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CEB and PUCSL call truce : Entities developing common platform to approve generation plan
Sept 10, 2018 (LBO) – Ceylon Electricity Board (CEB), the state utility who provide electricity for Sri Lanka and its regulator the Public Utilities Commission of Sri Lanka (PUCSL) are to develop a mutually agreed process to approve electricity generation plan. The CEB, upon receiving the letter from the PUCSL indicating the timeline of the activities […]
Struggling listed Anilana Hotels (ALHP) loses Rs84mn in the June quarter
September 9, 2018 (LBO) – Colombo Stock Exchange listed Anilana Hotels (ALHP) continued to struggle losing Rs84mn in the quarter ended June 30, 2018. The company has struggled since inception with a cumulative Rs2.1bn in retained losses since inception a few years ago. The company owns hotels in the east coast of the island that […]
Jegan Durairatnam appointed to Asian Hotels board as Independent Non-Executive Director
September 9, 2018 (LBO) – Former Commercial Bank CEO Jegan Durairatnam has been appointed as an Independent Non-Executive Director at Colombo Stock Exchange (CSE) listed Asian Hotels (AHPL). Commercial Bank, where Durairatnam recently retired as CEO, is the largest private sector financial institution in Sri Lanka. Durairatnam was also recently appointed as an Independent Non-Executive […]
Colombo Port tops Alphaliner global container port rankings for first time
Sept 09, 2018 (LBO) – Colombo Port has been ranked as the fastest growing container port out of 30 major ports in the world for the first half of this year.In container handling, Colombo Port has recorded a 15.6 percent growth for the first half of 2018 over the same period of last year according […]
$ 360mn flows out of Sri Lankan markets so far in 2018
September 9, 2018 (LBO) – As money moves out of emerging market stocks and bonds all over the world, Sri Lanka is also falling victim to the dangerous trend. To date a net Rs57.5bn (US$360mn) has been pulled from Sri Lankan stock and bond markets in 2018. Treasury bonds have experienced net outflows of Rs53.3bn, […]
Elon Musk rattles the markets with 2 hour long interview; Video embedded
September 9, 2018 (LBO) – Elon Musk sent shockwaves through the markets after his interview with infamous podcaster Joe Rogan.The interview sent Tesla shares crashing as pictures circulated of Musk drinking whiskey and taking a puff of a marijuana infused tobacco product.Tesla shares are set to bounce on Monday as the company released an email […]
Hanaa Singer assumes duties as UN Resident Coordinator in Sri Lanka
Sept 07, 2018 (LBO) – Hanaa Singer, presented her credentials to President Maithripala Sirisena as the new United Nations Resident Coordinator and United Nations Development Programme Resident Representative, at his residence on Wednesday.As the most senior UN Official in the country, Ms.Singer will lead the UN Country Team of 22 Resident and Non-Resident UN Agencies and […]
CA Sri Lanka launches auditing standard for Non Specified Businesses; first in South Asia
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), recently launched the Sri Lanka Auditing Standard (SLAuS) for the Audits of Non – Specified Business Enterprises (Non-SBEs)”. Chief Guest at the launch, Minister of Industry and Commerce, Mr.Rishad Bathiudeen commended the Institute for making Sri Lanka the first country in South Asia to […]
Teplitz confirmed by the U.S. Senate as the next American Ambassador to Sri Lanka
September 7, 2018 (LBO) – Alaina Teplitz has been confirmed by the U.S. Senate as the next ambassador to Sri Lanka. Teplitz is a career foreign service officer who last served as the United States Ambassador to Nepal. She has been with the U.S. foreign service for almost 30 years and is an alumnus of […]
USAID partners with local banks to increase lending for small businesses
Sept 07, 2018 (LBO) – US Agency for International Development (USAID) has partnered with Sri Lankan banks to announce nine million US dollars worth financing program for micro, small and medium-sized enterprises (MSMEs). Hatton National Bank and Sampath Bank have already partnered with this seven-year program to address the current lack of financing to key […]
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September 7, 2018 (LBO) – After much buildup, all sides are trying to spin the results of the JO protests that shut down the city. The shutdown was more pre-emptive fear than actual obstruction caused by protestors. It is likely that preparations by the public to avoid Colombo reduced the chaos that the protest would […]
Sky One residencies launched in Colombo
Sep 07, 2018 (LBO) – Sky-One residencies to be constructed on a land area of approximately 143 perches and due completion in 2021 was launched in Colombo, Thursday. Developed by Sandal Colombo (Pvt) Limited, a fully owned subsidiary of ZhongTian Ding Hui (Pvt) Ltd (ZTDH), the developers of THE ONE, the tallest skyscraper in South […]