Category: Economy and Markets
Sri Lanka’s Browns & Co plans tourism industry expansion
Aug 20, 2015 (LBO) – Sri Lanka’s household goods retailer Brown & Company wants to build two hotels in Maldives and expand from its current 308 operational rooms to approximately 1,000 in the near future, the company said. “As the tourism industry continues to grow rapidly, Browns will partner by contributing approximately 1,000 rooms in […]
Softlogic net surges 35 pct on ICT, retailing post-ODEL acquisition
Aug 20, 2015 (LBO) – Sri Lanka’s Softlogic Holdings PLC, with diversified interests, reported a 35 percent rise in net profit to 304 million rupees for the three months to June, on revenues of 13 billion rupees, driven by stronger ICT and retailing activities. Earnings per share was 0.11 rupees for the quarter, up from […]
Sri Lanka’s Janashakthi Insurance to raise Rs 3.3bn through rights issue
Aug 20, 2015 (LBO) – Sri Lankan insurance player Janashakthi is to raise 3.3 billion rupees by way of a rights issue, the company said in a stock exchange filing. Subject to the necessary approvals, the company is to issue 181.5 million ordinary shares at 18.50 rupees each in the ratio of one for every […]
Sri Lankan cricketer Sangakkara new Brand Ambassador for anti-drug crusade
Aug 19, 2015 (LBO) – Sri Lanka’s legendary cricketer Kumar Sangakkara has been appointed as the brand ambassador of the National Dangerous Drugs Control Board on Wednesday at the President’s Official Residence.Expressing his views, Sangakkara said that he will extend every possible support to eradicate the drug menace from society which destroys the lives of […]
Sri Lanka stocks close flat after polls: 30 week high
Aug 19, 2015 (LBO) – Sri Lankan stocks closed flat on Wednesday after parliamentary elections results were announced with the ruling United National Party plegding to form a national government, brokers said. The Colombo benchmark All Share Price Index closed flat at 7,498.78 and the S&P SL20 closed 6.60 points higher at 4,164.31 up 0.16 […]
‘s new government needs to have clarity in economic policy: Fitch
Aug 19, 2015 (LBO) – Sri Lanka’s newly elected govenment should pay close attenttion to greater clarity on economic policy as the change in January had only concentraded on good governance and other reforms, Fitch Rating said. “Improved economic policy credibility and coherence would strengthen Sri Lanka’s resilience to growing investor uncertainty towards emerging Asia,” […]
Sri Lanka stocks close higher after parliamentary polls
Aug 18, 2015 (LBO) – Sri Lankan stocks closed up 0.09 percent on Tuesday a day after parliamentary elections in the island positioned the United National Party to usurp its rivals. The Colombo benchmark All Share Price Index closed 6.66 points higher at 7,498.70 points. The S&P SL20 closed 4.10 points lower at 4,162.32, down […]
Sri Lanka stocks close up 0.4 –pct; investors optimistic
Aug 17, 2015 (LBO) – Sri Lanka’s stocks closed up 0.40 percent on Monday, with investors enthusiastic about a more stable political situation in the Island with key parliamentary election in progress, brokers said. The Colombo benchmark All Share Price Index closed 29.79 points higher at 7,492.04 up 0.40 percent. The S&P SL20 closed 17.64 […]
Dialog and Asiri form JV for e-healthcare
Aug 15, 2015 (LBO) – Sri Lanka’s Dialog Axiata PLC, which has interest in mobile, fixed telecom and pay television, said it will incorporate a joint venture company with Asiri Hospital Holdings PLC to develop infrastructure for the Sri Lankan healthcare sector.Digital Holdings Lanka, a wholly owned subsidiary of Dialog Axiata, and Asiri Hospitals have […]
Sri Lanka stocks close up 0.3 -pct: CSE trading will stop at mid day on 17 Aug
Aug 14, 2015 (LBO) – Sri Lanka’s stocks closed up 0.26 percent on Friday, with gains in the financial sector stocks ahead of the key Aug. 17 parliamentary election, brokers said. The Colombo benchmark All Share Price Index closed 19.59 points higher at 7,462.34 up 0.26 percent. The S&P SL20 closed 20.68 points higher at […]
Sri Lanka plans asbestos roofing import ban by 2018: President
Aug 14, 2015 (LBO) – Sri Lanka’s President says the government may ban importing of asbestos roofing by 2017-2018, as it generates health issues to the users. World Health Organization has said that all types of asbestos cause lung cancer, mesothelioma, cancer of the larynx and ovary, and asbestosis (fibrosis of the lungs).“I wanted to […]
Volkswagen assembly plant to get 8 year tax holiday for USD26.5mn investment
Aug 14, 2015 (LBO) – Sri Lanka’s Board of Investment said the Volkswagen assembly plant, which initially plans to make cars for the local market, will get an eight year tax holiday for an investment of 26.5 million US dollars. The agreement between BOI and sole agent of Volkswagen agent of the Island Senok Automobile […]