Category: Companies
‘s most powerful AI processor
Aug 26, 2019 (LBO) – Huawei officially launched the world’s most powerful AI processor, the Ascend 910 as well as an all-scenario AI computing framework, MindSpore. “We have been making steady progress since we announced our AI strategy in October last year,” said Eric Xu, Huawei’s Rotating chairman. “Everything is moving forward according to plan, […]
Sri Lanka vehicle registrations rebound in July 2019
Aug 26, 2019 (LBO) – Sri Lanka’s vehicle registrations saw a rebound across the board in July from the lows of June since, limping back to normalcy post Easter Sunday bombings. Total motor cars recorded 2,584 units in July significantly up from 1,580 units in June but significantly down from 7,162 units 12 months ago. […]
Central Bank to announce timeline for banks to reduce market lending rates
Aug 23, 2019 (LBO) – Sri Lanka’s Central Bank with the expectation of reducing all market lending rates in line with the reduction already observed in deposit interest rates, will announce specific timelines and measures shortly in consultation with relevant stakeholders. The Central Bank said that it will monitor the developments in market lending rates […]
‘s Basel III sub-debt final A+(lka)
Aug 22, 2019 (LBO) – Fitch Ratings Lanka has assigned Hatton National Bank’s proposed Sri Lanka rupee-denominated Basel III-compliant subordinated debentures a final National Long-Term Rating of ‘A+(lka)’. The rating agency said the final rating is the same as the expected rating assigned on 5 March 2019 and follows the receipt of documents conforming to […]
Ceylinco Life reports 6-month net income of Rs.14.7Bn
Aug 21, 2019 (LBO) – Sri Lanka’s Ceylinco Life reported a six month net income of 14.7 billion rupees with a premium income up 5.7 percent to 8.8 billion rupees. The company’s investment income grew 16 percent to 5.9 billion rupees while benefits and claims paid grew by 11.7 percent to 5 billion rupees. Ceylinco […]
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Aug 21, 2019 (LBO) – Consumer-durables retailer Singer (Sri Lanka) PLC’s National Long-Term Rating has been revised to negative from stable, a statement said. Issuing a statement Fitch Ratings said the negative outlook reflects the challenges Singer may face in reducing its leverage, defined as net adjusted debt/EBITDAR, to below 5.5x – the level at […]
Sri Lanka unveils modern hi-tech TVET facility with South Korean backing
Aug 21, 2019 (LBO) – Backed by the global industrial giant South Korea, Sri Lanka launched its most modern national hi-tech training facility to-date on Wednesday. As it unveiled its Technical and Vocational Education and Training (TVET) facility in a Colombo suburb, Sri Lanka also said that its skills development work has shown results so […]
SEC files action against several individuals for market manipulation
Aug 20, 2019 (LBO) – Securities and Exchange Commission of Sri Lanka (SEC) has filed an action before the Fort Magistrate’s Court against several individuals for market manipulation. The full statement is reproduced below. SEC FILES ACTION FOR MARKET MANIPULATION The Securities and Exchange Commission of Sri Lanka (SEC) on 25th July 2019 filed action […]
SLASSCOM and Norway sign collaboration agreement on ICT and entrepreneurship
Aug 20, 2019 (LBO) – The Sri Lanka Association of Software and Services Companies (SLASSCOM) and the Norwegian Ministry of Foreign Affairs entered into a two-year agreement to foster collaboration in the ICT industry. The newly appointed Norwegian Ambassador to Sri Lanka, H.E. Trine Jøranli Eskedal and Ranil Rajapakse, chairman SLASSCOM signed the agreement. The […]
Softlogic Holdings report 7-pct growth in first six months 2019
Softlogic Holdings top line witnessed a 7% growth to Rs. 17.1 billion during the quarter ended JUNE 30, 2019 following the decline in consumer demand and business sentiments. The top contributors to Group revenue were Retail (49%), Financial Services (22%) and Healthcare Services (20%). The non-core vertical which includes Automobile and Leisure & Property together […]
Teejay extends partnership with University of Moratuwa
Teejay Lanka PLC, one of the largest knit fabric providers in South Asia, has announced an extension of its support to the University of Moratuwa for another two years, further strengthening a long standing and mutually beneficial partnership. A memorandum of understanding first signed in 2014 provided the now tight-knit organisations with a framework for […]
Sri Lanka’s Hayleys to issue listed debt
Aug 13, 2019 (LBO) – Colombo Stock Exchange has approved in principle an application for listing the debt securities of Hayleys PLC. Hayleys said in a stock exchange filing that the company expects to raise 3 billion rupees by the issue of 20 million five-year debentures at 100 rupees each with an option to issue […]