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SriLankan Airlines to resume services to Karachi
SriLankan Airlines is to resume services to Pakistan’s commercial capital Karachi on 1st June 2019. Sri Lanka’s National Carrier will operate five weekly flights on Tuesday, Thursday, Friday, Saturday and Sunday, with flights arriving in Karachi at 15:10 hours and departing Karachi at 16:10 hours. Some of the international flights into Pakistan were suspended following […]
Vidullanka commissions its first ever biomass based power project
May 31, 2019 (LBO) – Vidullanka in its latest announcement to the CSE, disclosed the commissioning of the development of the 3.3MW Dehiattakandiya Dendro power plant to the national grid through its joint venture company, Vidul Biomass (Pvt) Ltd. The project is a 1.45 billion rupees investment jointly undertaken by Vidullanka and OC Energy Lanka […]
Sunshine Holdings PAT down 36.5-pct; top-line growth 6.9-pct in FY18/19
Divestiture of Tea plantation business in May 2019 Consolidated revenue of Rs. 22.6 billion, an increase of 6.9% YoY PAT amounted to Rs. 1.1 billion, down 36.5% YoY Healthcare revenue up 14.1% YoY to Rs. 9.3 billion Consumer revenue continues its growth, up 8.9% YoY to Rs. 5.9 billion Diversified Sri Lankan conglomerate Sunshine Holdings […]
Samsung redefines SMART TV with the launch of Unbox Magic Series
Samsung Sri Lanka today announced its latest Smart TVs with industry first unique benefits such as Personal Computer, Music System , Live Cast and Two Way Sharing. The new TV line up along with these never-seen-before benefits will redefine the term ‘Smart’ in Smart TVs and take your home entertainment experience to a whole new level. […]
How tourism service providers can avail financial relief package
May 31, 2019 (LBO) – Ministry of Tourism and Ministry of Finance has decided to offer the following financial reliefs for tourism service providers. 01. A relief period for capital loans and interest till 31st March 2020. 02. Reduction of VAT component up to 5 percent for a period of one year from 21st May […]
Amidst elevated market lending rates, private sector credit contracted notably: CBSL
May 31, 2019 (LBO) – Sri Lanka’s Central Bank on Friday said the market lending rates remained downward rigid, despite the measures already taken while the private sector credit showing a notable contraction. Sizable liquidity injections through the reductions in the Statutory Reserve Ratio (SRR) along with appropriate and prudent open market operations (OMOs) have […]
Sri Lanka Central Bank cuts SDFR and SLFR by 50 basis points
May 31, 2019 (LBO) – The Monetary Board of the Central Bank, at its meeting held on 30 May 2019, has decided to reduce the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points to 7.50 percent and 8.50 percent, respectively. The Central Bank […]
Australia returns illegal immigrants from failed people smuggling vessel
Twenty Sri Lankan national illegal immigrants were returned to Sri Lanka yesterday from a people smuggling vessel targeting Australia. Australia remains committed to protecting its borders, stamping out people smuggling, and preventing people from risking their lives at sea. Australian High Commissioner, David Holly, warned anyone considering illegal migration not to be fooled by the […]
Ravi Fernando highlights need to embed corporate sustainability subject into curriculums
Well known strategic corporate sustainability guru Dr. Ravi Fernando has emphasized the crucial need for professional and academic programmes to integrate the corporate sustainability subject into the curriculum to ensure future business leaders understand the increasing importance of working towards safeguarding the planet. Speaking at a seminar organized by the Institute of Chartered Accountants of […]
SriLankan Catering posts Rs 5.7bn net profit for 2018/19
May 30, 2019 (LBO) – SriLankan Catering, the fully owned subsidiary of SriLankan Airlines has recorded a steady financial performance for the financial year ended 31 March 2019 with a 24 percent year-on-year growth in operating profits from 3.8 billion to 4.7 billion rupees, according to its unaudited financial statement. SriLankan Catering said in a […]
Jegan Durairatnam to Chair DFCC board
May 30, 2019 (LBO) – Former Commercial Bank CEO Jegan Durairatnam has been appointed as the Chariman of the board of DFCC. The appointment is with effect from July 28th. The appointment comes on the heels of the retirement of Royle Jansz who will have served as a director of DFCC for regulatory limit of […]