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MAS to close down two factories in Mihintale

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Two factories in Mihintale belonging to MAS Holdings Group, which has amassed wealth as one of the biggest garment exporters in Sri Lanka for nearly 36 years, would be closed down, it is learnt.

With this decision, nearly 1,000 employees will lose their jobs. However, the authorities have informed the employees that the factories will be closed for 4 months.

Garment manufacturers are of the opinion that the lack of orders for garment products has led to the temporary closure of factories.

Meanwhile, some experts in the field said that the instability of the US Dollar due to the economic crisis in the United States and the financial crisis in Sri Lanka has directly affected the garment industry in Sri Lanka.

However, some people said that there is no lack of orders for these garments. They said the cost of manufacturing garments in Sri Lanka has increased due to the increase in the price of services including electricity. Therefore, the manufacturers divert the orders from the local factories to their own factories outside of Sri Lanka and then close down the local factories.

Who is this MAS?

MAS Holdings is the largest underwear manufacturer in South Asia.

The company was founded in 1987 by the three brothers of Mahesh, Ajay and Sharad Amalean and named the company with the first letter of their names.

MAS Holdings began as a manufacturer of intimate apparel and later diversified into sports wear, performance wear and swimwear.

MAS Holdings has 53 manufacturing facilities in 17 countries and employs over 93,000 people globally.

The company has design and development centers in New York, London, Hong Kong and Colombo. Its clients include Victoria’s Secret, Nike, Polo, Lululemon and PVH.

The company manufactures apparel accessories and fabrics and provides services beyond apparel manufacturing.

MAS was recognised as the second most prestigious corporate body in Sri Lanka in a 2017 survey conducted by Sri Lanka’s LMD Magazine and The Nielsen Company.

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Decision on water tariff reduction, soon?

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Minister of Water Supply and Estate Infrastructure Development Jeevan Thondaman, announced that the reduction of water tariffs is being studied alongside the new electricity tariff revision, with a decision expected by the end of this week.

The Minister also highlighted that the Water Supply Board, previously experiencing a monthly loss of LKR 2.8 billion, has now achieved a profit of LKR 6.2 billion.

Minister of Water Supply and Estate Infrastructure Development Jeevan Thondaman made these remarks during the ‘Collective Path to a Stable Country’ press briefing today (17)  at the Presidential Media Centre (PMC).

Minister Jeevan Thondaman, elaborating further, also stated:

We commend Minister Kanchana Wijesekera for initiating steps to lower electricity tariffs. The water supply sector is closely tied to electricity tariffs, making it likely that this revision will also lead to reduced water tariffs.

Water availability is influenced by various factors. We previously committed to lowering water tariffs in tandem with reductions in electricity charges. Currently, the Ministry is not only focusing on electricity but also assessing the impact of reduced interest rates, down from 26% to 11%. Additionally, we are studying the potential reduction in water tariffs based on changes in the dollar exchange rate. It’s important to note that the cost of chemicals procured by the water supply board is influenced by the dollar exchange rate.

It is expected that by the end of this week, a decision will be made regarding the extent of the reduction in the water tariff. When I assumed office in January 2023, the Ministry faced challenges, unable to even provide 1,000 new water connections. Moreover, I inherited a Ministry burdened with an USD 800 million debt and a Water Supply Board experiencing monthly losses of approximately LKR 2.8 billion. The board’s monthly recurring expenses of LKR 4.5 billion had a significant national impact.

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4 females arrested over brutal assault on child

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Aranayaka Police say that 04 female suspects have been arrested over brutally assaulting a six year old child.

The arrests were made after a video of the incident had gone viral online.

Accordingly, the women including the child’s mother, have been arrested and are to be produced before the Mawanella Magistrate’s Court today (July 17).

The child, who is under the care of his father, is to be produced before the Mawanella Judicial Medical Officer (JMO).

Aranayaka Police is conducting further investigation into the incident.

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Price of several fertilizers to be reduced

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The Minister of Agriculture and Plantation Industries, Mr. Mahinda Amaraweera today (17) instructed the State Fertilizer Company to take steps to significantly reduce the prices of fertilizers used for plantation crops such as cinnamon, tea and coconut.

Accordingly, the President of State Fertilizer Company, Dr. Jagath Perera stated that the prices of 5 types of fertilizers such as APM, YPM, Urea ( Cinnamon), SA ( Cinnamon) and TDM fertilizers produced by State Fertilizer Company will be reduced from Rs.1500 to Rs.2000 with immediate effect.

A discussion was held today at the Ministry of Agriculture and Plantation Industries regarding the reduction of fertilizer prices. The minister gave these instructions during the discussion.

(dailynews.lk)

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

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