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Sri Lanka abandons plans to sell national carrier

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Sri Lanka’s new government has abandoned plans to sell the debt-ridden national airline SriLankan Airlines, but will restructure it for a more profitable future.

“President Anura Kumara Dissanayake has instructed that the airline should be an institution that all Sri Lankans are proud of, and should be owned by Sri Lankans,” the airline’s new chairman Sarath Ganegoda told TTG Asia.

New Sri Lankan president Anura Kumara Dissanayake wants the airline to be proudly owned by Sri Lankans

The previous government had invited bids to part-sell and manage the airline that as been suffering accumulated losses over the years.

While the airline has reported an operating profit for the period April 2022 to end March 2023, its accumulated debt is US$1.2 billion. Under the earlier plan, the government was to retain 51 per cent control of the airline while selling off the remaining 49 per cent to investors. Six parties, some who had no experience in running an airline, responded with an initial call for interest but none was pre-qualified for the next step of the process.

Left-leaning politician Anura Kumara Dissanayake from the National People’ Party won last month’s presidential election. He had vowed to stop the sale of state assets which the former regime was pursuing. Dissanayake swiftly dismantled a government unit tasked with the sale of loss-making state agencies including SriLankan Airlines.

Ganegoda said the airline is an important pillar of tourism and responsible for 50 per cent of the tourist traffic into the country. Sri Lanka aims to reach 2.3 million arrivals this year with a target of three million tourists next year and five million by 2030.

He said while the sale of the airline has been stopped, there are plans to restructure the airline under a viable business model. “Some structuring of our operations is needed to strengthen the balance sheet,” he added.

(ttgasia.com)

(This story, originally published by .ttgasia.com has not been edited by SLM staff)

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Oil prices plunge as Trump announces ceasefire

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Oil prices fell sharply to their lowest in more than a week on Tuesday as U.S. President Donald Trump said a ceasefire has been agreed between Iran and Israel, alleviating worries of supply disruptions in the Middle East – a major oil-producing region.
Brent crude futures were down $2.08, or 2.9%, at $69.40 a barrel around 0330 GMT, after earlier tumbling more than 4% and touching its lowest level since June 11.

U.S. West Texas Intermediate crude declined $2.03, or 3.0%, to $66.48 per barrel, having dived 6% to its weakest level since June 9 earlier in the session.

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BOC to provide Rs. 10 Bn for grooming young entrepreneurs

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Deputy General Manager of Development Banking and Branch Credit Operations of Bank of Ceylon (BOC) R.M.N. Jeewantha said that the Bank Has introduced a special programme to create new entrepreneurs for the country from young people with a business idea.

He stated that the basic requirement for becoming an entrepreneur is to have an entrepreneurial idea, and that the bank provides all other advisory services including financial and non-financial facilities required to become a successful entrepreneur.

He stated this at the Bank of Ceylon headquarters while participating in a special discussion with the Daily News newspaper on Friday (20).

“We provide all the resources, facilities and advice required for the young people who come in this way to practically implement their business ideas. Last year, this programme created 15,000 new young entrepreneurs for the country. This year, our aim is to bequeath another group of young people to the country. The bank is ready to provide Rs 10 billion rupees as the initial capital required for this group,” he said.

The bank provides an initial capital of Rs. 500,000 for the new start-up at the initial stage without any securities as no collateral is needed. He said that even for a person already engaged in a business, the bank will provide the necessary support free of charge to develop that business, sell products, introduce new products, and enter the export market. Accordingly, any person under the age of thirty can come to the bank’s SME Circle and receive the necessary advice and financial facilities to develop as an entrepreneur.

“Anyone under the age of thirty who has a business idea should come to the bank. The bank is ready to provide Rs. 500,000 as initial capital for such start-ups at a low interest rate of seven percent. They also do not need collateral,” he added.

(dailynews.lk)
(This story, originally published by dailynews.lk has not been edited by SLM staff)

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Standard egg prices to be announced daily via SMS

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Chairman of the All-Ceylon Egg Producers’ Association, R.M. Sarath Rathnayake has said new measures to announce daily standardized egg prices will be introduced from next Monday (June 23) to ensure fair pricing for consumers.

The prices covering wholesale, retail, and intermediary rates will be communicated daily at 5.00am via SMS to small, medium, and large-scale egg producers, as well as bakery owners, food manufacturers, and hotels through the number 070-7030700.

He warned of recent practices where eggs were bought at Rs.15-18 and stockpiled, stating such actions will no longer be tolerated.

He also criticized groups posing as “egg associations” without actual farming experience.

The cost of producing an egg is around Rs.28 for large farms, Rs.29-30 for medium range farms, and Rs.32 for small-scale producers, he further said.

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