News
Govt. borrowing costs drop as Treasury bill auction interest rates take big dip
This week’s Treasury bill auction had seen a drop in the weighted average yield rate on Wednesday with the borrowing cost to be reduced for the government, supporting economic growth, State Minister of Finance Shehan Semasinghe said on Thursday.
Semasinghe said that the rates had come down significantly to 17.79 percent from 23.00 percent for 91 days, to 15.93 percent from 19.49 percent for 182 days and to 13.86 percent from 16.99 percent for 364 days.
Parliament recently approved the government’s domestic debt restructuring programme.
Fitch Ratings on Tuesday said that the Sri Lankan government’s domestic debt restructuring proposal was a significant step in resolving uncertainties in the local banking sector.
Currently, Sri Lanka’s total debt amounts to around 83.6 billion US dollars, according to official data. Foreign debt amounts to 41.6 billion US dollars. Out of the domestic debt, 25 billion dollars are in Treasury bonds, 11 billion dollars in Treasury bills, 5.6 billion dollars in Development Bonds.
Foreign Minister Ali Sabry regarded the latest development as a positive benefit of debt restructuring, saying that lending rates of commercial banks, cost of debt servicing and gross financing need will come down as a result.
“Economy will recover faster with low interest,” Sabry said on his Twitter on Wednesday.
Nestle has issued a global recall of some baby formula products over concerns they contain a toxin which can cause food poisoning.
The food and drink giant said specific batches of its SMA infant formula and follow-on formula were not safe to be fed to babies.
The batches were sold across the world, Nestle said, and they potentially contain cereulide, which can trigger nausea and vomiting when consumed.
The company said there had been no confirmed reports of illness associated with the products, but was recalling them “out of an abundance of caution”.
“The safety and wellbeing of babies is our absolute priority,” Nestle said. “We sincerely apologise for any concern or inconvenience caused to parents, caregivers, and customers.”
The company confirmed to the BBC that the recall was global. Affected products were sold in several European countries, including France, Germany, Austria, Denmark, Italy and Sweden.
It stressed that all other Nestle products and batches of the same products that have not been recalled are safe to consume.
Nestle promised refunds for customers and said the problem was caused by an ingredient provided by one of its suppliers.
Nestle France said it was carrying out a “preventive and voluntary recall” of certain batches of its Guigoz and Nidal infant formulas.
In Germany, the formula products are called Beba and Alfamino.
Batch numbers of the affected products in the UK can be found on Nestle’s UK website, or through food.gov.uk.
Customers are advised to look for the corresponding code on the base of the tin or box for powdered formulas or the base of the outer box and on the side or top of the container for ready-to-feed formulas.
Cereulide is a toxin produced by some strains of the Bacillus cereus bacteria that can cause food poisoning symptoms, which can be quick to develop and include vomiting and stomach cramps.
It is unlikely to be deactivated or destroyed by cooking, using boiling water or when making the infant milk, the Food Standards Agency (FSA) warned.
The FSA’s head of incidents, Jane Rawling, said parents, guardians and caregivers should not feed infants or young children the affected products.
She added: “I want to reassure parents, guardians and caregivers that we are taking urgent action, helping to ensure all of the affected product is removed from sale as a precaution.
“If you have fed this product to a baby and have any concerns about potential health impact, you should seek advice from healthcare professionals by contacting your GP or calling NHS 111.”
[BBC]
The Cabinet of Ministers has approved the proposal presented by the Minister of Transport, Highways, and Urban Development to award the contract for printing and supplying vehicle number plates for the Department of Motor Traffic for a period of five (5) years to M/s South Asian Technologies based on the recommendations of the High-Level Standing Procurement Committee and the Procurement Appeal Board.
The National Lotteries board has been established subject to the Finance Act No. 11 of 1963. Having identified the requirement of amending that act which was imposed around 62 years to cater the current requirements of the lottery market, the Cabinet of Mnisters at their meeting held on 14.02.2017 granted approval to draft a new bill for the purpose.
Accordingly, the National Lotteries Board has recognized further amendments to be performed to the fundamental draft bill prepared by the Legal Draftsmen.
Therefore, the Cabinet of Ministers granted approval for the
resolution furnished by the President in his office as the Minister of Finance, Planning and Economic Development to direct the Legal Draftsmen to finalize the formulation of the draft bill for the National Lotteries Board as soon as possible including the proposed new amendments as well.
Selfies and smiles: South Korea seeks ‘new phase’ in ties with China
Nestle issues global recall of some baby formula products over toxin fears
M/s South Asian Technologies awarded contract to supply vehicle number plates
A new act for National Lotteries Board to be introduced
Motor Vehicles (Driving License Levy) Regulations No. 3 of 2022 to be amended
Mrs. P. K. L. S. Panduwawala appointed to the post of Surveyor General
‘Dates have the highest sugar content to fight Coronavirus’
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