Category:
Advantis Engineering completes modular construction at Jaffna Airport in 2 months
Due to fast-moving economic conditions present in Sri Lanka, utmost importance is placed on the lead time of construction projects in order to satisfy all key stakeholders. Advantis Engineering, an industry leader in rapid, innovative, bespoke space solutions which are a step ahead of its time, utilized its technical expertise in large scale modular construction […]
First Capital recommends investors to increase exposure in mid-long tenor bonds
Oct 24, 2019 (LBO) – First Capital Research recommends investors to increase overall fixed income portfolio exposure to 50 percent from 45 percent. The firm also recommends cutting carrying portfolio to 15 percent from 30 percent and to increase trading portfolio to 35 percent from 15 percent. “We recommend cutting short tenor maturities of the […]
Sanken Construction to build 112-room hotel at Union Place under BOI deal
Oct 24, 2019 (LBO) – Sri Lanka’s Board of Investment signed an agreement with Sanken Construction (Pvt) Ltd to construct and operate a 112 room hotel with an investment of 9.28 million US dollars, which will create 60 new employment opportunities. The agreement was signed by Mangala Yapa, Chairman of the Board of Investment of […]
”; outlook stable
Fitch Ratings has affirmed the National Long-Term Rating on Sierra Cables PLC at ‘BB+(lka)’. The Outlook is Stable. The affirmation reflects Fitch’s expectation that Sierra’s leverage will continue to improve in the next 12 months, driven by a sustained recovery in demand and profitability in the financial year to 31 March 2020 (FY20) due to […]
Central Bank to issue license cancellation notice to The Finance Company
Oct 23, 2019 (LBO) – Monetary Board of the Central Bank has decided to issue a Notice of Cancellation of the License issued to The Finance Company (TFC), with effect from today to safeguard the interests of the depositors and other creditors. Accordingly, the interest due for deposits will be paid continuously to the depositors […]
Vote on Account presented to Parliament
Oct 23, 2019 (LBO) – Sri Lanka’s Finance Minister Mangala Samaraweera today presented the Vote of Account for the first four months of 2020 in the Parliament. Accordingly, over 1,470 billion rupees will be allocated for the capital and recurrent expenditure headings while 5 billion rupees will be allocated for the advance accounts. For the […]
CA Sri Lanka CPD Academy introduces virtual classrooms
In a novel concept aimed at helping the country’s professional community enhance their knowledge on a variety of topics, the CA Sri Lanka CPD Academy under the guidance of the Continuous Professional Development (CPD) Committee has introduced a series of virtual classroom sessions to help professionals including business leaders stay at the comfort of their […]
Sri Lanka unveils first bamboo energy forum with UNIDO backing
Oct 23, 2019 (LBO) – United Nations Industrial Development Organization (UNIDO) is collaboratively unveiling Sri Lanka’s first forum on bamboo for energy and industrial sustainability. The forum, organized by UNIDO in collaboration with the Institution of Engineers of Sri Lanka (IESL), takes place on Friday, October 25 at the Institution of Engineers Sri Lanka (IESL), […]
Fitch affirms Melstacorp &”; outlook stable
Oct 23, 2019 (LBO) – Fitch Ratings has affirmed the National Long-Term Ratings of Sri Lanka-based conglomerate Melstacorp and its subsidiary Distilleries Company at ‘AAA(lka)’ with a stable outlook. Fitch said it rates Distilleries based on the consolidated profile of Melstacorp due to strong legal and operational linkages between the two entities, as defined in […]
Nishantha Senaveratne elected as President of IATA Agents Association
The 31st Annual General Meeting of the IATA Agents Association of Sri Lanka (IATA–AASL) was held on Friday, the 13th of September, 2019 in Melbourne, Australia. 137 participants attend this meeting. Mr. Nishantha Senaveratne, General Manager (Outbound)–Aitken Spence Travels was elected as President of the Association for the year 2019 /2020. Mr. Tilak Wickramasinghe, Managing […]
Omega Line to reconstruct USD 24Mn Sri Lanka factory complex
Oct 22, 2019 (LBO) – Sri Lanka’s Board of Investment has signed a deal with Omega Line to reconstruct its factory complex at the existing premises at Sandalankawa as an expansion project, representing an additional investment of 24 million US dollars. The Agreement was signed by BOI Chairman, Mangala Yapa and Vincenzo Joppolo, Chairman of […]
US court dismisses lawsuit against Gota; Ahimsa to appeal decision
Oct 22, 2019 (LBO) – The United States District Court for the Central District of California has granted Gotabaya Rajapaksa’s motion to dismiss Ahimsa Wickrematunge’s lawsuit against him. The Court has held that it lacks the jurisdiction to consider Wickrematunge’s claims, because, Rajapaksa is entitled to common law foreign official immunity. The Court has found […]