Category: Industry
Sri Lanka stocks up after GR election victory
Nov 18, 2019 (LBO) – Sri Lanka’s All Share Index rose 94 points or 1.56 percent to 6,117 points in the first half of the day of trading following the election victory of Gotabaya Rajapaksa as the new President. Stock indexes were up across the board with index heavy John Keells Holdings showing a gain […]
SLTDA and DCC & CRM sign MOU to fasten investment approvals for tourism
Nov 15, 2019 (LBO) – Sri Lanka Tourism Development Authority (SLTDA) and the Department of Coast Conservation & Coastal Resources Management (DCC & CRM) marked a significant milestone when the two institutions signed a memorandum of understanding (MoU) to enhance the cooperation between the two agencies, and to reduce time and costs for investors both […]
Norges Bank exits from Access Engineering’s top 20 shareholders list
Nov 15, 2019 (LBO) – Norway’s sovereign wealth fund managed by the Norwegian Central Bank, Norges Bank has exited from Access Engineering’s top 20 shareholders list during the September quarter, the company’s interim data showed. Norges Bank held 13,973,487 shares as of 30 June 2019 and was its 14th shareholder in the top 20 shareholders […]
ADB gives USD150Mn for rural road development
Nov 15, 2019 (LBO) – Over 3400 kilometers of rural roads and 340 kms of national highways will be developed under the Second Integrated Road Investment Program funded by the ADB, the Finance Ministry said. In addition, improvement of capacity of road agencies with respect to safeguards, road safety, maintenance, research, road design and construction […]
ComBank Group posts net profit growth of 21.2-pct for Q3
Nov 15, 2019 (LBO) – Significant improvements in the third quarter, which positively impacted its year-to-date performance, have enabled the Commercial Bank Group to post creditable results for the nine months ended September 30, 2019. Comprising of Commercial Bank of Ceylon PLC, its subsidiaries and associates, the Group reported operating profit before taxes on financial […]
Sri Lanka increases overflying charges after 38 years, revenue to go up by 57-pct
Nov 14, 2019 (LBO) – Sri Lanka’s government has decided to increase overflying charges after 38 years, taking into account the ICAO (International Civil Aviation Organization) policies for the determination of air navigation charges. In exchange for providing navigation aids to aircraft overflying their territories and landing at their airports, countries impose overflying navigation fees. […]
Hayleys Group delivers improved performance in 2Q 2019/20
Nov 14, 2019 (LBO) – Sri Lanka’s diversified conglomerate, the Hayleys Group, posted improvements in turnover, operating performance and overall profitability during the 2nd quarter of 2019/20 supported by the strong performance of its export businesses. Meanwhile, the Group also recorded an improvement in turnover and operating profit for the 1H of 2019/20, although overall […]
Shangri-La Group completes One Galle Face, Group’s largest venture in South Asia
Nov 14, 2019 (LBO) – Seven years after it broke ground, the much-anticipated One Galle Face (OGF) integrated project was officially opened recently by President Maithripala Sirisena and by Shangri-La Group CEO, Lim Beng Chee. The opening ceremony was attended by local dignitaries and industry leaders. The event also marks the first time OGF officially […]
Sri Lankan banks facing pressure on credit profiles, rising NPLs: Fitch Ratings
Nov 13, 2019 (LBO) – Pressure on Sri Lankan banks’ financial profiles due to challenging operating conditions became more apparent in the banks’ 1H19 results, Fitch Ratings says in a new report. According to the new report, the sector’s non-performing loans (NPLs) continued to rise rapidly, up 39 percent in 1H19 (64% in 2018) and […]
Sri Lanka nominated for destination of the year award in UK for technology: SLASSCOM
Nov 13, 2019 (LBO) – SLASSCOM announced that Sri Lanka has been nominated for this prestigious award by the Global Sourcing Association (GSA). The Delivery Destination of the Year Award was established to champion best practice in sourcing programmes and to recognise and reward delivery destinations that deliver excellent results and value-add to the strategic […]
Speedily adopt modern technologies in all aspects of travel and tourism industry: IPS
The fourth industrial revolution (4IR) is changing today’s world. Globally, 64 per cent of all migrant travellers has migrated for employment. However, traditional models of employment are increasingly replaced by new developments associated with 4IR technologies. This height of technological advancements in some aspects are creating inadvertent challenges. 4IR for Travel A major development in […]
Opinion: Ban on tobacco cultivation: A blessing in disguise for Sri Lankan farmers
By Manoj Thibbotuwawa and Nimesha Dissanayaka While the topic of tobacco control is mentioned in some of the main presidential candidates’ manifestos, it is uncertain whether they will honour the commitment made in 2017 to ban tobacco cultivation by the end of 2020. All these promises come at a time when it is widely believed […]