Category: Industry
Resus Energy connects first of its ground-mounted Solar PV power plants to national grid
Diversifying its portfolio, Resus Energy PLC, a forerunner in renewable energy, operating a number of mini-hydropower stations in Sri Lanka, recently connected the first of its ground-mounted Solar PV plants to the national grid. The development rights were secured from a government tender floated under the Sooriya Balasangramaya programme to procure 60 x 1MW Solar […]
PM opens new manufacturing facility of seafood exporter Ceylon Catch
The new fish manufacturing facility of Ceylon Catch (Pvt) Ltd. was declared open by Prime Minister Mahinda Rajapaksa on Thursday at Dankotuwa. The company is one of Sri Lanka’s leading exporters of seafood to the United States, Japan, Canada, China, Thailand, and Taiwan. Their tuna is line-caught, traceable to the point of catch, and certified […]
Eco-Spindles breaks ground on new polyester yarn facility
Aims to double polyester yarn production by 2022 2,300 tonnes of waste plastic bottles recycled in 2019/20 Targeting export demand for recycled polyester fabrics Pioneering Sri Lankan plastic bottle recycler and manufacturer of polyester yarn and monofilaments, Eco-Spindles (Pvt.) Ltd commenced Phase 2 of its expansion strategy to add 20,000 sq.ft of production space […]
SLT Group’s operating profit for 4Q 2020 grew by 27-pct, revenue recorded at Rs. 24Bn
Sri Lanka Telecom PLC (SLT) Group concluded financial year 2020 on a high note, with a significant 25% YoY growth in profit after tax to Rs. 7.9 Bn, despite many challenges faced by the Group arising from the COVID-19 pandemic. Group revenue climbed to Rs. 91.1 Bn for the year with a 6% YoY growth, […]
People trust robots more than themselves with money
Research shows growing confidence among consumers and business leaders that robots handle finance tasks better than people 2020 has changed our relationship with money and people now trust robots more than themselves to manage their finances, according to a new study by Oracle and personal finance expert Farnoosh Torabi. The study of more than 9,000 […]
BMICH and SriLankan Airlines in agreement to help sustain MICE tourism
SriLankan Airlines together with the country’s premier meeting, events, and function hosting venue BMICH, have come together to promote MICE tourism in Sri Lanka. This agreement between two pioneers in their respective fields will serve to reinforce the positioning of Sri Lanka as a key MICE destination in the future. Sri Lanka’s premium venue for […]
Emirates boosts services to Colombo, offering customers 6 weekly flights
Emirates has announced it will increase its services to Colombo from four to six weekly flights – with a fifth weekly flight commencing 18 February (every Thursday) and a sixth weekly flight commencing 27 February (every Saturday). The two additional services will serve market demand and offer customers enhanced connectivity to/from Colombo, via Dubai. The […]
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Fitch Ratings has assigned Hatton National Bank PLC’s (HNB, AA-(lka)/Stable) proposed Sri Lanka rupee-denominated Basel III-compliant subordinated debentures an expected National Long-Term Rating of ‘A(EXP)(lka)’. The notes will total LKR7 billion, mature in 10 years and include a non-viability clause. The bank plans to use the proceeds to refinance the debentures maturing in 2021, to […]
Sampath Bank partners with John Keells Properties’ TRI-ZEN on Home Financing Solutions
Sampath Bank entered into a strategic alliance with TRI-ZEN, a premium smart living project being developed in Union Place, Colombo by John Keells Properties in partnership with Indra Traders that shares the Bank’s penchant for innovation. Building on its longstanding relationship with the John Keells Group and Indra Traders, Sampath Bank seeks to partner with […]
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Fitch Ratings Lanka has assigned Sampath Bank PLC’s (AA-(lka)/Stable) proposed LKR6 billion Basel III-compliant subordinated unsecured debentures an expected National Long-Term Rating of ‘A(lka)(EXP)’. The proposed debentures will mature in seven years and will be listed on the Colombo Stock Exchange. The bank expects the proposed subordinated debentures to qualify as Basel III-compliant regulatory Tier […]
Driving growth-bridging deficits – outlook 2021 report of Ceylon Chamber
The Ceylon Chamber of Commerce launched its annual Outlook Report for 2021, at the Economy and Sector Review and Outlook 2021 webinar recently. The Outlook 2021 report published by the Economic Intelligence Unit (EIU) of the Ceylon Chamber of Commerce (CCC) explores the macroeconomic and sector outlook for the year ahead. The theme for the report […]
CMTA warns, beware of surging frauds in used-vehicle market
The Ceylon Motor Traders Association (CMTA), Sri Lanka’s automotive association has raised concerns over the heavily persistent fraudulent acts associated with Sri Lanka’s used-vehicle market. The association states that the vehicle customers fall prey to a number of frauds including odometer frauds, vehicles restored with counterfeit spare parts and vehicles with forged documents. Due to […]