Category: Economy and Markets
GSK to divest Horlicks and other consumer healthcare nutrition products to Unilever
Dec 03, 2018 (LBO) – GlaxoSmithKline plc (LSE/NYSE: GSK) today announced the divestment of Horlicks and other consumer healthcare nutrition brands to Unilever plc (“Unilever”) and the merger of GSK Consumer Healthcare Limited (“GSK India”) with Hindustan Unilever Limited (“HUL”). The value of the deal was approximately £3.1 billion based on the 15-day volume weighted average […]
SriLankan gets approval to conduct base maintenance operations on A330 aircraft
Dec 03, 2018 (LBO) – European Aviation Safety Agency (EASA) has approved SriLankan Engineering to carry out base maintenance operations on Airbus A330 aircraft as per their regulations. SriLankan Engineering is the aircraft Maintenance-Repair-Overhaul (MRO) arm of SriLankan Airlines, the national carrier of Sri Lanka. SriLankan Airlines said this certification completes the requirements for SriLankan […]
‘s stocks and bonds top $ 800mn as constitutional crisis drags on
December 3, 2018 (LBO) – Foreign selling of Sri Lanka’s stocks and bonds continues at a brisk pace in 2018 with net foreign outflows topping Rs145bn (US0mn).Since the constitutional crisis began just over one month ago, approximately Rs45bn (US$250mn) has fled Sri Lanka’s local stock and bond markets. The currency has been adversely impacted leaving […]
‘s Aitken Spence commences 150 years celebrations
Aitken Spence inaugurated its 150th Anniversary Celebrations with a religious blessings ceremony that commenced on Friday, 30th November. The ceremony was held at Aitken Spence Towers in Colombo with the participation of senior religious leaders, board of directors, senior management and long-standing staff. The religious blessings were invoked by His Eminence Malcolm Cardinal Ranjith, Venerable […]
Sri Lanka BOI ink deal for USD29Mn Braybrooke Residential Towers
Nov 30, 2018 (LBO) – Sri Lanka’s state investment agency, the Board of Investment signed an agreement with Braybrooke Residential Towers (Pvt) Ltd to set up an apartment complex in Colombo 2. The total investment of this project is US 28.94 million dollars and it will generate 1730 direct employment opportunities. Hemasiri Fernando, chairman BOI […]
Sri Lanka Insurance gets new Chief and board
Nov 30, 2018 (LBO) – A new Chairman and board of Directors has been appointed to the Sri Lanka Insurance corporation with effect form 29 November 2018.Dr. K.A.S. Keeragala, a Special Grade Officer of the Sri Lanka Administrative Service with over 33 years of experience in the government service has been appointed the Executive Chairman.He also possesses excellent […]
Sri Lanka to construct 60MW wind and 150MW solar power plants
Nov 29, 2018 (LBO) – Sri Lanka’s cabinet of ministers has approved the procurement process for a policy framework for the construction of solar and wind power plants in the island. A 60 Mwt wind power plant and 150 Mwt solar power plant will be connected to the national grid by 2020. The proposal was […]
Sri Lanka Cabinet approves funds for 2019 first quarter
Nov 28, 2018 (LBO) – The Cabinet of Ministers has approved a proposal to present a Vote on Account in order to secure provisions for 2019 first quarter. Accordingly the cabinet of Ministers approved the proposal presented Prime Minister Mahinda Rajapaksa, in his capacity as the Minister of Finance and Economic Affairs to present a proposal […]
‘s retail industry to be a prominent and important pillar of the economy
Nov 28, 2018 (LBO) – Increasingly the significance of retail as an industry, as a value creator for the economy, as an employer and as a catalyst of growth brings to the forefront the need to recognize it as an Industry, a senior official said. Addressing the Sri Lanka Retailers’ Association second annual general meeting […]
New coin series to be issued into circulation from next week
Nov 28, 2018 (LBO) – Central Bank of Sri Lanka issued a new series of circulation coins with face values of Rs.10, Rs.5, Rs.2 and Rs.1 with objectives of reducing the cost of coins minting, increasing the durability of coins, giving more portability and identifying easily by visually impaired people. The first coins pack was […]
Ceylinco Life appoints eminent banker Jegan Durairatnam to its Board
Ceylinco Life Insurance Limited (Ceylinco Life) has announced the appointment of career banker Jegan Durairatnam to its Board as an Independent Non-Executive Director with effect from 14th November 2018. Mr Durairatnam recently retired as Managing Director and CEO of Commercial Bank of Ceylon after a distinguished 36-year career with Sri Lanka’s benchmark private bank, during […]
Fin Min rebuts social media reports on alleged illegal instruction to Customs
Nov 27, 2018 (LBO) – The Finance Ministry issuing a statement denied any illegal instruction given by the Minister of Finance to the Sri Lanka Customs to release the currency of foreign nationals who work at the Uma Oya project to be taken out of the island.“Attention of the Ministry of Finance and Economic Affairs is […]