Industry

Sri Lanka launch tourist-friendly Tuk Tuk service

Jul 31, 2018 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe launched the country’s first ever tourist-friendly Tuk Tuk service at Galle …

Damro’s opens Rs 12.5Bn Marino Mall and hotel in Colombo

Jul 31, 2018 (LBO) – Damro Group opened the 12.5 billion rupee Marino Mall and Beach Hotel in Colombo 3, adding 289 star class rooms to Colombo’s …

SriLankan Airlines completes acquisition of its final Airbus Neo aircraft

July 30, 2018 (LBO) – SriLankan Airlines on Monday welcomed its newest and final addition to the Airbus A321 Neo fleet. SriLankan Airlines said the aircraft …

Mastercard launches Simplify Commerce to accept e-payments regardless of payment brand

Mastercard announced the launch of Simplify Commerce, a simple and secure platform that makes it easier for businesses to accept electronic payments, …

Bathiya and Santhush appointed brand ambassadors for Sony audio products in Sri Lanka

Singer (Sri Lanka) PLC, the country’s premier consumer durables retailer, together with Sony International, has appointed Sri Lanka’s leading musical duo …

Impairment provisions affect Sri Lanka’s DFCC Bank bottom line

July 30, 2018 (LBO) – Sri Lanka’s DFCC Bank, the banking arm of the DFCC Group reported a drop in profit for the second quarter amidst a challenging …

UAL only Sri Lankan company in Forbes Asia’s 200 ‘Best under a Billion’ 2018 list

Jul 30, 2018 (LBO) – Sri Lanka’s Union Assurance PLC, a life insurance provider has made it to Forbes Asia’s 2018 list of ‘Best under a …

Opinion: Understanding the Sri Lanka-Singapore FTA

By: Ganeshan Wignaraja and Amitendu Palit July 28, 2018 (LBO) – While the global trade war threatens to disrupt the momentum of global trade and the …

Moody’s affirms ratings of BOC, HNB & Sampath; maintains negative outlook

July 26, 2018 (LBO) – Moody’s Investors Service has affirmed the local currency deposit ratings of Bank of Ceylon (BOC), Hatton National Bank Ltd. …

Fitch affirms Lion Brewery at A+(lka); revises outlook to stable

July 26, 2018 (LBO) – Fitch Ratings has affirmed Sri Lanka-based Lion Brewery (Ceylon) PLC’s National Long-Term Rating at ‘A+(lka)’ and …

Glass ceiling obliterated, Shemara Wikramanayake to become CEO of global investment bank Macquarie

July 26, 2018 (LBO) – Shemara Wikramanayake is set to take over as CEO of global investment bank Macquarie in November of 2018. Ms. Wikramanayake was …

Teejay Lanka profit after tax grows by 27-pct to Rs.279.3Mn

Capacity expansion in India and an increased order book from the US and EU have enabled Teejay Lanka PLC, Sri Lanka’s only multinational textile …

Central Bank decides to cancel licence of Standard Credit Finance Limited

July 25, 2018 (LBO) – Monetary Board of the Central Bank of Sri Lanka has decided to cancel the Licence issued to Standard Credit Finance Limited with effect …

Opinion : Financial reporting and the impact on capital market development

By Nandika Buddhipala Introduction The origination of financial reporting can be closely connected to the requirement to collect and record data which evolved …

Union Bank (UBC) continues to stagnate 4 years after historic TPG investment

July 25, 2018 (LBO) – Colombo Stock Exchange listed Union Bank of Colombo (UBC) reported lacklustre results for the quarter ended June 2018. These …

USD 100Mn World Bank aid to modernize the education system in Sri Lanka

Jul 25, 2018 (LBO) – Sri Lanka signed a US 100 million dollas credit agreement with the World Bank to support Sri Lanka’s efforts to strengthen and …

USD25.6 million contribution from Wathupitiwela EPZ to export earnings

Jul 25, 2018 (LBO) – The BOI’s Wathupitiwela Export Processing Zone (WEPZ) has contributed US 25,599,216.25 dollars (US$ 25.6 Mn) in export revenue as …