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Sinopec Energy Lanka signs pact with BoI

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Sinopec Energy Lanka and the Board of Investment signed an agreement to operate and set up fuel stations for distribution in Sri Lanka.

The $100 million investment will be done for import, storage, and fuel sales.

It will involve 150 privately-owned fuel stations as well as building 50 new fuel stations.

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Ceylon tea exports offset $60M of Sri Lanka’s fuel debt to Iran

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The Sri Lanka Tea Board announced yesterday that exports of Ceylon Tea have successfully offset a substantial portion of the country’s fuel bill owed to Iran, amounting to US $ 60 million.

Since 2011, Sri Lanka has accumulated an arrears of US $ 251 million for fuel imports from Iran.

Sri Lanka Tea Board Chairman Niraj De Mel said that the settlement was achieved, as exports of tea to Iran tripled during this period.

Facing financial challenges exacerbated by the Covid-19 pandemic and domestic economic downturn, Sri Lanka struggled to meet its financial obligations to Iran, due to the foreign exchange shortages.

To resolve this issue, an agreement was reached between the two nations, focusing on settling outstanding debts through tea exports.

De Mel reported that tea exports to Iran from January to May 2024 totalled 4.98 million kilogrammes, a significant increase compared to 1.85 million kilogrammes exported during the same period in 2023.

(dailymirror.lk)
(Except for the headline, this story, originally published by dailymirror.lk has not been edited by SLM staff) 

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Amul to secure Milco & NLDB under 99-yr. lease

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President Ranil Wickramasinghe and Minister of Agriculture – Mahinda Amaraweera, have submitted a joint cabinet paper to hand over farms owned by Milco and the National Livestock Development Board (NLDB) to India’s Amul milk cooperative on a long-term lease basis, the ‘Aruna’ newspaper reports.

The newspaper further adds :

During President Wickremesinghe’s recent visit to India, the Indian Prime Minister – Narendra Modi had pledged their support to develop the Sri lankan dairy industry.

Accordingly, the farms of Milco and NLDB are to be leased to Amul for a period of 99 years.

Also, an assessment for the Milco and NLDB have been made at Rs. 90 bn. while the value of the brand name Highland has been assessed as Rs. 02 bn.

In addition, a separate assessment is to be made over the equipment of the NLDB.

The venture, which will see Amul owning a 52% stake and the Sri Lankan stakeholders owning 48%, will seek to promote the local dairy industry, subject to a 99-year lease agreement.

The companies have also informed the government that they will secure the jobs of the employees currently working.  The government has also planned to provide a high VRS to Milco employees should they volunteer to retire.

Minister of Agriculture – Mahinda Amaraweera has said that Amul is unable to export dairy products to Sri Lanka for sale.
In addition, although India has stopped exporting dairy cows to other countries, it is to make an exception for Sri Lanka.

The land with the Narahenpita factory owned by Milco is to be taken over by the Urban Development Authority while Milco’s main factory is to be shifted to Badalgama.

(Source – Aruna)

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Tech giant Samsung workers to strike indefinitely

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A union representing workers at South Korean technology giant Samsung Electronics has called on its roughly 30,000 members to go on strike indefinitely, as part of its campaign for better pay and benefits.

The announcement came on the last day of a three-day general strike being held by the National Samsung Electronics Union (NSEU).

The union said it had made the decision after management showed no intention of holding talks over its demands.

The NSEU, which represents nearly a quarter of Samsung Electronics’ workers in South Korea, said its actions had disrupted production. Samsung has disputed these claims.

“Samsung Electronics will ensure no disruptions occur in the production lines. The company remains committed to engaging in good faith negotiations with the union,” the firm told BBC News.

However, the union said: “The company has no intention to engage in a dialogue even after the first general strike, thus we declare a second general strike starting from July 10th, lasting indefinitely.”

The NSEU said about 6,500 workers have been taking part in the strike so far and called on more of its members to join the industrial action.

A spokesperson for Samsung Electronics declined to comment on how many workers had joined the walkout.

A protest on Monday was attended by around 3,000 people.

“In our view, there will be no production disruption,” Jung In Yun, from Fibonacci Asset Management Global told BBC News.

Last month, the union staged the first walkout at the company since it was founded five and a half decades ago.

Samsung Electronics is the world’s largest maker of memory chips, smartphones and televisions.

It is the flagship unit of South Korean conglomerate Samsung Group.

The firm is also the biggest of the family-controlled businesses that dominate Asia’s fourth-largest economy.

Samsung Group was known for not allowing unions to represent its workers until 2020, when the company came under intense public scrutiny after its chairman was prosecuted for market manipulation and bribery.

After the NSEU announcement, the company’s shares were trading flat to slightly lower on the Korea Stock Exchange.

Last week, Samsung Electronics said it expects its profits for the three months to June 2024 to jump 15-fold compared to the same period last year.

A boom in artificial intelligence (AI) technology has lifted the prices of advanced chips, driving up the firm’s forecast for the second quarter.

(BBC News)

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