Category: Companies
President appoints tech-studded ICTA board to drive digital Sri Lanka
Dec 20, 2019 (LBO) – In line with his vision for a Sri Lanka driven by technology, President Gotabaya Rajapaksa has appointed a tech-studded board for the Information and Communication Technology Agency of Sri Lanka (ICTA). Steering the board as Chairman is Jayantha De Silva, Co-Founder of IFS Sri Lanka, the country’s first FDI-funded technology […]
Sep quarter earnings declined by 9.6-pct for 264 companies: FC Research
Dec 19, 2019 (LBO) – Sri Lanka’s First Capital Research says that quarterly earnings have been dipped for listed companies amidst weaker consumer spending albeit recovers relative to previous quarters. September quarter earnings dipped by 9.6 percent YoY to 45.8 billion rupees primarily due to sluggish performance in Insurance (-48%YoY), Consumer Services (-495%YoY), Capital Goods […]
Sri Lanka’s tallest A-grade office complex, MAGA ONE achieves full occupancy
Dec 18, 2019 (LBO) – MAGA ONE, Sri Lanka’s tallest A-grade office complex developed by the country’s largest construction company, Maga Engineering, has reached full occupancy within its first year of operations. According to the company, the building is now home to multinational giants such as Chevron, Pearson, AkzoNobel, Wiley Global, and Wabtec Corporation, together […]
Singapore fashion platform buys Lankan software firm nCinga for USD15.5mn
Dec 17, 2019 (LBO) – Singapore-based fashion platform Zilingo has acquired Sri Lanka-based software-as-a-service (SaaS) firm nCinga Innovations for 15.5 million dollars in cash and stock, marking one of the largest tech exits in Sri Lanka in recent times, foreign media reported. nCinga, which is backed by Sri Lanka and Singapore-based venture capital firm BOV […]
Tax reduction allows Sri Lankan traders to import wheat flour instead of wheat grain
Dec 16, 2019 (LBO) – Sri Lanka’s government has removed the consolidated Tax of 36 rupees per kilogram of imported wheat flour and replaced it with the Special Commodity Levy (SCL) of 8 rupees per kilogram. This Special Commodity Levy will come into effect from December 14th through a special Gazette notification issued by Prime […]
Mobitel to play critical role as connectivity partner for Hatton National Bank
(PRESS RELEASE) – HNB as the communication and solutions partner. MEB offers industry-best ICT services and provide tailor made business solutions using big data, data science and advance data analytics which has consistently attracted the nation’s blue chip corporates to opt for Mobitel as their Communications Partner. We will put this expertise to strategic use […]
‘s Lanka Tile in JV with Chinese firm to export porcelain mosaic tiles
Dec 16, 2019 (LBO) – Lanka Tiles Plc has entered into a tripartite agreement with Foshan Shiwan Yulong Ceramic Ltd. of China and Benjamin Malloy of Dallas, Texas in the US with the aim of exporting porcelain mosaic tiles. The venture involves an investment of 200 million rupees where Lanka Tiles will convert its present […]
Sri Lanka to review process adopted to revise original scope of Colombo Financial City
Dec 12, 2019 (LBO) – Sri Lanka’s cabinet nod has been received to appoint an expert committee to look into the process adopted by the previous government to revise the original scope of the Colombo Financial City. With the help of external consultants and the Legal Draftsman, a Bill has already been drafted to establish […]
The new oil of the 21st century: Sri Lanka’s need for data scientists
Malitha Goonaratne In 2012, the Harvard Business Review named being a ‘data scientist’ the “The Sexiest Job of the 21st Century”. If that is not appealing enough, it is estimated that by 2020, there will be 40 trillion gigabytes (40 zettabytes) of data created. In comparison, in 2018 there were 18 trillion gigabytes (18 zettabytes) […]
Mark Mobius says Sri Lanka has foreign investors appeal for tourism, fin-tech and real estate
Dec 11, 2019 (LBO) – Emerging markets investor, Dr. Mark Mobius highlighting Sri Lanka’s strengths said he sees immense growth potential in the island as the economy has with regards to foreign investor appeal. Admitting that while Sri Lanka’s agri-based economy has always held global interest -especially with tea as its strongest brand and commodity- […]
Fiscal stimulus will boost demand in short-run but create instability in long-run: ICRA
Dec 11, 2019 (LBO) – The Government of Sri Lanka (GoSL) reduced variety of taxes substantially in an attempt to revive the economy, which could possibly cost over LKR 500 Bn according to government’s own estimates. Whilst acknowledging the potential boost to the aggregate demand and corporate profitability from the fiscal stimulus in the short-run, […]
Chinese delegation to Sri Lanka inks SME pacts, clinches many B2Bs
Dec 10, 2019 (LBO) – Facilitated by Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI), the high powered Chinese team moved on 9 December for closer B2B and technological ties with leading Sri Lankan industrialists and SMEs by inking two landmark Cooperation Agreements with COSMI. “Our Mianyan is an important pivot city on […]