Category: Industry
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 […]
Moody’s Analytics Knowledge Services rebrands as Acuity Knowledge Partners
Nov 13, 2019 (LBO) – Moody’s Analytics Knowledge Services announced its rebrand as Acuity Knowledge Partners (“Acuity”) following the completion of its management buyout from Moody’s Corporation, supported by the European mid-market private equity investor Equistone Partners Europe Limited (“Equistone”). Acuity, a leading provider of bespoke research, analytics and automation technology to the financial services […]
Sunshine Energy’s third Hydropower Plant adds 2.4MW to national grid
Nov 11, 2019 (LBO) – Sunshine Energy (Pvt) Ltd, a fully-owned subsidiary of Sri Lanka’s diversified conglomerate Sunshine Holdings, opened its third hydropower plant Elgin recently in the Lindula Region. Sunshine Energy’s Elgin plant generates 2.4MW, contributing to the national grid. With the addition of the third plant, Sunshine Energy now contributes close to 7MW […]
Taj Lanka Hotels (TAJ) revenue up 12% as Sri Lanka tourism recovers
November 11, 2019 (LBO) – Colombo Stock Exchange (CSE) listed Taj Lanka Hotels (TAJ) reported surprisingly robust revenue growth for the quarter ended September 2019. Revenue was up 12% year over year for the second quarter to Rs704mn. TAJ, the owner of the five star Taj Samudra Hotel in Colombo, reported a small loss for […]
LSE announced the launch of Millennium platform for AAX crypto-currency trading
AAX launches as the first digital asset exchange using Millennium ExchangeTM matching engine technology Marks the first deployment of Millennium ExchangeTM in the cloud Demonstrates ability of LSEG Technology’s low-latency, resilient and scalable matching engine to support new markets and asset classes LSEG Technology, London Stock Exchange Group’s technology solutions provider, today announces that Millennium […]
Expolanka reports revenue of Rs 28.7Bn : 15-pct growth YoY
Nov 08, 2019 (LBO) – Expolanka PLC announced that it was on a sustainable growth path despite a global environment that continues to be challenging for business. The company once more credited its performance to a focus on its core logistics business, generating revenue of Rs 28.7 Bn (a 15% growth YoY) and a Gross […]