WASHINGTON (Reuters) - U.S. import prices increased more than expected in December, boosted by higher prices for energy products and a weak dollar, suggesting inflation could pick up in the near term.

The Cabinet of Ministers this week granted approval to implement the provisions of the proposed Standard Operating Procedure (SOP) for manufacturing, assembling and manufacturing of spare parts of vehicles in Sri Lanka, which was lobbied by the country’s Automotive Component Manufacturers, led by the Sri Lanka Automotive Component Manufacturers Association (SLACMA).

The re-opening of the country for global tourists from next week was promoted in Germany by Sri Lankan Ambassador Manori Unambuwe via a key webinar.

Japan has banned citizens of Sri Lanka and 10 other countries from entering its borders as a precaution to stop the spread of COVID-19.

The Cabinet this week approved the Tea Board entering into a Memorandum of Understanding (MoU) with Fujian Star China International Trade Company to market Pure Ceylon Tea on a 5G-powered platform in China.

The European Union (EU) yesterday announced the signing of three grants worth EUR 35.75 million (Rs. 8.26 billion), which will support Sri Lanka’s justice sector, help improve food safety, and strengthen efforts to mitigate climate change.

ECONOMYNEXT – Fitch Ratings has lowered the domestic rating of two state-controlled utilities after a re-caliberation of the scale following a sovereign downgrade to ‘CCC’ late last year.

ECONOMYNEXT – Sri Lanka is planning to give tax concessions to the film industry involving import duties and income tax relief, Prime Minister Mahinda Rajapaksa had said following a meeting with the film industry representatives.

ECONOMYNEXT – Ferentino Tire Corporation (Pvt) Ltd, an export oriented greenfield project which the firm says will be South Asia’s largest tyre factory, has been commissioned by Sri Lanka President Gotabaya Rajapaksa.