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Sathosa to be closed down?

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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.

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No justification for coconut oil price hike – Coconut Development Authority

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The Coconut Development Authority has stated that there is no valid reason for a price increase of coconut oil in the local market.

CDA chairman – Prof. Roshan Perera has emphasized that there has been no tax hike on imported coconut oil.
Given the sufficient supply of coconut oil for domestic consumption, Prof. Perera asserted that any price increase is unjustifiable.

Additionally, a new regulatory program is being planned to control and stabilize coconut oil prices in the market, he added.

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Coconut oil price upped

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The price of a litre of coconut oil has been increased by more than Rs. 100, the National Consumer Front (NCF) has said.

NCF Chairman Asela Sampath said that the price of a litre of coconut oil has been increased by between Rs. 180 and Rs. 200. 

Accordingly, the current retail price of a coconut oil litre is Rs. 550.

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Registration compulsory for all money changers 

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The Central Bank has issued a notice making it compulsory for all money exchange institutions to be registered with the Central Bank and regulated by it. 

The CB order is in effect from 3 June 2024. 

The Central Bank states that all money changers who are currently not registered will now receive the opportunity to provide such services in a systematic and regulated manner. 

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