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Sri Lanka’s Hayleys acquires 75-pct stake in Fentons for Rs963mn
Mar 15, 2016 (LBO) – Sri Lanka’s Hayleys has acquired 75 percent of the equity stake of Fentons Limited for 963 million rupees, the Company said in a stock exchange filing. Fentons, established in 1921 is a leading electrical and mechanical engineering solutions provider for Building Systems and ICT Infrastructure. “The management of Hayleys believes […]
Sri Lanka’s island-wide blackout signals power supply reliability issue
Mar 15, 2016 (LBO) – Sri Lanka’s recent island-wide power blackout has raised concerns over the reliability of national power supply and its future. Issues are ranging from known areas such as the future of fossil and coal based power and renewable energy and to even more relatively new issues such as failing ‘n-1’ reliability […]
Sri Lanka on cusp of growth, say officials at Singapore Investment Summit
Highlights – Agreement with IMF possible mid April: Governor Central Bank – GDP growth seen at 6.5 pct, budget deficit at 5.9 pct vs 6.0: Governor – USD10 mln investment going into East, says Brandix – Initial discussion on FTA with Japan: Finance Minister Singapore, Mar 15, 2016 (LBO) – The Sri Lanka Investment Summit, […]
Sri Lanka gives official go ahead for China Port City; CHEC welcomes approval
Mar 15, 2016 (LBO) – Sri Lanka’s government officially informed the Chinese investors of resuming the construction of the Port City project in capital Colombo, yesterday one year after its suspension, a foreign news agency reported. According to China’s state media, Xinhua Sri Lanka’s Ministry of Ports and Shipping, in an official letter to the CHEC Port […]
Nelson Liu appointed Chairman of CICT, Ray Ren becomes CEO
The Board of Directors of Colombo International Container Terminals Ltd. (CICT) has announced that the company’s first Chief Executive Officer Mr Nelson Liu has been appointed Chairman effective 8th March 2016, and that the CEO position has been filled by Chief Operations Officer Mr Ray Ren. The announcement said CICT will be spearheaded by Mr […]
Volvo appoints new importer and distributor in SL
Mar 15, 2016 (LBO) – Volvo, a Sweden based car manufacturer announced Swedish Cars (Pvt) Ltd., an IWS Holdings company, as the importer and distributor of it’s vehicles in Sri Lanka. Swedish Cars announced that it is now officially commencing the development of the Volvo Centre Colombo with a completion date set for August 2016. […]
PM’s allegation on undisclosed loans, a complete falsehood: MR
Mar 14, 2016 (LBO) – The prime Minister’s recent allegation on undisclosed loans is a complete falsehood, Former President Mahinda Rajapaksa said. Rajapaksa speaking at his Battaramulla office on Monday said state owned enterprises engage in commercial activities and they have their own dealings with banks. “Borrowings by state entities are governed by their respective […]
Sri Lanka commits strengthening relations with Korea for mutual benefit
Foreign Minister Mangala Samaraweera, on an official visit to the Republic of Korea, expressed Sri Lanka’s commitment to further strengthen bilateral relations for mutual benefit, on Friday 11 March in Seoul. Minister Samaraweera’s sentiments were reciprocated by Foreign Minister Yun Byung-se. The Sri Lankan Foreign Minister was accompanied on the visit by the Minister […]
CA Sri Lanka underscores greater women representation across all sectors
President of the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) Mr. Lasantha Wickremasinghe emphasizedupon the importance for greater female representation across the country’s public and private sectors. Delivering a speech to mark the international women’s day at the institute which was held under the theme ‘pledge for parity – challenging conscious and […]
Power officials meet Monday to investigate third island-wide power failure: Minister
Mar 14, 2016 (LBO) – Sri Lanka’s Minister of Power and Renewable Energy said senior power sector officials are to meet Monday morning to investigate two island-wide power failures on Sunday. “It was the third island-wide power failure in six months and we are now investigating it,” Thilak Siyabalapitiya, Minister, Power and Renewable Energy said. […]
Asia is ray of hope for global recovery: Narendra Modi
New Delhi, Mar 13, (LBO) – Prime Minister Narendra Modi said Asia, which is the most dynamic region in the world, brings a ray of hope for global economic recovery. Mr Modi delivered the opening keynote at the three-day high-level conference in New Delhi themed “Advancing Asia: Investing for the Future.” The conference is co-hosted […]