, announced that the company will not revise domestic LP gas prices for the month of May 2025.

This was communicated by the Cluster Director/CEO of Laugfs Gas PLC, Dr. Niroshan J Peiris.

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DHL suspends high value US deliveries over tariffs

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DHL Express is suspending deliveries to the US worth more than $800 (£603) because of a “significant increase” in red tape at customs following the introduction of Donald Trump’s new tariff regime.

The delivery giant said it will temporarily stop shipments from companies in all countries to American consumers on Monday “until further notice”.

It added that business-to-business shipments will still go ahead, “though they may also face delays”.

Previously, packages worth up to $2,500 could enter the US with minimal paperwork but due to tighter customs checks that came into force alongside Trump’s tariffs earlier this month, the threshold has been lowered.

DHL said that the change “has caused a surge in formal customs clearances, which we are handling around the clock”.

It said that while it is working to “scale up and manage this increase, shipments worth over $800, regardless of origin, may experience multi-day delays”.

The company said it will still deliver packages worth less than $800, which can be sent to the US with minimal checks.

But the White House is set to clamp down on deliveries under $800 – specifically those sent from China and Hong Kong – on 2 May when it closes a loophole allowing low-value packages to enter the US without incurring any duties.

The removal of the so-called “de minimis” rule will impact the likes of the fast-fashion firm Shein and Temu, the low-cost retail giant.

Shein and Temu have both warned that they will increase prices “due to recent changes in global trade rules and tariffs”.

The Trump administration has claimed that “many shippers” in China “hide illicit substances and conceal the true contents of shipments sent to the US through deceptive shipping practices”.

Under an excutive order, the White House said the measures were aimed at “addressing the synthetic opioid supply chain” which it said “play a significant role in the synthetic opioid crisis in the US”.

Beijing has said that the opioid fentanyl is a “US problem” and China has the strictest drug policies in the world.

Last week, Hongkong Post said it was suspending packages sent to the US by sea and, from 27 April, would stop accepting parcels destined for America.

It said: “The US is unreasonable, bullying and imposing tariffs abusively.”

(BBC News)

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SriLankan retired cabin crew recalled amid ‘work to rule’ campaign

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According to reports, the SriLankan Airlines’ management has decided to immediately call up retired cabin crew members to service, following the ‘work to rule’ campaign launched by the Cabin Crew Members Association.

The SriLankan Airlines Cabin Crew Members Association launched a ‘work to rule’ campaign in April, citing several demands, including the reallocation of their onboard meal allowance.

In this backdrop, the national carrier is said to be operating with a reduced number of cabin crew which was further affected by the recent retirement of a significant number of experienced senior staff.

The staff were retired stating that individuals over the age of 60 would no longer be retained.

Efforts to extend the retirement age had been unsuccessful. 

Even though they had directed a formal request to President Anura Kumara Dissanayake on Dec. 12, 2024, no response was received, reports add.

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