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Last updateSat, 23 Jun 2018 7pm

Business News

State entities to be relocated at the Administration Centre in Battaramulla.

Minister of Mega Polis and Western Development Patalie Champika Ranawaka says, except state entities involved in government finances, all others will be transferred to the Administration Centre in Battaramulla. 113 entities have been relocated in the new premises so far. The minister expressed these views participating at a ceremony to unveil the Battaramulla development plan. He added that phase two and three of construction work  at Sethsiri Paaya will commence this year. State entities will be relocated once construction work is completed. Even the President's House, The Presidential secretariat, The Prime Minister's Official residence and the Prime Minister's Office will be relocated in Battaramulla.  The Administration Centre For The Capital will be situated in the Kaduwela municipality. The areas of  Malabe, Athurugiriya and Kotte will be developed under its purview. The task will begin soon funded by Japanese aid. A Multi Faced Transportation Hub will be established and contribution from the private sector in this endeavour is expected.

Sri Lankan tea factories that adulterate black tea to be shut down.

Chairman of the Sri Lanka Tea Board, Rohan Pethiyagoda says, Sri Lankan tea factories that adulterate black tea to get higher prices will be shut down from next month. The latest abuse uncovered is factory managers adulterating their tea with sugar, a practice that everyone in the industry is concerned about, as it could damage the image of Ceylon Tea.
Detecting tea adulterated with sugar is difficult, given the several hundred chemical compounds involved. However, experienced tea tasters are able to spot it. The Tea Board has been trying to weed out factories engaged in the practice, but since tea adulterated with sugar fetches high prices, it acts as an incentive for unscrupulous factories.

The Ceylon Petroleum Corporation bans the wholesale distribution of the “Lanka Kerosene Oil.

The Ceylon Petroleum Corporation today banned the distribution of the “Lanka Kerosene Oil” to vehicles, factories, barrels and other wholesale distributions.

CEYPETCO said that out of the two types of Kerosene namely “Industrial Kerosene” and “Lanka Kerosene”, the latter is used by the fishing community and those with low income households.

Accordingly, the CEYPETCO has directed all dealers to stop distributing Lanka Kerosene to factories and other wholesale outlets, after discovering that many dealers have been distributing Lanka Kerosene instead of Industrial Kerosene in a bid to maximize profits.

The circular directed all distributors to ensure that the subsidized kerosene was solely given to low income families and the fishing community.

Lanka Kerosene is red in color whilst industrial kerosene is colorless.

The Kankasanthurai Harbour to be upgraded as a ‘Commercial Port’.

The Government of India has come forward to rehabilitate and upgrade the Kankesanthurai Harbour, into a ‘Commercial Port’, at a cost of 45.27 million US dollars. The Ministry of Finance says, this will help to further strengthen the country’s effort to become a regional maritime hub, in the near future.

During the last few years Indian foreign direct investment in Sri Lanka has expanded exceptionally. Presently Indian development assistance mainly focuses on the improvement of economic infrastructural facilities, livelihood development, education, healthcare, capacity building and the economic renewal of Sri Lanka.

The Ministry of Ports and Shipping has observed that the rehabilitation of the Kankesanthurai Harbour would contribute to promote traditional commercial linkages and give an incentive to economic activities, by encouraging trade in northern Sri Lanka.

Kankesanthurai will be the nearest port for all eastern ports in India, as well as for Myanmar and Bangladesh.

China Merchant Port Holdings makes a second payment of 97.365 million US dollars to Sri Lanka Ports Authority


China Merchant Port Holdings has made a payment of 97.365 million US dollars to the Sri Lanka Ports Authority as the second tranche of its investment in the Public-Private Partnership on Hambantota port development. Commercial activities of the port were handed over to the Chinese company in December 2017. A first tranche of 292 million US dollars was paid previously. With the second payment, China Merchant Port Holdings has paid 389.462 million US dollars to date. The final payment is scheduled to be paid within the next five months. Ports Authority Chairman Parakrama Dissanayake said CMPort’s investment could be described as a credible vote of confidence in its potential as well as in the economy of Sri Lanka.

Joy Motor Boat Services celebrates 50 years of service

The boat service provider of the Kandy Bogambara lake, Joy Motor Boat Services, celebrates 50 years of service, today. A ceremony was held to mark the golden jubilee today, with the general public enjoying free rides.
Joy Motor Boat Services was founded in 1968. It now functions with 12 staff members and 8 boats.

The Health Minister stresses that a quality health service will be established in the country to provide more concessions to patients


Health Minister Dr. Rajitha Senaratna stresses that a quality health service will be established in the country to provide more concessions to patients. Participating in a programme over the SLBC this morning, he said that even the world leaders have praised the government’s systematic measures taken to upgrade the health service in Sri Lanka.

Sri Lanka’s Minister of Health was invited for the World Bank’s annual convention on health sector, held last year. There the World bank granted a sum of 200 million US dollars to further develop the health sector in the country. The Minister said that this is the clear message that the world leaders are satisfactory about Sri Lanka’s National Health programme.

The first Mega Outlet of Sathosa to be declared open in Welisara, today.

The 1st ‘Mega Outlet’ of Sathosa will be declared open in Welisara, today. Prime Minister Ranil Wickremesinghe will be the chief guest. Minister Rishad Batiudeen will also join in the inauguration ceremony. The Ministry of Industry and Commerce intends to launch another 40 mega outlets of this kind, to provide consumers with high quality goods at affordable prices.

The first Mega Outlet of Sathosa to be declared open in Welisara, tomorrow.

The first Mega Outlet of Sathosa will be declared open tomorrow in Welisara. Prime Minister Ranil Wickremesinghe will be the chief guest.


Sri Lanka Development Bonds, to be issued this year.

Steps have been taken to issue Sri Lanka Development Bonds under the government’s public borrowing programme for 2018. Under the Appropriation Bill number 30 of 2017, the maximum borrowing limit for 2018 is 1,893 billion rupees. 1,313 billion rupees will be obtained from local sources and 580 billion rupees will be obtained from foreign sources.

It was decided to issue the said development bonds under the supervision of Central Bank, for obtaining 3,000 million US dollars.

Minister of Finance Mangala Samaraweera tabled this proposal before the cabinet of ministers today.