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Final decision on privatizing SLT, at next Cabinet meeting (Update)

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The Government has focussed its attention to the Sectoral Oversight Committee report, which was presented to Parliament today (09), emphasizing the concerns surrounding the potential risk to national security resulting from the privatization of Sri Lanka Telecom.

While acknowledging the factual content of the report, the Government believes that it lacks a logical or scientific data analysis pertaining to the subject matter. To address this deficiency, it is necessary to examine the operation and regulation of information and communication technology service providers in Sri Lanka, analyse financial data related to the sector, understand Sri Lanka’s national ambitions in this field, assess the available capital capacity, and conduct a comprehensive study of global trends.

Furthermore, the Government has reassured that the policy decision taken will not compromise national security, contrary to what is indicated in the report.

Hence, the Government will take a final decision during an upcoming cabinet meeting, considering this report along with recommendations from the information and communication sector.

Additionally, the President emphasizes that the current government’s policy is focused on providing opportunities to the private sector, distancing it from direct government involvement.

(President’s Media Division)

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(previous news: 09th June 2023, 12:32pm)

Parliament SOC recommends not to privatise SLT

The Sectoral Oversight Committee (SOC) on National Security has said that it does not recommend the privatisation of Sri Lanka Telecom (SLT).

This was stated in a report issued by the SOC on National Security headed by MP Sarath Weerasekera.

The report said that matters sensitive to national security can be exposed through the privatisation of SLT.

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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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