Category: Industry
Fitch Affirms Nine Sri Lankan Banks; Downgrades Sampath Bank
July 08, 2015 (LBO) – Sri Lanka’s Fitch Ratings has affirmed the ratings on nine local banks while downgrading the national long term rating of Sampath Bank which reflects the weakening of its capitalization relative to peers, which offset benefits from the growth of its franchise. The full text of the press release issued by Fitch […]
Kerala government to start a tourism campaign in Sri Lanka
July 08, 2015 (LBO) – Kerala tourism department is to start an aggressive ‘Visit Kerala’ campaign in Sri Lanka, Kerala state tourism minister has said. “Around 2.2 lakh tourists from Sri Lanka visit India every year but very few travel to Kerala,” State tourism minister A. P. Anil Kumar has told Indian media. “We will […]
“The sooner we have political stability the better”: Dialog Chief
July 08, 2015 (LBO) – Political uncertainty coming to an end is a good thing for all listed companies as this will lead the way for more investments, Hans Wijayasuriya, Group Chief Executive, Dialog Axiata said. “The sooner we see stability the better,” he said.“This will also pave the way for more foreign investments,” “But […]
Team of American multinational Honeywell Corporation to arrive Sri Lanka next month: Eran
July 08, 2015 (LBO) – Honeywell Corporation, a Fortune 100 diversified technology and manufacturing conglomerate is to send a team next month to discuss investment opportunities in Sri Lanka, a former Deputy Minister said.Former Deputy Minister of Investment Promotion Eran Wickramaratne told LBO, the Corporation initially proposed to send a team here on 17 August […]
Sri Lanka tea faces challenges due to other beverages, climate and wages: Study
July 08, 2015 (LBO) – Competition from other beverages, climatic changes and worker wages are the key issues global tea industry is facing including Sri Lanka, a recent study has showed. “The study points out that the tea industry will have to fight it out to sustain or grow its share with strong competition coming […]
“MSM India” gets Indian tour commercial rights: Sri Lanka Cricket
July 08, 2015 (LBO) – Sri Lanka Cricket has awarded the commercial rights of the upcoming Indian Test tour to the owner of the popular Asian sports channel “Sony Six”, a media release said.“MSM were granted global TV broadcast rights along with radio, internet and mobile rights for the territory outside Sri Lanka,” Sri Lanka […]
People’s Bank to make mandatory offer for People’s Merchant Finance shareholders
July 06, 2015 (LBO) – Sri Lanka People’s Bank and People’s Leasing and Finance is to make a mandatory offer to the remaining shareholders of People’s Merchant Finance following a joint share acquisition, People’s Bank said.People’s Bank and People’s Leasing and Finance on 03 July 2015 has acquired a total of 6,461,543 ordinary shares at […]
Ceylon Biscuits group chairman retires after 48 years of service
July 06, 2015 (LBO) – Sri Lanka’s biscuits manufacturing giant Ceylon Biscuits group said its Chairman Mineka P.Wickramasingha has been retired after 48 years at the helm of the organization he founded in 1968.At a recent Board meeting held on the 24 June 2015, the current Deputy Chairman, Ramya Wickramasingha was elected by the Board […]
Sri Lanka Tourist arrivals up 12 pct- in June 2015
July 6, 2015, (LBO) – Sri Lanka’s tourist arrivals rose 11.9 percent to 115,467 in June 2015 from a year earlier, driven by India and China, data from the state tourism promotion office showed. In the year to June, arrivals of visitors were up 14.1 percent to 830,051 from the year before. South Asian visitors […]
Sri Lanka Ports Authority profits down 13.5-pct from Jan to Apr 2015
July 03, 2015 (LBO) – Sri Lanka Ports Authority profits have declined by 13.5 percent during the first four months of this year compared to same period in the previous year, 2015 mid year fiscal responsibility report said. The Authority recorded a profit before tax of 3.2 billion rupees during the first four months of […]
Sri Lanka’s Access Engineering to enter property development sector
June 30, 2015 (LBO) – Sri Lanka’s leading construction company, Access Engineering is to enter into the highly growing property development sector with 524 million rupees of investment, the company said.The company has invested 273.6 million rupees to acquire Horizon Holdings Ventures private limited incorporated in this month.It has also invested 250.0 million rupees to […]
Greek Debt Crisis – Bloody Monday in Asian Markets
June 29,2015 (LBO) – Greek’s decision to close banks has caused erosion in investor confidence across Asia as evident by Billions wiped out in Monday morning trade in key Asia Pacific Markets. Despite the China’s weekend rate cut, Shanghai lost 0.4 percent. Nikkei and Hang Seng lost 2 percent and 1.7 percent respectively. All markets […]