Sathosa to be closed down?

Published

2 years ago

June 17, 2023

editor

The Ministry of Trade has reportedly decided to close down the state owned retail network ‘Sathosa’ and hand over its assets to the ministry, due to continuous losses over several years.

Minister of Trade – Nalin Fernando has said that a final decision on whether Sathosa will be liquidated will be taken after discussions with the Ministry of Finance.

He added that if it is decided to liquidate Sathosa, a decision regarding the chain’s staff will have to be taken after discussing with the Labour Ministry.

The minister has also said that much of the losses are from the transport division and from the buildings of the chain.

A similar decision was set to be executed in 2005, but was halted due to the stiff opposition raised by the Sathosa staff.

Price of bread reduced

Published

10 hours ago

February 18, 2025

editor

Bakery owners have agreed to reduce the price of a loaf of bread by Rs. 10, according to the Ministry of Trade.

This follows a decision by two leading flour manufacturers in Sri Lanka – Serendib Flour Mills and Prima, to reduce the price of wheat flour by Rs. 10 per kilogramme.

Bread flour prices slashed

Published

1 day ago

February 17, 2025

editor

Leading flour manufacturers in Sri Lanka – Serendib Flour Mills and Prima, have decided to reduce bread flour prices by Rs. 10 per kilogram effective from tomorrow (Feb.18).

“During 2024, we implemented an initial reduction of Rs. 10 per kilogram in bread flour prices. While the earlier reduction did not translate to lower bread prices, both institutions have now stepped forward with an additional Rs. 10 per kilogram reduction, bringing the total reduction to Rs. 20 per kilogram,” said Mr. Kalinga Wijesekera, Director Brand and Corporate Communications, Serendib Flour Mills.

“We have informed the Minister of Trade of the latest reduction, and sincerely believe the Bakery Association will pass on the benefit of this price reduction to end consumers through reduced prices of bread and other bakery items,” he added.

BIZ

Budget 2025 : SriLankan Airlines to get Rs. 20 Bn. to settle debts

Published

1 day ago

February 17, 2025

editor

The Sri Lankan government has announced a comprehensive plan to settle the airline’s debt.

Delivering the 2025 Budget speech in Parliament today (Feb. 17), President Anura Kumara Dissanayake said that the government will sign an agreement with the concerned banks and allocate Rs. 10,000 million for loan capital repayment in 2025, along with an additional Rs. 10,000 million for interest payments.

The Airline would be fully responsible for ensuring operating profitability once these legacy debt service costs are settled by the government, he said.