Category: Industry
Sri Lanka SMEs call for deadline extension
Jan 22, 2020 (LBO) – Sri Lanka’s Confederation of Micro, Small and Medium Industries (COSMI) said that the landmark loan moratorium for SMEs offered by the government in December 2019 is on track to revive SMEs but the stipulated reporting deadline is ‘too tight’. “We praise the government for its determined action last December to […]
Fitch revises outlook on 5 banks to negative; downgrades PLC; affirms HNB
Jan 22, 2020 (LBO) – Fitch Ratings has revised the Outlook to Negative from Stable on the Long-Term Issuer Default Ratings (IDR) and National Long-Term Ratings of the following Sri Lanka-based banks and has affirmed their ratings: Bank of Ceylon (BOC), National Savings Bank (NSB) and DFCC Bank PLC (DFCC) Fitch has also revised the […]
Viraj Dayaratne appointed as Chairman of SEC
Jan 22, 2020 (LBO) – Additional Solicitor General Viraj Dayaratne PC has been appointed as the Chairman of the Securities and Exchange Commission of Sri Lanka (SEC). The appointment was done by the Prime Minister and Minister of Finance Mahinda Rajapaksa. Other new members of the SEC appointed are Ernst & Young former Country Managing […]
Trans Asia Hotels (TRAN) revenue down 6%, results show tourism bouncing back
January 21, 2020 (LBO) – December quarter results from Colombo Stock Exchange listed Trans Asia Hotels (TRAN) were buoyant, showing signs that Sri Lanka’s tourism industry recovery is well under way after 2019’s Easter Sunday terror attacks. TRAN reported revenue of Rs753mn, down just 6% year over year.Profits came in at Rs107mn, down just 5% […]
Commercial Bank celebrates 100 years of banking in Sri Lanka
Jan 21, 2020 (LBO) – The dreams of the future and the history of the past were interwoven when more than 4,000 staff members from all over Sri Lanka came together in Colombo in January to celebrate the 100th anniversary of the Bank and its forerunners. The staff gathering that united employees of the country’s […]
Startup XpressJobs receives Rs100mn investment from Emerging Media
Jan 20, 2020 (LBO) – Emerging Media, a location-based digital advertising company has invested 100 million rupees in XpressJobs in exchange for a 25 percent stake of the company. The company said in a statement that Emerging Media’s tie with XpressJobs aims to further expand the company’s operational capabilities and also greatly increase visibility for […]
Port City Colombo successfully achieved 12Mn safe work hours with zero accidents
Jan 20, 2020 (LBO) – Port City Colombo has successfully achieved 12 million safe work hours with zero accidents, according to the ‘2018-2019 Social Responsibility Report’ of Port City Colombo, launched at a ceremony on Monday, 13 January 2020. This is the first Social Responsibility Report released by Port City Colombo of its parent company […]
Government institutions to be connected to a single network
Jan 20, 2020 (LBO) – Sri Lanka is to centralize all government institutions through a single data network to ensure a public sector service free of inefficiency, delays, and corruption. During a discussion held at the Presidential Secretariat President Gotabaya Rajapaksa instructed officials of the information and communication sector to take measures immediately to build […]
President pays attention to social issues relating to Norochcholai Coal Plant
President Gotabaya Rajapaksa mediates to resolve environmental and social issues caused by the Norochcholai Coal Power Plant. He directed that the coal power plant should be operated according to proper technical procedures and environmental standards. The President made these remarks during a meeting held at the President’s Office, today (17) with the Archbishop of Colombo […]
Domestic helicopter flights resume from Galle Face
Jan 17, 2020 (LBO) – Sri Lanka’s government has granted permission for domestic aviation operators to use the helipad at the Galle Face allowing tourists and locals to travel quickly between key cities on the island. Accordingly, four domestic operators, IWS Aviation, Senok Aviation, Sakurai Aviation, and Daya Aviation has joined this service. A helipad […]
Masatsugu Asakawa assumes office as President of Asian Development Bank today
“I am honored to assume the role of ADB President and to begin working in close cooperation with our 68 member countries. ADB has been a trusted partner of the region for more than half a century, supporting strong growth that has improved the lives of people across Asia and the Pacific. I will strive […]
Milford Ceylon buys 19-pct of Softlogic Life
Jan 17, 2020 (LBO) – Milford Ceylon Pvt Ltd., a Mauritius-based fund yesterday bought a 19 percent stake in Softlogic Life Insurance PLC for Rs.2.6 billion. Shares amounting to 71.25 million shares was acquired at 37.00 rupees each, the company said in a stock exchange filing, Thursday. The seller was DEG or State Street Munich […]